[QUOTE=“sensiblekiller;607556”]hey guys , BEEB formed at XAUUSD Daily TF at swing high confluence with 61.8% fib , need your views seniors regards Atiq <img src=“301 Moved Permanently”/>[/QUOTE]
I picked this up and have been talking about it on a different thread. If you follow the chart further to the left this level provides SAR many times since the price I gold started breaking down last year.
Hi,
To give you a short answer yes it is a pinbar.
Now, criteria for a valid pinbar is different than reasons to trade a pinbar. Let me elaborate, a valid pinbar needs to have an open price and closing price within it’s previous candle. That means the pinbar’s open and closing price has to be [B]between[/B] the high and low of the candle before it. In addition the size of the body has to be equal or smaller than 1/3 of the pinbar’s wick. The pinbar has to form at a swing point/extreme. If any of these criteria fail to apply than the candle in question is not a pinbar. In the chart above the pinbar was valid.
Once we establish that there is a pinbar, we have to bring it together with the PA story. That means we evaluate if price has room to move once entries get triggered. How much noise is there to the left. What trading session are we in? Are we risking to run into NFP? Are we trading from a solid level? These type of question measures if the setup is worthwile trading.
Hope that helps.
Cheers
Good seing you around Matt! yeah seems to be a mover, gonna have a look at it myself.
Cheers
[QUOTE=“Kasravi;607583”] Good seing you around Matt! yeah seems to be a mover, gonna have a look at it myself. Cheers[/QUOTE]
Hey Kas! I’m not using strictly PA on what I do these days so haven’t frequented the thread quite as much although it still plays a part in my decision making.
Hope all is profitable and well with you?
[QUOTE=“darthfrancis;606893”] 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 hasn’t broken the high of the previous candle yet either. Darth[/QUOTE]
Hi
I am in this trade but given the recent candles has been trending up (it broke the high of the candle you mentioned in earlier post) I would like to know how others are managing it.
Marcus
Can’t complain, always on the lookout to make more.
‘Greed is not good, but It sure is human’
cheers
Thank you dudest everything is engraved in stone.
Oh the truth, it has been spoken! After an incredible previous 3 months, January ended up being an exactly break-even trade for me. But it was the most beautiful break-even ever, because I was using proper money management. Any other time, and I would have shown a 10%+ loss, so I welcome a break-even month here or there!
Cheers
Guys, I have a question. We all know how to avoid PA setups with too much noise to the left. Are there any criteria that I have missed, for what is “too much” noise (just like the clear criteria for PA setups)? Or is it just caught through experience? Mind sharing some tips?
In the “pinbar” picture below, taken from an earlier discussion few posts back, is there considered to be too much noise on the left (please ignore the question embedded in the picture)?
I have found this “noise” thing to be so subjective it may be affecting the number of setups I choose to trade. Would very much appreciate you guys’ opinions.
Well, an easy way I would explain it is as follows. Where would you take possible first profit and what is your R:R on that then?
So in this example, counting back from the pin bar, candles 4 and 5 presents a nearby support zone with an almost 1:1 R:R. However, counting back 9 - 13 candles, there is another support area that I think barely makes a 0.5 reward to 1 risk, which overall makes this a crappy trade to take.
So if you are forced to take first profits at bad R:R levels due to previous price action that has formed these support areas way too close to the current price signal, I would give it a skip and consider price action to the left of the pin bar as noise that makes it difficult to trade it well.
Cheers!
@eugenegoh. It looks valid to me.
When looking to the left, what I see is a consolidation box. I marked the top and bottom in blue.
Now if you look at the level between the bottom of the pin and the low of the box, there are no other S/R that I can see. So once price broke the low of the pin, it went straight there. I marked it with green arrow.
Once price reached that level it’s really up to you how you manage it. Taking full profit is what I would do since there’s no telling if the price would break or bounce. You could move SL to BE and hold your position in case it breaks too.
i would skip trades like this , if this is 4h timeframe ,I look for 8h or daily TF to close and reject this box and traffic , if this happens , i’m gonna to trade it.
You seem to be on the right track, Just remember being 0% is still in profit as you could just as easily be at -10% , -20% etc then you need to win big just to get back to 0%.
Darth
Absolutely agree, having a 0% month is an amazing achievement in what could otherwise have been a month of serious losses. Break-even allows you to keep on trading again and again until your edge starts paying again - good times!
As the WHIPSAW song says: when our stops are in there’s nothing to do baby (or something like that) LA LA LA.
Well I can’t speak about for anyone else, I’m just going to trust in my analysis and leave it be. And if I get stopped out yeah it will hurt pychologically (1% only) but It will teach me an important lesson either way.
Darth
Body is to big to be a pin bar but nice 2 bar reversal to the righ of the “pinbar”. you can trade with noise but it just reduces your chance of a winner not disolve it.
Cheers
I remember being break even for a period of time continuously trading live. What i did is i quit trading for a couple of months and started all over again and since then i hav never looked back and has been quite profitable. Even now i take a break from trading during the quiet months so that i comr back fresh and clear and stick to the basics . .
What do you mean exactly by starting over? New strategy?
EURAUD!!! not EURCAD
EDIT lower graph is daily chart
Seems like a solid trade. Good pinbar, swing high, solid area.
I still have problems understanding if I am trading with the trend or against it. This time I would guess the pair is ranging and there is no clear trend? yes/no/maybe?
My gut is telling it is not an A+ trade and I am not taking it, but still wanted to throw it out there and get some feedback
Hi Papagoy.
I think its a perfect place to be looking for shorts.
I took the pin-bar on 20/02/2014
Is price at KHL -YES
Is price at swing high/low -Yes
Is the signal large and obvious-Yes
Does the signal fit the rules for that signal-Yes(Pin opens and closes within previous bar)
Is the Pin-bar sticking out away from other bars-Yes
Is the trade with the short term trend?-Trade is with short term trend.
Is the trade with the long term trend?-Trade is counter long term trend.
What is the risk reward/-1.1 to first support seen at 1.50.
Is the market trending or ranging?-Trending
Its in the lap of the gods now.:38:
