I’ve been trying to find a good technical set up in the AUDCHF as it’s the best SWAP for LONG trades at least in my broker ^^.
This set up even thou it has not been trigger I’m already with 2 small pieces pre news (tonight release from AUD). It is a head and shoulder that has not broken the neck line yet, have a 3 days bull candles (first drive up), and also proximate to broke the trigger line of the original pitchfork, with the latest swing there is a new pitchfork avaiable that support our plan. Also stochastic crossover :).
I will be looking to buy the dips (buttoms) in smaller timeframes as it build momentum to the price area we are looking at. If this set up triggers it could be a good swing trade for free swap and also 200 - 400 pip run.
As I said I’m already in with 2 tiny slices, and will definitly build a position into it.
No, I never set an order both sides, that means I don’t know what is going to happen and am just hoping for the best, sometimes an IB can have a false break, so if you set an order either side, you would end up getting stopped out.
Another page in the soap opera that is the stock market we had an bearish harami. I wanted to throw this in here since there have been a lot of inside bar talk here lately. Harami’s are considered a reversal and reverse whatever the preceding direction was. Will we see a reversal either tomorrow or Friday???
Well no comments, if ANY BODY took this setup when I posted PLEASE BOOK 50% move your SL to BE / or protect some profits and let it RAISE it has good potential… BUT give it ROOM the markets pullback always…
Tomorrow if I get time, I will post my way of trading IB’s as reversals and continuations, I only trade these from certain levels, like this one on EURAUD H4.
This was a continuation, and half profit has been taken and SL is at BE now.
Tomorrow if I get time, I will post my way of trading IB’s as reversals and continuations, I only trade these from certain levels, like this one on EURAUD H4.
This was a continuation, and half profit has been taken and SL is at BE now.
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Hi Adamjn Ill be interested to hear more about your technique, I actually took that Pinbar that was sticking out from the trendline as a signal to go long so will be interested to hear what made you go short.
Ok, so that pin bar on EURAUD, when it closed, it looked pretty bearish to me, it broke right through the trend line, then closed inside it, but closed below the open. So I watched the candles after and they stayed below the trend line, and then an IB formed, so I waited until price got closer to the low of the Pin bar, and then got a very good R:R Inside bar, 45 pip Stop and 60 pip TP, which is the 161 fib extension. I closed out the full position there as I was also in a AUDUSD trade and I wanted to hold it.
This is EURAUD H4
As for AUDUSD, basically the same reasoning, closed outside a trend line, so I waited for an IB to form, usually after a trend line break, if an IB forms inside a Pin bar, under the trend line, it will drop/rise.
I have took part profit at the 161, and SL is at breakeven now on AU. Targeting the next level as marked on the chart.
Again, you have the failure of a pin bar on gold a while back. (Pin bar marked by arrow)
You can see that the pin bar formed basically trading into the trend line, so taking that trade would have been bad.
Usually when a pin bar fails, say for example, on the daily, it won’t fail the day after, but price will grind to the end of the wick, and then break, so if an IB forms, it is an even better trade, you could trade the IB and failure of a pin… It all depends where and how it closes though.
Profit targets are the fib levels.
Here is another example, EURAUD Daily. It hit the 161 as expected, but doesn’t seem to be going higher, note, the possible H&S.
You wouldn’t enter the Pin bar failure on daily as the R:R would be horrible, I used H4 to enter, check my post a few pages back, I think I have a screenshot of my entry.
Hey bud, you were right about EURAUD continuing up. It’s a good thing my trade wasnt triggered. Are you still bullish on this pair or has your view changed? The HS pattern would run straight into 1.5
[QUOTE=“adamjn;609919”]Again, you have the failure of a pin bar on gold a while back. (Pin bar marked by arrow)
You can see that the pin bar formed basically trading into the trend line, so taking that trade would have been bad.
Usually when a pin bar fails, say for example, on the daily, it won’t fail the day after, but price will grind to the end of the wick, and then break, so if an IB forms, it is an even better trade, you could trade the IB and failure of a pin… It all depends where and how it closes though.
Profit targets are the fib levels.
Here is another example, EURAUD Daily. It hit the 161 as expected, but doesn’t seem to be going higher, note, the possible H&S.
You wouldn’t enter the Pin bar failure on daily as the R:R would be horrible, I used H4 to enter, check my post a few pages back, I think I have a screenshot of my entry.
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Thanks Adamjn
Very interesting, I am going to try and get the hang of this. Seems to me there has been quite a few failed pin bars lately which has cost me, this could be another useful tool for the tool box.
If for no other reason than writing my 300th post, I choose to do it in this thread because this is one of the best as far as I am concerned. Sooo what happens with my Junior Member status now? Do I ascend to the next level of trader? I can feel a tingle starting… down my left arm, that’s about all the tingles you’ll get from trading if you don’t manage your trades well!
[QUOTE=“cyanidez;610012”]If for no other reason than writing my 300th post, I choose to do it in this thread because this is one of the best as far as I am concerned. Sooo what happens with my Junior Member status now? Do I ascend to the next level of trader? I can feel a tingle starting… down my left arm, that’s about all the tingles you’ll get from trading if you don’t manage your trades well![/QUOTE]
Congrats on your 300th post Cyanidez, I know that familiar tingle!!
Very interesting to hear you call the pin bar 7 candles back a bearish one, as it crossed both your diagonal & horizontal trend lines and then retraced back, and going long on it would have been with the trend too. Hindsight it’s easy to see it failed, but what was your thought process the day it formed as to why it would be bearish???
