Tehuringa in the J16 thread just posted a reply to a post I made about a very insignificant H4 PB, in a bad location.
I love his comment about the shaken coke feeling. We have all no doubt been there.
Quoting Pinbar
{quote} Wouldn't even notice it. In the middle of things!, price is going sideways, traffic and no tail on the pin which means, they have not drawn in enough people to push it up.
Tehuringa's comment
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This.....it wouldn't register for me either. No space, tracking sideways, nowhere near perfect pinbar. You can draw lot's of lines/fibs on a chart and try and justify a trade, adding credence to something that you no is not an "A" trade and subsequently jump in and get get cleaned out. Stick to the basics, trade only A-grade setups....just concentrate on pin-bars at first on demo, adding in layers of more PA setups as you gain confidence and you will find that these high probability trades work.
Write a trading business plan that lays out what patterns you will trade, what the perfect PA pattern works like, on what time frame, what % you will risk, etc and put it on the wall above your monitor. Mike's advice above is spot on.....don't feel the need to "Be" in the market.....let the market come to you on your terms and when it ticks all the boxes on your trading plan, place your pending trade and let it run its course.
If markets are crabbing sideways or boxing, sure you can drop timeframes, scalp and end up feeling like a shaken up can of coca cola after getting whipsawed around....if FX ain't playing the game look at other markets until FX decides to give you the setups that you require.
I love his comment about the shaken coke feeling. We have all no doubt been there.
Quoting Pinbar
{quote} Wouldn't even notice it. In the middle of things!, price is going sideways, traffic and no tail on the pin which means, they have not drawn in enough people to push it up.
Tehuringa's comment
======================================================================================================
This.....it wouldn't register for me either. No space, tracking sideways, nowhere near perfect pinbar. You can draw lot's of lines/fibs on a chart and try and justify a trade, adding credence to something that you no is not an "A" trade and subsequently jump in and get get cleaned out. Stick to the basics, trade only A-grade setups....just concentrate on pin-bars at first on demo, adding in layers of more PA setups as you gain confidence and you will find that these high probability trades work.
Write a trading business plan that lays out what patterns you will trade, what the perfect PA pattern works like, on what time frame, what % you will risk, etc and put it on the wall above your monitor. Mike's advice above is spot on.....don't feel the need to "Be" in the market.....let the market come to you on your terms and when it ticks all the boxes on your trading plan, place your pending trade and let it run its course.
If markets are crabbing sideways or boxing, sure you can drop timeframes, scalp and end up feeling like a shaken up can of coca cola after getting whipsawed around....if FX ain't playing the game look at other markets until FX decides to give you the setups that you require.
