Peperstone is a broker that is mentioned a lot on this thread. I use Vantage FX myself.
Itās curious because everyone says that FxPro has NY close charts. But thatās simply not true.
Oh well, Iāll find a new brokerā¦
Check in 2h 15m, 5pm in NY, and if the next daily candle starts on your charts, it is a NY close broker.
Hi all,
Would I be right in thinking that this CADJPY 4H set up right on my resistance area in not A+ due to the fact that the pullback in not big enough, that we would be trading straight into traffic and that the 2BR (at day close) would not be big enough?
Trying to figure out the trades to get into as well as the trades to avoid.
I have already checked. I am sure it close 1 hour later (NY 6PM). How is that possible?
i am in the GBPCHF short off the daily and seem to have weathered the volatile price action so far, still in that tradeā¦
I am also going to take a long on EURUSD, nice pin bar at swing low and key daily support levelā¦
taking half off at 1.3936 and will try and let the other half run
EURUSD looks promising and itās not counter trend either. I put a buy stop pending order on it.
May you please elaborate as to what ālooks promisingā?
Thanks in advance,
Jake
Glad to see we are on the same page, I was actually going to ask the panel about this exact set up.
Did you enter with 5 or 10 pip buffer and how did you come up with 1.3936 tp, is that the next resistance area, right? Do you not see the traffic at 1.3860 as an issue?
Also, with taking half profit and moving sl to BE, do you actually buy 2 lots, or can you actually take out 50% of the trade with your broker?
The reason I havenāt actually taken this trade is I thought I missed the PA on the 4H and the PB on the daily is a smidge off the swing-low, or is the PB actually in the right spot? Iām glad my s/r match yours though, sort ofā¦
EUR/USD Daily pin is more of a continuation pin (which we donāt trade here) than a reversal pin at a swing point. It also has no room to breathe. These arenāt the kind of set-ups you want to get into the habit of trading.
AUD/NZD isnāt a valid pin bar, remember one of the checkpoints is that the wick is 3 times the size of the real body? It is a 2 bar reversal (hence pin on the H8 chart) but itās counter-trend and we donāt trade 2 bars in this thread so Iāll leave it at that.
For CHF/JPY it just might barely qualify as a pin bar, but it doesnāt look like it from your chart (again, nose size). Itās showing rejection of a key level but the āpinā is small and doesnāt really stick out from the recent price action. What weāre looking for with these reversals is clear, obvious signals at a key S/R level which really jump out and show that the market is looking to change direction. The candle is our confirmation to enter the trade so you want to be super-selective when you pull the trigger to give yourself the highest probability of winning. Mediocre pins like those show up all the time. The really good, A+ trades that you want to be entering only come around a handful of times per month on the Daily.
I think your best bet would be to review the examples of A+ trades that Johnathon and the senior traders have either posted or approved of, then compare and contrast with the set-ups you have proposed. I know thereās a bunch in the beginning pages of this thread with the introductory lessons, and also in the articles and videos over at FSO.
Best,
Jadd
Thanks and I agree both PB lack stature.
With regards to the trend on the AUSNZ, I would have thought it is down, not up, would I be wrong in saying that, see daily chart?
The PA on the AUSNZ I saw is more of a 2BR not a pinbar I thought.
Ah. Was just going off the tiny bit of chart you had posted; didnāt refer to my platform. Sorry for the confusion. Yeah, youāre correct that the overall trend of the chart from left to right is down, and it looks like weāre currently in a consolidation period.
Ok, no worries and agree itās a bit rangy at the moment and not a the best time to trend I understand.
EURUSD update
I decided to cancel my long pending order after I posted when I noticed the boxing area to the left, there seemed to be quite a bit of nearby resistance and less room to move, so decided to pass on this one
Better to be out of a trade wishing you were In it than in a trade wishing you were outā¦
Hey Derek,
FXPRO is a NY CLOSE for HALF a year. The moment day light savings time changes our times, FXPRO becomes ONE hour behind NY CLOSE. So until the time changes again in 6 or w/e many months from now, FXPRO is going to be one hour behind. During Fall, it is NY CLOSE time as its close time matches NY CLOSE
Some brokers change their chart closing times during time changes and others donāt
Pepperstone is a broker that DOES change their time to match NY CLOSE even with day light time changes.
I know this as I looked at both brokers MT4 and saw how they differed when the time changes.
Personally, I use pepperstone to chart and FXPRO as my broker
Hope this helps
Was targeting the swing high but as you say thereās close by resistance to the left so canceled my order after placing it.
Place two trades same lot size and close one out take "half off"
PB wick was level to swing low but better if it had created the swing lowā¦hence for these reasons pending order cancelled thereās better setups
See the above image of the chart. It says everything. entry, SL, target.
