Yep…let’s hope it closes as a valid pin :51: Kinda small compared to the surrounding candles though…
In my chart, the candle does close within the previous bar, so I guess my Broker doesn’t use NY Close charts.
Can you guys tell me which Broker with NY Close charts you ar using?
thx
It does close within the wick of the previous bar on my charts but not the body. I’m not sure if closing within the wick of the previous candle counts or not…anyone have input on this? I don’t want to give you bad info as I am still learning myself 
I know the big guys here recommends Pepperstone for NY close charts.
Hey
this is a chart jonathon posted on the first page of this thread
you can see that a pin bar doesn’t have to close inside of the previous body but inside of the previous bar.
Cool, thanks for finding and posting this! Looks like I was wrong on this one. Glad to have learned something new today.
Servus,
Spotted a Setup (2BR) on NZDUSD H1. I think the signal is fine, but it doesn’t look so good at the moment…
I actually liked the pin Bar on USDCAD H1, what do you think was the problem? Maybe that it closed above the S/R?
Regards 
why do you call those horizontal lines s/r? i see the price go up and down thru them like a knife thru warm butter 
Price will never stop exactly at the line, it is more like an S/R area…
But you’re still right. That’s why I took no trade today… I couldn’t really find important levels where to look for PA. Maybe because there were a lot of gaps this Monday…
Some are respected and some are not. Trade opportunities arise from both situations For example GBPUSD cut through like butter at a nice S/R line.
i’d wait to see if price breaks the 0.8000 before committing to this pinbar, as its a well respected round number as can be seen on weekly and monthly charts
also the daily price action is showing indecision atm.
personally i’m looking to go long from this position if the swing is confirmed, as it will be the start of a very large uptrend. atm price is already above 0.8000 and retracing on the 1h/4h.
also the nature of that gap supports a trend reversal.
personally a close above 0.80365 will trigger myself into this trade/trend reversal
i think the main issue your facing atm is not looking at the bigger picture (i.e timeframes)
when you see a possible entry on the 1h charts, check your higher timeframe for supportive evidence.
also known as “confluences”, quick google search of this word should help you a great deal.
NZDUSD
main issue i see here is your trading against the larger timeframe trend.
USDCAD
main issues i see here,
the pinbar, technically isn’t a pinbar as the body isn’t <1/3rd of the total size. (wick-to-wick)
with this in mind, alot of people wouldn’t trade this pinbar as it doesn’t standout enough.
in other words making it less effective at changing the direction of the momentum.
remember the clearer a signal is, the more people will see it, and the higher your chances of success.
this is also why confluences play a large role on your win percentages.
final peice of advice i can offer is this.
try drawing your S/R on daily timeframes, then wait for price to reach your known S/R. (Discipline)
at this point you would then look for price action to enter a trade in the direction with the highest chance of success.
paying attention to confluences to help aid that decision.
hope this helps
You will see over time that certain levels keep getting respected again and again. I agree sometimes price does go through key levels like the proverbial hot knife but that is why we wait to use Price Action when price hits a key level.
So for instance if we see price hit a relevant level and then a Pin Bar forms then we know we have a high probability opportunity to get into a trade.
Hey guys,
to clear this up make sure you go over the pin bar links from the start of the thread and remember the three rules that go into making the pin bar with one of the main ones being that the pin bar must open and close within the previous candle.
Now where traders can get confused is if they question whether this has to be either the wick or body or whatever and this can be a little like the engulfing bar and getting confused about whether the engulfing bar has to engulf with the body or the wicks etc, but if we look at the rule; the pin bar has to open and close within the previous candle, this includes wicks and body. It does not matter if this close is back within a wick or a body as long as the close is back within the previous session. It shows that price has managed to snap back and close below the previous close.
Any other questions on this let me know.
Johnathon
You can read a list of the brokers on the first page of just some of the New York close brokers that you can start your trading with. If you have any other questions about these, then just post them up in here.
Johnathon
When you get any potential setup, what should be the first and major factors to help you decide whether you look to take the trade are the price action story factors. For example; is the setup with or against a trend? is it trading straight into a key level? is there no space to move? has the market been super choppy which makes the trade high risk? is the setup stuck back in price? or on the other hand is it from a solid daily level? is it from a major fibo level? is it with a strong trend? does it have space to move into? etc, etc
These are the price action story factors that need to be looked at first because as we know the price action story is king. Once the setup is being played from a solid level no matter what the level, then a quality trigger signal can be matched with it and then a super high probability setup is found.
Johnathon
A lot of the major equity markets across the world have been flying of late and making solid moves higher. The F40 or France 40 Index has made a huge, sustained move higher in the last three weeks and is now potentially looking to retrace back lower.
If price does make it’s first serious retrace back lower I will be looking to get long from a value area on both the daily and intraday charts. The daily chart below shows a potential area that could act as a price flip area that could flip from old resistance to new support should price rotate back lower.
France 40 Daily Chart
Safe trading,
Johnathon
Hi Jonathon ,the thread is still going strong after all this time and now getting close to 2000 posts “Wow” so its certainly stood the test of time and hopefully will continue to do so.My question is about volume spread analasis (VSA) now I know we don’t use it on here,and personally I’m not that keen as I find it too subjective but I do see it pop up quite a bit on posted charts on here (as a volume indicator.)What’s your view of it ?good bad or indifferent, and if not keen why not.As I said I did dable with it but found no real value .Thanks for any reply.
Hi Jamie,
I may have misunderstood there, did you closed the short position and swapped to a long, but broke even?
Because on my charts, the GBPNZD has spent all of this week creeping up to close that gap, so if that’s what you did you should be very much ahead?
Hey Guys,
Setup on USDCAD Daily.
My Analysis:
Trend: Hard to say, guess there is none… more like a range
Significant Restistance: Yes
Swing High: Yes
Size of Pin Bar: It is definitely obvious but smaller than previous bars
Traffic: Unfortunatley Yes
although there are cons and it’s not a A+ Setup I did take it to train my trade management.
Upper red line, lower red lines are TP, green lines are the two entries. I came a bit late but I saw that the low of the Pin Bar has already been broken, so I entered 
Zoomed a bit in for you guys
Actually looks like there are more bullish bars, so it might be a countertrend trade from thetrendsfriend
Regards
