Hey guys,
Does GBP/CAD qualify for a short? Comparing it with USD/CAD, the pin bar over here does not seem to be closing nearer to the swing high too? Is it a pass as well?
Cheers,
Farhan
I say it does, hits all the criteriaās for me,
Big PB, stopped at strong S/R with tail protruding through it but body closes beneath it and at a swing high. Potential double top. Only downside that its a Counter trend trade.
At the end of the day its upto you if it meets your criterias donāt let me or anyone else talk you into a trade.
Darth
Ha, I went the other way, took AUDCAD because I thought smaller bar, possible better RR but both the buggers are slowā¦
I took GBPCAD and it is in position. The pin bar is perfect and it looks like the whole thing is going into ranging stage because it is rejecting S/R levels so many times. BUT Iām worried how price is moving up (Iām worried about this full bodied bullish candle that is forming)
Watching the same.
āDonāt worry be happyā
Donāt over manage your trade.
If your in the trade just let the market do its thing.:38:
Agreed, leave it alone and play fifa or COD, let it mature as they say a watched pot never boils.
Also price generally tends to retest areas before moving away plus it hasnāt broken the high of the previous candle yet either.
Darth
:33: mine do,
Iām crap at cooking.
Hey Darth,
Thanks very much for your input.
Regarding: āAt the end of the day its upto you if it meets your critria donāt let me or anyone else talk you into a tradeā
Just a clarification: Since I am new practicing the price action, I am just asking for suggestions/advise from the senior pals here. Ofcourse they have a better eye, hence they are seniors. I am not talking anyone into trade. I am just trying to grasp the concept.
Thank you.
I took a 2bar reversal on EUR/CAD 4H.
On daily there is a pin bar protruding too. Now the price is touching some minor levels and there are many indecision bars.
If after indecision is going up Iām out of this trade. What do you guys think?
Did anyone take the pinbar from yesterday, as I did? I think the pinbar isnāt picture perfect but the area definitely is
pros:
- great area right on the high of the last swing
- slow movement from last high as a retracement is supposed to
- no trouble areas above the pinbar
cons:
- pinbar could be a bit bigger
cheers
Ennyone
Eur/jpy forming a pin on 4h chartā¦ Quite interesting area
well there aināt anything like a swing at the moment in eurjpy so in my opinion thatās not a trade at all as we want to trade from swings + there is trouble above the price everywhere
GBP/AUD DAILY
Price has been consolidating and winding up for a number of days now.
Price is contained by the overhead resistance @1.86 which is also the 50% retracement level.
Long term trend is up.
Short term trend is down.
Price is at 50% retracement of last downwards swing.
An area to keep an eye on in the coming days.
Price may breakout of consolidation here in line with the long term trend or continue downwards towards 1.80 in line with the short term momentum.:38:
Hi malkaniasif,
I strongly advice against taking a position from there. You have heavy noise to the left and if price is going to shoot up it has to fight a lot of resistance. Moreover you found yourself at a swing high or somewhere between a swing but definitely not a swing low. Which is very key when trading with a pinbar. To trade from the correct swing.
But the most important reason is that major trading sessions are going to close or closed already. And it seems that peers are neglecting the fact,lately. That the best intraday setups are played during London and Us session!
Thanks a lot for sharing though! Keep them coming.
Cheers
Both 4 h and d are looking bearish as of now and they are following the trend, I would be very careful.
GBP/JPY DAILY
Price winding up under KHL 171.0
Price has been winding up under this resistance line for a number of days now.
Price has printed two counter trend Bearish Pin-bars.
And a Bullish pin-bar right on the FSA.
Is the beast about to roar?
As counter trend Pin-bars go this is a pretty nice setup if it can break through support area.
I have a little questionā¦
For engulfing bars, is it ok if the āengulfmentā of the previous candle is just 1 or 2 pips? In backtesting I found that the size of the trigger seems to matter more than the āengulfmentā.
For example, the candle below only had a high that was 1 pip above the old candle.
Looks to me like the middle of the range. Not a swing low or high to be taking a setup in my books.