Making Money Trading

[Nordtrader]

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

This post to add the chart related to the above....

 

[trader_dante]

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

In general I think they add to the validity of a setup as they show a consistent rejection of a particular price.

In addition, the highs of the three candles are all very together (the last two have equal highs) which shows significant temporary resistance.

 

[trader_dante]

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

Hi jon,

No, I drop to the TF that gives me a good entry in its own right.

If I wanted to take that Ftse weekly pin bar long but I couldn't afford the risk then I would have looked for a entry on the lower TF around the same area.

If I saw a good entry point on the daily TF I would have taken it but it is important to remember that it must have been a good entry REGARDLESS of whether there was a weekly pin.

The reason I say this is that I don't put my stop at the weekly pin - I put it underneath the bar I am trading.

 

[lurkerlurker]

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

That trade would have turned out quite well. Did you take it?

 

[Splitlink]

Sorry Andy,

I have nothing to say.

Split

 

[barjon]

Hi jon,

No, I drop to the TF that gives me a good entry in its own right.

If I wanted to take that Ftse weekly pin bar long but I couldn't afford the risk then I would have looked for a entry on the lower TF around the same area.

If I saw a good entry point on the daily TF I would have taken it but it is important to remember that it must have been a good entry REGARDLESS of whether there was a weekly pin.

The reason I say this is that I don't put my stop at the weekly pin - I put it underneath the bar I am trading.

thx, td

Can I follow a little further, still using the example of the weekly ftse pin?

If you had decided to trade that weekly pin would you just put an order in at the price (just above the high) regardless of what was happening on a lower time frame or would you be looking for some sort of confirming action in the lower time frames?

good trading

jon

 

[trader_dante]

thx, td

Can I follow a little further, still using the example of the weekly ftse pin?

If you had decided to trade that weekly pin would you just put an order in at the price (just above the high) regardless of what was happening on a lower time frame or would you be looking for some sort of confirming action in the lower time frames?

good trading

jon

Hi jon,

In this situation I attach more importance to the higher timeframe and would just put my order in above the high.

 

[smbtnt]

Gbpchf

Hi TD,

I never was one to pan out to the weekly timeframe to identify s/r levels however since the start of this thread your methodology has certainly been an eye opener and great addition to my arsenal.

Trade illustrated below.

Thanks TD

 

[trendie]

pin-bar on EURUSD hourlies? (the sup/res also shows on 4-hrs).
dont trade pins, but noticed this, for your edification.

 

[lurkerlurker]

Thanks trendie, but I'll pass on that as the body of the "pin" isn't within the range of the previous bar.

Edit - changed my mind - on the CMC chart it is within the bar. Taken it short, and high of pin exceeded.

 

[smbtnt]

Cable weekly

Would you take this weekly pin on cable?

 

[tafita]

Eurusd

I too like Lurker took this one as on my charts the pin head was within the previous bar. out for -20.

 

[lurkerlurker]

Thanks trendie, but I'll pass on that as the body of the "pin" isn't within the range of the previous bar.

Edit - changed my mind - on the CMC chart it is within the bar. Taken it short, and high of pin exceeded.

Well that was a nice big fat loss. At least I had a reasonably tight stop. Bad entry!

 

[lurkerlurker]

I too like Lurker took this one as on my charts the pin head was within the previous bar. out for -20.

Ouch. Yeah, I got stung like that too. In hindsight it wasn't a great setup....I'm keeping my tradition of the average loss being 5x bigger than the average win! That is me done for the week - I'm still in wheat, but I've got a stop in and if that doesn't get hit I'll decide where to exit later.

 

[trader_dante]

Hi TD,

I never was one to pan out to the weekly timeframe to identify s/r levels however since the start of this thread your methodology has certainly been an eye opener and great addition to my arsenal.

Trade illustrated below.

Thanks TD

Outstanding.

 

[smbtnt]

Crude daily

TD,

Once again your comments appreciated on this pin please.

Thanks

 

[trader_dante]

Would you take this weekly pin on cable?

No. This was discussed in an earlier post.

You can find it here: http://www.trade2win.com/boards/374001-post844.html

 

[tafita]

Set up

Ouch. Yeah, I got stung like that too. In hindsight it wasn't a great setup....I'm keeping my tradition of the average loss being 5x bigger than the average win! That is me done for the week - I'm still in wheat, but I've got a stop in and if that doesn't get hit I'll decide where to exit later.

I thought the set up was valid on the basis of the pin head forming within the higher third of the previous bar (on my charts) and the nose rejecting a previous s/r zone.

 

[barjon]

Hi jon,

In this situation I attach more importance to the higher timeframe and would just put my order in above the high.

td

thx again.

Interesting - I follow suit with my primary method, but have long felt I could improve my success rate by more attention to lower time frames. I haven't come up with anything to bring about a consistent improvement statistically, but there are one or two things that I like to see from a "confidence" (perhaps "comfort" is the better word ) perspective.

good trading

jon

 

[trader_dante]

Eur/Usd

OK since two of you lost money on this lets discuss it and I will show you why I didn't take it.

First lets look at the daily. We're heading back up into that S/R pivot. See chart 1

Have a look at chart 2 now. This is the hourly TF. Top red line is the daily S/R pivot.

Lower red line is an S/R pivot specific to the hourly TF.

Finally chart 3. Pin bar forms right in the middle of this area. On the one hand its not particularly close to my daily S/R pivot to give me confidence that this is a firm rejection. On the other its not far above a significant hourly pivot level. Therefore you are shorting directly into potential support.

That is why I passed on this.