Hi BA - I took that 4hr pin bar - don’t usually take intraday signals and I’m also not keen on the fact there is a 2BR on the daily…this is a bit out of character for me, but I would rather just let the trade play out and figure out my psychology later!
I believe it is, that’s why I use it 
hmmmm, just read my post and it sounds dubious logic…I closed out the trade…if I am that doubtful it can’t be a good thing…
[QUOTE=“mancamy;592959”]
Hi BA - I took that 4hr pin bar - don’t usually take intraday signals and I’m also not keen on the fact there is a 2BR on the daily…this is a bit out of character for me, but I would rather just let the trade play out and figure out my psychology later![/QUOTE]
Hi Amy, I don’t blame you, It looks like like a decent level, Im guessing it’ll rest on the GBP mortgage approvals data due out in the morning. Also the 2br on the daily didn’t close above support.
[QUOTE=“mancamy;592961”]hmmmm, just read my post and it sounds dubious logic…I closed out the trade…if I am that doubtful it can’t be a good thing…
[/QUOTE]
Haha I love the 4hr chart but it’s a cruel mistress!
I grabbed this one too. 0.9118-Entry 0.9156-SL 0.9025-TP resulting in a 1:2.5RR and +93 pips. Looking forward to your analysis to see where I could have improved.
I saw this 2BR on the daily also, but being that I’ve never traded one I’m not sure of their rules. It looks like it’s on a decent diagonal trend-line, although just barely touching it and counter tread.
I also saw what I believe is the possible break on a bearish wedge type pattern on AUD/USD, but no real price action signal?
I have a link to price action candle rules in the quick nav section on post #2
I don’t think I am going to get to it tonight, I am going to have a long night at work. I will see if I can get it posted tomorrow. Good job on the win!
Hey Cheva, I took this a retracement level, completely agree with your analysis. Definitely not a textbook pinbar or pinbar at all technically but as a signal it looks good. Price looks ready for a pull back before heading on further up.used the fib 50% to mark out t/p and it falls dead inline with the stalling point on the way up.
Plus volume on this it massive biggest bar on my chart for over a month if not longer.
I will post my chart later with entry/SL/TP.
dARTH
Hey everyone
I hope you’ve all had good week. I just wanted to post this lovely trade I took as I didn’t see it posted anywhere but it worked out very nicely: I noticed this engulfing pinbar on the AUDCAD 1hr during the asian session a few nights back:
It also correlated with this small pin bar on the 4hr:
They both formed at a great area where there is a lot of selling pressure which is why I took the trade. Today I closed my order with 200 pip profit. Benedict is crying here, I said we could treat ourselves to pot noodles this weekend and finally put the heating back on.
Yesterday I was having a hard time getting the flag trend lines to match up. I had mentioned in a previous post that was one of the downsides to this flag formation was the upper and lower trend lines were barely within tolerance as far as angle go. After the pinbar yesterday, the flag upper and lower trend line are both same angle using the top of yesterdays daily pinbar as the 2nd touch point of the trend line. If you draw it that way then price still hasn’t broken the upper trend and the pattern is still a potential play.
Sooooooo glad I took that 4h TF EURGBP short trade off the table last night…paid attention to the higher timeframe 2br and kept myself out of trouble…
lesson learnt!
i never placed the orders on it, on H4 it didn’t look right when it closed inside again, what are the tolerances for the angles? and what do you use to measure them?
i never placed the orders on it, on H4 it didn’t look right when it closed inside again, what are the tolerances for the angles? and what do you use to measure them?
anyone else looking at the H4 pin on NZDUSD?
pros:
fairly strong SR level
off the .618 on daily
off trend line from daily
nice and big
i think its body is reasonably close to the sr
cons:
a lot of traffic to the left
getting late on friday
price made a lower high previously
I opened up an order on my demo acct for testing. I don’t have a specific way to measure the angles, I just make sure I don’t have much candle protrusion when I draw them, and when you overlay the 2 lines they should lay over each other almost perfectly. The problem before yesterdays candle was that the top angle was angled too sharp down compared to the two bottom swing lows.
I’m thinking of using the channel tool on mt4, the lines are equidistant after all. what do u think?
Price is right in the middle of 2 daily S/R levels, you would be subject to a serious risk of whipsaw.
Also call me crazy but price looks like it formed a head and shoulders pattern and a break of the trend line would be a validation of the H&S?
I wouldn’t object to using the equidistant tool. I don’t use it because if you don’t get the angle quite right or space between the trend lines, it’s a pain readjusting them after it has been drawn. The other problem is that the trends are almost never perfectly angled. You want to draw them individually that you can see the angle that is actually there not the angle that it should be.