Hi Kazravi,
I promise I’m not being anxious but following your remark, I wonder what you think of the nzdjpy d1 trade?
Edit: got an answer by Mr. Fox himself in the meantime. End of story then.
Hi pipinghot,
I was trying to go long from the 2Br that formed last week. However trade got canceled.
That pinbar now is super huge+perfect level…if there wasn’t such traffic to the left then it would be perfect.
However doesn’t mean it won’t work out, but if it goes south you know why.
cheers
As we spoke about the other day the price action story is key and the signal is only confirmation.
You have to look at where this pin forms and the story you would be trading it in and it is not meeting some one of the basic three criteria of a pin bar needs to meet which is that all pins must stick out and away from all other price. This instead is set in and back.
This is a good resistance yes, but because the pin is set back and not up at the high how we need to see out pins, it means if you are entered you will be entering directly into a boxing or straight into support of the near term boxing support area.
There have been some killer trades this week that I am about to post up and they have already been posted in here and I am just recapping them at the end of the week. Have a look at them and then look at this and look at the difference. See how the pins I am about to post are sticking right out and away and your is stuck in a box. I hope it breaks and works out well for you, but next time keep in mind that story is so much more important than the signal and then the signal must meet all the key basic criteria. Still plenty of time for it to work out and that resistance is very strong indeed so good luck.
EURNZD DAILY CHART
Johnathon
Hi Johnathon
Thanks for answering this, it was me that was confused. What threw me was the small pin head giving it the look of a large doji, in most my pictures I have saved of A+ set ups from here, the pin head is much more defined. I realize now that just because it is not an A+ set up doesn’t mean that it is not a pin head. I have to admit that I thought that there was a difference between doji’s and pin bars but I don’t know why I thought that or where I got it from.
Thanks again
BA
Well that is easy to fix, where in the last 1,389 pages have you seen us trade doji’s?
Keep it simple.
Hey guys,
don’t get as much time as I would like to spend in here, but there is still some great trading being done and I still get through every single post so nothing gets past me. I am also informed by the seniors and I rely heavily on them to keep things rolling smoothly and they do a great job.
There has been a lot going on this week and a lot of great setups. I wanted to do a quick recap post of the setups posted and a few of the better setups and a couple of the setups that caused confusion.
EURUSD 4HR FALSE BREAK PIN BAR
My all time fav setups are these false breaks. I love when you have a near term level and price make a quick false break and snaps back and clearly fakes out the market before getting ready to move the other way. This pin was a perfect example of that and making a false break of resistance I did not take this trade personally as I was already long from another longer term trade that I already had on but I saw this and loved it and whilst I loved it I never managed trades with lower time frames. This was against a very strong up-trend to tight management would have been needed. Price did break and move straight into the near term support as would have been expected.
AUDCHF 4HR PIN BAR & BEEB
A key daily level that had acted as support before price pushed through. Price then retraced and on the 4hr chart price formed a pin bar. Price then formed a BEEB before finally smashing lower and into the near term lows.
NZDJPY DAILY PIN BAR
For some reason I got a lot of questions about this and the EURNZD pins. I have spoken about the EURNZD in a post a few previous to this and I also posted about this pair in the “Trade setups” on Forex School Online. Basically this is a pin bar, but as we know; not all pin bars are created equal and just because a pin bar is a pin bar does not mean we make the trade. This pin was rejecting a very nice support area, but my concern was that it was trading directly into a minor resistance area. Above the high of the pin bar was a lot of candle highs and lows and these can often act as support & resistance which are a major concern for anyone entering this pin. Whilst this pin could still yet work out great and move straight into the near term highs, these candles highs are first going to have to be taken out.
Safe trading,
Johnathon
Hi guys, with the recent US government shutdown, do we still take the NFP report into consideration when trading any US pairs?
All rules apply the same way regardless of what is happening around the world. The same rules that applied to NFP before the shutdown also apply after the shutdown.
[QUOTE=“Mr B A Barracus;545204”]Hi all
I have just placed an order for the GBP/CHF 4hr pin below:
Green - Entry
Red - SL
Pink/Purple - TP
I see this with the up trend and with some decent space to move above to collect a few pips. Any thoughts?[/QUOTE]
Hello again
I decided to ditch this order, after reading Johnathons recent posts I realise that I have recently been over looking an important ingredient, the ‘sticking out element’ and this one from earlier was sat too far back with the rest of the crowd. Basically it was rubbish.
BA
it wont be rubbish if ur buy order was triggered. just a pa signal tht didnt trigger. besides johanthans’ post are after pa has formed and he goes on to explain the story.
[QUOTE=“bizzaro;545369”]it wont be rubbish if ur buy order was triggered. just a pa signal tht didnt trigger. besides johanthans’ post are after pa has formed and he goes on to explain the story.[/QUOTE]
Hey Bizzaro
Luckily it hadn’t triggered in fact it seems to have gone the other way for now. But looking at that pin bar I can now see that although it was nice and long and sticking into a resistance level, the pin head itself was sat a little too back, would that be correct?
It’s so amazing that it is just 3 simple straightforward rules that make a pinbar but we keep on forgetting one of them time after time. For me, I used to forget the within previous body rule, now that I have forced myself to concentrate on it, I have started forgetting about the sticking out rule as well. I’m sure once it will be stuck in my brain, I will then start omitting the wick body ratio rule ! :15:
can u tell me if the gbp/chf 4hr pinbar formed is considered within previous body? thks im new to this as well
Yes, it is
To me, one of the reasons for not taking the trade would have been the strong bearish candle before it really
Hallo Candlewalker,
actually since the Government has been shutdown there won’t be any NFP report so there’s no news events to be concerned with.
IN DEPTH ANALYSIS
Gbp/Cad Daily 2BR
What seems to be a ping-pong match on the Daily chart is Gbp/Cad’s recent price movement.
That pair is in an obvious up trend and has now rejected a level that has not been visited since 2009. A key support level back then.
Todays closing completed a 2BR, suggesting a reversal also visible on the 4hr chart. Eventhough there seem to be no traffic at all and a dip lower might be very likely, I probably won’t short this pair now and rather wait for a pullback to position myself with the trend. It is a much smarter play in my oppinion.
Thanks for reading, as always looking forward for peers input.
Cheers.
Anyone else shorting GBP/USD ?
I have my FTA set @ 1.6144 and TP2 @ 1.6077
However I noticed there was a weekly pin bar forming so I was wondering if it is a normal practice in such cases to leave TP2 open till another PA shows ?
thanks
Hi Eternal,
My intuition (gut feeling) tells me most Sterling pairs are stalling and soon falling.
Fact is they are at resistance areas that have not been visited in years. In other words I wouldn’t count on them too much.
This goes for most GBP pairs, now to what you are talking about.
Firstly, what might look like a pinbar on a NOT closed weekly candle is a gamble.
You know that by now anyway.
Secondly, if you spot a setup on the daily then you only look for reasons to hold onto your trade on the same timeframe.
There are rare exceptions when you scale down to spot a reversal. However Best is to aim for the nearest trouble areas.
Hope that helps.
Cheers
Thank you for the reply and yes I am aware that it still have one full day to close. I was just wondering that, in case it closes as a valid pin-bar, if common sense would be to still stick to the trading plan for that one and then issue another pending order for the weekly pin bar
just thinking out loud 
thank you for taking the time to answer me
Not at all.
I misunderstood you about the pinbar thing then, sorry about that.
What you are saying is ‘‘if you are on a trade and another trade opportunity presents itself on the same pair different timeframe then you might want to extend your gains with a second position’’.
In theory that would be double exposing yourself, which is not advisable.
Experience wise, if you spot more reason that a trade goes in your favour then you are a happy camper!!
ps:Check if your broker merges positions on the same pair.
Cheers