Making Money Trading

[trader_dante]

Trade update *March Wheat*

I am moving my stop up to 826 on the March future.

 

[tafita]

Afternoon traders

Spotted a pin bar on the attached chart. I would have taken this personally but for the spread of 36 on IG index. (stop at 7842)As I would have taken this, I would like comments as to the "rightness" of such a trade.

Ta

Tafita

 

[tafita]

Afternoon traders

Spotted a pin bar on the attached chart. I would have taken this personally but for the spread of 36 on IG index. (stop at 7842)As I would have taken this, I would like comments as to the "rightness" of such a trade.

Ta

Tafita

No need for comments, price just hurtled through through the stop, Mr market has taught me everything I need

 

[Grey1]

That's where stops, risk & trade management come into play. You don't want to see the trade move in your direction, then walk away from the screen only to come back and see you're in the red big time.

fire is spot on ,,, risk and trade managment is crucial for long term success.. Two traders both with the same strategy can end up one losing his shirt and the second one in Marbella chilling out . is that not amazing still most traders ignore risk managment ???

Grey1

 

[dbphoenix]

is that not amazing still most traders ignore risk managment ???

Grey1

Too busy calculating reward, perhaps . . .

Db

 

[Blackey]

Possible pin bar set up on DAX

Hello - I think there may be a pin bar set up forming on the DAX. Will keep an eye on it.

 

[trader_dante]

Afternoon traders

Spotted a pin bar on the attached chart. I would have taken this personally but for the spread of 36 on IG index. (stop at 7842)As I would have taken this, I would like comments as to the "rightness" of such a trade.

Ta

Tafita

See my PM.

 

[tafita]

Many thanks received your PM. I did take a position this evening on GBPJPY, entry and exit on attached chart. When I took the position, I did not take the MA's into account which would have told me the market was in consolidation. In hindsight they look too bunched up and close together. More importantly though, the pin bar was not at a swing high or low which would have substantiated the set up a lot more in my view.

Thanks

Tafita

 

[Nordtrader]

USDCHF hourly pin

Evening all,
I think there's a possible hourly pin bar - 9pm on USDCHF - just triggered at 1.0970 as I type. No confluence except at minor (hourly) level with bounce off short term fib level (61.8). Possible resistance / target on hourly 21/10 EMA zone somewhere around 1.1006.

Also just to add my thanks to TD for one of the most useful threads I've seen on here in a while.

Regards,
NT

 

[forexbee]

Hi Fxbee,

Unfortunately this pin would likely have resulted in a breakeven trade the way I play them. Nonetheless it is a good example.

As you say, the pin hits a minor S/R pivot which has fib confluence.

You've drawn your fibs correctly, too

Hi TD,

I tried to take this USDJPY, but has turned to the other side around after 4ish. On what basis you would move the breakeven as you mentioned in the morning post, Bcoz i didnt see any S/R above the pin entry ( i remember if there is any S/R Pivot its safe to move to next level Breakeven and cont the trade), am i missing something?

Your reply with chart would be better for understanding.

Fxbee

 

[trader_dante]

Hi TD,

I tried to take this USDJPY, but has turned to the other side around after 4ish. On what basis you would move the breakeven as you mentioned in the morning post, Bcoz i didnt see any S/R above the pin entry ( i remember if there is any S/R Pivot its safe to move to next level Breakeven and cont the trade), am i missing something?

Your reply with chart would be better for understanding.

Fxbee

Fxbee,

Everyone will play exits differently but here is my thinking on this trade.

Firstly, the pin bar has strong resistance overhead. Price has already failed to break this area three times. The last time was earlier on the same day the signal occured.

You are taking a trade right into the resistance so you really want to see it break and if it doesn't, you don't want to hang around long enough to find out whether it is going to try again later.

As the pin triggers, there is a good move upwards. This momentum coming into the resistance area is what you want to see.
At this point I would immediately move my stop to breakeven.

My thinking is that if the price retraces back to the trade entry, the momentum is weakening which means the resistance is likely to hold in the short term.

For price to return to the entry point, the whole move up with its subsequent momentum has to be UNDONE. So the price entry becomes the place where I am WRONG on the trade.

If you held it through that bearish engulfing bar, you could have still got out at breakeven or better on the trade, which would have then been my objective.

 

[forexbee]

Fxbee,

Everyone will play exits differently but here is my thinking on this trade.

Firstly, the pin bar has strong resistance overhead. Price has already failed to break this area three times. The last time was earlier on the same day the signal occured.

You are taking a trade right into the resistance so you really want to see it break and if it doesn't, you don't want to hang around long enough to find out whether it is going to try again later.

As the pin triggers, there is a good move upwards. This momentum coming into the resistance area is what you want to see.
At this point I would immediately move my stop to breakeven.

My thinking is that if the price retraces back to the trade entry, the momentum is weakening which means the resistance is likely to hold in the short term.

For price to return to the entry point, the whole move up with its subsequent momentum has to be UNDONE. So the price entry becomes the place where I am WRONG on the trade.

If you held it through that bearish engulfing bar, you could have still got out at breakeven or better on the trade, which would have then been my objective.

Hi TD,

Thanks for your valuable information, i didnt notice properly Resistance point there when entering, but after entering the trade i note the resistance and when i saw that it was trying to move up i was confident it would move, at the same time i was ready to pay for my lesson what iam going to learn on this entry if it is wrong. I got a valuable lesson now which is worth it on live account rather on paper in my opinion. ( playing with £0.10 at the moment, so its worth knowing how not to trade)

Also i believe rather taking counter trend trades until get experienced, for newbies its worth taking trade on trend (except need mooooreeeee patience to wait for it, & iam prepared for it )

Fxbee

 

[combotrader]

fibs

http://uk.youtube.com/watch?v=77Xytfw4N2o

Hey TD

Have a look at this on youtube. They are taking reversal`s when fibs are failing at retracements. They seem to be drawing it in reverse however.

For the cable trade, he draws the 1st fib in the direction of the uptrend from swing low to high. Fair enough. Then, for the next day, he draws it from the intraday (15min) low to high - and says its pointing down. Price fails at 61.8% and goes down.
These guys are using the extensions as profit targets which I know you dont do.

If in an uptrend,can retracements be used as resistance ?

Thanks
CT.

 

[trader_dante]

http://uk.youtube.com/watch?v=77Xytfw4N2o

Hey TD

Have a look at this on youtube. They are taking reversal`s when fibs are failing at retracements. They seem to be drawing it in reverse however.

For the cable trade, he draws the 1st fib in the direction of the uptrend from swing low to high. Fair enough. Then, for the next day, he draws it from the intraday (15min) low to high - and says its pointing down. Price fails at 61.8% and goes down.
These guys are using the extensions as profit targets which I know you dont do.

If in an uptrend,can retracements be used as resistance ?

Thanks
CT.

Thanks for this CT. I am intrigued. I can't look whilst at work but I will when I get home.

 

[superspurs]

gold

wish id have seen this earlier

 

[tafita]

Hi TD,

Thanks for your valuable information, i didnt notice properly Resistance point there when entering, but after entering the trade i note the resistance and when i saw that it was trying to move up i was confident it would move, at the same time i was ready to pay for my lesson what iam going to learn on this entry if it is wrong. I got a valuable lesson now which is worth it on live account rather on paper in my opinion. ( playing with £0.10 at the moment, so its worth knowing how not to trade)

Also i believe rather taking counter trend trades until get experienced, for newbies its worth taking trade on trend (except need mooooreeeee patience to wait for it, & iam prepared for it )

Fxbee

Hi Fxbee, I am of the same opinion regarding learning with real cash albeit with £0.10 a point. I took a similar trade to this and learned to wait for pins that either extend away from the price action or at the bottom of swing lows/tops of swing highs. Requires a lot of patience in my view.

 

[trader_dante]

I took a similar trade to this and learned to wait for pins that either extend away from the price action or at the bottom of swing lows/tops of swing highs. Requires a lot of patience in my view.

It certainly does. Good point Tafita

 

[ER2-D2]

EURCHF Daily in progress

Have read through this thread a second time now, should really throw all notes into one big doc at some stage. Thanks for the nuggets of wisdom TD, it isn't totally straight forward for me but hoping to get there. Just takes a bit of application I hope.

Here's a trade that I'm in right now (on paper), it's in the red just now. The reasons for entering were:

- Major pivot line from weekly in pin area.
- TL support (I understand that's not what you look at but looked solid to me)
- Price projection showed possible end of wave (downwave A is almost to the pip equal to downwave B)

I believe there's a divergence on 4H as well, but things on a lower timeframe are probably not much to go on.

Should I have moved this to BE just after the quick move up? On the close of bars there wasn't any time to do that however. It is heading back up to my entry
once again, I'm not sure if one should always expect strong momentum in the right direction after the pin, and if none is there, get out?

It has also passed the fibs by a fair amount. Would that cause any of your alarm bells to ring, or is it ok as long as there are other confluences?

Is my weekly pivot lines drawn in where you would have TD?

Many questions, I hope you don't mind. Thanks.

 

[lurkerlurker]

Subject: Trade Alert GBPUSD
Date: Tue, 27 Nov 2007 15:59:56 +0000 (GMT)
50 pips in profit already!
Pity I missed that. Did anyone else get it?

 

[lurkerlurker]

Entered USDCAD short from 0.9962 from hourly pin off long term S/R zone. Stoploss up at 0.9990 - risk 30 pips or so. First target 0.9920.