FX:USDJPY   U.S. Dollar/Japanese Yen
Pin bar formed at 50% retracement in H4.

Entered long at market. This is after I was stopped out from the earlier pin bar (three candles before this current pin bar).

Target is actually open at this moment. Let's see if I can get second time lucky. Fingers crossed. :D
angmohlin
2 years ago
Should wait for retest the pin bar at 119.662 then long.
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Casey_Yeo angmohlin
2 years ago
Sorry mate. Dont see the pin bar that you mentioned.
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Casey_Yeo
2 years ago
Stopped out.
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Sam0101 Casey_Yeo
2 years ago
dont u think somehow 119 provides a strong support?
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Casey_Yeo Sam0101
2 years ago
It may...but I dont know. I was too rash to trade these two pins. It may just bounce fron this 119 zone and form another pin when this candle close at 2 am Singapore time but I will be asleep then. Bad trading for me. Just bad trading..
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angmohlin Casey_Yeo
2 years ago
Hi Casey, you are not wrong to adopt the strategy of to long when pull back in particular USDJPY is in strong uptrend. You just got no luck. Too bad.
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Sam0101 angmohlin
2 years ago
USDJPY is on speeding recovery. Any sights on the current move?
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angmohlin Sam0101
2 years ago
Lower Highs & lower Lows from all the smaller time horizon charts are bad signal. Likely to retest 117.929 level. In 1 minute chart there is a potential Head & Shoulders pattern. I am favour short position. Just my 2 cents & I may wrong. Caveat.
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Sam0101 angmohlin
2 years ago
Are u going to short now at 119.3 to 117?
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Casey_Yeo Sam0101
2 years ago
You may trade the huge pin bar right at support zone in H4 if that fits your plan. Your SL placement need a bit of thinking here though...
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Casey_Yeo angmohlin
2 years ago
seems like luck is never on my side this year whenever I trade JPY pairs. Objectively, the currently pin bar in H4 right at the support zone should be the pin to trade per my plan, not the previous two pins. But I have made a vow to myself to only trade daily signals from now onwards given my poor record of H4 trades. These H4 trades just wiped off huge chunks of profits made from daily trades. Good luck if you are shorting...it is probably time for JPY to take a break until after the Japan election.
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angmohlin Casey_Yeo
2 years ago
Frankly speaking luck is very important in any kind of trading. I am lucky that I have able to spot the short signal from various smaller timeframe charts. However, regret to say that I have missed a boat to short at 119.388. I am newbie and too slow to act. I just started learning how to trade forex market in early June 14.
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Sam0101 angmohlin
2 years ago
U still hoop on the boat if not too late if acording to your plan. You think it should retest 118?
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angmohlin Sam0101
2 years ago
Based on the measurement the ST target has already reached i.e. 118.725 twice & now formed double bottom. Hence, I will queue again to short at 119.388. Hopefully can make some "kopi" money to practice my skills.
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Sam0101 angmohlin
2 years ago
Kopi ? Yeah same. So you see this pair in bearish ?
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Casey_Yeo angmohlin
2 years ago
angmohlin...luck can only helps us temporarily. My own belief is that consistently applying a system in a timeframe of your choice with proper money management and reward/risk ratio > 1 is the way for long term success. Happy trading.
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angmohlin Casey_Yeo
2 years ago
Casey, what is your most ideally suitable timeframe for you to conduct the trade. I am like day trader only look at short timeframe for quick transactions for not holding more than 2-3 hours. Sometimes even just hold for 10-15 minutes once "kopi" is in.
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Casey_Yeo angmohlin
2 years ago
I personally trade best based on signals on daily/weekly charts. I did hold for about a month before. There are also times where target was hit in few hours - these are those you called luck! I aim for reward risk ratio of at least 2. When first started trading 4 years ago, I don't know about the importance of reward risk ratio. I made mistakes of jumping from strategy to strategy - no consistency, no testing what so ever - for the first two years. Until I bumped into price action trading. Just hope you don't commit mistakes I committed. The more mistakes we make, the more time we lose. Anyway I vow to myself to never mess around anymore. Stick to purely weekly and daily signals. That's it. No signal, no trade. Close off charts. Enjoy silence moment... :D
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angmohlin Casey_Yeo
2 years ago
Hi Casey, what is "price action trading". So far I didn't practiced R/R ratio to all my trades. I only set the SL above next resistance level & take profit at next support level.
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Casey_Yeo angmohlin
2 years ago
You may google for that. E.g. candlestick patterns. Do you mind me asking how do you trade? Understanding RRR and applies it can totally change your mindset and boost your bottomline. You will feel less stressed trading knowing that for example you only need 3 winners for every 10 trades if each winner gives you on average RRR of 3. RRR concept is equivalent to profit margin in traditional business. Not all products sold by a company is popular. The popular ones (the winners) need to have huge enough profit margin to cover the cost of those less popular ones (the losers).
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angmohlin Casey_Yeo
2 years ago
My trading style as mentioned above that I set the SL 5 pips above the resistance level or within my tolerable limited budget i.e. 20-30 pips whichever is lower. Recently I realized that I should move my SL to breakeven and let profit run if I am in money. So far my winning trades more than losing trades but I have almost breakeven for past 6 months not making money and not losing money.
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