you have to be really careful where you play your reversal signals from. This was the opposite of where you want to play your reversals from. You need to be buying from a low where as this was up at the high. There are plenty of links of the front page that explain this in a lot of detail, but here are just two to get you started on your way to help you. If you have any other questions let me know:
I can most definitely see where you are coming from thinking the trend is down because we have had that large down move and then the retracement, but we need to remember one large move does not make a trend. We also need to keep firmly in our minds which I talk about regularly; price ranges a lot more than it trends and there is no clear trend here.
For there to be a down trend in place here what we would need to see is the completion at the very minimum of the 1,2,3 pattern. If you unsure of how this is formed please refer to the front page links. For this to be completed we would need price to make a lower higher and then go on to break the low and make a new lower low and this is a long way off happening as yet. At the moment we are just moving sideways.
Have you been through these posts here: 301 Moved Permanently and the videos at the bottom of that page?
You may find this video of help also which is a 4hr pin bar with the trend and was a setup that was actually posted and discussed by traders in this thread at the time it was playing out:
great question! Australia is so very lucky. It is the very best place in the world for timing for trading! It really is the best of both worlds and fits in perfectly for both daily charts and then intraday trading. If someone came to me and asked me how I wanted the sessions set up over a 24 hour period, I wouldnāt split them how they are now!
Compared to how some other countries have it like South Africa for example, I know at some parts of the year they get it really tough and we have traders in here due to sleep & work can only trade the 4hr charts because they just canāt get at the daily charts depending on the country.
Firstly we have to acknowledge the times do not stay the same. The change throughout the year with daylight savings. At one point New York close daily close is 0700 am and this changes to get as late as 0930 am AEST or MEL/SYD time. Basically though the reason Australian timings are the best of both worlds is because the daily close is in the mornings anywhere from 8-930am depending on where you are in Aus and then during the day when people have to work it is the Asian session when it is quiet for Forex and no trading is being done anyway.
Once home from work is when the Forex markets heat up again and this is when the UK & US markets are opening. The night time for Australians is the best time for the Forex markets because the biggest markets are open UK & US and this is when we are looking to trade our intraday setups 4hr/8hr/1hr etc.
Hope this helps! If you have any other questions let me know.
I used to trade BEEB, BUEB & Pin bars only, I think these are the best candles to trade.
Apart from these, a lot of patterns are there to learn. Now I am learning remaining candle stick patterns from āJapanese Candlestick Charting Techniques by Steve Nisonā, very interesting. Even though every pattern is not good enough to trade, can help in reading charts more effectively.
Thanks for all the feedback. On hind sight i should have waited for market to open up and settle before placing the working order. So going forward i would still trade on fridayās signal but will probably look to enter the trade later in the day or monday night (i am in Asia time zone).
Darth, i placed my entry only 1 pip below the candle low. Again i was probably rushing it and would look to set orders 5-10 pips from last low/high.
Thanks a lot for your pointers, it was something i didnāt think of earlier (like low liquidity etc).
Well maybe you can access your platform through a tablet or smartphone.
Moreover that doesnāt happen all the time so maybe you could find a PC somewhere, just a thought.
Thanks for your ideas have thought of all the only real option is phone but I really donāt like using it for trading just checking. Iāll suck it up and play around to see which is better.
my first post on here in a while, i really like the level, right smack bang at the top of the range, personally i wouldnt call it commanding, its only bigger then the previous bar, the big bullish bar two back worries me a little and FTA is pretty close. i defiantly think its a reasonable setup but not A+ for me, and how are u entering it? it looks like your already in or are you playing it off the low of the previous candle?
What charts you using? I know they are NY close and thatās not what I am asking, but they are slightly different with a slight different feed and just curious who they are.
Maybe not A+ but I think its an āAā trade. I personally like how the candle closed. There is a FSA quite close but it depends on your bias. This pair has alot of level but I think my FSA is the strongest one to consider.
I played it off a the bottom of the previous candle a technique krugman uses but I wonāt go into it here to respect the thread.
I agree that the candle does close very bearishly. And that there isnt any support on the way to your FTA. In all honesty I think it is a high probability trade to that level and will most likely work out in your favour. And yeh I know that technique. Good luck hope it works out for u
