Chalky_trader
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so how do you trade that Splitlink?
Chalky_trader
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I have the same problem Splitlink
premature evacuation of winning trades :-(
premature evacuation of winning trades :-(
Dick Lexic
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s&p below 60 cash is key i think
I'm putting my stop at breakeven.
The pinbar has to go down to about 5822 by 1200, otherwise it would not be completely valid. If close itwould still look good, though. Well, I'm long at present and that is in the future.
Split - what exactly is a pin? I've heard the term used many times but never really understood what it was.
On the 1 hr chart, the FTSE has broken up out of a down channel that lasted 3 days. It put in a 127% extension, and then pulled back to within a point of a perfect 61.8% retrace. I am hoping it goes back up to test the highs, but am not sure at the moment. The FESX and FDAX are both negative on the day whereas the FTSE and ES are at breakeven. The FESX and FDAX tend to lead recently. The 6000 magnet is still in play. The DAX has a little further to go to get to 7000.
At the moment I am range trading with a bias to the long side.
At the moment I am range trading with a bias to the long side.
barjon
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There is a thread here that explains a pin bar trading system
http://www.trade2win.com/boards/trading-journals/120484-pin-bar-system-391.html
So just another name for a hammer or long tailed tit. Many thanks
FESX and FDAX not bouncing much. The longer they stay down where they are the more chance of another move down. FTSE and ES and YM not interested yet.
I am watching of all things the Aussie Dollar. Apparently it is a risk on/off leading indicator. It's also broken out of a three day down trend, and has retraced 50%. If it gets above 107.00 = 61.8% then I think that will pre-empt one more move back up for the indices. We've got final GDP numbers for Germany tomorrow. If it is anything less than -0.2% then I think we sell off further.
FESX and FDAX not bouncing much. The longer they stay down where they are the more chance of another move down. FTSE and ES and YM not interested yet.
I am watching of all things the Aussie Dollar. Apparently it is a risk on/off leading indicator. It's also broken out of a three day down trend, and has retraced 50%. If it gets above 107.00 = 61.8% then I think that will pre-empt one more move back up for the indices. We've got final GDP numbers for Germany tomorrow. If it is anything less than -0.2% then I think we sell off further.
30 minute ones do not convince me, though. In fact, ones on a 4 hour TF are not much good for scalpers because, IMO, the stop would have to be above the high, in this case. wouldn't it? Around 5953, I think. That's too far for me. If I used the current 4 hour pin it would be to give me a probabilty of direction. But I am freqently wrong (and so are pins). What you have to do is keep your own counsel for entries and the losses small.
I could have called it a long tailed tit but, if I had done, you would have all thought that I had spring fever.
barjon
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split
I don't think they have much relevance for "artificial" time slots although prob as good as anything. Love them on the daily for my main stuff when they come at a potential swing low - and I double my position when it happens.
And who can forget how they called the 2003, 2009 bottoms on the monthly
jon
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Chalky_trader
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13,30 jobless claims - may well spell how this PM goes
split
I don't think they have much relevance for "artificial" time slots although prob as good as anything. Love them on the daily for my main stuff when they come at a potential swing low - and I double my position when it happens.
And who can forget how they called the 2003, 2009 bottoms on the monthly
jon
You never know, Jon, the 0800 4 hour one, today, could mark a downtrend for a long term trader, with the stop just above the high.
split
I don't think they have much relevance for "artificial" time slots although prob as good as anything. Love them on the daily for my main stuff when they come at a potential swing low - and I double my position when it happens.
And who can forget how they called the 2003, 2009 bottoms on the monthly
jon
What about all the other pin bars on the chart that are not at the bottom? :whistling
