At the end of trading Friday, several pins appeared on the Dailies. The ones i personally took note of were NZDJPY, EURJPY and AUDUSD ( posted about NZDJPY in addition to AUDUSD reply to Johnathon ).
To me, the EURJPY looked good, the NZDJPY looked better but the AUDUSD looked best ( formation-wise, where it had formed, entry possibilities, … overally, the ‘cleanest’ ).
I’m not an expert, but (to answer your question), I’d take a pinbar at support (all factors considered). They are reversal signals, whether in a trend or in a range; the question is just how much of a reversal will happen (especially when they are counter-trend); therefore trade management is a must and is up to the trader (with the help of relevant S/Rs).
=> Had I taken the EURJPY, I’d be looking to TP at 99.50 (and leave some position incase it becomes a runner)
=> Had I taken the NZDJPY, I’d be looking to TP at 60.70 (and leave some position incase it becomes a runner)
so just to elaborate on why in fact there is no pullback here…
See how the one engulfing bar covers the 3 pullback bars?
What this means is when you are entering you are not entering from value. We want to enter from value or pull backs. Why do we want to do this? It is quite simple but something many many say they understand but then never follow! Please write this down and follow it:
Going long “Buy low and sell high” Going short “Sell high and buy low”
It is all about where we are entering. Are we entering from value?
If you were buying a stock on the stock market would you look to buy high and ten sell high? Or would you look to get in when it was cheap (low) and sell when the price was high?
Dudest,
I hope you can give me some light with my confusion…I took eurjpy and audusd and I already closed position since I was already profitable today. My last running position is eurjpy TP is 99.70 and AUDUSD TP is 0.9990. What do you think of my TP for AUDUSD? And did I close too early? Thanks in advance. Gotta work.
Thanks for your point dudest, i don’t have the NZD/USD, but i have both AUD/USD and EUR/JPY i just wasn’t following them, now i am! Let’s see! So you think a pinbar in a support zone is something worth the shot?
Johnathon, i see now it was a little risky. It went well, but…
So we should try to call the trend in the beginning? But if there is no trend, how do you know the pattern signals are good and not false positives?
Just thought to take note of how the EURAUD and AUDCHF ( negatively correlated ) have been giving good opportunities on the H4. Currently they’re both at the extreme ends of their ranges, hoping they can pop up nice PAs & give more trading chances.
I’m a bit confused myself: you said you “already closed position” but you still have running positions (?)
[ The following is NOT trading advice, it is purely an opinion ]
I learned from Johnathon that the most you can hope for from price (after entering a trade) is for it to get to the next relevant S/R; after that it’s anyone’s guess.
For AUDUSD D1: my view was the next relevant S/R (given recent action) was around 0.9900 ( though my TP is actually set lower at 0.9890 to give the trade a ‘helping hand’ to reach the prime objective! ). I’ve also learned from Johnathon and Bryce (bhops) that whenever you can, leave some position on incase the trade goes on to be a bigger winner than you expected (of course having made the necessary precautions, e.g moving stoploss to breakeven)
Can AUDUSD get to 0.9990? It could!, anything is possible. Will it get there? I haven’t the slightest idea ( i sure hope it does ).
For EURJPY: the reason i’d set my TP to 99.50 is (as per my charts and what i can see), the next relevant S/R is around 99.55 (previous support becomes resistance). So again to help the trade (if I was in it) I’d set it a few pips lower at 99.50 (also a good round number
Lastly: it’s a normal feeling with real money to close a trade early when one sees it’s in profit; i’ve definitely gone through it lots of times, and I’m sure everyone in here trading with real money has gone through it too ( and continously goes through it! ). I guess intentionally, and with time, each one (including myself) has to learn the discipline of following trading plan (pre-decided SLs and TPs) and sitting on hands even when trade seems to be going against you. In the long run, so long as one has an edge (e.g price action) and the (increasing) discipline, it works out.
Cheers!, and all the best in any open positions you have!
Just got from work. Im sorry if I got you confused. Well I guess you answered all my questions however vague they are. Really helps following this PA thread. My remaining open positions are still running.Have not decided when to close them yet. Thanks for advice.
I did get to check the charts on Sunday and threw a few significant levels up on charts that seemed as though they could go somewhere this week. I only scan the 11 charts that are recommended through the School web pages.
The levels that I put on the charts, I also put up on AlertFX, and I’ve since had three text messages. Time to see whats occurring. None of these charts are showing any appropriate price action yet. But I would appreciate your thoughts on the levels I am looking at. (Taking things one step at a time)
I know I’ll probably get a slapped wrist for drawing a trend line on here, but I just find it serves me well as a reminder on which entries I am looking for. This last candle is still looking very bullish, so I am looking for tomorrow to be pin bar or BEEB for me consider looking any further.
The alert was triggered yesterday on this one, and it seems as though price has smashed straight through what could have been resistance, likely due to the pin bar that formed 4 days ago. Will see what happens over the next few days I think, but we may be at the start of a reversal. Sitting out for now.
Approaching a resistance turned support area? Still waiting for PA to form on this one, the next couple of days will be telling.
Question: Of the three charts, assuming PA formed on 1 and 3 (unlikely I guess), but I would have two positions for and against the USD. How do you play this situation? Would you be comfortable taking positions on both, take the best looking position, or stay clear?
Good on you mate Seems you called it right. EURJPY had a 99.721 high and AUDUSD crossed the 0.9900 resistance (with latest high of 0.99687); hope it gets to 0.9990 for your sake before coming back to test if 0.9900 is support
MT Chart Properties ( Charts -> Properties )
-> Colors: Black-On-White scheme + green for buy + red for sell
-> Common: no grid, chart shift+autoscroll enabled
Posting the chart
-> MT4: File -> Save as picture… -> Active chart (as is) -> Save to disk
-> For extra editing (e.g text on chart, boxes, arrows), I use Paint.NET freeware
Or what’s even easier is just google : “Jing” and then go through the super quick download and you will have free screen capture gear that will let you capture whatever you like and also let you add arrows and typing etc. It looks like this:
So you think a pinbar in a support zone is something worth the shot?
