to answer your question:
yes.
but, ideally, we want the close lower than the open (for a bearish pin, like this)
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
I'll start posting more trades
EU M15, Downtrend, Nice PIN, Trendline resistance, pivot resistance but trade failedAny ideas what I did wrong?
I don't have my chart,but what I can see at yours is ,start new trend and look at prior bar,it is look like momentum start up and prior bar is new HL,pin is above ema 21.In my view If I am in that situation a will be not go short maybe just wait because above is resistance as well.
Anyway it is very easy say now after action.
happy trading to you.
FX
EU M15, Downtrend, Nice PIN, Trendline resistance, pivot resistance but trade failed
With that said I didn't like this pin because price isn't really trending. The MA's, the BB's are flattening out (visually) and price isn't really moving.
- | Commercial User | Joined May 2009 | 5,751 Posts
hello guys,
Long time didnt post here but i must post to explain sometnig,
One guys said long time ago >
Trade every setup and every 2 pins and good RSI position and go for 5 pips not more if you want you can put SL or to close manualy.When i started this tehnique 1 year ago i was have very good results from 200 $ i earned 1200 for 3 weeks with tehnique i said but then i stop to trade on that way becouse i didnt have time to trade all day and i changed to trade large frame...
Use good MM take 5 pips and take care
Cheers
I found acc before 1 year >
Long time didnt post here but i must post to explain sometnig,
One guys said long time ago >
Trade every setup and every 2 pins and good RSI position and go for 5 pips not more if you want you can put SL or to close manualy.When i started this tehnique 1 year ago i was have very good results from 200 $ i earned 1200 for 3 weeks with tehnique i said but then i stop to trade on that way becouse i didnt have time to trade all day and i changed to trade large frame...
Use good MM take 5 pips and take care
Cheers
I found acc before 1 year >
"Buy on fear, sell on greed !!!
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
EU M15, Downtrend, Nice PIN, Trendline resistance, pivot resistance but trade failed Any ideas what I did wrong?
It was after good news and about 15 minutes or so before another news. But it seems it is not a smart idea to trade between news or against fresh very good news
ozmacca, zotoff, FxFighter, stoli7188, trade price made great observations.
what was your entry price? entry was before or after the pin close?
in summary, here are my observations:
- the pin's close was higher than the open. always prudent to give the reminder that we "ideally want a pin's close lower than the open"(for bearish pin).
- that pin did break downward, i think by only 1pip. this is 1 of many examples that taking a pin prior a break is detrimental, specially if u are new to this Method/PA trading.
- if the red MA is 50sma, & the blue MA is 21ema...
21ema is virtually flat for more than 15 bars prior that pin. price can go either way when an MA is flat.
- the pin formed above 50sma, & 21ema.
if we are bearish, we want price below the MA's... reverse for bullish bias.
- 1.2270 area is a minor PPZ or S/R (see M30, H1)
- BUOB prior the pin is big, bigger than the pin. in fact it engulfed 18 bars prior it. did u not notice that?
- that BUOB is pointing up, which was followed by a not-so-bearish pin (& u were expecting price to go down).
let me ask u: if a car has been moving fast in one direction (BUOB...remember it engulfed 18bars), can it make a quick reversal (the pin u traded) or even a quick halt/stop? essentially, your answer was "Yes" & that is how u expected price to act when u traded that pin.
- news (if there are any) must be avoided. we are trading low timeframes here, we can get stopped out many times due to news.
did i miss anything?
Hope this helps
Thanks everybody for response and special thanks to "trade price" and Supreme On this trade I learned more than during whole last month! I am adding new "rules" to my system ...
1, Do not trade during NEWS time (or between series of news). Especially against news
2, No clear trend = no trade (flat blue MA)
3, If prior bar is big (engulfing several previous candles and after consolidation) and shows momentum I should better NOT trade against it
4, PIN above MAs is warning sign of possible bad trade
5, Do not cry over one bad trade
6, Watch out S/R levels .. previous resistance can (and probably will) become support!
I took this trade, because I had too much self confidence Thanks God it was only micro account.
I did very good when traded pure Jankone style, but somehow added Ryanmcd style recently and
my performance went down It seems Jankone is more newbie friendly and Ryanmcd is good for advanced traders.
On this trade I learned more than during whole last month! I am adding new "rules" to my system ...1, Do not trade during NEWS time (or between series of news). Especially against news
2, No clear trend = no trade (flat blue MA)
3, If prior bar is big (engulfing several previous candles and after consolidation) and shows momentum I should better NOT trade against it
4, PIN above MAs is warning sign of possible bad trade
5, Do not cry over one bad trade
6, Watch out S/R levels .. previous resistance can (and probably will) become support!
I took this trade, because I had too much self confidence
Thanks God it was only micro account.I did very good when traded pure Jankone style, but somehow added Ryanmcd style recently and
my performance went down
It seems Jankone is more newbie friendly and Ryanmcd is good for advanced traders.
Hi Judith,
I was waiting for nice pin at the same place as you
As you can see from my chart that was the doji I took, the pattern you mention is very good, but I believe that waiting for that second bearish bar to confirm the setup yields a not so good risk:reward; maybe it would be better suited for a pure counter trend trade.