DislikedAgreed!! I was lucky my sell stop order was never triggered In fact I better cancel the order before I forgetIgnored
Mikali
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedAgreed!! I was lucky my sell stop order was never triggered In fact I better cancel the order before I forgetIgnored
DislikedHey Mikali
Remember a pinbar is NOT valid until that low breaks. So the low never came close to breaking, technically not a valid pin.
Best
MikeIgnored
DislikedI was just wondering if there was some indication on the chart that made it obvious the PB would fail.
MikaliIgnored
Dislikedbeing punished every year for your success with a 40 percent tax by an idiot sociolist politician is tough.
jimIgnored
DislikedWhat do you guys make of GBPJPY. We have essentially had 7 H1 tops in a row, and last 3 hours or so have had a whopping 15 pip range. Very strange...
QueIgnored
DislikedHi Mike,
Fair enough, I keep calling it a PB when it technically is not. My concern is that I may have missed something in my chart analysis that would give an indication that the possible PB would not materialize. I hope that makes sense.
MikaliIgnored
Dislikedsince the backside of the bar has not broken its still a valid set up just not a pin bar....yet.
assuming you trade breaks of pin bars after an inside bar.
some do/some dont.
jimIgnored
DislikedHi Jim,
I have never traded IB's as I'm still very new to this. My understanding is there are basically two ways to trade IB's: 1) you can place pending orders above and below the IB and wait to see which breaks first then cancel the other order or 2) place a pending order in one direction based on where you think price will break.
That being said, I do not think I've heard the strategy of trading breaks of PB's after an IB. Could you kindly give me an idea how you could go about that play (I assume the pending trade would placed below the tail...Ignored
Dislikedmike,
both you and j16 talked about something like this before when we have clear same/close highs in short time range, it may be good idea to consider trading the breakout(instead of wait for broke out, then trade re-test).
is this a good chart for this approach? since those highs are just below 152, i'm thinking maybe a buy stop of 152.10, and initial stop below pin indicated on chart.
i'm not trading this, just want to see if my thinking along the right way. can you check and comment? thx.Ignored
DislikedYep you are quite correct Dhh. When you get such similar highs in such a small timeframe usually a break of those = a burst out to clear the orderflow. But on such a small timeframe like this, I would be very very cautious to try to hold to long as it could snap back(the larger the timeframe the more likely a sustained breakout will occur).
MikeIgnored
DislikedHi Mikali!
I am by no stretch of the imagination an expert, so please take what I say with a pinch of salt, but I looked at that pin looking bar last night and decided against trading it because of the massive bullish bar the previous day. When you have a pin bar that is much smaller that the preceding bar (or bars) I normally stay out of the trade because they are often just price taking a breath before it continues on its way....Ignored
DislikedPersonally I only play IBs after pins if the IB has the shape of a pin look, so it still looks very much as if the pin is in play. In that case I leave my order as is under the pin.
Best
MikeIgnored
DislikedHi Simon,
Thanks for taking the time to post your thoughts - sharing ideas is one of the things that make this thread so special. I believe your assessment on bar size has some merit. In one of my earlier trades this week a AUDCHF PB that failed mbqb11 (Mike) pointed out that a small PB in relation to a strong trend would have a hard time reversing --- this is not exactley the same but I think the underlying idea is close. I also missed on the 1.5650 area as both the daily and weekly charts indicate this being a strong PPZ.
Thanks again,
Mikali...Ignored
DislikedHi Mike,
Thanks for your insight!! When you say you only play IB's after pins if the IB makes it look like the PB is in play. Would I be safe to assume that the EURCAD example would not fit your requirement as the highs of both bars are within 3 pips. If you wouldn't mind clarifying I would really appreciate it.
Thanks,
MikaliIgnored
Dislikedhey my friend lesson learned.
DO NOT TRADE THESE BARS UNTIL THEY BREAK.
you will see some doing it but most of them have been doing it for a while.
a pin bar does not become a pin bar until it breaks.Ignored