Im in this as of this morning. I was reluctant to enter yesterday with just the one pin as it isn’t huge, but with the 2nd one now to me is a very strong signal off a great level and with the recent trend.
AUDUSD looks good for trend continuation, this could be a great opportunity for a longer term position.
Hi BT,
There is always a way :45:
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Jason
At least all the suggested trades went against us without triggering, so they are “winning” trades too.
Hey guys stopped out… Oh well next trade.
Cheers
You must be using aggressive entries joelet and not breaks of the bar highs…Actually it would be great to see long term stats on this choice over entry methods…enter on pullback or enter on break…to see which has the best overall performance. Anyone got any???
Hey guys, it’s a shame that the AUDUSD setup didn’t take of yesterday, however when one door closes another opens, check out the signal on the NZDUSD today. I am focusing on the NZDUSD over the other markets because NZDUSD has proven to be one of the strongest markets recently so it just seems logical to take long signals on NU.
It appears to be heading for an asian (false) breakout. Do you still think this is a high probability trade?
That’s a really hard call to make, because the NZD is highly active at the start of the Forex session. This is a strong signal with the trend, so if it breaks upwards and caves back down, that will really rustle my jimmies. Welcome to Forex lol.
lol, i hear ya. Im gonna wait till london if i get in, it looks like it already broke the high plus spread, and is now diving back down.
Michael,
I don’t have the stats… I sometimes enter on 50% pullback… Both are in my plan, depends on how I view the market… I have re entered this morning… Long on aus usd due to another pinbar.
gbp jpy has a formed a rejection n pin candle ,a buy signal
Not sure about all this…l agree there is such a thing as the “Asian Drift” but if a A+ set-up presents as a result of a genuine underlying supply/demand order-flow imbalance, no amount of “drift” or broker games can stop it surely;so a good entry/SL should work out no matter what time it was placed.
Thoughts please.
Many Thanx. It works.
Im seeing this worked, but almost every time Ive had bad trades with this system is due to placing entry orders before or during asian session, including 3 last week. I dont understand why this signal was any stronger than the gbp/aud signals last week as far as technical reasons go. Can anyone explain why?
As you can see the pin bar is where i circirled it red, During the asian session, it broke the high, then turned around on me and stopped me out. DNB teaches this is usually the case, and from my limited experience this is usually the case, so Im now afraid to place entry orders until london (or very close)hours at least.
If you go back 2 days prior to the circle, you will see a bullish candle off the 10 EMA. I also went long at the break of the high, it broke the high during the asian session, then reversed and stopped me out. I know this signal wasnt as strong as a pin bar, but it was still what I believed to be a safer entry method.
Michael Ji, I thought you only entered at the break of the “A” bars?
I think u always avoid asian session. Also read again dnb course to clarify ur trade. Just my thoughts. thanx
Yes l do if we are talking IBs.
The reason l would say that you Pbar set-up didn’t work out imo is because its not a A+ signal. Maybe l would even say its not a signal at all.Generally speaking Signal Bars have to be big in comparison to the bars around them, showing real buying/selling reversal energy/momentum, when we are looking at Pins and Engulfing Candles that is, they should really scream “look at me”: if not ignore them imo!There are exceptions of course but generally the bigger the better.Yesterday’s AUD and NZD are examples of this, look at how they compare to the candles around them.Of course, even then its only a probabilities game, no guarantees!
At least that’s my opinion!
I think u always avoid asian session. Also read again dnb course to clarify ur trade. Just my thoughts. thanx
I normally do but like I said before the NZD is very active at the start of the Asian session, so the early asian break didn’t bother me so much. If EURUSD or GBPUSD broke out during early asia I wouldn’t go with it.
I think im going to stick with london hours or close to them at least until i get more experienced with currency behaviors. Michael Ji, I thought the pin bar for the Gbp/Aud was strong because of the rejection from the EMA. I know they dont all work out, and that one didnt for me, which is why I like the idea of removing risk after a 20 pip gain, but I know by doing that I will lose some big winners as well. I havent got it all figured out yet, but still love it, so Im not going anywhere, 