I was looking at this one also, but I’m going to wait until Monday to see where it ends up through the weekend. My initial thought is that the support is a little thin, but also look that it is butting its head up against 1.0900. The previous 2BR support from early April rejected the 1.0900 level.
Price has now fallen through and appears to be rejecting it again, but it’s so close that I think there is too much uncertainty around which way the market wants to take it. It’s definitely worth a watch, though.
Hi, I will most likely take this trade but for less R:R than most people like.
I don’t open trades on Fridays. Having OPEN trades is perfectly fine imo. Having PENDING trades is not since it might gap and give you a less desirable entry.
Hi semmee ,Not sure of your thinking here ,if you’ve an open order on Friday (this particular trade ) and it gaps down on the weekend you may lose and get stopped out whereas if it gaps up at least your in the right direction (on a pending buy) and your still in the trade, perhaps you’ve thought of something I haven’t (which wouldn’t be a first :34:) whats Johnathons or bishs take on this?.
I think what he is saying is that he won’t have a [I]pending[/I] order left open on a Friday but if he is already in a trade that he likes he will keep it open over the weekend. That is my take anyway.
Hi. Sorry if it was confusing. Sometimes price will shoot up right before close with large spreads Because people are closing their trades or deciding whether to enter our not. It’s a period of uncertainty that isn’t preferable to be in. You might set up a pending order only to have price go your way after large spreads right before the weekends close and then not go your way during Mondays open. If in the case it doesn’t gap up or down (enough to invalidate my intended stop loss) I will definitely enter point is I’d rather see my pending orders invalidated as opposed to having a running order stopped.
This is W1 time frame. Red line is support at 1.0155 and I also drew fibo from February 2012 to August 2013 low.
trade with current trend (if you look from August 2013 low. You have to consider that this is W1 chart, so it takes time to forme strong setups on such high time frame. Personally, more convincing level to enter would be around 1.0000)
valid pin bar (wick 3x bigger than body, close within previous bar)
swing low
we are around important support area (if you zoom out you will see that this level worked in the past as support level)
Hi pixpol
This bar was hiden on previous bar and is an inside bar, we only trade the pin bar which stick out than others. still have some one here trades inside bar, but we dont mention about it in this thread.
How do you rate this trade guys? B, B+, A, A+. Would you trade it ?. Its a pin bar on a previous day low EUR/JPY 4H chart. There is also a very similar trade on CHF/JPY 4H chart.
For me, the PB is way too small compared to previous bear bars, so not a set up against all that impulse bearish momentum. Preferably wait for a pullback and PA at about 140 and go short.
with all setups, where they form are crucial to success. This is the most important factor with every single trade. This is why we go on and on about swing points and traffic and setups forming in the wrong spots because when they don’t form in the correct spots the odds start dropping straight away.
This BUEB was not at a low where we would need to see it and even more importantly it was sitting straight under a key resistance level. The other major important thing that we talk about in here with a lot of our engulfing bars with the links on the front page and the first 50 pages is needing price to close in the last 1/3 of the desired direction of the price. Because we are not pattern traders and we are not just looking at candles, we actually look at the price to tell us what it is doing; we can see that here price was telling us something. The wick on the BUEB did not close higher for a reason and that was because there was a resistance level overhead that it could not close above. When looking at this trade we need to look at more than just engulfing bars or pin bars and at all the price action. We can see here that price was clearly telling us it was at this stage rejecting higher prices and until it moves above the resistance, taking longs is going to be a risk. I made a post about this resistance in this thread only a few days before your BUEB trade HERE.
I am not sure how you are managing this trade because I am guessing your still in it? even though the low of the BUEB has now been taken out. If price can manage to break above the resistance it will then become a much better chance of but that is the risk we don’t want to be getting into trades and risking money to find out if levels are going to break or not.
If you have any questions please let me know because I know this is a heap of info in this one post and please keep in mind whilst I am replying to you, I am trying to write so that a lot of traders will gain from this post. When hunting for trades make sure the first thing you look for is the best area and only then do you use the price action trigger as confirmation to enter a trade.
if you have a daily trade that forms and closes Friday Morning (as in it was created during the Thursday session), then by all means set your trade up and the pending orders. If this trades entry does not get hit these pending orders need to be taken off before the market closes though. There is huge downside and next to no upside to leaving these pending orders over the weekend. The market could gap and put you down massively and the even bigger risk is when the market first opens the market spreads are much larger because for the first little while the NZ market is the only market on board and a lot of brokers are trading without their full bank of liquidity providers which means the spreads are much larger for the first 1-2hrs. If you have these pending orders in the market when the market turns on for the week you could find your trade being entered well away from your entry point and not even close to where it should be. You run the risk of entering a trade that has not broken the high or low and been confirmed. Basically a lot of risk for no real gain.
As for the other question of should we set orders on the Friday candle. It is impossible because when the Friday candle closes, the market closes as well. We need each candle to finish closing before we can then see the high or low and enter our trade and let price go on to break the high or low. If price has not closed it cannot break the high or low. So this one is pretty simple. We need to wait until the market opens on Monday before we can then set our orders and for price to then go on to break the high or low and confirm the setup.
point is I’d rather see my pending orders invalidated as opposed to having a running order stopped.
