EUR/USD pinbar

[Don4 10]

has any one noticed the nice pin bar set up at the 50 fib level on the daily charts.

 

 

 

 

 

 

http://www.traderslaboratory.com/forums/attachment.php?attachmentid=576&stc=1&d=1169987352

[torero 10]

Yep, this setup looks as good it gets, break of the last bar high is the right spot to go long. Thanks for the lookout!

[Don4 10]

yea the break of fridays high would be the place to get in,the existing order showing on my chart was from thursday(messing around with fibs braketing theory seems to work good but hard to get past the initial risk:reward)

[torero 10]

To calculate target, you can either use the other fib levels. If there is a pattern from this play, then I would use that target from the pattern. The other is to find the nearest major resistance. From this chart, it could be 38.2% level or the next one which is 3280. I usually watch the higher high/low in lower timeframe for this action. If it shows weakness near any of these areas, then it's possible resistance is making an impact.

[Don4 10]

(the existing order showing on my chart was from thursday(messing around with fibs braketing theory seems to work good but hard to get past the initial risk:reward)) sorry, i was talking about feb 2865 on buying or selling at the break of previous days high or low take profit at 5pips stop loss 20 to 30 pips depending on which pair. not fib levels and where i should exit. sorry i can see where i confused you.