very nice Artist, count with me
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DislikedPinbar & Engulfing The significance of these 2 candlestick patterns is rejection of prices. For the benefit of those who don't know what they look like, here is a textbook example. Bearish Engulfing {image} Bullish Engulfing {image} Bearish & Bullish Pinbar {image} Using these patterns in isolation can be misleading and i will explain why in the next post. These patterns are best used in conjunction with the trend and SR as they may pin point potential reversal. Moving on.. FartistIgnored
DislikedDanger of Pinbar In my previous post i mention that trading a Pinbar in isolation can be misleading. In my early days of trading i get very excited when i spot a bullish Pinbar. I could hear the voices in my head saying 'IT"S GOING UP!' Well sadly more often than not it went against me and stopped me out of my trades. That is because i was simply trading the Pinbar in isolation, which meant that i am trading against the trend on a lower timeframe. Here are some charts to illustrate my point On the daily chart we have a typical bullish Pinbar that...Ignored
DislikedI have started my own software development using Oanda's API that allows me to pull in all the monthly/weekly/daily data for all instruments they have (about 160 all up) then run my own MA calculations to identify trends, I am looking for instances where the Daily and Weekly trend agree, then I can begin further analysis using the charts from there... 160 instruments narrowed down to 14 in about 1 hr. I intend on doing this every weekend. This week the instruments I am looking at are AU200AUD AUDJPY BCOUSD CH20CHF CORNUSD DE10YBEUR EURSGD EURUSD...Ignored
DislikedA Pinbar is simply a pullback on the lower timeframe. And by going long at the open of the next candle, chances are you are trading into resistance on the lower timeframe.Ignored
Disliked{quote} My list of instruments is performing well, up something like 800 pips on positions entered on Monday. News helps but as I have seen this week if you are on the right side of the trend the news in your favor tends to have an exaggerated reaction where as news against the trend tends to be stomped on quickly. Now I have a good collection of positions, trade management comes to the fore, previously I would take partial profits, however reading the millipede thread I am now looking to maybe add positions to my winners and let them play out....Ignored
Disliked{quote} That's a very good point fartist. I don't use pinbars or any candle formations in my trading. They are usually used by traders trying to catch reversals at the tops and bottoms of trends, which almost always ends in disaster. Just think of the odds of catching the one reversal candle out of 100 to 200 on a chart. I'm sure you use them differently and I'm looking forward to seeing how. Happy trading!Ignored
Disliked{quote} Hi Fartist, Thanks for the analysis, good to have confirmation of ideas going forward! Couple of things, with the boon analysis thats quite a pullback you are looking for, wouldn't you say if price did pull back that far and took out the previous swing low the trend would be starting to look weak.? The area I am looking at is in green in my screenclip, your area is red.. interested in how you view that.. {image} Also, looking forward to hearing how you decide to get out of a trade - or did I miss that in the thread somewhere? Here's to another...Ignored
DislikedHi, fartist. I am definitely a trend follower, too. My trend definition is a bit stricter. I usually find out the pair in correct rising order or correct falling order, and monitor the market movement before pull the final triger! It's a heavy burden to go over all the symbols. Can we write a formula to filter out the symbols that meet a certain criteria? Thank you for your prompt reply.Ignored
DislikedHello Fartist, I have been reading all your posts. Awesome. Is it wise to apply trailing stop with trend trading..instead of TP. I read a book, "Trend Following by Michael Covel" . it advises to let the trade run but am worried, i might leave it and it reversesIgnored