Making Money Trading

Which market do you want to learn to trade?

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Perhaps a bit off topic, but what is the best online resource you guys use to keep upto date with news affecting the forex markets?
 
combotrader said:
Boss

You`re wrong IMHO, thats a hammer - not a longlegged doji, a doji would have almost no real body and would not look like a hammer. A grave stone doji is obvously closely related.

But you`re spot on with the Bols - wait for closes outside 20,2 bols - I think thats what you`re referring to..unless you`re using other measures for bols.
For stochastics, I take it you`re referring to slow..

Cheers
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:?:hi there everyone,nice tip bout the BBs,thanks
i was wondering if there would be any interest in a thread on candles and how to play them??iv seen some nice patterns recently and i know a lot of nebies like me would benefit hugely from some insites into how they are played by the pros??

p.s. theres a nice pin formin at the mo on the usd-chf hourly(y)
 

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trader_dante said:
You have to analyse your charts first and then and ONLY THEN look at the price action.

I know there are still many traders looking for pin bars and then looking for reasons to take them. THIS IS THE WRONG WAY TO TRADE THEM.

OK, rant over.

First reason I was even watching the Dax in the first place was because of this TL on the daily.
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Thanks very much for your analysis - as always, clear and well illustrated.

For the purpose of clarity, I wasn't just looking for a pin bar. I didn't take it because my s/r line was quite a way below the low of the pin when it formed. I had the trendline support and the Fib, but didn't have anything in the way of s/r so I was a bit cautious.

I have analysed my charts and compared with yours and found that my s/r areas are different. My guess is that yours is the cash chart and mine is the future? (Having trouble uploading images - they will follow when I have worked out the problem)

I am constantly learning with this and have been taking the pin bars, along with othe PA set-ups, on various markets. Just to echo what you said, IT IS NOT WHEN THESE SET UPS OCCUR, IT IS WHERE THEY OCCUR.

The reason I asked for your analysis is that I saw the trendline hold and the pin form just above the Fib level. I looked for further confirmation but couldn't find any so sat out the trade. Looking back, I am obviously dissappointed to not have taken it as it was a good trade but am happy that I didn't take it for the right reasons.
 
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heres a nice set up on the oil hourly (in my opinion?) if it breaks below the pin it also breaks the trendline.
 

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smbtnt said:
an hourly close above 5770 will give me some confidence on this trade.
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Agreed, the USDCHF short someone mentioned earlier is looking good too. Had a couple of hourly inside bars but just started to break lower...although it has since seen a retracement.
 
knight_trader said:
Agreed, the USDCHF short someone mentioned earlier is looking good too. Had a couple of hourly inside bars but just started to break lower...although it has since seen a retracement.
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and trichet speaking in about 5 mins, we should see some sort of reaction.
 
guys..... beware......... going long eurusd and short usdchf is effectively the same thing.... risk your trades accordingly.

but looks like the news has put an end to all the above anyway..... just hope no-one did both thinking they were un-correlated.

cheers.
 
omni said:
guys..... beware......... going long eurusd and short usdchf is effectively the same thing.... risk your trades accordingly.

but looks like the news has put an end to all the above anyway..... just hope no-one did both thinking they were un-correlated.

cheers.
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Very good point, I was merely trying to point out the occurrences of the setup rather than all the trades that should be done.

TD - Interesting to know what you made of EURUSD today, was that a good setup that just didn't work or one you wouldn't have taken?
 
knight_trader said:
Very good point, I was merely trying to point out the occurrences of the setup rather than all the trades that should be done.

TD - Interesting to know what you made of EURUSD today, was that a good setup that just didn't work or one you wouldn't have taken?
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The only reason I can see for it not "working" could be the fact that downward pressure was too great after the ascending wedge which i posted yesterday broke. Weekly forming (potential low 1.5670) mammoth pin too off psycho 1.6000. Trend changing and the trade was too near the "top". Or just a genuine stop run.
Lets wait for the maestro to filter this pin out for us.
 
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My take on the EUR/USD;

Been eyeing this rising wedge for a while. While they're not the most reliable patterns to trade, this is a pretty strong example. This is a bearish setup.

I am short, with my entry (white line) and stop (green line) shown. It was my intention to try and get in from the hourly, on an E(2) entry; got distracted by the schatz :mad: so entered on the close of the 240min bar.

Will think about managing the trade at around the 1.56 level, until then I'm just gonna let it crack on either way.
 

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MrGecko said:
My take on the EUR/USD;

Been eyeing this rising wedge for a while. While they're not the most reliable patterns to trade, this is a pretty strong example. This is a bearish setup.

I am short, with my entry (white line) and stop (green line) shown. It was my intention to try and get in from the hourly, on an E(2) entry; got distracted by the schatz :mad: so entered on the close of the 240min bar.

Will think about managing the trade at around the 1.56 level, until then I'm just gonna let it crack on either way.
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Will be very interesting if the current hour continues to form a second pin as it looks to be at the moment....early days of course. 3pm figures should help give a little more direction.
 
My take on that EURUSD bar would be it is far too small considering the surrounding territory - namely the previous bar. I have definitely noticed `the longer the snout, the less the doubt` ;) for pin nose length. Also gives your stop more room to hide behind.
 
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