Hey guys. Pinbar about to break at swing low on the AJ H4. Short term momentum is there as price has broken a resistance level recently. Am I correct to say this is a good setup to go in long once the pinbar breaks?
You do know that there is allot of noise there, and the daily confirms it , so be careful.
Hi, new to the thread. Do you mean this is not A+?
Hi,
Great question. Not a long while ago we had a hot discussion on a weekly USD/cad pinbar. The candle in question did close within itās previous candle by a pip to spare. Many were skeptical about this trade . However it was a valid setup and peers including myself made big gains.
In your case, as long as it engulfs itās valid. If any time in the future you encounter a setup that is hard to tell then donāt hesitate to discuss it here. Lastly stick to one broker for your analysis. The earlier mentioned USD/cad discussion was mainly an issue because some brokers had a slightly different closing price and on their charts the pinbar was invalid.(for the record, pepperstone was the broker we took as a reference)
Hope that helps.
cheers
Hi Fuzz,
And a very warm welcome.
The setup is a valid false break pinbar, it is on a swing low but closed from what I can see below the support line. Which means it not an A+.
Moreover as our good friend Tony mentioned there is quite some noise to the left which considerably adds to the risk.
That said it could push up but it simply isnāt a favourable Setup. Itās more part of the whole Price Action story.
Cheers
Hey FJ,
I totally feel you about price āmucking aroundā after a setup. I guess itās just something to get used to over time.
And sometimes when you just decide to bail, price bolts in the direction you thought it would!..strange mind games.
Anywho, as Ed Seykota says, āOur stops are in so thereās nothing to doā
PS: where do you get the faces from?! They always make me LOL 
Cheers
Havenāt heard that one in a long time, lol :)!
Thanks JEDI!
Lol, mind sharing that song again?
Cheers
lolest! 
Iām sorry didnāt mean any offence, Definitely learn from the more senior guys here, they are amazing here and learnt everything on PA from these guys, I didnāt imply that you were talking anyone into a trade, it was just a bit of advice dude, for example if you though a pair looked bullish and I though it was looking bearish Just coz Iām senior on babypip doesnāt mean Iām right. Thats all.
ciao.
I could be wrong but it seems you bail out of a percentage of your trades mid-trade.
Are you sure itās not affecting your psychology + returns?
[ given that part of the edge of the setups we trade lies in knowing you were wrong about the trade when price goes through the other side of the setup, & not earlierā¦ ]
Cheers
Hey Ennyone,
Great area, but no pin ==> unless you were touch-trading, no trade here
.
Watching this one too, I really want to see how it plays out!
If Iās a betting man, Iād bet on it continuing up ( just coz it was moving up prior to consolidation )
Letās seeā¦
If you mean āis it ok if the engulfing bar only engulfs the previous candle by 1 or 2 pips?ā, then yes, it is OK.
As in all cases, the PA story here also matters the most; the engulfing is just a piece of the story
Cheers
No is not a , A + trade because it does not cover the pin bar and it"s in a high pressure area.
Something is stirring in Mordorā¦
Most pairs are just āhanging aroundā, seeming not to know what to do, ā¦or waiting for somethingā¦
.
Where did you find this? This is absolutely incredible!!!
Agreed the last 3 weeks PA has been pretty āso-soā IMHO. And that counts not just for Daily but intraday as well. Iāve shorted the GBP/CAD D1 PB from a day or two back. But there hasnāt been quite the follow through that many pairs were showing previously this year.
Just got to ride these types of times out and not go trying to make trades that arenāt there.
Classic tune.:35:
You get a whip and i get a saw, baby.
One good trend pays for em all. YEEEEHAA