But day closed at 1.0310 doesn’t mean it closed above S/R ?
It is exactly what I have. I’m trying a second shot at 1.0227.
Cheers,
I’m afraid I cannot verify that since I’m off my charts now.
Just don’t buy yourself into our SL.
That would be the first time I meet my stop hunter,lol.
Cheers
Nop, Open at 1.0311, Close at 1.0307.
Regards,
LOL!, Don’t worry, I’m staying at the bottom 1/3 of your weekly bar (Just note I’m not calling it WEEKLY PIN BAR :33:)
Hmmmm we have no quarrels then :d.
Close price differes from broker to broker.
Why? do you see it not as a weekly pinbar?
Cheers
It doesn’t close within the previous bar in my chart. I know there has been a lot of controversy about that and that’s the reason I prefer stay out of this setup. If there is a doubt I’d rather not to take it. I’m trying to be conservative.
Good luck and by the way, thank a lot for taking the time to help us.
Best Regards,
Not at all.
that is a great way of dealing with trades.
I wish you the best of luck and success.
cheers
Well it,s my rule to never trade into the important psychological numbers.Also in the past i paid the price for breaking this rule.
[QUOTE=“mselva;541716”]Hi fellow traders: I’m thinking take the Short at USDCAD pin bar (shown at D1 & D2). I know some trader are LONG in W1, but I think I’m within the short trend. Again, comments will be welcome. Regards, <img src=“301 Moved Permanently”/> <img src=“301 Moved Permanently”/>[/QUOTE]
I also was watching this one today, it’s a nice pin at a good level, except there is some support not to much farther below. In this case I am going to let price shake out at wait for a clearer signal.
[QUOTE=“EternalNewB;541719”] You can’t do that to me 
My weekly pin bar order was triggered today with a 6 pips buffer and price has retraced since … Then I saw the pinbar on the daily 
Looking at it again I see price has really struggled to climb the last couple of days ? a lot of noise on the left I guess also, for me, on D1 it closed ABOVE support but maybe I drew S/R too low[/QUOTE]
I really think your buffer should have been farther than 6 pips. Thats seems to small for a weekly candle. On most pairs at daily timeframe I usually got 10-15 pips minimum. On weekly I would go at least that if not more.
I think about it like this, of you add 5 more pips to your buffer, so you had 11 pip buffer, that is 5 less pips you can take profit on. Let’s say you are trading a standard lot so the extra 5 pips cost you 50$. But if you cut 5 pips off your buffer and for. 6 pip buffer but you get falsely trigger. Maybe your SL was 150 pips. That means you lost $1500. The money lost from that 1 trade is equal to adding a 5 pips buffer to 30 winning trades. I know personally many trades where price did a false break of 5-10 pips, and doing 12-15 pip buffer kept me out. It’s amazing just 1 or 2 pips saved me hundreds or thousands of dollars. It happens way more often than 1 out of 30 times, so I know it pays off.
[QUOTE=“marketdeal;541739”] Well it,s my rule to never trade into the important psychological numbers.Also in the past i paid the price for breaking this rule.[/QUOTE]
If I am reading your post correctly you are putting weight into a number, without any price action to back it up. There are BRNs around every corner, 125,126,127… Many of these the markets blow through without blinking. You should only be concerned with the BRNs where there is price action to prove its importance. That’s what price action is all about, reading the story and making an educated trade.
If you do this when you enter trades, I am assuming all of your TP areas are also BRNs?
Hi, just a question, did you finished reading this thread, if not, how much did you read? Previous post that you replied to Johnathon showed how much you appreciate what he taught here and how much you wanting to learn. Then i guess, you really have to put down your ego,the things you have learnt and embrace this method fully because in my opinion, you are holding on the thought that you are right about certain things that learnt before and that prevents you from learning the essence of the method which is trading the recent momentum.
Let me just give you a few examples how Johnathon’s chart looks like.
You can see that all of his charts are zoomed, large and obvious. The level of S/R in his charts are also recent support and resistance. He once said that we only care about the recent support and resistance because those are the area that price will be having problem with, old SR does not bother us. (something like that)
I totally agree with you with CADJPY though, but i didnt mention it was an A+ because i saw the resistance there myself as well. For all other pairs, i gotta completely disagree with you.
Please, for your own sake, re-read the first few hundred page again and try to accept everything he taught.
Jack
Thanks!
I agree we move SL to BE, but I will only do that once the next candle is mature. Otherwise, what’s the point of taking higher tf if we mess with our setups as if we’re using lower tf?
But then again, there is more than one way to skin a cat. I highly believe that your method is unacceptable at Daily chart and lower tf (Johnathon’s specialty), but we’re talking about Weekly tf here and I’ve noticed several clever ways to tackle Weekly -and even Monthly- chart from fellow traders that I’m interested in learning more once I’m consistently successful with FSO method. I’ll revisit your method in the near future.
Hi BA, you see the space that price may go down without much resistance? thats sort of adequate breathing space 
Jack
Of all people -and especially from the A-Team-, it’s BA who ends up trading Forex. Real world is weirder than fiction, indeed.
Hey man, no need to get passive aggressive with me. My ego is fully in check- I get it checked 2-3 times a week getting choked out in jiu jitsu haha, so I have nothing to prove here. I just provide my opinion, and apply what I’ve learned to what I see- how you decipher what I say is subjective, because I can’t convey emotion properly through typing. Anything I say is with the utmost respect for everyone, and tailored to be nothing more than my own opinion. I don’t solely trade from zoomed out levels, but I do like to see what has happened in the past because I’d like to know if I’m trading into a major level, such as the both the NZDJPY and EURNZD trades will be. Price action is subjective. How you read it, will slightly differ from how I do ya know.
I don’t know what that second chart you posted was, but the first one was a EURJPY 4HR setup from January 20th, 2012. Check out that level. It was almost perfect. Massive bearish rejection, at a key level, with no “recent” major historical support beneath it. I don’t agree that the EURNZD and NZDJPY are decent setups. You don’t even need to look that far back to see trouble ahead - especially with the former.