They both have their own perks. The PA candlestick on GBPJPY is much larger. This show a recovery from a more extreme price low, which may be a more bullish signal. If SL is placed at the opposite of the pinbar, then EURJPY has the better RR scenario. In my opinion it’s a candidate for splitting risk between the two.
And what about this trade???
I think in this case the PA signal is in near perfect position. The level in yellow is both the high of the daily candle and also the high of the last swing high. A PA signal below this yellow line would actually not be a prime setup because that yellow line then would act as resistance to anything that formed below it, and for me any pa signal formed directly below a resistance line invalidates the whole setup. There are 3 candles from the current swing low that came within 1 pip of the last swing high. It really is a thing of beauty, lol.
Really quite choppy in the area that 2br formed.
Agreed…I re-adjusted my key level and can clearly see what you’re pointing out. Sometimes I chose VBRN arbitrarily as S/R…but in this case, there was a clearly defined zone. This would offer a much tighter stop than EURJPY…
Great work scoping these out everyone!
[QUOTE=“bigcheefer30;538751”] Agreed…I re-adjusted my key level and can clearly see what you’re pointing out. Sometimes I chose VBRN arbitrarily as S/R…but in this case, there was a clearly defined zone. This would offer a much tighter stop than EURJPY… Great work scoping these out everyone![/QUOTE]
It’s always nice to have a BRN line up with our SR but it doesn’t always work that way. I always pick the daily SR levels and swing highs and low to find my SR’s then afterwards look at the BRN and VBRN to see of they are nearby my levels. If so then I can somewhat gauge how strongly I think the market will react to those levels.
AUDNZD D1: this could turn into a nice BUEB, bit needs quite some pips before candle closure. But worth keeping an eye on this one if you ask me.
Hi Elunar,
Good,keep an eye on it.
You want your candle to close above your support line,which indicates price was able to climb back up.
By the way, I noticed you have 4 red lines on your charts where you really only need 2.
Cheers.
You’re right Kasravi (as usual :-)). I was playing around with S/R lines and forgot to remove them on my live chart, they are gone now ;-).
S&P 500 Text Book Pin Bar at good Level
Clearly rejecting lows
Wick 3x Length of Body
Closes within previous candle
PA Sticks out
With current uptrend
EDIT: Sorry, just realised I forgot to remove my EMA’s 
Won’t happen again haha
Cheers
Should have zoomed my chart a bit, looks a lot better so !
EURGBP LOOKS LIKE IT MAY BE SHAPING UP TO:
Why would you enter on a trade that is against an obvious upper trend?
Good question.
Structure wise, the up trend is no more in tact. The bulls have lost control.
All that bullish movement has been declined with a pin bar and moved back from where it started.
Now a BEEB forms where formerly was a support, hence flip point.
Note,
On the 4th of september a solid pin bar formed, where most of us placed buy stops. Reasons were the recent up trend,solid support and pin bar. However as you can see no one got triggered. Now the same level is revisited with another solid price action but this time looking for a short position.
Cheers
It makes allot of sense to me, many times you really have to look at all scenarios.
I rmbr that PB- it formed right beneath 1.39 and was hotly debated on here. I saw it, and passed on it really quickly though seeing nothing but danger…
Hi again everyone
Just wondering if I could get your feedback, I have been watching the JPY pins and have also taken the GBPJPY but I also wondered about the CHFJPY pin bar:
I figure that although this is a nice valid pin at a support level and with trend it has very close traffic above and for this reason would probably make it the worse pin out of the 3 JPY trades? Am I getting warmer??
I just realised that this pin does NOT stick out from the crowd and so has another thing going against it…(Mind you, neither do the other JPY pins which is a bit worrying???)