I got stopped out on that trade aswell, Just so happened to trade into an ECB Announcement regarding an exit strategy for Greece from the euro, I guess sentiment was bullish on that announcement.
On my iPad so I can’t post a chart at the moment, but what do you guys think of the EUR/USD daily PA? Counter trend which is why I’m not going to be taking the trade, but price may be reversing at a major support line… I’ll be looking for a short overhead.
Hi,
So price ended up hitting an intra-day support (that Kroolas had mentioned) and reversed to climb higher, finally breaking through the 1.2900 resistance.My SL was above pinbar high, so i got stopped out.
Next week I’m looking for price to rotate lower and test if the former resistance is now support, and look to go long.
Cheers
Hi Kroolas,
I had expected it only to stall at that level before marching downwards (as it had down before); my trade management was to begin lower (around 1.2832). Thanks for pointing out your honest thoughts, takes guts 
Cheers
Hi RC24,
My thoughts on EURUSD D1:
Pros:
-> Big BUEB
-> At a major support & swing low
Cons:
-> Against the trend
-> Wary of the overhead resistance “R1” around 1.2864 (charts below)
Final thoughts:
-> Could be the beginning of a trend reversal (short- or long-term, who knows…)
-> The size of the PA and its location (to me) gives it alot of weight, despite it being counter-trend
-> My conclusion: it’s tradeable. Entry: above BUEB high; SL: below BUEB low; BE: @R1; Final TP: 1.3000
My Charts:
[QUOTE=]Hello,
the entry was perfect regarding the pinbat but it goes in another direction and its lost. Why it was moved in oposite direction i have to analyse detailed as i am now on my cell phone.[/QUOTE]
[QUOTE=]
I got stopped out on that trade aswell, Just so happened to trade into an ECB Announcement regarding an exit strategy for Greece from the euro, I guess sentiment was bullish on that announcement.[/QUOTE]
Both the EUUAUD and AUDCHF changed direction because they hit support or resistance (supply zones). Sure there may have been announcements but we didn’t need to know that to know price was a chance to change directions here.
It’s all about learning to read price. I have highlighted some areas with blue to show how many times candles have reacted at these levels. Note how many times the candles rejected and created wicks at these levels.
EURAUD
AUDCHF
Johnathon
What do people think of some Price Action that has presented on the charts of late?
The first is a setup Dude highlighted on the EURUSD and the second is a chart of the weekly Gold. The USDCHF also has a BEEB and a few other weekly charts have solid PA also, but I am really wanting to see what other see and what comments they would have so let me know…
EURUSD
GOLD
Safe trading this week to all,
Johnathon
Dudest, thanks for your thoughts on the E/U setup.
I was hoping to see Johno chime in with his thoughts on the setup as well. I like the looks of the BUEB at support itself, but trading against such a strong down move just doesn’t seem like the right thing to do with my first PA trade, especially since we would be entering just a few pips under the 1.28 level. Instead, I’ve drawn a line on my chart at 1.3030 which price has penetrated numerous times as support, but was unable to close below it until the strong down move from the last couple weeks. I’d like to see price penetrate it, fail, and close below the 1.3 mark on the daily chart.
I don’t think the long trade on the E/U is a bad trade, but I’m just gonna wait it out and let the trend be my friend
my thoughts about eu are:
since we are supposed to be focusing on just the recent price movement, we can see price has been ranging for about four months now. the overall trend is too large and far removed from the small move that we would like to capitalize on if we go long. the move we are trying to get in on would take us back to the top of the long term trend (around the 1.3030 level), which is over 200 pips
GBPAUD Daily: is this a 2 bar at support? kind of pinbar-ish but the bodies are the same size
this is my first attempt to visualize and maybe attempt to use two take profit levels in a trade, ie place two orders. interesting how the entry, first tp and second tp all fall on BRNs @ 1.2800, 1.2900 and 1.3000 respectively. cool!
maybe i can do the same trade with EURCHF in the opposite direction. entry, tp1 and tp2 are 0.93800, 0.93150 and 0.92500 respectively
If your going to take 2 trades on the Euro I would recommend splitting your risk between the 2…
thanks RC i will try this. i am only assuming that taking profit twice means placing two orders yes? if i would be looking for three tp levels then three orders and so on correct? albeit of course dividing position size amongst the orders
That’s the easiest way to do it that I’ve found. Just remember that if your first order should hit your profit target you need to go in and adjust the stop on your second order to take some risk off the table.
Heya,
work out your risk first and then split your trade up however you want. i,e you may want to risk $50 and work out you have to make a trade size of 30,000 to risk that according to how many pips stop. If you wanted 3 positions obviously you would just then open 3 positions.
Please be aware you can take portions of in profit manually in MT4. In other words I may have a 20,000 trade and see price has hit my profit and then I can take of 10,000 manually.
I can’t however set pending orders that split it up. I couldn’t take 10,000 profit out of a 20,000 position with a pending order. I can only close portions manually.
So basically to close portions with pending orders you need to open them as the portions you would like.
Hope this make sense.
Johnathon
Firstly this is how I personally see it. To trade with the momentum on our side in the EURUSD we would need to take short entries from pullbacks to resistance. Please note the lower highs and lower lows price has been making. Taking a short in this market from pullback for me would be a great trade to make.
The GBPAUD you need to think of those candles blended. If you Blend the candles you will then see the 2 bar is not from a pull-back level and you are buying high instead of low. The actual 2 bar will not be what we are looking for either. It would be an indecision bar. When we blend two bar reversals they should make pins bar as all they are is pin bar over two session. let me know if you need more info on this as I will give you an article. See chart:
EURUSD
GBPAUD
What I have done in this chart is combine the candles to show you what the 2 bar would make. I did my very best here to give you an idea of what you need to think of when trading 2 bars. Notice the small chart underneath is just what it would look like if it was in the price.
I hope this helps,
Johnathon
many thanks johnathon! i understand now
can you clarify the difference between indecision bar and pin bar? in the other pa thread they talk about indecision bars but it has not been explained in depth
Hello Johnathon, Tell me which broker do you use for chart analysis? Pepperstone ? On MT4 i don’t have e.g. GBP/AUD
Tip for all those which got a problem with S&R (support & resistance) levels:
Try this with line chart not candlestick, and than adjust them to candles. This helping me much more for now.
Cheers
Howdy
Surely S/R is not an exact level to the pip. I see it more as a support/resistance zone where you find a big candle.
Cheers
So I’ve been going through all these notes and chatting to you in the chat room. I have a quick question. Your pinbars are basically hammers and whatnot. Let’s say the market is going long and we see a pin bar on a good SR level for a short. You would only trade on a pin bar that looks like an inverted hammer or would you accept a hammer ?
I’ve checked out videos from other PA traders, and with the various entry options off a pin bar it seems unlikely for you to have the tail sitting in the direction that you want to trade. As it will mess with your SL (or possibly make SL much tighter) as well as entry points (depending on which of the 3 popular methods you use).
