Portal
 Index
 Memberlist
 Profile
 FAQ
 Search
Social bookmarking

Social bookmarking Digg  Social bookmarking Delicious  Social bookmarking Reddit  Social bookmarking Stumbleupon  Social bookmarking Slashdot  Social bookmarking Yahoo  Social bookmarking Google  Social bookmarking Blinklist  Social bookmarking Blogmarks  Social bookmarking Technorati  

Bookmark and share the address of forexgreenland - Forex forum,Forex training, Forex signals, Forex mgt accts on your social bookmarking website

Bookmark and share the address of Forexgreenland - Forex forum,Forex training, Forex signals, Forex managed accounts on your social bookmarking website


How to take this Price Action Pin Bar(Part 1)

View previous topic View next topic Go down

How to take this Price Action Pin Bar(Part 1)

Post by asiaforexmentor on Mon Apr 23, 2012 9:38 am

Forex Trading Course How to take this Price Action Pin Bar

[You must be registered and logged in to see this image.]

Forex trading pair: Gold (Xau usd)
A forex price action pin bar formed as showed in the blue highlighted box.
Lets Analyze this price action pin bar:
1) Pin bar formed off the 25 moving average (yellow line)
2) Pin bar protrudes out from surrounding prices. But the nose could be longer.
3) The past few bars before the pin were all bearish bars. Which would make me doubt on whether the small pin has the strength to take on the previous bearish bars
4) The over trend is in an uptrend
Forex Trading Course How to take this Price Action Pin Bar

So this is a retracement pin bar. To play this pair, i would have placed a pending buy order on the break of the pin. (marked by the dotted orange line)
Stoploss would be below the pin (marked by the dotted red line)
As we can see the next bar would have triggered our stoploss had we entered the trade right at the close of the pin.
This is the power of pending orders.
So by placing pending orders in such a scenario. We would not miss out on trades that go our way, and we will miss taking trades that didnt go our way.
As always Trade with a plan and if there isnt a plan. Skip the trade.
Ezekiel Chew
[You must be registered and logged in to see this link.]
avatar
asiaforexmentor

Male
Number of posts : 72
Location : Singapore
Reputation : 1
Points : 216
Registration date : 2011-04-01

View user profile

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum