Forex "Pin" Bars

[rols]

Why do you say that? There is currently greater than 50% expectation ‘in the news’ of a quarter point reduction.

What do think will happen if there then is or is not? Or more to the point, what do you think ‘they’ will think?

With consumer spending at a low, I have a sense that’s pretty much where the bank wants things for now. My best guess is no change. But my view is totally irrelevant.

Any reduction to rate should, in theory, lead to an outflow from Sterling. But it’s usually the difference between expectations and the reality that causes by far the bigger moves.

The markets’ view of how much the bank is (or should) be micro-managing the economy will determine how they react. Leaving the rate unchanged may have a bigger impact than a reduction.

We’ll know shortly. Volatility is typically low.

There was a man on the telly last night wearing a nasty tie who said Sterling would rally today. I didn't trust him personally, therefore I say full steam ahead.....


When I say banana...

YOU can't blame the the Bush administration for going bananas over words.

A banana, as some of us in Washington fondly recall, is not always a banana. When Herb Stein, chairman of the Council of Economic Advisers in the Ford administration, was admonished by his boss not to use the word "recession" to describe a recession, he complied, reluctantly.

"From now on," he told a group of economic reporters, "I won't use the word 'recession.' I'll say 'banana.' When I say banana, think 'recession'. I think we must be wary of the risks of a banana."

 

[TimeLine]

hi lurkerlurker,
This thread is a great idea, I think r/s levels are important too, why not find a place we can track r/s level too, and update it.

 

[Nordtrader]

Bearish pin on the Dow hourly - trigger around 12682

 

[lurkerlurker]

Bearish pin on the Dow hourly - trigger around 12682

Thanks for the call, but that isn't a pin bar. It might still be a good short though (it looks it to me)

 

[TheGoose]

I Wouldn't be shorting the Dow. 13080 here we come IMO. Then 135

I'm not just saying this because it has rallied tonight, said it last night also when the cash bounced off 12500. Too many simlarities to Aug 07. Look at the daily graph!

Anyway, i'm mindful of this being an alert forum on Forex, so i'm off. Ian

 

[lurkerlurker]

I Wouldn't be shorting the Dow. 13080 here we come IMO. Then 135

I'm not just saying this because it has rallied tonight, said it last night also when the cash bounced off 12500. Too many simlarities to Aug 07. Look at the daily graph!

Anyway, i'm mindful of this being an alert forum on Forex, so i'm off. Ian

Dow is okay. I stuck it in forex because this is the market we are focussed on and I wanted to deter postings of Northern Rock, Lean Hogs, Orange Juice, or Natural Gas.

I had my support zone drawn in at the August lows, but didn't buy as a break down would have been painful and expensive. However, the risk / reward would have been decent with a 12900 target. I don't trade the dow.

 

[shortorlong]

9 o oclock hourly pin on the ftse ..

 

[shortorlong]

9 o oclock hourly pin on the ftse ..

oh well it didn't trigger, unless you play the break of the other side. There were a few points on offer there, but not for long .. at time of writing

 

[Ljr]

What happened to this thread. It just stopped.

I picked up the link from TD's thread and looked like it was going quite well.

 

[shortorlong]

What happened to this thread. It just stopped.

I picked up the link from TD's thread and looked like it was going quite well.

Around the time it dried up there was a distinct lack of pin bars (it seemed to me).
As soon as everyone stopped looking there were many. ..

By all means let's get this thread going again.

 

[VinceStanzione]

Around the time it dried up there was a distinct lack of pin bars (it seemed to me).
As soon as everyone stopped looking there were many. ..

By all means let's get this thread going again.

I concur.

there's over 80 finnacial assets quoted on North Finance's version of MT4 ie split by FX, Indices, Commodities, etc.

And that's before we even consider the multiple TF for each one of these....

I plan on going through as many Daily TF charts as I can tonight to ascertain the presence of PBs, but to echo the sentiment of the two previous posts:-

"Let's get this show back on the road"...:cheesy:

 

[eltrot1979]

Hi. First post on these forums, and on trading, so don't be too harsh!

Pinbar EURJPY H1, entry 156.61, stoploss 157.02, not sure about exit target.

This occurred a couple of bars ago and it did initially break but has now moved above the entry. Still scope to get in I guess. Thoughts?

Rob

 

[shortorlong]

Hi. First post on these forums, and on trading, so don't be too harsh!

Pinbar EURJPY H1, entry 156.61, stoploss 157.02, not sure about exit target.

This occurred a couple of bars ago and it did initially break but has now moved above the entry. Still scope to get in I guess. Thoughts?

Rob

might be worth a punt .. I am looking however at the correlation between EURJPY and the US30 (cmc's dow instrument) .. if the Dow decides to take off the this pair will surely follow .. there is no corresponding pin on the Dow

 

[eltrot1979]

might be worth a punt .. I am looking however at the correlation between EURJPY and the US30 (cmc's dow instrument) .. if the Dow decides to take off the this pair will surely follow .. there is no corresponding pin on the Dow

Sorry, would you mind explaining the relationship there - new to this so like to learn!

 

[VinceStanzione]

Hi. First post on these forums, and on trading, so don't be too harsh!

Pinbar EURJPY H1, entry 156.61, stoploss 157.02, not sure about exit target.

This occurred a couple of bars ago and it did initially break but has now moved above the entry. Still scope to get in I guess. Thoughts?

Rob

On MT4, it looks more like a doji than a pinbar. It also pokes through a S/R pivot point. I was going to also analyse using fib confluence & my pinbar checker spreadsheet..that was until I checked the 4HR TF chart of this pair.

I drew a straight line through the bullish-indicating 16:00 pin-bar to check for S/R pivoting; saw two separate touches of support & resistance since 21 January 2008; Also found fib confluence at 61.8% when drawing from recent swing low to swing high.

Placing an order entry to go long @ 155.10 (one pip above the high of the 16:00 pin bar); careful management of S/L entry (beware the 'retracement bus') would still have you in the trade (currently at 156.65)

Price had moved between 10 &21 EMAs before taking off!!

 

[eltrot1979]

Yeah would have been nice to have been in that! What time zone are the times used in MT4 from? I'm using the version from North Finance.

 

[shortorlong]

Sorry, would you mind explaining the relationship there - new to this so like to learn!

I believe the relationship is something like this: S&P goes up yen falls.
well the dow and S&P move similarly .. so we can expect the relationship Dow goes up Yen falls.

The dow very often makes a dash one way or the other in the last hour.

good luck . I'm just watching these days

 

[VinceStanzione]

I'm using North Finance as well; the time's are GMT.

 

[VinceStanzione]

Ok lads, I've tried contacting LurkerLurker re: his pinbar alert system:-

- I think he's discontinued the website he used to show the alerts (wef 16 Jan); and

- I gather from another post of his that he's compleltely disillusioned with trading & has given up (his log has been updated by anyone since 01 Feb)

So we're on our own!! I'll start looking at 10pm this evening for pin-set-ups on the more volatile pairs & will post my findings.

Happy Hunting,
VS

 

[VinceStanzione]

Apologies lads - got caught watching a DVD, so no pin-bar investigations....

I'll do a bit tomorrow, I promise!