Before this, there is a huge mother bar covering 2 candles, after that showing a few rejection of the resistance, and now finally forming a bigger pin bar rejecting the EMA
Cons:
Price must breakout and close above resistance to push even higher
Hey mate, I have a doubt regarding Entry 4.
Since we are going short on this bearish flag, and we enter short after the break of flagpole (entry 3), why entry 4 wait for a bullish PA? Isn’t it suppose to be bearish PA?
The weekly bullish pin bars against the day bearish pin bar. Time frames don’t correlate exactly to each other, but the close the timeframes are the more weight they have on each other. A weekly and daily contradicting signal is enough for me to throw a little caution. Now a weekly to a 4H signal, is much different and has very little correlation to the weekly chart, and so on the farther the timeframes are from each other.
My favorite is naturally the one that is going with trend and momentum(EURCAD) but in every case there is major overhead. The EURCAD could be taken but you would want to enter at a retrace of the candle body, and move to BE as soon as price reached the area where the double top formed. If it breaks through this it may be pretty aggrieve. Either way in high risk trades you want to make sure you have a RR that justifies the overall risk of the trade, and a plan in place to protect your capital
Pros
Good size showing clear rejection of price
Happened on both horizontal and trendline S/R (As far as I could tell)
Fakey setup on 12 Hour time frame
High volume on the pin bar
R:R a bit over 1
My name is Max and I am a father, husband, retired and just started trading Forex.
Aaron, you are doing a great service to many here, including myself! I hope to contribute and help as well.
Hey Max, it’s great to have you here. We have been running for only 8 days but in no time flat have already gotten this thread up to being a high quality price action learning machine. I am happy to see we have already had some successful trades posted here. It doesn’t take long to see the great thing we have going here and a community willing to contribute as well as hoping to learn new stuff. We are all here to learn how to become better Forex traders so you are in good company.
I have a beginners version of this thread that you are more than welcome to post in, or you can hang here and just ignore the topics posted here that you aren’t quite ready to dive into yet.
I had some serious trolling and offensive commenting going on at over at the beginners thread. We all know this thread is very open and everyone is welcome to ask questions as long as it helps promote and move forward price action learning. But comments that are malicious or offensive is not only against the rule of these threads, but against babypips thread rules. I linked to a post over at the other thread which lays out those rules. I want to make sure everyone here knows if someone new comes in here with malicious intent, feel free to make known to them babypips rules and the rules of this thread. If anyone is posting something you find violates those rules, don’t hesitate to report them. It’s my primary goal to keep these threads producing good learning and keeping trolls away.
I took this trade this morning: BUY $30,000 EUR/USD at 1.3483 entering as price crossed the dotted green line, based on the following:
PROS:
Price reached a key support/resistance of 1.3500 (common knowledge found on both forex dealers pages, forums)
Mother- Child pattern formed on H1 chart (google mother child candlestick pattern)
Mother-Child pattern biased towards the upside as higher lows formed inside pattern (the pink bars)
Clean air ahead of the price movement (no traffic)
Substantial room to move to upside before meeting resistance ( green line)
Thanks for your input, how are you planning to play it out ? at the break of the pin or retracement ? what are your TP ?[/QUOTE]
Hi Aaron
I have an order set at the break of the pin with TP at around at 1.22869. I’m also looking at AUDJPY daily pin and EURAUD h4 pin, hmmmm there is a few to consider out there tonight
Pros
With the trend
significant pin bar at valid S/R
validated by volume
The way I see it price is in a downtrend struggled @ support 0.9137 the broke it and found support @ 0.9018, rebounded and then hit old support (nor resistance) @ 0.9137 and formed a pin bar
