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I almost never trade the Sun. night open but I saw this pin bar on the USD/JPY and couldn’t resist a buy order. BUT after hitting the buy price it has stayed down so I may have to sweat this out. The purple lines are audible alerts. Good reward for the risk IF it goes my way. D.
ps - my 1st chart post thanks to dan all though I’m not sure how I did it!
I’m currently short on that pair. So looks like we are gonna have to battle against each other on this one.
I surrender, you win. My SL was hit. I trusted the PB too much. D.
Personally I would have waited for the pinbar to have reversed to.a bull before taking action against it.
Hi D,
Sorry just an hindsight analysis. However, Just to add some inputs on your trade. I looked at my chart UJ 1D (Ibfx) and this is how it looked. This was a trade that was asking to be shorted in my opinion. Coming from an uptrend, friday’s candle was a strong bear after it failed to break this resistance. It was unable to break a strong resistance which held on for few days and formed a classic two candle “Bearish Engulfer” Pattern. The sunday candle was bear too. So I would have looked to sell this pair. Just my humble opinion.
Regards,
Muthu.
Chennai.
India.
Thanks for the input guys, now send money! (Kidding) It looks as if a 100 pip SL would have saved my trade but that’s just too big of a risk for my account. Now the action is back up the other way, any SLs getting hit? D.
edit: I have a Buy Stop @ .8214 on the 4H A/$. Set to expire at 09:30 and it may not get hit.
At approx 06:30 CDT/US I sold the E/$ @ 1.2262 & have been neg. most of the trade and at one time @1.2318 it was < -56 > pips but better now. I’m hoping this is a retracement and will resume the down trend. SL is 1.2358, TP is 1.2105. Trading the D. TF. I am always reluctant to run trades overnight but that is usual with the D. so I may have to learn how to live with this. D.
I took a short on G/U today. The complete analysis is on my blog. The gist of it was that its running up on a golden ratio retracement. As well the last few days between the doji and the bearish engulfing outside bar candle had me thinking this short is coming sooner than later. I’m posting via my mobile phone, so I’ll provide an accompanying picture later today.
I must have missed the post re. your blog; p.m. with the site or publish it here if it won’t violate forum rules.
It’s new. Not selling anything, so I doubt I’m violating any rules.
Here’s the picture I referred to in my previous post.
No, but you do have a “Tip Jar” Donation button, and your Google Adsense ads, that you probably get a referral fee from…oh…and then there’s those clickbank type links to some ebooks at the bottom of the main page…
Yeah, I’m your everyday average TROll.
Seriously though. I had a bit of a revelation when I typed in Price Action into a google search. 148,000,000 results and the thread I create appears third. That’s quite a victory in the race to the top of google searches.
Thus the birth of my own blog.
I just entered a Buy Stop on the Eur/GBP @ .8214, SL @ 8178 & TP @ .8245. Price was .8210 while setting up the trade. On Oanda all TF trends are down until you get to the 5M & then it is up. “Gurus” are suggesting that the run down is over, I shall see. The Buy Stop (abbreviated as B.S. - how appropriate) is open for 2 hrs. So here we go! d.
edit: I forgot to mention I entered on the 3hr TF. The preceeding candle was a not so perfect PB; FXDD 4 hr showed a better PB.
I’m in and moved the SL to .8189 for a better R/R ratio. I hope this goes well!!
That was a beautiful entry and it looks like the trade is working out great for you. Good use of multiple time frames as well. That’s something I probably should make better use of to obtain better entries. Generally, I just hang around daily charts with an occasional peek at 4HR and Weekly.
We had an F2 tornado and I have been without internet connections since placing the above trade. Thank goodness for SLs but my TP @.8244 was hit so a +30 pips. Nice way to close out the month (excluding tornados of course.) d
Is your trade still open?
See #336 d.
Okay. I had not seen it before I posted.
Today on the 08:00 (CDT) 4H chart I placed 2 trades -
USD/CAD - a buy @ 1.0383; took 1/2 profit @1.0400 & last 1/2 hit TP @ 1.0419. The pr went up to 1.0500 & then backtracked some.
AUD/USD - a sell @.8826; took 1/2 profit @ .8811 & last 1/2 hit TP @ .8801. Eventually went down to .8762
I was leaving the house for most of the day which is why I set such close TPs. I wasn’t going to be around to monitor them. I use "Barry’s Support & Resistance EA found a few pages back in this thread. Very much like the one M. uses and I think it is especially good for 1H & 4H TFs. Leaving again so I won’t be around to answer any questions, good trading all. d.
