I just noticed RN 90.00 just above your resistance line, I think the price could reach up to test it. Give you a bit more breathing room.
The stoploss however would be 180+ pips.
Hi, first of all - I greet you to this wonderful tread:)
As for counter trend game - Following the trend is probably the most crucial of rules in this methodology, I really wouldnāt try to fight itā¦ However, if youāve already started the trade, I just wish you good luck with it!
thanks for the review. hm i couldnāt afford to take that s/lā¦once it go back go downside one bar i am out of itā¦
hello,thanks for welcoming me and nice to meet you too!
okayā¦learnt something from you! ā¦
i will keep myself not to trade against the trend next time!
cheers!
Morning all. Iāve had a first target hit this on my way into the office this morning on CADCHF.
S/R marked on the Daily and Entry was on the 240M after price moved beyond the PB. Have taken half off and will manage trailing stop behind swing highs as the market hopefully moves down.
Does this trade look ok according to the rules?
Hey, you got a few things right. The trend and the pin. However, you are not trading at swing high(down trend), instead, it is at swing low(this is important). Besides, you can see the great support at your entry. Therefore, its not A+ setup.
Cheers
Jack
I think thatās a great continuation entry with support turn resistance at very nice level. Itās covered in Johnathonās advance course.
Pls enlighten me. After Months of reading this thread and participating, i dont see any A+ setup looks like this. Its definitely a good trend and great level to trade at. However, the pin has formed much lower.if the body of the pin is near the resistant line its definitely an A+ trade.
The point here is A+ trade, being a A+, it has to be with the trend, Pull back and valid PA altogether.
Here is a example of A+ trade Johnothon took at the second page of this thread.
http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-2.html#post310533 <āHereās the source.
More example of trading pull back
http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-3.html#post311757
http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-3.html#post312024
http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-10.html#post323472
It MAYBE the ADVANCED PA which is taught at Johnothonās Class thats not taught here. Pls tell me as well.
After all, im trying to help here.
Cheers
Jack
Hi,
for me itās not a good trade. I agree with jackson905.
On the other side it can be advance setup (continuation entry). In that case I will place my entry point below all the candles. There is no reason to place entry below PB ( there are 8 candles which make support) and below PB you are still exactly on the support. I will place entry point below all the candles (break through the support).
Just my opinion. I am new here. Sorry for my english ;).
Cheers
bambi
hmm I think I mis-interpret. Iām still new so sorry for any mistake 
Now that I look more into it, I think itās more inline with what Johnathon called ākill zoneā. Price tests support, breaks it, and retrace to test it. You can read about it in his article here.
Trade Forex Like a Sniper and Start Trading From Kill Zones - Forex School Online
Notice how support turn resistance the same way in the first chart example.
Again apology if I misunderstand
First, thanks all for your comments. Iām glad my post has caused this level of debate as I see a few like this and am never sure whether they are a valid entry. The trade was intended to be along the lines of Jonathons basic entry level strategy described on this forum, not a variation of that to an advanced method taught in the members area.
My thinking behind the entry was as follows: -
- Support had been found at the daily level (circa 8840) on at least 2 occasions
- Price broke through that level on the 20/08 and continued down.
- On the 22/08 price retraced back to previous Support level which provided resistance, causing the price to move downwards again within the same bar and close below the opening session price at 8807.
- I place my entry below the Pin bar to confirm price has downward momentum. In this case I gave it an extra few pips buffer to check price wasnāt going to stall at a round number (8800)
- Stop placed above pin, first target at previous resistance level, with 2nd being managed using a trailing stop.
Iāve never been sure if this is valid. In my eyes there has been a break, retrace and retest, followed by a PA. My question is does this qualify on that basis alone as the qualifying PA candle meets and rejects resistance, or does the body of the candle (session open and close rather than the high) need to be at the resistance zone?
Hope this makes sense?
Hallo Mat, guys,
Please allow me to clarify.
Mr Jās methods ( ābasicā or āadvancedā ) are not contradictory [ advanced = continuation/breakout plays ]
This was a trend play ( down-swing + pullback + pinbar ). The trend is great, the pin is great but thatās not the whole story. The pin is sitting right on a support formed by prior candle lows. Therefore itās not at swing high. And that missing ingredient to the cake makes it NOT to be A+.
@Mat: Iām glad for you it worked out this time
Hope that clears it up 
Cheers
.
Hi
My position entered 3-4 hours ago and now it stopped out .
Do you think I made any mistake with taking this position or itās normal ?
Thanks
Personaly If I donāt know if it is a good signal or not I look at it this way:
The essence of trading is: [B]BUY LOW (CHEAP) and SELL HIGH (EXPENSIVE)[/B]
In this entry You [B]sell low[/B] because there is no retracement. (PB close at lowest price since 20.9.2011) look at chart
How do you choose your profit target?
PB indicates support change to resistance but there isnāt logical place where to give TP. I know it is downtrend butā¦
Look at pictures:
If it looks like this then it is A+ entry:
Just my opinion. Again sorry for my english
Cheers
bambi
Thanks Dudest, Iām not so concerned as to whether the trade was successful or unsuccessful, more whether its the right trade to enter. Your explanation has helped, and I see the support level that may of prevented this from going lower. On this occasion I got away with it, but it is more an āunjustified winā.
Appreciate you keeping me out of trouble in future!!
Hi Bambi,
Thanks for your explanation. My target price was set exactly for the reasons you describe, it was the last time the price found a resistance level.
cadchf was discussed last week as it printed a bearish pinbar on the weekly. price did as expected this week and has dropped since monday
so, if you had taken the trade on monday it would have been a good trade. letās hope the weekly momentum continues in your favour(!)
Hallo abc,
Even valid trades can get stopped out.
But did you read this? Pin Bar
A Pin Bar must have:
- Open and close within previous bar
- Candle wick minimum 3 times the length of the candle body
- Long nose protruding from all other bars (must stick out from all other candles)
Would you say your pin met these criteria?
.
.
My Trading on USDCHF 4HR charts.
Sell at green line low of the Pin bar candle.
SL & TP at yellow lines.