DislikedSpeaking of safer entry, I thought the safest way is the brake of the high in this case. I am bit confused.
Seeking is just greeeeedy
Keeping it Simple
DislikedAlso I've got a question for the veterans:
There's this classic "rule" that highs are s/r, especially if they're 3,4,5..8 year highs. Personally I never understood why that is. The DJI for indices and Oil for commodities never paused and reversed simply because there was a new high made, right?
The same thing for carry trades and crosses, simply because it made a new record high, why would one recoil from an entry?
The argument I had was how to play the IB we had on GJ daily.
I entered as soon as the daily bar broke above 239.80. I got ridiculed as it was "just under an 8 year high" and that "pro traders would never go long under that". I replied "how would it make it better if one entered AFTER a new high was made instead of 20 pips earlier, saving 20 pips stop, making 20 pip more profit and getting the same result or outlook - either it goes or it blows".
I mean, the inside bars that fake out and come back will do so no matter where, no? Better to have some pips locked in before they come back instead of exposing oneself at the high entry and using only a small 10-15 pip stop in hopes of continuation?
I simply think entering early can have you risk free or locking in pips no matter how many years of record highs or lows as opposed to having a higher likelyhood of having the thing blow up in your face...I feel it's safer to be in early than be "confirmed" that it moved out above the high/low...
What's your take on this?
Dislikedno expert here seeking but i have quickly learned to just play these inside bars as you did. I am also in this trade on the break. Also when they IB comes back and reverse, I always make sure to reverse my position. Usually thats they real way its gonna break. Have to just forget about that first break :-P
DislikedIBs are the ones I consistently lose at.
...So I don't play them for now. Occasionly playing them on demo instead.
I've tried the "take the second reverse break" strategy, but maybe I just happen to choose IBs that are going to whipsaw all over the place! LOL
All I do is wait for a confirming bar to close now. Depending on how viable the trade still is. Sometimes that confirming bar goes too far for me.Ignored
DislikedStill in my g/j u/j and aud/cad. What is everyone else in?
DislikedI'm in a lot of pain with all this staggering +-30 pip ranging....every time we hit the lower boundary I fear it's gonna break and kill me
Still in GJ as well, going slightly insane seeing it come down almost 100% from +60.....still hoping cable and GJ continue their upward bound....Waiting for a breakout on cable.
Still long nippy, hoping that doesn't die on me as well...
Short USDCHF from a sort of pin like thing at the .786 + near the high, forming into a 4h pin soon.
I'm feeling very religious today, constantly praying things don't just whiplashthrash me out and nullify all PA I see...
Selling dollars, buying dollars....argh...what am I doing
DislikedHi Mike ,
Just wondering what type of entry aud/cad was, i tried to figure it out, but
coudln't figure out what your entry was.
I'm in the eur/aud, took a 2hr pin bar.
Price action is all a very personal thing to put into a working strategy I have learned. Still in my g/j u/j and aud/cad. What is everyone else in?
DislikedI am also long on the eur/aud now 4 hr pin bar off resistance that goes back a ways. I am still learning to trade this pair. Gets real choppy, but usually will chop one way or the other. Pair doesnt shrink down enough to make it worth putting a picture up. But just check the daily chart for resistance and pin on the 4 hr.
one more question,
did you enter after the 2nd 4hr pin broke, then retraced, or entered on the retrace of the 1st 4hr pin, as I never thought of entering on the break of a pin then a retrace, i always was thinking you only enter on a retrace if the pin hasn't broken, pls clear this up, as this opens up a whole new way of looking at pins.
The aud/cad is a trade I had got into on friday and held over the weekend. It was an 8 hour pin bar, OR entry on the second 4 hr pin bar(howerver you want to look at it). Of course this is one of those pairs that only taking long isn't a bad idea(zoom out for that ). Heres a chart though, hope this helps.
Good 4HR pinbar observation! Indeed, EUR/AUD is at the weekly PP around 1.6440 and the daily is showing a PIN. I am just not very comfortable with going against the trend there and don't want the stress fighting the market :-) So I will just watch this time