Whilst I am not in this trade and it is not personally for me, I can clear up a few things for traders…
Whilst not all, a lot of traders are under the assumption that all trades are only played with the trend. Whilst we do recommend that new traders stick to only trend trades and it is also true that the trend is your friend, or in other words a massive edge we have as traders is the obvious trend, there are still great opportunities to make trades against the trend when the trader has experience and understands the correct times to do it.
To answer your other points for you; you don’t need a pull-back when price is at an extreme high or low. There is nothing to pullback from. The reversal signal is a BEEB.
If as someone else has said the BEEB nose has made a false break of the resistance area and has since followed up with an inside bar. If price can break lower it may move into the near term support area.
Whilst this is not for me I can see why some other would play this.
ps: I wouldn’t recommend trading these types of setups for folks who want to be on the safer side, bhops put a hell lot of market knowledge into his analysis in order to consider triggering a position from here.
With experience comes market knowledge, thus trading more riskier market conditions becomes second nature.
hehehe no of course not coach, were here to lift eachother up
[QUOTE=Forex School Online;550834]I am not sure what else you would have me say to Darth… Would you like me to say “why on earth did you trade that pin bar Darth!!!”
I’m seriously tempted, dudest. But I also found out that the Pingulfing has 1.40000 VBRN ahead if you want to go short, and that level has been respected quite several times. Not an A+ setup in my plan, but it can be A- or B+ setup.
And to someone who asked before me, that is definitely not trend trading, but it fits range trading if you have that in your trade plan. It’s at the top extreme of range, so going short is really tempting at this point.
The rule of thumb is that if the charts does not show what the seniors in this thread read, than you should go looking for another broker. I do not say to go live with another broker. Even a demo account will do, so that the chart is close enough to have meaningful discussing in this thread.
You raise me up, so I can stand on mountains;
You raise me up, to walk on stormy seas;
I am strong, when I am on your shoulders;
You raise me up… To more than I can be.
Or maybe something along the line like, ‘Darth, I’m your father…’
The more important issue is, does this trade fit your trade plan? If it’s not, then it’s actually a wise move to let it go. I was tempted myself, but then I found out that this trade does not fit my personal trade plan (VBRN 1.40000 ahead BEEB), so I simply let it go. It doesn’t matter if it goes down, that’s irrelevant as it is not in my plan to take that kind of trade.
Even among seniors, they have different and highly personal trade plan. You can see it yourself that while bhops took this trade, Johnathon did not. I don’t know about dudest.
Price Approached Long term Weekly Support. Nice Round number and looking for Pinbar formations. Market has been in slight downtrend, looks like it will pull back. Waiting for some actions here.
Anyone looking to long the pin on the USDSGD 8HR chart? I think the level might hold but you never know & I’m concerned about those swing areas and the down momentum but this pair is ranging so I think it’s a good setup.
I entered the EUR/CAD sell-stop order yesterday. Today I got in and exited all of my position immediately at the FSA since I am on holiday and can’t access the internet for a while after trade entry. SL was on top of the PB plus a few ticks as a buffer. I was taken out of position with a profit due to touching the TP order with buffer and spread added.
Tomorrow I’m looking to enter a short position in the EUR/ JPY market due to the BEEB forming (if it actually forms today) at a resistance level. Also watching for a PB on XAG/USD market if it forms today.
The other potential trade I am watching is GBP/AUD and EUR/AUD (whichever gives a clearer PA signal) pullback to S/R level if it actually breaks and pulls back to marked S/R level.
