No, not from a swing high.
We always trade PB’s from swing points. PB’s to go Short from swing highs and PB’s to go Long from swing lows.
This could work out but I would personally have preferred to see those 2 candles around the other way, then it would’ve made a lovely 2 bar signal.
No it isn’t. See the green line you have marked? That would have been a better place for the PB to occur and more like a swing high. Even that zone though wouldn’t have been a big enough pullback for me to trade but it does give you an idea of where a swing high would be better off occurring at.
do you mean that you would trade it if second candles body closed lower ?
Thank you for your reply.
I’m sorry I don’t quite understand what you mean by candles around the other way. Would you like to see the bearish candlestick to close lower?
we should wait for a retracement and then go for long again
Yes correct.
See that zone where you have marked target? That would be a lovely zone to wait for price to roll back to and then look for PA to go Long.
I’m looking price to pull back to your TP and go long, as now it looks like CT to me.
by the way , the candle you sold is a very tiny candle specially when we want to trade CT
this is counter trend, again very strong trend, i rather waiting for the pull back and find the chance to trade with trend than put my money in to such this risky.
Hi Mancamy, FXCM’s Trading Station charts always display New York Close charts, regardless of the time zone of the server. In fact, you can choose to have your local time display, and the charts will still be in sync with the New York Close.
The MT4 platform is different in that the server time determines when the daily candles begin and end. FXCM’s newest live and demo MT4 servers are set to GMT+3, so charts are in sync with the New York Close without need for any converters.
gd am, thanks for the comments… 
Hello Fjanos,
it sounds like you may be getting info overload. You finally find a trade you like and want to trade! And then everybody has an opinion why you should not take it!
Firstly to cover off a few things; the setup you pointed out is both a valid bearish engulfing bar or a valid bearish 2 bar reversal, but just keep in mind we want the best engulfing bars to close as far in the direction in the way we are trading as we can.
Now what you need to keep in mind is what is the most important thing to making a trade? Obviously that is the price action story things like; where we play the trade from, the trend, if we have space to trade into, do we have added factor in the trades favor etc We need to first build up a really great price action story and find a really great spot to make a trade from before we look for the price action trigger.
You can have the best price action trigger in the world, but if it is hanging out in no mans land or trading straight back into a major support level, your trading is going to be low probability.
So whilst this one was a valid BEEB we see that the market is overall choppy and caught in a sideways pattern at the moment. (I posted about this a couple a days ago). The more important factor for your trade would have been that your entry would have been at the low of the BEEB and this is pretty much bang on a support level where we would expect price to respect. So your entry could have been triggered with price then moving a little lower and then straight into a support area. These are some things to look for other than just the candle triggers when looking to enter.
AUDNZD Daily Chart
If you have any questions let post em up.
Johnathon
Would you call that a pull-back to a swing high?
Heya Jumar,
that pin is a bearish pin bar to go short at a low where it need to be up at a high. It need to be at a swing high sticking up and away from all other price and rejecting a resistance area after price had made a move higher. This is not easy to explain in a quick post, but if you go to the first page you will see a ton of links on both trading reversals and trading from the correct swing points that will help on this important point and if you have any other questions just post them up.
Johnathon
Heya Maperdel,
nice trading! These were both solid pins, but the NZDCHF was clearly the better of the two for two reasons, 1: the CADCHF was sitting straight on top of the Very Big Round Number (VBRN) of 0.8000 and 2: the NZDCHF had clear room to move if it could confirm the pin bar and break lower.
As the charts show below; the CADCHF may yet break lower and work out, however it is still grappling and fighting with the VBRN and until a close below this level occurs, to take trades is a risk.
NZDCHF Daily Chart
CADCHF Daily Chart
Safe trading,
Johnathon
hi Johnathon
Is this a valid Bearish Engulfing Bar at swing high, pullback trending down
pair GBPUSD time frame daily
I’m new at this but that does not look like a BEEB to me. That candle does not look to engulf the previous candle…