When the market doesn’t give us the trading opportunity we would like, we walk away, save our cash and stalk our prey patiently waiting for the moment we can take the kill with one shot, rather than needing the whole war tank.
All of your reasons around your trade are about the pin bar, not about the price action or the story of the chart which is the most important factors of the trade. The trigger signal used to take the trade is just what is used as confirmation to enter the trade. The price action story is what is the most important to high probability trades.
I do see on your chart that you have written that price was in an up-trend, so that was good. I can see later in the thread after these pages you are working on identifying trend changes etc so I will try and help you with that here. Price was not in an up-trend on this chart. Price had simple move higher with one leg higher or one swing higher. If you simple just look at this chart from left to right and I mean simply (don’t try and over think it at all), what would you say it is doing? I would say it is pretty clearly moving from the left of the screen to the right trading sideways or ranging or chopping or all of those. I definitely would not say there is a trend in there. ranging markets are the toughest to manage and to plays trades in and what is most important is that you don’t get sucked in playing trades in the middle of them.
The next two things are also important; the pin was tiny. If you are going to play ranging markets on the 4hr chart, then you are going to have to look for large pins that cut through key levels and stick out, not tiny pins that barely reject levels.
The next thing is probably the most important because you should not have been in the trade. Are you using a buffer on your trades? Buffers are designed to stop you being faked into trades because price will often drop a few pips below a session low high which will activate orders and then pop back higher/lower to stop traders out. Having a buffer stops this faking out occurring. See an older post discussing this [B]301 Moved Permanently
:35:at first let me clear about myself
i am always confusing and with a lot of confusion i came this thread
to satisfy me with knowledge from great mentor like jonathon fox,bhops,dudest
may be for my confusing question people get irritated but for some reason they
answer it and at the end of the day i get benefited as i get the answer of my question
however this is exactly why my name is QUESTION!
:35:however i get clear answer regarding swing point and good level
thanks mate for quick reply
well done and
happy trade!
Wouldn’t the higher % play just wait until price retraces back to the red level you have marked as valid resistance and look for PA on either the H4,H8 or Daily to go short with the predominant trend?
That is the way I tend to play these types of scenario’s. I look for the very high % plays that comes with trading with the trend. For me to take a CT trade I need to see a very large and compelling PA signal. I personally like a large PB to take CT trades on.
My thoughts
1- not at swing high
2- I myself don’t trade any IB . I’ve tested it and I don’t trade it anymore .
3- It’s really choppy , I’m waiting for a breakout and then trade it .
It’s NOT counter trend trading that’s a good point. BUT Price is ranging which wouldn’t be that big problem either you could still trade it. It’s a valid pin bar. It doesn’t matter if the pinbar’s body is skinny or fat.The important thing is that it should be sticking out form all other candles (protruding). AND open and close within the previous candle!!
My worry of this trade is the traffic on the left. I would short trade it reaches that traffic.
Hey mate, it’s a nice BUEB but the really close key resistance at 92.8 would have me concerned enough to not take the trade. Look at how many times price has bounced from that level in the past.
the area is valued area
this pair is in uptrend in short term momentum
we saw a nice pullback
a nice pin bar formed at 12 hour time frame in a
nice zone
so is it the right time to buy again?
Was watching this approach as well, but I don’t agree with your analysis so I felt like sharing and maybe sparking some discussion. I think the GBP is in for some rough waters ahead.
Shortly following that swing point being taken out intraday (the newest Higher Low), there was a D1 close back above 169, but the price action just isn’t signalling continued strength to me right now on a larger scale.
It does look like your initial profit target is spot-on though if strength was to follow.
May I please ask - how did you arrive @ the horizontal level of support on your chart?
this is a nice engulfing bar so we could expect
price will rise some more
as it has forms in valued support point
but we will not buy from here
as we are seeing a nice downtrend
a strong downtrend
so we will wait for a pullback and then sell again
we will got with trend for making our trade A+
