Thank you for your note , Usually i check News on Forex Factory but they don’t show NZD news by default .So,I check all currencies on filter option and i saw that NZD news.
Thank you
A suplimentary note: Henjak is absolutely right about the additional S/R, under the bottom of that pinbar, at 0.9261. It acted like a strong support. While you were playing the pinbar hoping the price will go down, it actually hit this support, reversed, and then was taken even higher by the news. So double check the S/R lines around the bottom/top of pinbars, as thet could ruin your plans.
I think the S/R area is at 0.9260, right under your pinbar. Yours was set probably too high at 0.93. And rate decisions are important as they can create volatility.
Somewhere within the first 50 pages of the forum there is a note from Mr. J saying no Hanging Man should be taken as a standalone signal. Signals are pinbars, engulfing bars and two bars.
There is indeed a S/R there at 1.6840 area, but the correct signal is missing for now.
Well, that was a kick in the teeth… I think the BEEB was not as convincing as it could have been.
The NZDCAD pin bar in question was a valid setup, which I myself took as well. There were many confluences for this trade, but as Johnathan says, even the best of setups can turn out losers. In situations where multiple correlated pairs produce similar setups (NZDCAD and NZDUSD in this case) it would be wise to keep eyes on both since both setups were created due to movement in the same currency, namely NZD. In hindsight, it may have been smarter to pull this trade after seeing the NZDUSD pin bar not confirming and breaking and closing back above the KHL the pin was formed at. But I’m not going to focus too much on this one trade and just move on to the next. I suggest you all do the same.
Safe trading,
Joey
Not an A+ for me because we are trading against a strong uptrend on the daily chart
GBPAUD looking like a nice ranging trade for me - nice BUEB
What time frame is that GBPAUD - daily or 4hrs or lower? Can’t seem to find it among my charts although the shape looks familiar
on the 4hrs chart there is a big bullish engulfing at support, fueled by Carney’s comments on the pound.
Long ongoing thread here, very intresting to see they way everyone trades
This is the counter trend setup. I would avoid them, as long as you really know what you’re doing.
You’re absolutely right, it’s counter-trend. But I looked over the history of speeches /press conferences at Bank of England. Usually clear, straightforward messages send the price straight up/down for more than 100-150 pips within the next 24hrs. That’s why I took the trade. My TP was 1.9580
You rule Johnathon… Gold hit the 1277 this morning 
Strategy works as always nowadays…
So into the hunting clothes and be patient.
Safe trading
Henning
Nice trading Henning :35:
Yes that was a shame as I was also looking to pull the trigger on that setup and it once again goes to show why we look for the confirmation for our entries as I explained in more depth the other day in here in this post [B]HERE[/B].
It went close to breaking and I think if it could have broken then it was a huge chance to have then been able to make a move into the next/first area, but not being able to break was important.
Johnathon
Guys,
the last thing you want to start doing is focusing on the news, economic announcements and other events etc The only time these would ever be useful is if you knew what was going to happen ahead of the market and could profit from them, which would be highly illegal anyway.
The news and other events do not move the markets. The only thing that moves the markets are the traders trading the markets. Traders may bid price higher or lower at different times because of different events , but the reason it is highly common for price to either go the opposite way to expected than the news or to go no where at all is because it is not the news driving the price.
What we have on our charts is exactly what we need in that we have everything traders are doing being printed in live time in front of us. We don’t need to know if something in the news has happened or if the market has turned bullish etc because we can see this in our price action.
When traders look to the news and announcements etc it is a bit like indicators in that they are thinking that the more they can add to their trading the more it will help, but it just does not work this way. Traders with indicators are always looking to add more and more thinking the more they add the chance of picking the correct direction and this is often what can happen with looking to the news.
What ends up happening is instead of looking and trusting in the price action and having faith in what they are seeing in the charts, the price action trader starts looking for something in the news that they normally hadn’t in the past and this breads confusion. They will also form a bias. Instead going into the markets with a clear head and nothing else the trader can read market and news reports and all of a sudden if the read a negative report from one country they can form a bias and then only want to take short trade from that pair even though that pair maybe clearly in a bullish trend because they have formed a bias.
There will be trades where you will get stopped out, but remember we are working to an edge overtime, not just one or two trades. The edge is built by taking solid trades and having an edge over the market over time.
Johnathon
This is a great piece of information Johnathon, a great way to finish the trading week. To you and every trader here , have a happy week-nd and we will see you here next week. 