Hello EternalNewB,
You need to set a sell stop a few pips below the pin so the market can trigger your order if your analysis is correct & you should also put your stop in place (in this case at the tip of the tail) in case you’re wrong. I hope you understand trade management and money management. Please go through the thread so you understand how we make this play.
i did read the first 30 pages of this thread I am just trying to digest all this 
It takes a bit of time and thank you for your patience and help
The GBPCAD is trading at a major resistance level. The pair has been in consolidation since 2010 and this level has acted as a strong resistance earlier. On top of that we have had a strong rejection candle at this level (PB).
This could be traded as a reversal or we wait until or if price moves down to the closest support area and look for PA to enter a long position and hope for a bullish move and break of the level we are at right now.
I used the weekly chart only to illustrate the consolidation zone.
The USDCAD is looking pretty similar to the GBPCAD.
The previous bar broke thru S/R & the current bar is sitting just at the S/R now. If the 2 bars are below the S/R then it might be a 2 bar reversal.
Just my 2 cents worth.
in my pepperstone chart the last two candles do not form any 2bar…
I’m short in this since last Friday, after the 4H PIN BAR.
I took my first profit and waiting for the next.
Regards,
care to explain how you “take your first profit” ?
I hope I am not bothering you all with my questions but do you plot the S&R areas manually or you use kind of a formula or Ea for that ?
thanks
Manually.
This is a no indicator thread
thank you for the quick reply, any tutorial / advise on how to find them ?
Read through the trading strategy section on forexschoolonline.
Very good material.
Cheers
I was in the same boat as you. All it is is practice. You just got to see how others do there’s as try to reason why they out them there. Additionally. When others out up charts you should make your own lines and compare them with theirs
Note that the more “peaks” your line touches the stronger the line is usually
Hi,
what do you think about this trade? AUD CAD 4H
bambi
Hey Bambi
Nice resistance level you have there but you trying to short into support and mess, you dont want to be trading into uncertainty.
Cheers
I noted a Bearish Engulfing in a Resistance area, however, in the 4H chart it is against the trend to go short on this.
Just my thought.
Which Pair?
Regards,
