I realy like the daily S&P cash pinbar, seems to be a good pivot coming from the low of 18/12/07 and low 12/11/07 (previous support.) Would like to see this PB work but I just cant see indices coming down for a while, though we do seem to have some confluence with a good PB on daily Bund. Anyone got an opinion?
Making Money Trading
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Hi All
I have been long on EurUsd since the hourly Pin yesterday at 16h00. I entered at 15519. Altough the Pin didn't stick all that far past the left eye, it did hit (almost exactly to the pip) a support line on the hourly I had draw some time back.
This again shows that it is so important to do your analysis first and let the market come to you. It gave me great confidence in taking this trade and I don't think I would of had that line not been there as I was not too happy about the left eye.
I managed to keep my stop low enough to avoid the retracement of almost 100 pips this morning and have now moved it to 15560 which is where previous support was tested. Not too sure how to play it now. Anybody got any views on money management with this one?
Ljr
I have been long on EurUsd since the hourly Pin yesterday at 16h00. I entered at 15519. Altough the Pin didn't stick all that far past the left eye, it did hit (almost exactly to the pip) a support line on the hourly I had draw some time back.
This again shows that it is so important to do your analysis first and let the market come to you. It gave me great confidence in taking this trade and I don't think I would of had that line not been there as I was not too happy about the left eye.
I managed to keep my stop low enough to avoid the retracement of almost 100 pips this morning and have now moved it to 15560 which is where previous support was tested. Not too sure how to play it now. Anybody got any views on money management with this one?
Ljr
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trader_dante
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superspurs
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Post a daily and hourly chart and I'll tell you
Not to worry. The "Pin" has been broken. On the Daily the most recent low point I have is 388.9 on 17/03/08 and the Pin had a low of 395.2 so I had a feeling it would go a bit lower. I'll keep an eye on it over the next couple of days to see if this level holds.
trader_dante
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hey td,keeping your eye on wheat are you
superspurs you scared the life out of me for a second there with that chart! You're looking at the old contract. You need to look at the new front month contract. It's WN8. Right click on the Market Quote window and choose "Show All". You'll have to copy your old TA lines over to the new contract. We had a pin bar right off the level and the market has since moved higher and is now in the "retracement bus" process...I'm not long this incidentally but watching it carefully.
Tom
superspurs
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Hey Jonj,
My take,for what its worth, On my daily chart the price is approaching the top of a downward channel and this pin on the hourly is just peaked through the down trendline.
If the pin shapes up i think il demo a short on it.
I'm still at the early learning stage though....!!
superspurs
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point taken but the hourly pin is forming nicly with 5 mins to go on my charts.gonna go short on the break on my demo.
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trader_dante
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point taken but the hourly pin is forming nicly with 5 mins to go on my charts.gonna go short on the break on my demo.
I was thinking of taking this short but have decided against it as the body is a little too wide for my liking.
yeah,right at the last minute the body lengthened,but trigger happy jon clicked the mouse anyway.lets see what happens
looks ok at the min though.forward testing these pinbar setups is SO important imo,if you want to learn how to use them in your trading ,getting to know them is VITAL,following rules (even if your making money)imo is not good enough,enter every set up and watch what happens!!saves you putting your money on the line blindly.
superspurs
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after reading the latest posts,i moved the stop up to just under the prev 4hr bar,then thought no you have moved this stop thru fear,and then put stop back to original place,sure enough fear would have kicked me out
does this mean your long from the 4 hr pin??if so was it a BE stop that saved you??
1Pipped
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Looks like we're on the same team this time spurs !
I shouldnt be in really as the stop level of the bar I entered on was hit before the entry, invalidating the setup. I left the order in though when I saw what happened on the hourly chart, price bouncing off JUST below the same level again.
I just wanted to ask what people think of old levels that were great at one time, but have since seemed to be ignored ? On my chart the 'old daily pivot' line, is one from a couple of months ago. I ignored it for this trade because it has been broken so much.
I shouldnt be in really as the stop level of the bar I entered on was hit before the entry, invalidating the setup. I left the order in though when I saw what happened on the hourly chart, price bouncing off JUST below the same level again.
I just wanted to ask what people think of old levels that were great at one time, but have since seemed to be ignored ? On my chart the 'old daily pivot' line, is one from a couple of months ago. I ignored it for this trade because it has been broken so much.
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