Should we or should we not take this trade?

[asiaforexmentor]

Forex trading strategies – Should we or should we not take this trade?

 

Today’s post is one of the forex trading questions that i got over the weekend which i thought would be helpful to share

 

Question:

I spotted a pin bar pointing down with the 150ema supporting the

cadjpy. The daily chart seem to be heading down but the weekly chart seem to be going

up. In these case, is it safe to sell as the day seems to be heading down

although the weekly still seems to be pointing up?

My Reply:

No, when i trade the daily forex chart, i will make sure the daily and the weekly are

in the same side of the trend.

Although its a price action pin bar off the 150, but the pin bar looks too small to

take away the strength of the uptrend. I may be wrong on this, but given the

small pin and the weekly uptrend. i will skip this trade.

 

Forex Trading Strategies – Here’s the recent Forex chart update on CadJpy

 

Follow up:

True enough, the price action pin bar failed to take price down and its stoploss was triggered. Had we placed our stoploss at the top of the pin, we would have gotten stop out.

Take away Tip:

Pin bars happen & form all the time, it is by picking the right ones to trade in. There are several criterias which we use to call for a good trade and that is taught in our Winning Asia Forex Mentor Price Action Forex Course.

 

Ezekiel Chew

Asia's #1 Forex Mentor

[Bonnie Berry]

It should depend on many things as if we are confident that it is going to move our way than definitely its worth a go but of course with keeping budget in control via good money management and we should always remember that Forex trading is a quick business so decisions have to be made on spot if we want to get positive results.

 

I would be happy trading with this given scenario since I use rebate service by OctaFX broker. They offer us 15 USD per lot size trade so even if my decision is wrong still I get high amount return so that really gives me great support and also freedom in decision making for any trading that I do.

[myregister]

I think that is just correction, but if there's a news that could make such a reversal i advise you not to take any action at the moment until there is a clear trend. Touching EMA125 is a good news if that is break it out this pair may fall deeper once more even like that previous candle.

[standart]

if we are trade by use price action technique, we should learn about price formations and patterns. such as pin bar or V pattern. if we are has no good understanding, we will often to make wrong assumption. make sure that we are riding valid momentum. mean that we should wait next candle pattern after signal appeared.

[myregister]

Well that is not about learning or something like that but if you pay attention to this thread you will see that the trend is actually back to the previous price, this is what we said as correction there are 2 options there the price may break the white line, or after touch and rise a bit it will fall again, but i think it will keep falling since the correction is not strong enough to bring price at higher level.

[Upul Tharanga]

I can’t say anything for certain but if we feel doubtful then we should try to avoid it because it’s too risky going to trade without uncertain mind. I always want to be 100% sure of what I am going to do and if I have doubts I stay away but fortunately I can take little chance with Nova FX. They got the one of the biggest offers in whole Forex industry of Risk Free Trades; it’s an offer lasting for first three trades where even if we lose we get the whole capital refunded into our account.

[myregister]

It seems thread starter of this thread want to know it is right to trade, since it seem using technical analysis then we can analyze it from different indicators, but from what i see it seems that the price will falling especially if we look at the breakout which is not that strong.