Portal
Index
Memberlist
Profile
FAQ
Search
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
Index
Memberlist
Profile
FAQ
Search
Latest topics
Social bookmarking
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
Forex Trading System What happens when 1 pin fails to break?
Forexgreenland - Forex forum,Forex training, Forex signals, Forex managed accounts :: Your first category :: Forex Technical Analysis & Strategies Forum
Page 1 of 1
Forex Trading System What happens when 1 pin fails to break?
Forex Trading System What happens when 1 pin fails to break?
Forex Trading: Usd Chf pair
[You must be registered and logged in to see this image.]
In the chart above shows 2 highlighted pin bars.
If a trader took the first price action pin bar (marked as 1) and placed his stop loss right at the bottom of the pin -
He would get stopped out and would have possibly missed the winning move upwards.
How can we improve this?
- This is the reason why i always recommend traders to place their stoploss 10 pips below the edge of the pin. By doing so you would still be in the trade and not get stopped out by the next bar.
- If you did get stopped out by the next bar. You would have gotten back your pips in this trade as the next bar formed another pin bar (marked as 2). This forms a double pin bar. A setup that shows that price is indeed going up.
Therefore you would still get back into the trade on this pin bar and took it right up.
Alot of traders when got stopped out by at the first pin would not have taken the 2nd pin due to the fact that they had made a loss in this pair, and they “feel” that this pair is no longer reliable. And they “feel” that since the first pin has been stopped out, the trend is no longer heading the direction they wanted.
This is a common syndrome by most traders – Dwelling on the PAST Trades
Remember – every trade you take is a new trade. And is a fresh beginning.
Forget what happened on the last trade, regardless of whether that is a winning or losing trade.
Focus on seeing what is right in the new trade. And not let PAST perceptions affect your judgement.
Therefore in this trade, had you not dwelled on the first pin that had been stopped out.
You would have seen that it formed a double pin bar! And this double pin bar is in the right upward trend movement.
You would have taken this trade without hesitation.
Ezekiel Chew
[You must be registered and logged in to see this link.]
Forex Trading: Usd Chf pair
[You must be registered and logged in to see this image.]
In the chart above shows 2 highlighted pin bars.
If a trader took the first price action pin bar (marked as 1) and placed his stop loss right at the bottom of the pin -
He would get stopped out and would have possibly missed the winning move upwards.
How can we improve this?
- This is the reason why i always recommend traders to place their stoploss 10 pips below the edge of the pin. By doing so you would still be in the trade and not get stopped out by the next bar.
- If you did get stopped out by the next bar. You would have gotten back your pips in this trade as the next bar formed another pin bar (marked as 2). This forms a double pin bar. A setup that shows that price is indeed going up.
Therefore you would still get back into the trade on this pin bar and took it right up.
Alot of traders when got stopped out by at the first pin would not have taken the 2nd pin due to the fact that they had made a loss in this pair, and they “feel” that this pair is no longer reliable. And they “feel” that since the first pin has been stopped out, the trend is no longer heading the direction they wanted.
This is a common syndrome by most traders – Dwelling on the PAST Trades
Remember – every trade you take is a new trade. And is a fresh beginning.
Forget what happened on the last trade, regardless of whether that is a winning or losing trade.
Focus on seeing what is right in the new trade. And not let PAST perceptions affect your judgement.
Therefore in this trade, had you not dwelled on the first pin that had been stopped out.
You would have seen that it formed a double pin bar! And this double pin bar is in the right upward trend movement.
You would have taken this trade without hesitation.
Ezekiel Chew
[You must be registered and logged in to see this link.]
asiaforexmentor-
Number of posts : 72
Location : Singapore
Reputation : 1
Points : 216
Registration date : 2011-04-01
Similar topics
» Forex Trading System What happens when 1 pin fails to break?
» Auto forex system trading - How to get monthly cashback from forex trading
» Free Daily Price Action Forex Trading Strategies & System From Asia Forex Mentor
» Free Daily Price Action Forex Trading Strategies & System From Asia Forex Mentor
» Free Daily Price Action Forex Trading Strategies & System From Asia Forex Mentor
» Auto forex system trading - How to get monthly cashback from forex trading
» Free Daily Price Action Forex Trading Strategies & System From Asia Forex Mentor
» Free Daily Price Action Forex Trading Strategies & System From Asia Forex Mentor
» Free Daily Price Action Forex Trading Strategies & System From Asia Forex Mentor
Forexgreenland - Forex forum,Forex training, Forex signals, Forex managed accounts :: Your first category :: Forex Technical Analysis & Strategies Forum
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
|
|
Tue Sep 04, 2018 6:35 pm by rombizniz
» Daily Market Analysis from ForexMart
Fri Jun 22, 2018 8:01 am by Andrea ForexMart
» InstaForex Company News
Wed Jun 06, 2018 7:21 am by IFX Yvonne
» ForexMart's Forex News
Tue May 29, 2018 5:12 am by Andrea ForexMart
» Company News by ForexMart
Fri May 25, 2018 7:22 am by Andrea ForexMart
» Buying/selling Target, Best Buy, Apple, Itunes Usd, Amazon, Ebay, All Kinds Of Walmart, Gd; All In
Sat May 19, 2018 8:13 am by cricker94
» buy&sell gift cards,bitcoin,skrill,alipay..amazon,ebay,walmart,target,googleplay
Thu May 03, 2018 6:40 pm by rodxzn
» LiteForex news
Mon Apr 16, 2018 4:15 pm by LiteForex Official
» Buying/selling Target, Best Buy, Apple, Itunes Usd, Amazon, Ebay, All Kinds Of Walmart, Gd; All In
Fri Apr 13, 2018 11:31 pm by cricker94