Hi Eternal:
I took this with reference to the recent movement and about what happened in December 2012 (history). According to these I chose the SL, Entering Price and TP levels.
Actually, I’m using a manual trailing stop following the price since I think it could move lower (no wick at close of the day).
Best Regards,
Hi guys,
Like many of you I also spotted the CADCHF W1 PB. Although it is counter trend (which as a newbie I normally don’t trade) this one looks too good to pass on. It’s a PB with a nice and obvious tail, the closure was really bullish, good support and there is a lot of room upwards.
Buy stop: 0.88213
SL: 0.86709
TP1: 0.90527 / TP2: 0.92911 / TP3: 0.94423
One thing that worries me a bit is that going long on CADCHF is a bit contradicting towards my open long trade on USDCAD (the W1 PB from two weeks ago, which some other forum members took as well). I know this has nothing to do with PA, but going long AGAINST the CAD on one trade, while going long WITH the CAD in another one feels a bit awkward. How do you guys cope with stuff like this? Just ignore it, because it is not relevant for PA?
Thanks and enjoy your weekend.
Another one I stumbled upon during my chart checking routine: a 2BR on the EURNZD D1 (and also a PB on W1).
Although the resistance looks quite strong, I will not take this trade because:
Any other thoughts?
Okay so I’m not use to the larger time frames (I consider the H1 BIG) but I was looking around and saw that the EURO/JPY 4H seemed to be ranging and at the top of the range produced a Bullish engulfing bar. I wouldn’t call this a great set up, but I wanted to hear other peoples opinions.
-The top of the range is plagued with a ton of pin bars, does this decrease the probability of the trade being profitable?
-Does anyone on this thread limit the range of pairs they monitor?
-I’m seeing how larger TF’s make it so much easier to beat the spread XD a problem I constantly faced on lower TF’s
Also here I have a 5M chart of the Eur/Jpy from Friday and it made a really good PA candle, slightly lower than the previous swing high, in a downtrend, off of a new swing high… It seems to match the setups you guys find on the larger TF’s. ignore those wretched EMA’s =O
I’m sorry but as I said in my original post those are not taught here so I am not going to mention them, only brought it up so the chart made better sense.
Hey bizzaro, i’m not sure what candles you are referring to, I wish you would have circled them or something. But without know the fact is the same that the candle must protrude past the previous candles in that swing. Sometimes if you go up to a high timeframe you, it will combine to make a single pinbar or EB. But in that case you want to be on the timeframe where the protruding candle is being showing. For example the candle that I discussed that wasn’t actually valid, if you went up to the daily it was valid. So that candle could have been played at the daily as a pinbar, but not the 4hr EB that was shown.
Here in this thread we only go as low as the H4 timeframe and we don’t use EMAs. We also don’t use EMAs in our trading. In future postings please keep charts above H4 and no indicators. The millionaire/billionaire traders don’t sit at their computer all day trading 5 minute charts, they watch the higher timeframe charts(daily,weeky,monthly) and go big on high probability trades. I can assure you, the most lucrative trading is done at the higher timeframes.
Haha I said to ignore them. I totally understand though and get that no one would think to diverge from the ideal of not going below the 4Hr chart. It seems that you have a point and I will definitely try to expand my trading to the Bigger, more profitable, and proven TF’s.
But in other news, one of those charts was a 4Hr. chart, could you (anyone) give me some advice on it.
Hi Elunar,
Very well spotted was actually flicking through my charts and took note of that too.
Whenever I see price reaching any of my S/R areas I look back at all the recent PA setups and movements to see the price action story behind all the moves. Inevitably I anticipate the next move. That’s where I look for a PA Setup too.
Speaking of the Eur/Nzd, I anticipate a move to the down side. As you mentioned price is in a box. Thus taking any trade from here,eventhough the next move is possibly lower and a bearish price action has emerged, adds to risk.
I think Eternal is still on that trade, and might see gains from it.
Side Note; that 2Br you pointed out was not tradable at all,reasons were mentioned back then.
That pinbar is a solid one,price moved up and came all the way back down. That is a classic market behaviour with pinbars,that’s why some traders take them on their retracements.
Cheers
Hi Elunar, I understand your concern. However, it is possible that both trades end up winners. They would either not happen at the same time or another scenario would be that usdchf goes up a lot more than cadchf.
Yves
My current broker doesn’t offer CADCHF 
and I am awaiting verification of oanda
Thank you Yves for your thoughts on my USDCHF setup and I would also appreciate if other members could take a look and give their opinion
Cheers
I was pretty diappointed that the daily pinbar/Bueb on Usd/Chf last week didn’t trigger.
However I made a comment on it back then,and now with a weekly pinbar appearing rejecting the same level I feel like a late Registration!
0.9000 is a very big round number. The market knows that and respects that. I still see the same structure and reasoning that I saw last week on this pair.
Cheers
Thanks Kasravi and Yves for your feedback, appreciate it.
@Eternal: The USDCHF setup seems pretty solid as well. If my broker, like yours, did not provide the CADCHF, I would probably take the USDCHF one in stead. Buy stop: 0.91100, SL: 0.88900 (just in case it wants to do another retest of the support and traces a bit further down just like in Feb 2012 when it hit 0.89200 before bouncing back). To me (considering the W1 chart), your TP’s look a bit close, I’d set them at 0.92500 and 0.93500. But that’s just my 2 newbie cents.
sorry im really confused becos from this post johnathan calls it a beeb but it doesnt protrude the previous bar right next to it
here is the link: EURUSD Bearish Engulfing Bar | Price Action Chart
n reversals 2 Bar Reversal Price Action Trading Guide
for reversals the he doesnt say the bar needs to fully engulf. which means the charts i show r reversals?
would really appreciate ur feedback. cheers
Hi Bizzaro,
On Pepperstone broker, eur/usd 19th of june candle does fully engulf it’s previous candle.
Maybe you could post your chart again.
Just to make it more comprehensive fully zoom in,point out the candle you are looking at and please get rid of the grid on the background.
Cheers
hi krasavi on this daily chart, it shows a valid pinbar trade signal. which then the bar after it is bearish. its not a beeb becos the top wick doesnt protrude the previous wick. where should i place take profit levels? i already exited this trade though
on the h4 chart it shows a beeb right?
on this trade the bullish bar is not engulfing . but jonathan calls it a 2 bar reversal. he doesnt say if it is a valid signal or not. he just says it is a 2 bar reversal. so is this considered an a+ set up to go long? or is he just merely commentating with no decision himself?
2 Oct 16:00 is the only Bearish engulfing candle on the chart, it fully engulfs the candle and wick of the previous candle.
I thing you are mixing things up.
I could explain it to you,but you are better off reading Johno’s trading strategy section and come back if your questions are not answered.
Good luck
Cheers
Thanks for chiming in
What is your view on my entry point and TP?
Care to share yours if you are planning to take the trade?
