On another subject I have just done an article on a subject I have had a lot of requests and also noticed a heck of a lot of people needed. It is all about why not to think in pips and why to start thinking in money.
All the questions such as “how many pips do you make” and statements such as “I can’t trade that as the stop is too big” are covered. You will learn how you can be down in the pip count but still make money and also how you should be working out your position size each trade.
The pinbar looked great to me (A+ wise)
-> large and obvious
-> at a key S/R and at swing low
It is not with the trend but pinbar’s being reversal signals, may signify a pullback (top: 0.9900?) or start of a new uptrend; who knows. But I’m long come start of trading this week ( entry: above pinbar high, SL: pinbar low, initial target: 0.9900 )
Here i will look for long and not for short because this pinbar looks for me as a reversal of the current downtrend and also AUD/USD is on the major support level. When the price close higher than the last session high i will go long.
Very interesting thread on price action. I am just now getting into FOREX, but I have been trading stocks for about two years now.
I think this blog could apply to this thread: “Trader X Blog Spot … Views from a Distorted Mind”
Sorry I cannot include the link in my post since I have not posted 5 times on this site :33: , but type it into google and it should be the first thing.
It describes price action with 15 minute candles (relatively long for intraday stock trading) and areas around the 5 and 8 moving averages. I have found it helpful with stocks and I am trying to apply it to my FOREX strategies.
It shows good charts and it may help here on some candle patterns. How much do you use the “opening range” in FOREX?
I’d made a mental note to reply to your post; sorry for the delay, mind got caught up in things…
First off, congrats on your first post!, good stuff
Actually, (IMO), AUDCAD H4 is not at all exotic, (or un-interesting), watch it all the time!
With regards to the chart you posted: i’m not exactly sure of the setup you are talking about…
But if per-chance it was the pinbar in chart below, my thoughts would be: pinbar alright but
=> not formed at a great place (S/R-wise and swing-wise) and
=> not sticking out a good way from candle before it.
Remember we are swing traders, and so it’s important that the setup forms at a key swing area.
For this one, the odds would not be very stacked in our favour, so i’d pass up on it.
If the same pinbar would have been formed at the very top of the range (with tail sticking out beyond the top dark S/R line), i’d have considered taking such a trade (with final TP at bottom of range)
Hi Dudest, here is my first attempt at posting charts! I was referring to GBP/USD and NZD/JPY. Could there be overhead R at the levels I’ve marked? I am a newbie to this method so personally I see longs as a bit too risky for me, would like to hear yours and others thoughts. Cheers, P.
You’re right about the set up you pointed out on the chart, the candle was still active so it probably changed a little bit the 30 minutes after i posted it.
Thank you very much for the informative answer. Always nice to hear what u guys think!
If I’d have seen it, it would have been pretty tempting but would have passed it up for following two reasons:
Already in an AUD trade (AUDUSD long), limit the risk
The low of the BEEB is 76.022. Which means the BRN of 76.000 would be just below the entry (assuming entry when low of BEEB is broken). I would fear selling as I could be selling into a support.
All the same, BEST of luck to you guys, hope it works out for you.
