I like this one, and not always waiting for a retest is I a good idea I think, if you think you understand the market.
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Whatâs that pin (seems the pin is a hammer candle) and EG, teach me about them
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Whatâs that pin (seems the pin is a hammer candle) and EG, teach me about them
These are pure basics which you can learn anywhere just by googling a bit and not being lazy, in this way you are asking questions that have a million answers on the web and are just spamming the thread.
@Alg626 When you edit the first post you should post in bold letters for people not to go off topic. This thread is attracting more people and will just be flooded by crap like this in no time. After that either ignore these questions or even better ban from thread if possible after first warning.
Letâs keep this thread serious and study price action charts.
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Read here, and read through at least the first 50-100 pages,
Great thread with go info on what you should look for in using price action⌠He has videos in the thread you can watch
People or places i have read
- The education here at Babypips is where I started. Just helps get a good foundation under you.
- Chris Caprie (Also has a thread here)2nd Skies is the name of his company.
- Al Brooks
- James16 thread over at the other place lolâŚ
- Traderrom.com is good, he doesnât charge anything.
You will have to do a lot of the work, plus if you are spoon fed everything you wonât learn and grow or maybe not even retain what youâve heard. I do have an example of the pin bar(hammer) at the beginning of the thread as well.
Also remember if you donât take these at the right levels they donât mean a thing. And you will get burned a lot. To me marking the support and resistance zones are just as important then also reading what the price action did before it got to that level or gave a candle pattern
I have some examples below.
EnGulfing : Can also be called an outside bar. Mine is set up that the close of the engulfing bar has to be higher than the high of the previous bar. Some do as long as the close is higher than the previous bars close but I wanted a bar that was more pronounced. I have attached a pic
Pin Bar : On this one, it wonât label a pin unless the low/high of the pin was the lowest/highest of the previous 8 candles. Reason for that is I want to catch a pin at the swing of price, plus if a pin doesnât stick out from the other wicks, it seems to be a little less powerful.
Rules for it to be labeled: Letâs use a buy for example.
The lower wick has to be 3 times the length of the body of the candle. The upper wick canât be no longer than a third of the length of the lower wick. If the upper wick is also long itâs more of a undecisive candle than a pin.
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But spoon feeding is exactly what she is after. She got that link from another guy (and me, but I deleted it after I saw his post). You just gave her the link again plus youâve already posted a tone of charts, but one has to actually go through them from page one.
It also seems that on this forum you canât ignore someone (at least I canât find it?). What a weird forum.
Can it really be that you cannot ignore someone on a forum? If there is a way someone let me know please, this thread is gonna become unwieldy and a chore very soon otherwise.
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I do understand what you mean, we donât want the thread to get off topic. Once I can get a mod to let me edit my first post then weâll be able to send people to that post to read it through.
But for now Iâll give the benefit of the doubt lol. And give them a bump in the right direction.
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Also not sure how to track down a mod. Anyone know of one? lol
Never mind I have reached out to one.
If the post is opened up for me Iâll update the strategy rules and place my examples there of patterns and exit strategies I use. So weâll have a cleaner idea and be a little better organized for anyone else who might view the thread.
I was, on the 5th. It came back and hit my SL at BE.
Good luck!
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Careful with those long bars. Part of my strategy includes SD and I find these long bars create their own SD areas where price typically retraces back. Not always, of course, but I usually plan for it.
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My order never activated, so I have now canceled it due to it retracing back up to the previous candles high.
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Yea I donât trade those type, since the close of it would have been right into that 4HR support. After that was a engulfing that closed below the zone so had a order ready, but thankfully lol it never activated and now is canceled
I donât mind trading some big candles but that one just closed right at support for me.
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Super! Really.
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Update on the trades so far this week.
8-9-21
AUDCAD - Hit TP1 then reversed and hit SL at BE : 20 Pips
CADCHF - Full TP : 45 Pips
GBPUSD - Hit TP1 then reversed to SL at BE : 27 Pips
8/10/21
USDCZK - Still going not looking the best so far. Just missed my TP1 earlier(hate letting trades get into that far profit but didnât hit TP so didnât move SL)
USDJPY - So I did take some profit early then reversed and hit SL at BE : 10 Pips
8/11/21
GBPCAD - This one never activated. But reversed, thought it had pushed through the zone enough to keep falling. But it had other plans.
So far 4-0 with 102 pips.
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Ok got the first post fixed. Mods were very helpful.
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Hi alg626
thanks for sharing
is size of signal candle important ?
I have attached a pic to help a little.
Big candles donât scare me if theyâre at the correct locations. Some donât play them thinking they can be exhaustion candles, and Iâm sure they are at times but they usually end at the support/ resistance zone so I wouldnât be entering anyways.
Also youâll notice the big bull engulfing candle I have an arrow pointing to. By my typical rules I would place the stop at the low. But since that is an aggressive trade and Iâm not waiting for a retrace back down or willing to risk that many pips I will place my stop just on the lower side of that support or at 61% of the length of the candle.
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Iâve been long on EURUSD and short USDJPY since yesterday (11.8.), and long on EURGBP since 2 days ago (10.8.). All dailies.
I got in mid-candle on EURUSD, nearly got taken out but still in it, USDJPY is kinda where it was yesterday and EURGBP is now a free ride (40 pips in profit but put SL at BE) or nice profit.
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what about small ones. do trade a 10-pip engulfing candle ?
I have attached some charts as well for examples.
We just want our confirmation candles to really stick out, donât have to be crazy big or anything. But needs to look convincing, trading the really small candles just leads to tight stops, being stopped out, and not a lot of momentum to turn the price the other way or joining in on a trend after a retrace.
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