Hi Kroolas
I don’t think this is regarded as a valid pin bar in FSO as it did not open and close within the previous candle.
Spongybob,
I hope to fit right in, if I can get a few more trades a month under my belt then I will be right where I want to be. I’m on vacation at the moment but when I get home I will go through all of my charts and see if I can spot any potential setups forming on the daily charts. If I can spot anything coming up I’ll be sure to post the charts to get a little feedback, but this honestly seems like such a simple system to follow.
There are very few rules to this system which means following each one of them is extremely important. Same thing that I am used to with my current strategy so it shouldn’t be too hard to get the swing of this.
Hi everyone,
First time posting here, reading & watching for quite a while though.
I got a pinbar on Gold which seems lovely to me. But I would like to hear your opinions.
Cheers
Hello,
This is against a very strong move down of late and some very big down bars. There is nothing wrong with trading against these large moves it’s just I personally like trading with them in my favour.
I would personally like to short if we get a pullback to resistance (the level I have marked on my chart)
Yes this is a Pin Bar but awfully small when looking at the momentum that has come right before it.
On the up side what goes down must come up and for me to get short I need price to go higher so I can’t see why it won’t be now?
Good luck with your short,
Johnathon
Sorry to follow up this post again I just wanted to highligh as an example to others why I say it is so important not trying to change very strong momentum with small Price Action. So here the market was moving down very strongly with some large bars. Trying to change this momentum with a small pin is quite dangerous.
Here is one of my fav pairs, the AUDUSD. On my chart you will see a very clear support has been broken and I am now looking for price to retrace higher for an opportunity to get short with the recent momentum.
Trades will be taken on the Daily or 4hr chart.
Johnathon
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Hi Johnathon,
Do you have any rule specifying whether you trade Daily or 4H? I mean, if there’s a good PA on 4H would you trade it or wait for daily candle to close?
Thanks
Kroolas
Hello,
If I spot a setup on the 4hr chart and it meets my trade criterea I will enter straight away. If there is a valid setup on the 4hr chart there is no need to see what the daily chart does.
I trade each chart separately and if I entered on the 4hr chart I am not worried what the daily chart is doing.
Johnathon
Hello Johnathon.
Many thanks for taking the time to reply and all your useful information. This trade is now at +50 pips, it took some time but we are getting there slowly… this thread is a goldmine and i am so glad i came accross it. I wish i had discovered it before as i wouldn’t have bothered buying some crap online course as i did.
thanks for sharing your knowledge, for being so courteous and making your precious time available to us all.
MANY THANKS AGAIN !!!
Isabelle
This is a really good thread on Price Action Trading, thank you all and especially Johnathon.
This is one I’m watching.
Hello Johnathon,
I have a dount regarding the AU trade. Looking at the D TF, i thought the bull candle which appeared after the break of support is the retracement, i gave much weight to it after looking at 4H chart which i have uploaded here. Entered short at the white arrow mark. Is this a valid retrace ment ?
Lately the GBP/USD has been in an uptrend. Price has broken through resistance and now tested it as support and formed a pretty good sized pin bar on the daily chart. Price is above the 1.6 BRN, but has also been rejected from the 1.62 level the past few days as you can see on the chart. No real bad conjestion other than that 1.62 level which has had price reverse a few times in the past.
As I am new to PA trading I am sitting on my hands here, but would like a little feedback as to how this trade stacks up?
I like your reasoning and I am mulling on it myself.
The only small tick I have against it is that it was a reasonably bearish PB, but the level looks nice, nice pullback, BRN, but the PA itself will keep me out of the trade. Just not compelling enough (for me.)
I’m super cautious BTW :eek:
I think the retrace you got in on was valid, but I wouldn’t have taken it because as you know we love to see our corresponding price Action to confirm us into a trade and in this case there really was none.
But nice pullback and level.
Hello,
okay so if we were looking to trade on the daily TF the retrace is not enough as it is just 1 small bullish bar and that does not = a retracement.
The 4hr chart you how does show a nice retracement and would be enough to make a trade. What was missing here is price did not quite reach the old support level which we would look to hold as new resistance. If price had gone a little higher and tested this level a perfect trade could have been in play. See my chart below:
Johnathon
Same as what Bhops has said.
Not for me this one. It is small and did not quite pullback to a level I would like to short. I would prefer to see price go through the VBRN and then come back and reject and close above. This one is not testing the VBRN.
I have seen so many of these pins get run over that is make me cautious. It is sort of just hanging out there to be knocked of.
Don’t get me wrong it could go higher and I am not saying you should not trade it. It just does not meet my trade criterea. If price pulled back a little more that would create space to trade into that we just don’t quite have here.
Johnathon
Hey Johno
Just so some people dont get confused, you wrote “It is small and did not quite pullback to a level I would like to short”
Im sure you meant to long.
Cheers
Eeeh…I’m supposed to be on a break from all things trading but conscience compels me…
Lemme say from the onset that I consider Johnathon and Bryce my good friends and mentors 
and one does himself/herself good listening to them.
(Now that protection is in place 
), below is my honest opinion of how i see the GBPUSD price action. I fully agree about the D1 pinbar, wouldn’t take a trade on D1 because of it ( is it really even at swing low? doubt it ). BUT at the same level on H4, there’s a bullish 2BR ( according to dudest, maybe not according to Bryce <smiley> ).
Quick PS: i marked the level on D1 2-some weeks ago ( back in the threads, after some point where Johnathon responded to a query I made about a big bearish BEEB on GBPUSD H4, where he said that he still saw price going higher, which it did… ).
My D1:
My H4:
@Bryce, Johnathon: we’re still tyte, right?!
Back to the shadows…