I saw that trade but the risk/reward ratio was too great for me. The stop would be 101.90 (20 pips after support) and take profit 104.20 (20 pip before resistance). At the price of 103.30 that would make it a 90 pip gain against a 140 pip loss. I try to make my ratio at least 1:1.
Maybe you can give me your opinion on this because that pinbar looks sweet and I wanted to have a go at it.
You guys worry me taking these pin bar entries before they are even confirmed by a break. the break on my feed was 2 pips. not enough. give daily a little room, 10 pips or so depending on the currency.
jim
Jim,
I noticed on some of your early charts you were taking trades of the 15min Tf do you still do that or are you strictly trading the daily?
Regards,
Agenfx
I like the gbp/jpy IB best
I have quite a few positions built up on gbp/jpy but this is a nice possible add on spot
New Chart
Your a bit off on Double Bar High Lower Close there ghous. The Lower Close has to be below the entire previous bar. (See green box)
DUH! i think i am confusing myself here. when we say two matching highs, to make this setup valid is it essential for the last bar to have a close higher than the previous one or is a higher low enough of a confirmation.
i am still new to IB's, Obs's and double bars (DB's)...
Thanks,
Regards,
Ghous.
Hi Ghous,
You will get a pretty clear picture if you read the first few pages of the thread.
If I get some time later I'll point out some examples.
(...Unless someone else can do the honours? )
,Bundy
Gbp/Jpy : DBHLC
Ghous,
It's rare to find a real strict one (pip to pip) with a real good lower close, but here's one in Oils past. (4 Hour Chart)
You can see the significance of the formation by looking at a good one like this.... (and can occasionally get good ones at a swings high/low such as this)
Breaks of double lows/highs are another matter. I've gotta run. James has the best examples. Right near the start.
Here's a personal favorite of mine back in Feb.
should selling the eur/usd at 1.5750 and setting stop loss at 1.5805 be a good trade.
You guys worry me taking these pin bar entries before they are even confirmed by a break. the break on my feed was 2 pips. not enough. give daily a little room, 10 pips or so depending on the currency.
jim
My 1st post in this gr8 thread. Unfortunatelly, i have no time to read it all but maybe i will...
As a newbie here i decided to post my chart. There is no bar action yet, but potential double bar low and other things saying that long is close on aud/usd.
We have here: 4months trendline, monthly pivot and 61,8 fibo in few pips!!!
And also 38,2 20 pips down.
I'm waiting for small bounce and going long.
Who's going with me?
