I missed this filming a Jeremy Beadle Tribute segment in Swansea but I would not have taken the NZDJPY 4 hour pin as it does not cut through R/S which would make this not an A+ Plus Trade…I’m getting closer right???
It did not work out! Good night (or day) to everyone!
Why is this so appealing to me?? It’s whispering in my ear?? I am getting an engulfing bar which closes against a line of resistance, would this not signal a possible continuation of a downtrend?
Check my post you replied to earlier to refresh your memory 
haha
I really don’t know about you but this setup has nothing I have seen or learned in that thread…
- in this thread we trade reversal not continuation (if i understood correctly continuations are harder to master)
- the long wick is a bad sign to go long and so is the fact that it closed below resistance as you said
In case someone missed it Johnathon article on the USD CAD weekly pin
USDCAD Fires Off Pin Bar Reversal | 24th Sep 2013 - Forex School Online
Thanks for the reminder Adamjn, it’s a been a long day…I had to play the part of Jeremy Beadles hand. I remember now that it is a fake break out so I won’t be taking it.
Thanks also Eternal, but isn’t that an upswing in a downtrend? I am probably confused 
I can’t see anything else tonight, so I’m off to repair the Trader 3000 for another day.
[QUOTE=“EternalNewB;539821”]In case someone missed it Johnathon article on the USD CAD weekly pin USDCAD Fires Off Pin Bar Reversal | 24th Sep 2013 - Forex School Online[/QUOTE]
I saw this article too and this setup was discussed in great depth on Friday…this was not a valid pb per my charts…price didn’t close within the previous candle so I didn’t set any pending order. Do you have an order set? Where are you looking for entry?
Now that the day has closed I will go back to the oil setup posted a few minutes ago
Pros
Pin bar closes in the body of previous candle
Pin bar wick at least 3 times the body
Pin bar happens at recent swing high
Pin bar has short nose
Cons
too much traffic
very short amount place to run
Thoughts? what did I miss ?
Yes I have an order set (didn’t trigger yet) at 1.0344 and SL 1.0176 FTA 1.0440
Hi Eternal
My tiny newbie chimp brain doesn’t want to take this because the pin looks to small for me and does not stand out enough but I am frequently wrong.
I agree and forgot to include it the pin does look small indeed but, if memory serves me right, a few posts ago it was brought up that on a daily timeframe smaller pins are valid
On my chart it was short of being a pinbar by just 1 or 2 pips. Since different brokers use different sets of banks to get their pricing, it is possible that certain brokers did show price as an actual pinbar. I took the NOK trade instead since the pinbar there had plenty cleared the previous candle. If there is a week long debate about whether a candle is valid or not, I would rather just pass on it altogether, lol.
Yes smaller pinbars can be valid and taken, especially if it is a very key level.
Thanks Krugman & EternalNewB, I have much to learn!! I am going to try to stick with the larger ones for a while until I get back into profit. In the meantime, where am I best to read about these smaller pin bars and are they still classed as A+ trades?
Hope no one was stopped out of nzdjpy, horrible economic news released like 10 min ago…price plummeted!
Looks like EUR CAD heading the same way …
[QUOTE=“EternalNewB;539880”] Looks like EUR CAD heading the same way …[/QUOTE]
Definitely shouldn’t have tried to make up for other losses with the nzdjpy trade…o man not good…lesson learned for other people, only risk 2% of your account. Not 50%. How many .02 lot sized trades will it take to make up for 1100$…? Can I get a refund?
Yep, thats a vaild pin alright, I spotted it, but passed. I seen too much traffic in the area. Waiting for the breakout 