gbpnzd 12hr pin bar price push higher
Hey pipwhip,
Your chart seems to be having a Sunday candle -> 6-day, instead of 5-day
5-day NY close on Post #8
Cheers
Formed at a nice level ( BRN 1.8000 ) but too small for my liking.
Hope it goes down though, and provides nice opps for going long with the trend
Cheers
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I was waiting on the H4 for shorts after the retrace; unfortunately did not get any PA
Seems price may want to continue climbing up. If it breaks resistance, I will look for longs after pullback
Cheers
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If you look closely it is having a hard time breaking above 1.98000, my bias is to continue to short. This pair is very choppy being a cross currency pair. And also it recently been rejected by the VBRN of 2.0000.
Darth
I hope you don’t mind my opinion but this is how i see this trade, that pinbar is small (not commanding) compared to the recent down momentum that and the wick is not 3x the body (not a pinbar) and also hasn’t even broke past you S/R line. Also your entry point sits on S/R line IMO.
Darth
I must say your w1 pb to mine looks very different. Yours I would not trade mine I would lol. I’m currently shorting to your line as there a few hundred pips to grab before any real support.
Darth
A bullish pin bar is forming on the NZD/USD 4H chart and is rejecting a strong S/R zone on the chart, this candle is still forming but if it closes as it is now it looks like a great trade setup. Will be watching to see how this candle closes.
NZD/USD 4H Bullish Pin Bar Forming
I spotted this pin bar too. By now price reversing. I place a pending order on pin high, still not trigered.
Hi I am just learning this method on demo so I may be wrong, 2 things
- As per Jonathan, its best to use S/R levels from daily chart ( even when PA is on lower time frame charts)
- NZDUSD is in downtrend for last 2 week so you are trying to counter trend trade ( not recommended as per Jonathan),
I agree with you on the first
But the second point got me to questioning myself. It is true that the pair has been in a downtrend for a while, but when you look at the 4hour chart then the pair is in an uptrend. And I think we should look for trend directions from the charts (TF wise) on which we take the trade. I hope someone can correct me or confirm as I am abit confused on this.
EDIT: this pair might not be the best example, but the question remains
Hi Papagoy,
We identify our trend and s/r levels from the daily. There are some super links on the first page that
can help you further and here is a reply to your same question I gave a while ago to my mate Darth;
identifying a trend
Been super busy lately but hopefully soon be back.
Cheers
Hey
Now I am even more confused 
, I read up on it for a bit.
This post says we should use the trend on the TF we take the trend.
I understand that we use daily KHL to mark S/R levels.
[QUOTE=Papagoy;577489]Hey
Now I am even more confused , I read up on it for a bit.
This post says we should use the trend on the TF we take the trend.
Hi Papagoy
This is my understanding.
We use the daily T/F only to mark our S/R lines. These S/R lines are then used on all lower T/F.
Key Horizontal Levels (KHL) are common areas that price has hit and rejected at before and Very Big Round numbers (VBRN), BRN and RN. These areas are used to determine were the Daily S/R lines will be placed. Remember that S/R is an ‘area’ that price has rejected or stalled at, not a specific number.
We then use each separate T/F to determine the trend for [B][U]THAT[/U][/B] time frame. E.g. H4 may have an upward trend so we use that to trade on the H4 T/F only. For the H6 T/F it may be a downward trend so we use that trend to trade the H6 T/F only. The same rule applies to H8 and H12 T/F.
Each separate T/F has its own trend and therefore it is to be traded on its own merit while using the Daily S/R lines which show on that particular T/F.
Hope I’m correct and this helps.
Kiwiman:)
Heya Papagoy,
yes that’s correct…
Keep it simple. Whenever confused flick back to page one and look for a link that will explain it for you.
The levels we trade are from daily and we use these on intraday as well because no matter how low we go we know we are still trading from a very solid supply and demand area. Where traders start getting into big trouble on intraday charts is they move down their charts and start seeing all these levels (because the smaller the chart the more and more levels you begin to see) and they can’t work out which levels are actually the most important, but with the daily levels marked to trade from it keep this danger away.
With the trend however we trade the trend of EACH chart. This is important and also where traders often go wrong. They will go to a monthly or weekly chart and identify this trend and try and use this to trade the 4hr chart etc I am sure you have seen this example. I have seen it done in just this thread alone. The major problem is how we trade as I explain in many of the links at the front. We are swing traders and need to get with the next swing to make money. The example I often give is the weekly and 4hr chart; If I use the weekly trend to then try and place a trade on the 4hr chart “trend trading” I could be completely on the wrong side of the market. For only one weekly candle that forms there will be 30x 4hr candles form. There could a whole trend come and gone in the time only one weekly candle has formed. By the time it has taken the weekly chart to form a trend over weeks and week literally hundreds and hundreds of 4hr candles have passed.
We need to treat each time frame separate. You can look at the daily chart and the 4hr chart. The daily may be clearly trending one way but the 4hr trending the other and this is because we get trends within trends and this is where we need to match up the key levels, with the trend and form the price action story.
Johnathon
Yes they do… Yours has some sort of squiggly lines all over them:15:
But other than that what is the problem? Are you sure they are 5 day and not 6 day? They look like they may have a lot of extra little 6 day days in there… Which is a pain!
This looked like a good setup on 12 Hr Chart, support line & Pin bar may not be the best looking …
I put in a Demo trade at 1:1 R:R, let us see how things pan out
Hey BreakForex,
Nothing good formed for me on NZDJPY (all intra-day TFs), 'twas a good level though
PS:
why did you put on a trade (even on demo) when you thought the support line & pinbar were not the best looking?
why did you choose arbitrary R:R of 1:1 for target?
Cheers