You might not be using New York close charts, FXCM does NY close charts, they are who I use. Just download a demo and use the charts from it 
kasravi and adamjn,
thanks for your help guys! however, iām very confused now! iāve got a metatrader 4 account with ig, can i change the settings on that to correlate with NY close charts or do i need to open an account with another broker?
I am not quite happy with the level either, if you look back to the last high on the 14th of last month, basically the same thing happened, price dropped a bit, then rallied again to form a stronger 2 bar reversal signal at a higher point. I am not too sure if I will take the 4 hr pin, just going to wait and see what happens.
USDCHF H4
Wonāt work mate, just changes the time not the candles Iām afraid.
Cheers.
I donāt have an opinion on that particular setup but remember that if your trade hits SL, it does not mean that you have missed something If more than 50% of your trades hits SL, then you have missed something (assuming you have at least 1:1 RR ratio)
iāve downloaded a FXCM demo account as suggested by adamjn and iām now signing from the same hymn sheet! iām still going to use my IG account to place the bets as the spreads seem a lot smaller. is there anything wrong with doing that or is that something that most people do?
I spotted the S/R line on Daily TF . switch to daily and youāll identify it easier .
now , weāve got a 12h pinbar too , for me itās a good setup .
If you check the daily TF , Youāll see from left to right the market direction is down . So Iām trading with the trend .
Itās not triggered yet .
GBP/Jpy is good . weāve a key level and It could can a good setup .
Good Luck
Yes- I donāt really see any clear trend other than the big bullish candles leading to this new high. Iām treating this as a counter-trend trade though, and my profit level is just above that 2nd S/R line you have drawn. R:R is 1:1.
ref. usdcad D1 2br
itās too soon to call it a 2bar reversal .
7 hours left to see whatās it gonna be .
I agree abc2005- I def. should be waiting for this to close as that is the proper way to play this potential setup. I should be looking for this candle to close for confirmation and then setting pending orders. Hereās what happened: I started using PA methods literally about a week ago. Sun-Thurs I made 5 profitable trades, with micro-lot-sized positions. I came across another user who posted what I thought was a sweet setup (CADCFH 12HR PB), and decided to increase my position to what Iād ānormallyā trade (about 4 mini lots). Nonetheless, I got stopped out, which wiped out all my micro-lot-sized profits last week (which, was about 8% profit for the week which is great). Long story short, Iām still dealing with the emotions and just by typing this Iām seeing my mistakes.
I understand that we canāt make every trade profitable, it was just bad timing on my part and sticking to the plan, and moving forward. The USDCAD trade Iām in right now is nothing more than a guess at this pointā¦still learningā¦
I have been reading through this thread for about a month now, and I think I have got the hang of PA trading, I still have some questions with regards to S/R levels, but mostly on charts with congestion, so I am refraining from even trying to find setups on them until I can fine tune my trading on good strong trending pairs.
I see why you thought this might be a setup, I was looking at the same thing, I always draw my S/R levels on the daily charts, then check H8, H6 and H4 for setups. When I spied the CAPCHF setup you got stopped out on, it was well below my level as I had drawn it on the daily, I was so tempted to move the level to the pin bar high, but I remembered reading, ādraw the levels then look for PA, not Look for PA then try and convince myself it is at a S/R levelā.
Maybe that will help? After all, daily levels are stronger, I had the exact same dilemma last night when i spotted a pin bar on EURAUD at a noisy area, my S/R level was about 70 pips lower, but i thought the noise might count as support, lucky I didnāt place the tradeā¦
Adam
No, that is totally ok.
Cheers.
Yeah,luckyā¦
Eur/Aud final TP hit.
Cheers.
Relax, we are
Forex
Tradersā¦
Cad/Chf turned out to be a loser,so what.
As you say your shift in position sizing caught you out.
The long run mate ,the long run counts.
Lick your woundsā¦you know the rest.
Good luck, and cheer up buddy.
Cheers.
Thanks- needed to hear thatā¦
The Aussie is roaring today (11:15AM EST)ā¦anyone have any open AUD/XXX positions?
May I please ask where you placed your stop on this? I was stopped out @ 88723