Making Money Trading

[black bear]

Whos the big cat after TD

Thought I'd post this up since I realise that I've let all those people down that voted for indices by hardly mentioning them.

The chart I look at has many more S/R pivots than are shown here. I have simply drawn the ones nearest to the price.

Chart 1 is daily TF.

Chart 2 is where we are on the hourly TF.

Please note that I am WATCHING this, NOT TRADING it.

Hi TD

Confess I don"t follow thread and rules to your method to close TD

am confused

week pin bar at fib level, is the higher time frame not the daddy or am I missing something, should you not be in this trade :?:

Just with your ftse post earlier its a little confusing

This morning if you were a pin follower I think you had one up and one down

Is there any trend filter ? so you no which one to take

I thought you looked at week then went down to find set up in lower time frame in the same direction

sorry if way off, but like I said not following to close so excuse me

Andy

 

[nunrgguy]

Hi

I've been following this thread - up to page 25 so far and very interesting stuff. I'm not sure if this has been mentioned in any following posts, so apologies if it has.

My own trading philosophy is quite similar to this. One problem I find is with stop placement - namely taking spread into account with stop placement (I use spreadsheets to work out and track acceptable risk/reward, stop placement etc all taking spread into account).

In some of the earlier posts it's mentioned about putting a stop a couple of pips under/over a tail and then once in a successful trade (opened 1 or 2 pips above the tail), moving the stop to that point and then on and up to support/resistance levels when broken. All well and good but how are you taking spread into account? For instance, moving a stop 2 pips above your open so if the trade fails you 'break even' isn't the case at all. Because of the spread you will still lose. As an example the spread on, say, EURUSD on CMC is...what ..18? So a stop being hit 2 pips above you're open will leave you 16 down, which can effectively turn a winner into a loser. Stop hunting will have the same devastating effect. This is always going to be the case - with the spread you're always trailing the market with a built in loss. I just wondered how you dealt with this apart from looking for a better spread?

 

[forexbee]

Hi

I've been following this thread - up to page 25 so far and very interesting stuff. I'm not sure if this has been mentioned in any following posts, so apologies if it has.

My own trading philosophy is quite similar to this. One problem I find is with stop placement - namely taking spread into account with stop placement (I use spreadsheets to work out and track acceptable risk/reward, stop placement etc all taking spread into account).

In some of the earlier posts it's mentioned about putting a stop a couple of pips under/over a tail and then once in a successful trade (opened 1 or 2 pips above the tail), moving the stop to that point and then on and up to support/resistance levels when broken. All well and good but how are you taking spread into account? For instance, moving a stop 2 pips above your open so if the trade fails you 'break even' isn't the case at all. Because of the spread you will still lose. As an example the spread on, say, EURUSD on CMC is...what ..18? So a stop being hit 2 pips above you're open will leave you 16 down, which can effectively turn a winner into a loser. Stop hunting will have the same devastating effect. This is always going to be the case - with the spread you're always trailing the market with a built in loss. I just wondered how you dealt with this apart from looking for a better spread?

Hi nunrgguy

Iam surprised, CMC offers 2 pips spread on EURUSD. ummm, or am i missing something. I do have account with CMC and their spread is 2 for EURUSD to my knowledge. Would you mind let us know what you mean by 18pips spread...(Is it during news time spike are u mentioning)?

Fxbee

 

[trader_dante]

Hi

I've been following this thread - up to page 25 so far and very interesting stuff. I'm not sure if this has been mentioned in any following posts, so apologies if it has.

My own trading philosophy is quite similar to this. One problem I find is with stop placement - namely taking spread into account with stop placement (I use spreadsheets to work out and track acceptable risk/reward, stop placement etc all taking spread into account).

In some of the earlier posts it's mentioned about putting a stop a couple of pips under/over a tail and then once in a successful trade (opened 1 or 2 pips above the tail), moving the stop to that point and then on and up to support/resistance levels when broken. All well and good but how are you taking spread into account? For instance, moving a stop 2 pips above your open so if the trade fails you 'break even' isn't the case at all. Because of the spread you will still lose. As an example the spread on, say, EURUSD on CMC is...what ..18? So a stop being hit 2 pips above you're open will leave you 16 down, which can effectively turn a winner into a loser. Stop hunting will have the same devastating effect. This is always going to be the case - with the spread you're always trailing the market with a built in loss. I just wondered how you dealt with this apart from looking for a better spread?

18?!

I pay a spread of 2 on Eur/Usd.

 

[black bear]

Hi TD

answer to my Question please

"Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch it's prey.

but which one ?

Andy

 

[Nordtrader]

Develbis / Nunrgguy,
In my view, having read through the thread, I think TD has already dealt with the issues you have raised as best he can. We can't expect fool-proof answers to everything - no strategy is that perfect!
It might help you if you read through the entire thread before posting questions.
NT

 

[black bear]

Not good enough

Develbis / Nunrgguy,
In my view, having read through the thread, I think TD has already dealt with the issues you have raised as best he can. We can't expect fool-proof answers to everything - no strategy is that perfect!
It might help you if you read through the entire thread before posting questions.
NT

Hi Nordtrader :?:

I have read plenty of the thread and that is a pin bar is it not:?:

At a main Fib level :?:

Week timeframe

Does it or does it not give the signal for the trader to then move down to the 1 hr timeframe in order to execute the trade with a tighter stop :?:

IF you can not write your method down you have not got one

I am not trying to de-rail thread, I don"t no you its TDs thread and I expect an answer from him not his apprentice

Thank you

chart again in case its to far back

Andy

 

[omni]

Altho not indices (or the popular fx) what does TD think to the daily TF on gold at the moment?

Thanks.

 

[trader_dante]

week pin bar at fib level, is the higher time frame not the daddy or am I missing something, should you not be in this trade :?:

Not with a stop of 312 points, no!

Just with your ftse post earlier its a little confusing

The point of my post earlier was to say that I am looking closely at the Ftse. There were two s/r pivots and price was caught between them. I was looking for price action at one of them.

The weekly and hourly TF are so far removed that any bullish bias from that weekly TF is lost at this lower level.

This morning if you were a pin follower I think you had one up and one down

The one down wasn't good enough to take in my opinion. I would have liked to have seen the body near to the top of the previous bar.

The one up was never triggered.

Is there any trend filter ? so you no which one to take

No...

I thought you looked at week then went down to find set up in lower time frame in the same direction

sorry if way off, but like I said not following to close so excuse me

This causes a lot of confusion.

If I see price action such as a pin on a higher TF then I come down and look for a lower entry. That part is correct.

However most of the time I trade the hourly based on S/R pivots on the daily and hourly, REGARDLESS of whether there is price action indicating a position on the higher TF.

 

[Nordtrader]

Sorry Develbis, but I'd never dream of calling myself the apprentice, don't think I'm advanced enough for that yet. And anyway, the apprentice usually gets FIRED! (if we're to believe reality tv....)

Seriously though, I think this is a method that requires some discretion from the individual trader. FWIW it looks like a pin bar to me. Should you act on it? - that's up to the individual trader and their criteria as to what other supporting factors there are. I think this has been made abundantly clear on the thread so far. I'll refrain from further comment as you obviously are looking for 'the answer' from TD.
Good luck trading,
NT

 

[black bear]

Thanks for quick response TD

Not with a stop of 312 points, no!



The point of my post earlier was to say that I am looking closely at the Ftse. There was two s/r pivots and price was caught between them. I was looking for price action at one of them. The weekly and hourly TF are so far removed that any bullish bias from that weekly TF is lost at this lower level.



The one down wasn't good enough to take in my opinion. I would have liked to have seen the body near to the top of the previous bar.

The one up was never triggered.



No...



This causes a lot of confusion.

If I see price action such as a pin on a higher TF then I come down and look for a lower entry. That part is correct. However most of the time I trade the hourly based on S/R pivots on the daily and hourly, REGARDLESS of whether there is price action indicating a position on the higher TF.

Hi TD

Thanks for clearing that up

I except you are covering a lot of ground and I only do one index, but anybody following thread must have very clear entry rules.

Week pin bar to me is a valid signal or warning to me that bulls may be not that far away (market profile method as nine pointed out the other day)

Stop to large for me to td

I would feel very un easy taking a short position on a lower time frame and going against that higher time frame pin if I followed your method was all I was trying to point out.

Good trading all

Td do you suspect Lurkers in a real good trade :?: I hope so it will do him the world of good and is a credit to you TD if he as managed it.

Andy

 

[trader_dante]

Hi Nordtrader :?:

I have read plenty of the thread and that is a pin bar is it not:?:

At a main Fib level :?:

Week timeframe

Does it or does it not give the signal for the trader to then move down to the 1 hr timeframe in order to execute the trade with a tighter stop :?:

If a valid setup appears.

IF you can not write your method down you have not got one

Fair point and I think I have defined my method as clearly as I can whilst stating that it is largely discretionary and it hard to define the elements that cause a gut feeling.

I am not trying to de-rail thread, I don"t no you its TDs thread and I expect an answer from him not his apprentice

Nordtrader is just trying to help and I would appreciate it if you would not be rude to other people on this thread.

 

[trader_dante]

Week pin bar to me is a valid signal or warning to me that bulls may be not that far away (market profile method as nine pointed out the other day)

Stop to large for me to td

I would feel very un easy taking a short position on a lower time frame and going against that higher time frame pin if I followed your method was all I was trying to point out.

Andy, I actually tried to play that weekly TF on the lower TF and got burnt.

The risk on the weekly was 312.

So I when I saw this pin bar not far from the lows and in a zone of support, I took it long.

Look how close I came to catching the bottom

Td do you suspect Lurkers in a real good trade :?:

I KNOW he is

He posted it here.

 

[black bear]

No problem, just don"t get fired

Sorry Develbis, but I'd never dream of calling myself the apprentice, don't think I'm advanced enough for that yet. And anyway, the apprentice usually gets FIRED! (if we're to believe reality tv....)

Seriously though, I think this is a method that requires some discretion from the individual trader. FWIW it looks like a pin bar to me. Should you act on it? - that's up to the individual trader and their criteria as to what other supporting factors there are. I think this has been made abundantly clear on the thread so far. I'll refrain from further comment as you obviously are looking for 'the answer' from TD.
Good luck trading,
NT

Hi Nordtrader


"Seriously though, I think this is a method that requires some discretion from the individual trader."

Then you decide how much is acceptable, write your own rules down, then demo trade it



good luck all

Andy

 

[trader_dante]

Altho not indices (or the popular fx) what does TD think to the daily TF on gold at the moment?

Thanks.

I think you missed the lower TF entry

Chart 1 shows s/r pivot on daily TF

Chart 2 shows pin bar on the hourly TF just above pivot

 

[black bear]

Spot of confusion, all better now

TD


"Nordtrader is just trying to help and I would appreciate it if you would not be rude to other people on this thread"

sorry for confusion caused

I was being direct not rude :cheesy:

Lurker you dare post, keep you mind on the job

Good trade you deserve it

Andy

 

[lurkerlurker]

Tell me you're still short Wheat.

I am still short from 894, with a stop in at 885. Looking to trail stop a little more now. Want to be out today if 865 isn't breached.

 

[trader_dante]

I'm going to try and clear up exactly how I trade in this post because it seems there is still a lot of confusion.

My strategy is very simple. At its most basic, I look for areas of support and resistance (particularly pivots) on the daily TF and I then go down to the hourly and wait for price to react to them.

This post sums it up perfectly: http://www.trade2win.com/boards/374700-post876.html

There is a clear S/R pivot developing on the daily chart and on the hourly TF we get a pin that occurs just above that support.

NOTE: There is NO setup on the higher TF indicating a long entry. Infact the market looks decidedly BEARISH on the higher TF when you realise that before we saw that pin, the market had fallen for four days in a row, tried to rise on the fifth and had then been beaten back down again.

So although I am using the S/R from the daily to make my decision on the hourly I am NOT using any price action setup on that higher TF.

Many people think that the essence of what I do is see a pin bar on the higher TF and then go down to the lower to get an entry. This is NOT how I make money.

I do this from time to time but you have to realise that I still need to see a setup that is good to take in its OWN RIGHT REGARDLESS of the higher TF.

Look at this post: http://www.trade2win.com/boards/374698-post874.html

There was a pin bar on the weekly Ftse. I do not simply wait for any price action and enter. I wait for a setup that I would take even if there had NOT BEEN a weekly pin. That is why I got stopped out of this. If I had been entering it with the main consideration that there was a weekly pin I would have put my stop underneath that rather than under the hourly pin.

Why didn't I? Because regardless of the higher TF pin, there happened to be a 1hr pin at a previous zone of support and if this was the true reversal point then the pin should have held. It didn't, so I was out.

Finally, with the weekly and monthly TFs it is the same. If I see a price action setup that requires too large a stop, I will monitor the lower TFs. But the main point is - I MUST SEE AN ENTRY THAT IS GOOD IN ITS OWN RIGHT. What that means is that a bullish pin on a monthly might give me a long bias so I look for long setups. When I take that long setup though, it must be a good long from the TF I take it - not the higher TF.

Final point to make is that if I see a pin on a high TF like the monthly and it has an acceptable stop I take it. I took Eur/Gbp on monthly without coming down to look for a better entry. The stop was acceptable and I just took it.

I hope this clears things up

 

[Nordtrader]

Triple pin on CHFJPY

Looks like a triple pin (bullish) on CHFJPY 1hr timeframe (8/9/10am bars). All found support at around 97.45 which looks to me like a significant fib and pivot zone on the daily chart. TD, what is your view of suceeding / consecutive pins bars. Do they add or detract from the validity of the setup?
Thanks,
NT

 

[barjon]

td,

Just to clarify further. Do you always drop to the hourly?

With that ftse pin on the weekly for example, dropping to the daily would have exposed a pin of sorts the following Tuesday and an entry the next day at around 6200. Would you have taken that or still wanted to see appropriate hourly action?

I'm interested because my "signals" come from the daily, but I want to see some momentum on a lower time frame taking me through the entry price and it's here that my judgement of "momentum" can be suspect.

good trading

jon