When it was not triggered the next day decided to cancel and look for other trades. my entry was at 1.443, just below the low of the 2bar formation, bearish candle. I had the assumption that the setup is not valid once the next candle does not confirm the pinbar or the engulfing bar or price action, so you guys just leave it the entry order until when?
Well, Iām still new to this PA and apparently we wait until the trade is actually triggered or if price goes past our sl. This can take a few days I guess. I wish I cancelled it too though, lolā¦
Maybe this āruleā can be reviewed, as if there is momentum in one direction, the order should be trigger pretty much straight-away, no?
from my experience, well the good part of my experience (had a lot of bad trade entries), great pinbars engulfing bars are usually followed by another bar in the same direction or at least a doji, so whatās our rule here?
the pinbar at 4 hours is now also a pinbar at 6 hour candleā¦ the next candle went lower with the release of the US GDP affecting a breakout at USD/JPY im not so sure if it is related but went down the same time, anyway itās going back up now, hope it confirms the the pinbar at 6 hour.
Hi everyone. Glad to see weāre back on track. 
Thereās a post on Forex Factory by goldenmember and I thought was real insightful and I would love to paste this part here. To me it explains so well why this thread already is an excellent learning environment.
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[U]Trading is not a competition[/U]
The more pressured and stressed people are, the poorer decisions people tend to make. I acknowledge there are times where competition and stress are useful - in sporting events the adrenaline (epinephrine for Americans) kicks in and helps athletes to push themselves further. However, most traders are sitting around in their armchairs and do not benefit from the extra stress.
This might seem completely obvious to avoid, but competition pervades every part of retail trading because everyone has their opinion online. I make 4-6% per month, but I see a few other traders can make 100%-200% per month, and many more claim that they can. There is pressure all the time to increase the amount I trade, increase the risk to attempt to beat others. I feel that I know my way around trading enough, and it gets quite annoying that someone with no experience and no knowledge claims to outstrip me, and I am tempted all the time to try and compete.
Nassim Taleb in his book Fooled by Randomness writes at length about this theoretical relationship between two neighbours who are traders. One is a young, successful trader who is somewhat naive but foolhardy in the markets but has made a lot of money for themselves in a bull market and has the biggest house in the street. The other is a conservative trader who is producing returns at a slower, safer rate (obviously Taleb writing about himself) who lives in a modest house. The conservative trader is jealous of the richer neighbour because he feels that the rich neighbour has no idea how to trade and has just got lucky by repeatedly buying in the right market. The successful trader eventually blows up when the Russian bond markets collapse, while Taleb continues to make money and he feels vindicated that he has stuck to his strategy and has not been influenced by his less educated counterpart.
The same situation occurs in retail trading - in fact it is much worse because retail traders are fond of telling tall tales and they donāt need a big house to prove that their success (in fact, they often donāt have any proof at all). Retail traders post up their (unverified) trading performances to champion how good they are when they have a winning streak, and it can encourage jealousy. Others post up single screenshots of a trade or mention a trade that they did take, and I know I feel like kicking myself because I missed out.
If you succumb to the need to compete then you risk throwing away your money and being one of those traders who[U] loses because of other people rather than your own mistakes[/U]. This is incredibly frustrating because it is so avoidable, but easy to fall into because after all human beings have evolved to where they are because they learn and listen to each other so its a natural trait.
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You can look up goldenmember on Forex Factory if you want to read the entire thread. While I donāt agree with every point he made, it is full of insightful articles.
Totally i agree with that . thank you
Any thoughts on this market? Thereās a 2bar reversal forming at a support area. If price goes higher Iām looking to take my profits at the marked resistance
I have my marked support at 92, so this 2BR is not in the right spot for me, then again maybe I am wrong. Also, not sure if this pair is now in a downward trend? Since mid-March?
The last 2 2BR set-ups I took I lost, so maybe I am biased in my analysisā¦ lol
I posted this memory aid some time ago and thought it may be of use to newbies struggling with pending orders
sorry guys for some reason Iām not being allowed to download image ,so will work on it.
Hey armandrmorel,
I wouldnāt say youāre wrong. The reason I marked those levels is because those are the levels closest to where price is at right now & I expect something to happen when the market reaches there, of course the market might not respect these levelsā¦who knows? To me it looks like the market is sideways right now but itās hard to tell.
How did you manage this trade?
Best
i placed a pending order on top of the 6 hour pin bar, cancelled it after price went back to support, decided to re-enter when i saw the next bullish bar formed and then there was this engulfing candle that confirmed it, unfortunately it went back and stopped me out, turned out to be a losing trade.
Any suggestions on how I could have done it better?
Any opinions on the engulfing bar showing on the daily EUR/USD chart? Price is currently at a phsycological support area.
I am skeptical of the trade as price is heading toward the major resistance level at 1.36625.
Hello to everyone,
I would highly appreciate it if someone can help me please with order management EA. I am looking for an EA for MT4 terminal with only the following simple functions:
- Specific order ticket number (so one can control several orders on same pair)
- Stop Loss (in pips &/OR exact price value) with hidden option (i.e. that can be hidden from the broker).
- Move to BE level (when X pips or certain price value is in favor).
Thanks in advance for anyone who can kindly help in this matter.
Hi, I donāt think I could help you in this regard as I canāt code in mqsl. But could you please elaborate more on:" [B]with hidden option (i.e. that can be hidden from the broker).
[/B]" How does this hiding from broker of pending orders work? Thanks
You want to go short from swing high and go long from swing low.
I think price action does not works anymore
If you think so, it will be. But at least you carefully read forexschoolonlineās lesson and trade for 6 month on demo account then you understand price action is most powerful strategy
ā¦Neither does trolling.