Regarding EUR/chf I must say I’m not a big fan of that pair, especially it’s intradays. However I don’t have chart access at the moment to confirm the pinbar but what I do know is that 1.2190 was a solid support that turned resistance.
There are situations where everything is text book and there are times where reading the price action and marking the levels correctly seems very confusing. Newcomers have to stick to text book scenarios in order to come out profitable. And gradually advance to more compelling Pa setups.
You’ll notice over time that the difference btw. pro treaders and newbies on the contrary is that pros trade less positions and are super picky with their trades.
I agree with your levels, mine are marked the exact same way. I know I keep banging on like an old drum about this, but this is about as complicated as trading needs to get. see relevant level, mark relevant level, wait for price to pullback to said level and take a trade with the prevailing short term trend.
as traders get more experienced trading certain pairs and more comfortable with trade management, money management, management of their EMOTIONS and better at reading the PA story then you can look at some different options but if you are new to PA this is all you pretty much need to do for the 1st months. Oh and you will make money doing it this way as well which can’t be a bad thing, can it?
Is there something here? I don’t see anything sticking out but we have a decent preceding trend breaking through support and something that remotely resembles a pullback.
I have a question on a recent trade I made, GBP/AUD in the 4hr chart. I entered on the high of the pinbar as seen on the attached pic. However, I was stopped out when the price goes lower and breaks the low of it. I was quite puzzled.
The pinbar was formed at a previous resistance turned support level. It is a valid pinbar and formed at a swing low.
It is formed in a pullback in an uptrend. So did I miss out anything somewhere? Please advise, thank you.
Its a good idea to wait for price confirmation even after the pin bar has formed. To do this you would enter on a stop beyond the top of the pin bar. As soon as the 4th bar failed to break the top of the pin bar it looks like the banks went stop hunting. Once the early long were shaken out during the stop hunt i bet this will flip back to a decent long trade.
That’s why we always have entry buffers. The buffers increase with the time frame we are trading on respectively. For more information see Entry buffers on the first page of this thread.
A number of trading hours are affected between 9 and 30 March 2014, due to the start of US daylight saving time (DST) on Sunday, 9 March 2014.
Please also note that our daily charts based on the New York closing prices at 22:00 GMT will be out of alignment with the New York market close (at 17:00 EST) during this time. Once European DST starts on Sunday 30 March, daily charts will again coincide with the New York market close. "[/I]
I have a question on a recent trade I made, GBP/AUD in the 4hr chart. I entered on the high of the pinbar as seen on the attached pic. However, I was stopped out when the price goes lower and breaks the low of it. I was quite puzzled.
The pinbar was formed at a previous resistance turned support level. It is a valid pinbar and formed at a swing low.
It is formed in a pullback in an uptrend. So did I miss out anything somewhere? Please advise, thank you.
thanks for your reply. But it actually goes like this, I did put a stop order above the top of the pin bar. I did not enter when the pin bar is forming, I entered the trade after the pin bar has been formed. In fact, the order was triggered at the time where the yellow arrow is pointing in the picture.
So the stop order was triggered when price hits above the top of the pin bar at the time where the yellow arrow is pointing. Then, the price starts to collapse and break below the low of the pin bar.
Which type of price confirmation should I wait for to enter the trade after the pin bar was formed? A candle that closes above the high of the pin bar? Or a candle with a high higher than the high of the pin bar?
Or should I just put a stop order 10 to 20 pips above the high of the pin bar to enter the trade?
Or perhaps it was not an A+ trade that I shouldn’t enter?
Anybody will like to share his or her views on this? Please kindly advise, thank you.
