Yes, my candles form in real time, so if I am looking at yesterdays candles you will see a candle representing todays candle forming. It does show the wicks and real body as the candlestick is playing out.
guys just a small broker thing, I know a lot use RoboForex for MT5 however Roboforex is no longer NY Closing time since last week when we EET fell back one hour. I have been noticing weird stuff on my charts and that was it.
For some reason I actually prefer this one on the NZD/USD daily as the pin bar seems cleaner to me although I don’t like the traffic to the left too much:
Does it open and close in Previous bar? YES
Does it stick out? YES
Is it in traffic? A LITTLE TO THE LEFT
Downswing? YES
With trend? YES
Same length or longer than previous bar? Yes
I’d give this 4/6 as I would have liked less traffic but I am thinking about taking this.
I see this zone as S/R zone the price looks pretty “boxed” to me just my opinion though
would love to hear peers’ input on both our setups[/QUOTE]
Hi Eternal,
I see what you mean, I would probably look to take profit at 0.83754 but as you say it’s not straight forward.
I like that on your NZDCAD pins it has shown two quite large price rejections and could just be a downswing before it continues on its journey. The upward trend also looks very powerful too.
I see what you mean, I would probably look to take profit at 0.83754 but as you say it’s not straight forward.
I like that on your NZDCAD pins it has shown two quite large price rejections and could just be a downswing before it continues on its journey.
I’m also looking forward to peers thoughts
BA[/QUOTE]
Just wanted to also mention that although I know we don’t trade the news here I just wanted to give a heads up on some news coming out of NZD in just over an hour as it relates to the pairs we are looking at- ANZ Business confidence.
For example, I have a set of rules, how a PB should look like:
Open and close within previous bar.
Candle wick minimum 3 times the length of the candle body.
Long nose protruding from all other bars (must stick out from all other candles).
I’m not saying that you are wrong or right. I was just wondering if you guys here got certain rules, what the Price Action candles should look like, or you just trade a candle that looks like a Pin Bar. As long as it works for you, it’s all fine!
P.S. I’m well aware of what Krugman has said about Pin Bars and how they should look like for him in order to take the setup.
Candle wick minimum 3 times the length of the candle body.
Long nose protruding from all other bars (must stick out from all other candles).
I’m not saying that you are wrong or right. I was just wondering if you guys here got certain rules, what the Price Action candles should look like, or you just trade a candle that looks like a Pin Bar. As long as it works for you, it’s all fine!
P.S. I’m well aware of what Krugman has said about Pin Bars and how they should look like for him in order to take the setup.
Richard[/QUOTE]
Hey Richard
How’s it going? Thanks for giving us some feedback. I am definitely trying to maintain a set of rules as far as pin bars go and now use a check list of my rules before placing a trade. I also use the same as your three above, I believe the NZDUSD meets these requirements but the one thing I’m confused about is the pin bar sticking out part. For instance although the NZDUSD daily pin bar now sticks out at this latest downswing, it is of equal length to a pin bar that formed a while back on its last downswing, this pin then reversed the movement back up. As this is a new movement should it still need to stick out against older ones if that makes sense?
[QUOTE=“FaRS;558432”] For example, I have a set of rules, how a PB should look like: <img src=“301 Moved Permanently”/> 1. Open and close within previous bar. 2. Candle wick minimum 3 times the length of the candle body. 3. Long nose protruding from all other bars (must stick out from all other candles). I’m not saying that you are wrong or right. I was just wondering if you guys here got certain rules, what the Price Action candles should look like, or you just trade a candle that looks like a Pin Bar. As long as it works for you, it’s all fine! P.S. I’m well aware of what Krugman has said about Pin Bars and how they should look like for him in order to take the setup. Richard[/QUOTE]
Good definition, also I would add that the body must be in the top/bottom 1/3 of the entire candle. Otherwise you have a dojo/spinning top. Your #1 is flexible, if you have a “proxi pin bar” it doesn’t need to close within the previous candles. One of these days I will show one of those.
A hammer is pretty much the same except the wick only needs to be 2 times the body instead of 3.
Thank you for Comment , I agree with you I don’t like the Double Top too But in My Opinion it will only affect once Price move below 15670 and Break the Pin Low ,
I didn’t take The trade , Coz i was waiting for retrace to reduce the Stoploss as it’s rated as More risky trade so I didn’t want to risk much ,
Obviously, forgot to mention that, thanks. The reason, I’m trading Pin Bars and not trading Hammers, is that Pin Bars show clearer and much stronger rejection than Hammers.
Speaking about Proxybars, then they are lower probability setups and just don’t suit my trading style.
[QUOTE=“FaRS;558455”] Obviously, forgot to mention that, thanks. The reason, I’m trading Pin Bars and not trading Hammers, is that Pin Bars show clearer and much stronger rejection than Hammers. Speaking about Proxybars, then they are lower probability setups and just don’t suit my trading style.[/QUOTE]
I agree proxi pin bars are lower probability, I almost never trade them myself. I disagree though that pin bar shows a much stronger rejection. Actually any pin bar could easily become a hammer, the only difference is a little larger body, The larger body can show a stronger stronger movement in the direction of the reversal. It sounds like you have a good trading plan though, sticking to a set of high probability candles and setups.
It’s going just great, better than I expected, thanks.
First of all, we shouldn’t compare present setups to previous ones, because they all work out differently, by that I mean, every setup is unique due to the fact that there aren’t two identical times, when there were the same traders trading the same setup on the same time frame.
As for NZD/USD D1, then I would like if the Pin Bar cut deeper into the support level or I would like to say support zone.
It’s a bit late now but I still wanted to give you my opinion. I like them both equally although I read somewhere that 2 pinbars next to another have a even higher probability. I was on the NZDUSD trade following a nice pinbar on the 4hr. It failed and I then saw the daily pinbar and thought that I may have been right. So I placed an order at both 50% retracement and break of the pinbar. The retracement one got triggered and it was 15 pips in profit when I woke up so I moved to break even thinking that I had already paid enough to find out whether it would work or not. One reason for taking NZDUSD instead of NZDCAD is the spread difference between both. It’s 4 pips against 10 pips so for equally rated setup, I prefer the lower spread.
So am I right to assume that what is showed in my screenshots are hammers rather than pinbars?
Just so I understand why does a larger body means lower strength ? it would make sense if the color of the body is opposed to the trade direction but if the wick is pretty large in itself and the body is large too in the direction of the trade shouldn’t that be a sign of more strength instead ?
Hi all, I wanted to share my strategy for the time being.
I have decided to take all setups that qualify according to my plan unless they are highly correlated. At the moment, I am on AUDNZD, CADCHF, EURAUD, GBPJPY and NZDUSD. I try not to pay too much attention to minor SR lines Reason for that is the system I had been working on for a long time before moving to PA was to open trades on a basket of pairs with a predefined TP and SL and I think I did so because it best suited my personality. The problem at that time was that my edge was very low. It is now a lot higher thanks to PA. A big advantage is that it is now really acknowledged as an almost mechanical system in my brain and I don’t look at every single trade but more as a whole with a certain Win/Loss ratio. This has really dropped the emotional thing and I have no problems with loss anymore. I know, I may only reach BE in the worst case but I won’t lose money in the long term. Now, I plan to keep thorough record of every single trade and to let experience make me fine tune on the criterias to enter a trade. For example, I found out that my last too losses happened just before a high risk news event so I may decide to consider paying more attention to them in the future. So to say it differently, I am still learning the pick up process but at low risk as I am still entering trades based on valid signals. The result may not be too great in the beginning but I think that I need to lower the emotional exposure for now as a number one priority. The rest will come after as I fine tune based on each trade analyse.
