No sir, nothing required to add, just raw volume. Technically volume isn’t an indicator, and because of that FXCM doesn’t have it in their indicator list. To get volume you have to right click on the chart and there is an option to enable it. I am not sure about MT4 or other software though.
oh yes. i just figured it out. thanks!
Hi Eternal,
Hope you are doing fine. No, I posted it afterwards as I have been busy at work. I did ask Aaron what he thought about it though and he warned me about the nearby support area but I decided to take it anyway with the risk in mind.
Remember, there is not such thing as a missed opportunity, it will only generate frustration which is pollution for your brain and will affect your trading. I am sure we are not that far from a golden period with all these pairs having broken a strong resistance and trying to enter into a trend like EUR, GBP, AUD and NZD.
Have a great day !
Yves
HI PIPING hot,
Thanks for your replay. I got it.
Have a great trading day !
is it correct to buy this pair exactly at support without any pa signal since we r sure this is a new flip zone? sorry if this is an irrelevant question to price action. i was just wondering if strategy like this is a good methodology?
Yea I agree there is not really something like missed opportunity however, what I am starting to feel, is that sometimes I “know” or should I say “feel” the market is going to move here or there next but my trading plan doesn’t allow me to do it
I don’t know if it is a good thing or not but take USDCHF for example I saw a very convincing PIN Bar a few days ago but I only trade Daily and it worked out pretty good.
Your plan is not far away from mine so this USDCHF setup would have been a trade for you as well except for the timeframe it happened on. If you don’t feel confident with 4hr, then you are right to stay away from it for now. Something you could do is practise 4hr on demo and keep daily setups for your real account until you realise that you are doing fine on 4hr as well and include it back to your plan. Remember, if it’s a 4hr trade that was triggered based on a PA signal happening on an SR line drawn on the daily, then it is almost a daily setup. What makes 4hr less reliable than daily is mainly the support resistance which aren’t as respected as the daily ones.
Wish you all the best anyway. Are you still reading that book ?
Yves
Hi, the link to the video on post #134 entitled “How to Identify Market Structure and What a Pinbar Is” only has ONE video but is supposed to show a 2 part video, can anybody help please?
Here is an order I placed based on my plan. It’s on the USDJPY daily BEEB that formed yesterday. I think the signal looks pretty convincing and at a key area. I would have prefered it to close even lower but my entry point is low enough to confirm that price is on it’s way to support where I placed my TP. Rating is low as RR is low. Let’s give it a 1*. Reason why I am still taking it is because I believe it probably won’t get triggered and if it does, chances that it will hit my TP are good.
Hi chuckyboy and welcome !
The way I see it is that it is only one video but that has 2 parts in it. First he explains how to identify market structure and then he describes what a Pinbar is.
Yves
I guess my question is “is it better to stick to one signal on different time-frames or multiple signals on a single time-frame”
Actually I have finished the book and that is what got me thinking about intuition
I think somewhere we are both thinking the same, we accept to loose and not afraid of what others would call over trading as long as we believe in our edge
Usd jpy is really crazy these days so it might go up again like a rocket
Also the down happened exactly at 50% retracement of the last rise
Of course I am not saying it won’t work just my 2 cents
Hi,
this is how I look at USDJPY D1 chart. For me your sell stop is almost exactly on trend line which hold from january. For me not a good trade. Doesn’t mean that will not work.
You sumed it up. I didn’t get a remark on overtrading yet but I am strictly doing what’s in the plan so far so I don’t consider I am overtrading. If I happen to lose more than I win, I will then tight the rules in my plan.
Thanks to point this out. I am not really comfortable with JPY pairs as historically, I have lost a lot of money because of this currency and I know anything can happen. But again, I am just following the plan which tells me to sell when price as moved down for a while, retraced and rejected hold support turned resistance with a clear PA signal. I only watch what is on my original chart as it is in the scope of the time I plan to be in the trade. I will keep in mind and rethink my TP area in case the price hits the trendline and doesn’t move further down. At least there is room for a little profit. And if I am completely wrong, my SL will do the job of making sure this loss is proportional to my overall wins.
Yves
well said !
May sure you never enter a trade without a price action signal. This would be dangerous on any timeframe, but would be extra dangerous on a lower timeframes. The other problem with “touch” trading is you don’t know exactly when the market will decide to swoop in and buy up the pair, so any entry order and SL would be pure guessing. You may get by doing this once or twice, but over to long run it wouldn’t be successful.
The advantage of this strategy is I am taking into account every market dynamic to achieve the best analysis possible and make sure I am entering those trades with the highest chance of success. By entering without any signals based on a resistance line, you would really be going counter to what we are learning here.
Hey chucky, I let my wife screen a lot of the stuff I write and built. She told me the video was way too long originally so I split it up into two parts. I never uploaded the second part but it is around 5 minutes long and explains the market psychology of why pin bars form. I will see if I can get it uploaded to my youtube channel today.
EURCHF Fakey setup as momentum continuation with price rejection on Horizontal / EMA 8 and EMA 21
Do we need to wait for confirmation and break above the pin bar or fakey can be played out directly ?
I would rate this 3 /5
Great thinking, Yves! Just a little reminder, remember that we are going to win this in the long run if we ensure we keep our [B]trading edge[/B] in check. There are two ways to ensure this:
- Focusing on [B]Higher Win Rate, but mostly low-to-normal RRR[/B]. Or,
- Emphasizing [B]Higher RRR, but mostly low-to-normal Win Rate[/B].
Johnathon’s thread chooses the former, but Krugman’s thread prefers the latter. It doesn’t matter which one you choose, as long as you are consistent with your trade plan, and you have already anticipated that kind of outcome you are going to read in your trade journal later on. Be it the first path, or the second path. 