Making Money Trading

[lurkerlurker]

Here is my take on the entries and stops. Assuming keeping trades open until they are reversed by an opposite pin or stopped out. Very impressive.

 

[forexbee]

Hi Lurkerlurker

Second swing high does look like a pinbar (but iam not sure)as i posted today morning for TD that i identified only one pinbar in it...not sure may be TD didnt think of mentioning it....

Iam not sure of Pinbar identified on rally down between 24-27 Jul ...as i believe or remember that pinbar happens at swing high or swing low is considered...! this one iam not sure on how i would take it...

Anyway it does looks good entries and when identifying exits i think as you said based on reverse pinbar would make to loose 20-25pips approx ... Just on look at chart iam guess it as 20-25pips... Still waiting with patience and firing for this type of trade would give a good returns....

Fxbee

 

[trader_dante]

Second swing high does look like a pinbar (but iam not sure)as i posted today morning for TD that i identified only one pinbar in it...not sure may be TD didnt think of mentioning it....

I already confirmed it WAS in post #279.

Iam not sure of Pinbar identified on rally down between 24-27 Jul ...as i believe or remember that pinbar happens at swing high or swing low is considered...! this one iam not sure on how i would take it...

Have a look at my chart.

P.S Lurker: Thank you for the link in your signature

 

[lurkerlurker]

TD, thanks for the chart - sorry, I didn't mean to hijack the thread there, and you are quite right about the inside bars. This goes back to what you were saying about filtering the pin bar trades to only take the high probability ones, at important S/R / MA / pivots / swing highs etc.

Regarding the link - I think that everyone on T2W should read this thread. Those who can learn from it would appreciate it, and those who are already wise could help us out! I recall my journal was mentioned on the front page of this site at one stage - I'm pretty sure this thread will make it there soon!

 

[forexbee]

I already confirmed it WAS in post #279.

Have a look at my chart.

P.S Lurker: Thank you for the link in your signature

Hi TD,

Thanks for it, i was under the impression that you mentioned post 279 is for the pinbars on swing high pinbar....didnt understand that imme. On this post after seeing the charts, i understand what you meant in post 279. (At times couldnt get the point which you show, could be due to new in this pinbar method)

Sorry if i caused you trouble

Have to read lurker signature links , may be tommorrow will go thru it, bit tied in my MBA exam today).

Fxbee

 

[rathcoole_exile]

bit tied in my MBA exam today).

Fxbee

best of luck !!!! garry

 

[forexbee]

best of luck !!!! garry

Hi Rathcoole

Good morning, Thanks for your wishes, atlast submitted by exam doc yesterday late night...

Fxbee

 

[trader_dante]

Hi TD,

Thanks for it, i was under the impression that you mentioned post 279 is for the pinbars on swing high pinbar....didnt understand that imme. On this post after seeing the charts, i understand what you meant in post 279. (At times couldnt get the point which you show, could be due to new in this pinbar method)

Hi Forexbee, you were right the first time! My mistake!

Post #279 clarifies that the FIRST setup to appear (with negative divergence) is a pin. The second one at the double top is also a pin. Tom

 

[smbtnt]

Gbpchf

Hi TD,

Your thoughts on this 'pin' on £/swiss daily at confluence Zone and Round number.
Also, thanks for the heads up on the Aud/Cad trade, managed to swing my bias from longs to shorts, entry off 4hr pin and added to position after DBHLC on the daily. Nice one!

 

[trader_dante]

Hi TD,

Your thoughts on this 'pin' on £/swiss daily at confluence Zone and Round number.
Also, thanks for the heads up on the Aud/Cad trade, managed to swing my bias from longs to shorts, entry off 4hr pin and added to position after DBHLC on the daily. Nice one!

If you trade a break of that pin short, you are selling INTO the round number.

I don't like the movement on this pair. The price action is choppy.

If you trade these markets, be aware you may suffer motion sickness.

 

[bansir]

Pin

Hi TD, thanks for your efforts.
I just happen to have an intraday, half hour candles chart open for the dow cash.
Looks like there's a good pin off 13500 support.

I'm not trading your method at the moment but this does look interesting...

Cheers,
Neil

 

[trader_dante]

Hi TD, thanks for your efforts.
I just happen to have an intraday, half hour candles chart open for the dow cash.
Looks like there's a good pin off 13500 support.

I'm not trading your method at the moment but this does look interesting...

Cheers,
Neil

Setups are more reliable the higher up the timeframe you go. I do not and would not trade 30m TF.

On my chart I had a daily TF support pre-drawn at 13,449. I realise this sounds like a bit of an arbitrary number. I don't look at the actual price when I draw my lines, I look at the chart.

As it happens, this was the EXACT low of the pin on my feed.

However there was nothing else supporting it so I moved on.

As it turns out, the high was never broken on the 1hr TF which I trade and since the low has been taken out, the pin is now invalidated.

 

[smbtnt]

If you trade a break of that pin short, you are selling INTO the round number.

I don't like the movement on this pair. The price action is choppy.

If you trade these markets, be aware you may suffer motion sickness.

TD,

I was referring to 2.420 R level not 2.400. Maybe waiting for it to pierce resistance and rejecting would be a more optimal entry.

 

[forexbee]

Hi TD, Smbnt

I had a similar in myside of chart...

GBPCHF looks like good setup...Could be useful as a part of identifying pinbar... Just attaching chart...(Moreover weekend....not sure its good to take trade during weekend even if pinbar breaks...!) whats your score on this TD, in taking friday evening to open a trade?

As always comments welcome,
Fxbee

 

[trader_dante]

Hi TD, Smbnt

I had a similar in myside of chart...

GBPCHF looks like good setup...Could be useful as a part of identifying pinbar... Just attaching chart...(Moreover weekend....not sure its good to take trade during weekend even if pinbar breaks...!) whats your score on this TD, in taking friday evening to open a trade?

If a pin is a good setup I will take it regardless of WHEN it triggers.

The decision you make is down to your risk profile. Some traders are not comfortable holding a position over the weekend.

 

[forexbee]

If a pin is a good setup I will take it regardless of WHEN it triggers.

The decision you make is down to your risk profile. Some traders are not comfortable holding a position over the weekend.

TD,
Thanks buddy, (would be glad if i get a chance to meet you in london) Fib is arranging a meeting of fellow T2W traders who are in & around london....Are you making for it...sometime by next week...

I remember somewhere i read that aggresive traders look to it like that. By the way, i checked IGIndex, iam not sure about what is advantage and disadvantage when a position is closed and re-opened by the broker...Eg: with igindex & many SB's they close and re-open the position if we hold over a day... does it makes difference? (Some fx brokers not SB's do not close and re-open the position for adjustments.

Does the above char qualify a pin!...

Fxbee

 

[bansir]

Thanks for your comments TD.
Yes, ok on the time frames / reliability issue.
It seems the whole essence of your method is preparation, pulling up charts, drawing s/r regions, trendlines, fibs etc. Once you have the pitch marked out you can then lie in wait for your pins rather than go pin spotting as i did.
Great thread with a lot of useful content.
Best Regards,
Neil

 

[trader_dante]

TD,
Thanks buddy, (would be glad if i get a chance to meet you in london) Fib is arranging a meeting of fellow T2W traders who are in & around london....Are you making for it...sometime by next week...

I remember somewhere i read that aggresive traders look to it like that. By the way, i checked IGIndex, iam not sure about what is advantage and disadvantage when a position is closed and re-opened by the broker...Eg: with igindex & many SB's they close and re-open the position if we hold over a day... does it makes difference? (Some fx brokers not SB's do not close and re-open the position for adjustments.

Does the above char qualify a pin!...

Fxbee

Hi Fxbee, yes I will be there on Tuesday.

When you roll a position from one day over to the next, there is often an interest payment to make or receive.

Some brokers close the position (so your account is credited or debited with the win or loss) and then reopen it at a new price to reflect the interest payment.

Other brokers will keep the position open from the original entry price but will credit or debit your accont with the interest payment. This is what my broker does.

With regards to your chart above - the current bar, as it appears here, qualifies as a pin.

 

[Paul Wilson]

Fantastic stuff!

Hello TD.

I haven't been on the boards for a while. I am newish, and my lack of experience during the recent yank sub-prime shennanigans made me go away and ponder how burnt I could have got.

Anyway I am back now. This thread has ben great. I noticed it started with great momentum, but has been slowing down over the last few days. But please keep posting more information. I personally am soaking it up.

So for everything has been clear and consise. I too have to hold down a "job", so the daily timeframes you refer to suit me perfectly.

This is also the first time I have been looking at bars properly. I am so used to using candles. But all in all I seem to be grasping it ok.

I know I am jumping the gun a bit, but I am very eager to see how you build on this strategy as well. I recall you use fibs and a couple of indicators sometimes. So it will be nice to see how it all fits together.

Also this thread has been giving me nuggets of info relating to FX. This is something I have wanted to learn about, but haven't really known where to look. The link to J16 @ FF so far has been very interesting. My only problem is finding enough time to get through it all(400+ pages!).

Also thanks to the other posters for contributing/constructive criticism.

If you want to set me any home work over the next few weeks, give me any info please feel free

Keep up the good work!

Cheers - Paul.

 

[trader_dante]

Hello TD.

I haven't been on the boards for a while. I am newish, and my lack of experience during the recent yank sub-prime shennanigans made me go away and ponder how burnt I could have got.

Anyway I am back now. This thread has ben great. I noticed it started with great momentum, but has been slowing down over the last few days. But please keep posting more information. I personally am soaking it up.

So for everything has been clear and consise. I too have to hold down a "job", so the daily timeframes you refer to suit me perfectly.

This is also the first time I have been looking at bars properly. I am so used to using candles. But all in all I seem to be grasping it ok.

I know I am jumping the gun a bit, but I am very eager to see how you build on this strategy as well. I recall you use fibs and a couple of indicators sometimes. So it will be nice to see how it all fits together.

Also this thread has been giving me nuggets of info relating to FX. This is something I have wanted to learn about, but haven't really known where to look. The link to J16 @ FF so far has been very interesting. My only problem is finding enough time to get through it all(400+ pages!).

Also thanks to the other posters for contributing/constructive criticism.

If you want to set me any home work over the next few weeks, give me any info please feel free

Keep up the good work!

Cheers - Paul.

Hi Paul, thanks for your post!

Bars and candles are just different ways of visualising the price action. Use whichever you are comfortable with.

The J16 thread is a long read. I have been through every post. Like many threads there are pages and pages of posts that add nothing of real value but from time to time you get a little gem of information. It is well worth trawling through, in my opinion.

One problem with these threads is that people post up charts (as is already happening here) and enquire about the validity of, or opinions on, potential setups. This is not much use to others that find this thread weeks, months or even years later since it is rare that follow up charts are posted to show what happened to the market after it was discussed.

Time after time I had to, when reading J16, go back through the charts myself to see if things worked or didn't work and it was incredibly time consuming and on the lower timeframes, almost impossible.

It might be best to set up a parallel thread alongside this, to discuss setups in real time...

The momentum HAS been slowing. This is largely to be expected. It's not such a bad thing though. I really want those that are new to this to understand the basics before we move on.

I look for and sometimes play many different price action setups not just pin bars and have a lot to show you about finding the rhythmn of the market. This will all come soon.

Try and remember: It is not about doing MORE, it is about doing less BETTER.