Hey guys, quick question;
As far as validity goes, do the engulfing bars follow the same rules as the pin bar? For example, A pin bar is valid until the other side, or tail, is taken out.
Thanks,
Yes, same rule applies.
Right, but sometimes price goes without any retest, so you will be looking for another S/R level.
Hallo,
It is: draw S/Rs on Daily, then look for trades at those S/Rs on D1, Hx time-frames.
If you do take a trade (e.g on H4), manage the trade fully on the same time-frame
Cheers
Yes
Cheers
Hey fjanos,
Pointers:
-
The BUEB was going against alot of down-momentum (i.e, 'twas CT), and FTA was quite close ==> tricky from the get-go
-
If you couldnât afford to have the SL where it originally was, you shouldnât have been in the trade (!!)
Inconsistent application of your edge will give you inconsistent results
So nothing âwent wrongâ. Trade got to FTA. Even the best-looking setups can be losers ( probable outcome ).
Next step is to embrace risk ( like, really embrace it, where you let the trade âgoâ before you even put it on )
Good on you for having the guts to to evaluate your losses!, youâll do great mate 
Cheers
Dudest,
thanks for the response. You have cleared that up for me.
David.
USDCHF 4 hour chart. I got in when it looked like a nice bounce and now Iâve been waiting for it to hit the next zone so I can get a 1:1 risk reward out of it. Maybe Iâm impatient or maybe itâs just a bad trade. Comments?
Thanks Dudest and others for comments. Good point about 1.0900 RN and interesting that you prefer the Pin body being as close as possible to s/r. Need to add that to my A+ listâŚ!. I had drawn my s/r around 1.08500
So I guess I need to look at that a bit closer. My sell order was not triggered. Will be watching to see where price goes on this one.
Hello Psych0F0x, It looks to me that you have your support and resistance lines at the wrong levels. Both of them are ABOVE where you entered your trade. From what I can see on your chart, you are trading into an area of strong support.
Haha, no wonder Iâve been having a hard time with Price Action! Thatâs actually USDJPY not CHF btw. I have another trade open on USDCHF
Could anyone give an example for that?
Thank you dudest. Great help as always! So as conclusion it was a good setup. My plotted R/S levels were at the right place?
âembracing riskâ That FOREX is about I guess. Risking but learn to risk like a Pro. Everything is mental.
As speaking evaluating my losses and all that stuff I also keep a journal. Iâm processing everything. :47:
Iâm taking it with some few pips
[QUOTE=âfjanos;598831â]Could it be a 2 bar reversal? <img src=â301 Moved Permanentlyâ/>[/QUOTE] It seems like a valid 2br ⌠But doesnât seem to be working
It could be. 2 bar reversal is very broad, almost anything could be qualified.
And as you can see, price couldnât break through first resistance which was extremely close.
Just scroll back your charts. Youâll see plenty.
This may not be the best example because itâs not at swing high, but you get the idea.
The wick on the following bar did break downwards a bit, and if you set your pending order too close, youâre gonna get a full loss on this one. Such is the risk of trading. There was recently 1 Engulfing bar trade that hit my stoploss whereas it missed another memberâs pending order by only 0.3 pips.
Same goes with pin bar. Keep an eye on AUDNZD daily, the price may break the top of the pin.
Pin bar example posted by another member. Price never break the high of the pin so your pending shouldnât be triggered. Not the best looking pin but there you go.
