For EURGBP, it all looks nice to me in terms of level and Pinbar BUT (as there is always a bloody BUT) there is no room for the trade as the first potential support is at 0.8490, not even 10 pips below the entry if you enter 10 pips below the close of the pinbar. It could still be a nice trade if it goes further down but it would have to pass 84.64 as well. Too much uncertainty.
For USDCAD, going short is the right way to me but I don’t see any tradable PA signal unfortunately. What you call a pinbar as a body around the same size as the wick. It could well go down but it is too risky.
[QUOTE=“Piping Hot;555865”] Hi jpw, I will give it a go. For EURGBP, it all looks nice to me in terms of level and Pinbar BUT (as there is always a bloody BUT) there is no room for the trade as the first potential support is at 0.8490, not even 10 pips below the entry if you enter 10 pips below the close of the pinbar. It could still be a nice trade if it goes further down but it would have to pass 84.64 as well. Too much uncertainty. For USDCAD, going short is the right way to me but I don’t see any tradable PA signal unfortunately. What you call a pinbar as a body around the same size as the wick. It could well go down but it is too risky. Hope this helps, Yves[/QUOTE]
Piping hot
Thanks for the reply. You taught me a couple things. Will look at how far it can run more closely in the future. Do you just pick the next area of S/R as the place to get out? Or do you use an indicator?
Also, say you are entering the trade with that nice pinbar on EUR/GBP… Do you usually wait and enter 10 pips below the pinbar? Is it bad play to just enter the trade immediately?
I understand the some of the questions im asking are user specific and depend on how much risk i want to take. But since everyone here has more experience i would like to know what yall think based off experience.
For example, does not waiting for more confirmation after s pinbar result in a significant amount of bad trades etc
Piping…, the 2nd trade i posted with 2 pics. It looks like a decent pin bar on the 8hr chart, but not on the daily. Do you agree or do you think both are crappy pinbars?
It’s very choppy out there this week so I am being extra careful, I decided to get out with 20 pips profit which is very small but that’s how I’ve been playing it this week, super tight. Keeping profits coming in slowly but steadily. Hoping for calmer seas next week
Definitely a very bad idea to enter a trade straight. The order 10 pips above or below the break of the candle depending if bullish or bearish is a must. It confirms that the signal is valid. If you check historical charts, most setups work, the ones that don’t work most often the signal candle didn’t get broken and a few don’t work even after a break. It saves you from many loss, I can tell ya.
I can’t check the USDCAD 8hr graph anymore, I am at work and I can’t install the little tool to merge candles but from what I saw this morning, it didn’t look like a convincing pinbar. Price made a strong move up in the meantime, hope you weren’t in that trade anymore.
I forgot the 1st question. The way I do it is a only enter trades where I can set my TP as being the next sr line drawn from the daily. Idealy, there should be nothing in between. If there is, that’s where the improvisation part comes, if I consider it a real threat, I will decide before placing the order that I will move to break even or even close the trade if price can’t break through it. But I never decide on the go. All corrections are allowed but only if they have been planned before.
When I think about your trade, I don’t like the idea of looking to go long when that big BEEB from D1 chart indicates that the bear is freakishly strong at that point. Yes, we have BEEB, but that BEEB simply hits a strong support line. I will be more delighted if the bar is like a pinbar or 2 bar reversal that is rejecting the support line below and not the resistance above. More than that, we have little space to move at D1.
When we go lower into H1 chart, we have a good-looking BUEB. Yes, it is big. But if you go several bars before on OCT23, you should also notice the mighty size of bearish bars that you are hoping to beat with your BUEB bar. Even without looking at the volume indicator, I’m kinda worried about the unfair fight that’s about to happen between my bull versus the previous bears.
The bull has done whatever he could with his limited power, though. If I am to take the trade, I will bet that the bull will go as far as 94.200 (if I’m conservative) or 94.300 (if I’m aggressive) based on possible FTA from KHL above, and only God knows what will happen next.
The outcome proves you right. I was feeling uneasy because of the strong bearish bars, that’s for sure but they stopped at a support level that looked strong enough to reverse the price. One thing I didn’t mention is that the BUEB happened after that support had been broken and price spent quite a few hours below it. That was an hint that maybe it wasn’t as strong a support as originally thought.
I am glad we can analyse this in depth, I think this is the way to learn. Not only from winning trades. I have an idea for Aaron. I still can’t access his forum so I don’t, but I would recommend you to open a thread in there just to discuss loss. It would be a place where, first of all, you calm down, avoid revenge trading or any stupid response to your loss and in the meantime, it hopefully, teaches you all you need for it not to happen again.
I forgot one thing: I didn’t consider it a BEEB on the daily otheerwise, I would have never entered this trade. On my charts, it wasn’t a BEEB by 2 pips.
Yes, I will not consider that an acceptable BEEB in my trade plan either.
That’s really a good suggestion for Krugman, Yves. Most people won’t even touch their losing trades with 10-foot pole afterwards, and hopelessly blame the market, bad luck, brokers, fundamentals, news, God, Satan, or whatever they can think of. Yes, there are times that even an A+ or 5 stars trade setup fails with no good reason, but a good trader should only consider that possibility as the very last explanation. Most of the time, it’s traders’ own greed, stupidity, impatience, or inability to stick to the plan that made them entering a losing trade after all.
We really need a forum at M2M community to analyze the losing trades in depth and to learn from it before we can accept the fact that the trade simply fails with no good reason.
Great answers but I want to add to the first answer you gave. I agree that just entering a straight trade is a bad idea, but entering at the break of the candle is not a must. I want to make sure members here know that if you are comfortable and understand candle retracement technique then you are more than welcome to use it and post it here. If the trader knows how to filter out poor quality trades and the retracement is done correctly in can sometimes double your profit with little added risk. The candlestick itself is confirmation of the market rejection and is telling us to get in the trade, entering at the break just get’s us in at a safer spot with momentum hopefully on our side.
This is something I like to do when I take my trades. I ask myself “If I were to take the opposite side of this trade, would I have a chance of winning”. If I am about ready to open long, and some part of me feels like the shorts have an edge, I walk away from the trade. I good ones are when I ask myself that question and I know that anyone to take the opposite of my position has very little chance of success.
Thanks, that is a great idea, I will put it on my list. Willy, can you still get in the forum? Yves, installed a different forum software and it is much better, you don’t need a wordpress account to get in either, it’s a stand alone software. Please try again and hit me up on Skype or babypips PM if you still can’t get in.
Thanks, that is a great idea, I will put it on my list. Willy, can you still get in the forum? Yves, installed a different forum software and it is much better, you don’t need a wordpress account to get in either, it’s a stand alone software. Please try again and hit me up on Skype or babypips PM if you still can’t get in.[/QUOTE]
I must sign up to your forum at the weekend Krugman if I get chance to. We have terrible wind predicted here for the weekend - Saturday nights are always curry nights for Benedict and his B -List buddy’s and should be avoided at all costs.
[QUOTE=“krugman25;555996”] Great answers but I want to add to the first answer you gave. I agree that just entering a straight trade is a bad idea, entering at the break of the candle is not a must. I want to make sure members here know that if you are comfortable and understand candle retracement technique then you are more than welcome to use it and post it here. If the trader knows how to filter out poor quality trades and the retracement is done correctly in can sometimes double your profit with little added risk. The candlestick itself is confirmation of the market rejection and is telling us to get in the trade, entering at the break just get’s us in at a safer spot with momentum hopefully on our side.[/QUOTE]
Thanks to both Yves and Krugman for the analysis
I know Its been mentioned in this thread not to trade after noon on Fridays here in the US. because others are getting out of trades. But what is the latest time on Friday someone would make a trade (on US time)? Should we be getting out of trades after noon here in the US?
Sorry if it has already been asked but have seen lot of people come in here starting threads then all of a sudden blog, website starts up with a skype room etc etc
Are you a profitable trader? Is trading what you do for a living?
Once again sorry if these have been asked but I have read most if not all and have not seen them asked.
I somehow don’t believe you have read through as much as you are suggesting because, all of the questions you have asked are either answered in my introduction post or have been asked multiple times over at my other beginners thread, and those answers are also linked to in my post #1 in this thread.
[I][B]Are you a profitable trader? Is trading what you do for a living?[/B][/I] <— answered in my intro post(post #1)
[I][B]Sorry if it has already been asked but have seen lot of people come in here starting threads then all of a sudden blog, website starts up with a skype room etc etc [/B][/I]
I don’t run a Skype room, I have a Skype account as do many traders here. And anyone is free to add me as a friend and chat if they want. I ran a blog/online trading journal before I started up on babypips, which was just an extension of the journal and blogging I have been doing for a while for friends and family on my facebook account. I continue to expand my platform of teaching Forex as long as the need is there. Here at babypips, I contributed a good 350 posts on another teachers blog before I decided to start my own up.
These questions are fine to ask but this isn’t the place to do it. Think of this as a classroom and you are interrupting class to ask the professor questions about his life. Not that those questions are wrong, but this isn’t the place to be doing it. I don’t perceive you trying to be offensive or trolling, which is why I obliged to answer the questions here, but these types of questions are outside of the boundaries of this threads discussion topics as noted here in post #1
[B]NOTE #2: I have tried to provide enough information of myself to help traders become familiar with who I am. If what I have already laid out is not enough then either move onto another thread or send your questions to me privately. I want a clean thread here dedicated to talking price action trading. Anything that falls outside of those boundaries are not allowed in this thread.[/B]
If you want to join in on the price action discussion here, we would be glad to have you! If my answers don’t suffice then I wish you best of luck on your trading journey.
First of all eternal, I want to say thank you for obiding by the requirements of this thread and posting pro’s/cons, screenshot and quality rating. The next think I want to say is that I am very impressed! I had looked through all of my charts on multiple timeframes and this is the 1 trade I found that I would consider worth trading. Although I have to ask, did you happen to catch this one yourself or see my post on twitter/facebook about it a couple hours ago? Either way great analysis. If you had happen to take this then please post full analysis with SL, Entry and TP as that will have great educational value here.
