123PatternsV6 revisited

Quoting dee50

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I am convinced that many traders lose because they do not fully understand how to use the tools of their trade, they pick up a method or system and do not understand the component parts. If you are going to trade Pin Bars as part of your PA trading Method, then you need to understand what makes a Good Pin Bar, because not all Pin Bars are equal (also referred to as Reversal bars). So adding to the Jankone Charts PDF in the last post here are 2 PDFs explaining Pin Bars. {image} {image}

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Quoting dee50

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{quote} By the time you see this post you will be saying, "Thanks, but I have read the PDF you put together at the weekend and I know the answer now" But if you have not! here is a chart that shows various DIVERGENCES (hint). Understanding Divergence is Important. Why? Because Divergence is one of the few "Leading Indicators" available to a Trader. Here is a PDF from a Trader here on FF called "Jankone" he excelled in trading Pin Bars with Divergence albeit on a lower TF. {image} {image}

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Quoting mact4

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Profitable day but exit still needs a lot of work. EU +7. Had +20 at one stage but when TDI crossed back up, exited. EJ + 12. Again, had just over 20 pips; exited when price crossed back up. Crude Oil: +40 EU and EJ exited a little too late and Crude Oil far too early. Still at least a positive day. Any suggestions on improving my exits much appreciated.{image}{image}{image}

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Quoting dee50

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{quote} EU was a 20 pip trade right from the start, you should either not have taken the trade or you should have taken scalp profit at the rising TL which was also S&R and the 50% Retr. The EU had set up a Triangle you should have been looking for a Breakout or as I said, a scalp within the Triangle. EJ you entered far too late as you already accepted . You had a small Pin Bar off Falling TL PA had been tracking the TL down. A 123 with the Pin Bar forming the 3 point. TDI and Stochs showing downward momentum, again EJ had formed a Triangle and...

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Quoting dee50

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{quote} EU was a 20 pip trade right from the start, you should either not have taken the trade or you should have taken scalp profit at the rising TL which was also S&R and the 50% Retr. The EU had set up a Triangle you should have been looking for a Breakout or as I said, a scalp within the Triangle. EJ you entered far too late as you already accepted . You had a small Pin Bar off Falling TL PA had been tracking the TL down. A 123 with the Pin Bar forming the 3 point. TDI and Stochs showing downward momentum, again EJ had formed a Triangle and...

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Quoting dee50

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EU +45 GDP News. I entered once price had got down to 1.3600 which was an hour before news and TP was at 1.3650. just kept it simple and realistic. This was only GDP, normally good for about 30 - 50 pips no more. UJ +25 GDP News. Exactly the same thing, but I have closed this out before the BRN @101.50 because the Big Boys are starting to Buy back in. I am done. 70 pips is enough, I do not care if the market moves another 100 pips (highly unlikely). {image} {image}

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Quoting mact4

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{quote} Brilliant trades as usual Dee. I'd just like to ask you about your EU trade though: What gave you the confidence to go long at 1.3600. Yes, we were in a rising channel but news was coming and green below red on the H1. Price barely made 1.65 before turning round again. Was it just on the strength of the channel and BRN?

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