BTW, anybody short Euro off yesterday's daily pin? I stayed away because of what could become heavy PPZ support I had drawn at .5815 after the breakout long, and it's been toying with that level for a good portion of the day now. Just wondering if anybody else is watching/trading this, and what your thought processes were here.
While looking at that daily, check out the monthly chart, would you consider it to have closed bearishly? If so, then would you also consider to wait in order to short instead of going long here? Aha! Got ya thinking now (hopefully lol).
I plan on adding long btw (already am long from yesterday), but only until bearish PA comes up on the 4 hour charts.
Hi mike, nice to have your thinking,
I see possibly closing bearish engulfing monthly (also on GBP/JPY),
but there are a few days to go.
I meant to check out last month's close. Sorry for the confusion man!
It might be wise to wait for bullish confirmaton (105,30 for example),
and the bulls are limited, because on my chart i see one of those special zone maybe working as a resistance at 106,20)
Confirmation is always good too, a safe trade is better than playing with a risk.
You see me thinking of a buy limit order with target 106. But SL...hm...
Maybe its not worth it. Have to watch price.
A stop loss under the pin would be around 103.75. If you entered at 105.30, that would be a stop loss of 155 compared to your target of 106 that you were thinking about, which would be a gain of on 70 pips. That's why I'm closing mine out on the first sign of bearishness (I've had it open since yesterday, the trade just isn't working out well though in my mind because of the resistance you noted). Best of luck to you in your trades man! And pick them wisely!
notwithstanding other PA factors, can someone tell me if the circled/shaded area on the gbpusd chart is a "proxy pin" playing off the "x" pin on my chart? thank you.
), always remember:.
"Best of luck to you in your trades man! And pick them wisely! "
This is EXACTLY my problem, I enther short today GBP/JPY 208.600. I know,
it will drop more, but have no patience and also an absence of selfconfidence for the retrace, which happend. I know, it has to, but on the other hand I thought, "IŽll miss this entry, price will never be 210, short now."
I`ll work on this, I promise. Maybe a few days no trading, just watching.
Price WILL come back.
i'm just trying to learn how to spot proxy pins, not necessarily trade off them ... 
Patience wins the prize. There are so many opportunities to trade these pairs every day, the REAL challenge is selecting the A+ transactions. Really, I'm so impatient but have learned that if I look at 18 different pairs each day (and I do) I'll usually have 6 or so A+ trades set up for harvesting $.This is really a great way to pad the retirement account!Instead, work on the patience, and let it come to you. If it doesn't, so what? That's one missed trade taht could have gone either against you or for you. I know I would rather have trades that are more probable to go in my favor rather than against me. I'm pretty sure you do too, so just keep working and sooner or later experience will take over.
ok i am now long Ej and Gj...
