Making Money Trading

[trader_dante]

Hi Lurker I am new to this thread but not new to trading. I was a Dr. before I made the switch to full time trading. I will always be learning and trying to hone my skills because I know every new trading day I can be the problem or the solution. I spent a lot of years being the problem and everyday I know that I can be 1 trade away from self destruction. One of the things that helped me was patience. As TD said waiting for the perfect trade - I try to stack on as many positives onto the pin bar, or other candle formations I trade as possible. If I cant find a lot more positives than negatives and if there a strong negatives I let the trade go because I know there will be many more to come. The beautiful thing with trading and all of life is I have a choice. The choice to enter a trade, the choice to move my stops, the choice to take profits, the choice to pick my trades, as well as the choice to eat healthy, the choice to exercise, etc and I know that if I follow my trading plan every given day , my exercise plan, my eating plan , etc then everything in my life flows and becomes easy. And if I make the wrong
choice today with my trade entry , I know my plan will allow me to be back tommorrow and I can choose again. I found that my life is exactly where it should be because of the choices I made in the past and if something is not working for me I look to me and know that I am the problem and I am the solution.

My reasons for not taking the trade and they are for me as per my trading plan on eur/jap is I had some challenges with a couple areas being daily support, attitude with euy/jap around round numbers (00), no fib and time of trade being friday near end of session. The positives were the pin and the down trend is strong but as the saying goes "if in doubt stay out"

No trade is right or wrong unless it deviates from the original plan and the beauty of it all is we get to create it by the choices we make.

Wishing all a good weekend

Brad

Hi Brad.

Great post and an excellent chart. I really like the way you have highlighted the positive and negative aspects of the trade. As you say, ultimately the choice whether to trade is down to the trader. The person that wants to treat trading as a business and not a gamble, will be very discerning because they know that preservation of capital is too important to trade when in any shadow of a doubt. They are always aware that the next excellent opportunity is only just around the corner.

 

[shadowninja]

I can't remember where I read that "the good trades are obvious". So, if it takes ages to figure out a trade, then it probably isn't a good one to make.

 

[rathcoole_exile]

Hey rathcoole! How's tricks?

I'm not familiar with Carters work BUT I know that some people play failed pin bars which would more or less coincide with your short entry.

Good luck if it triggers.

And happy New Year!

Cheers mate, didn't get triggered but still hanging in with same order

 

[rathcoole_exile]

Well, we are a long way from the August lows and this is the only pair (aside from NZD which is a different kettle of fish) which hasn't gone back down through them. I'm not taking the short side of this unless I get a setup, but it is something to keep in mind.

my logic, rightly or wrongly, was as follows:
1) 21-RSI crossed down thru 50 and thru it's 21period average
2) RSI and MACD show negative divergence between the price highs of early Nov and final week of Dec (it's fairly faint divergence, but if you squint hard enough it's there)
3) price has gone through the "Vegas Tunnel" 144 & 169 MAs
4) this would be the 3rd test of 160 since mid-Nov. with the Squeeze forming, it should either crash down or rocket up.
If I'm wrong in the direction, i won't be triggered and plenty of time to catch a portion of the move North if it happens.

Sorry Trader_Dante, I know that I'm going off tangent here on your thread. It's just that I rarely post my own actual trades so felt I should at least try to justify, particularly as I seem to be in opposition to you on this one.

 

[Quark]

Very well said. If more people had this attitude there would be more successful traders and fewer pointless shouting matches between unsuccessful ones.

jj

Mathemagician, I totally agree with you.

@S

 

[lurkerlurker]

Lurker, I am afraid I wouldn't have considered this a high probability setup.

Firstly, those are not good looking pin bars (see chart 1)

Secondly, the noses look like they fell within the two minor s/r pivots. (See chart 2)

Sometimes the s/r pivots are more like zones but when they are cleary defined like they are in this example, I like to see the price react to them directly.

Yes, perhaps this was a bad trade. If I hadn't taken it, I wouldn't have made the -255 loss, and therefore I wouldn't have started gambling by taking a view on the Dow, losing more.

However, this is how the chart looked when I took the signal, and the last bar at the time looked like a pin to me. The S/R levels weren't quite right though...

Live and learn.

 

[Splitlink]

I'd like to say that I got this one but I didn't. I hope someone did! I was down with the flu.

It is a p-bar, isn't it? I interpret it as one.

Split

 

[trader_dante]

I'd like to say that I got this one but I didn't. I hope someone did! I was down with the flu.

It is a p-bar, isn't it? I interpret it as one.

Split

It certainly is! A very profitable one too

 

[black bear]

I'd like to say that I got this one but I didn't. I hope someone did! I was down with the flu.

It is a p-bar, isn't it? I interpret it as one.

Split

Hi Split

I thought so to Split and pm d TD, I think its just over level but I thought it was good to go , added bonus it was at one of my usual entry location = Top of open hours range

News was out in a couple of hours so decided to have a little scalp and nothing more, decided a little dangerous that close to the News


TD have a peek at my chart, comments opinion , well see pm appreciated

Andy

 

[black bear]

It certainly is! A very profitable one too

errrrrrrrrrrrr did I pm you did you say errrrrrrrrrrrrrrrrr no incorrecto level or unsure

any hows appreciate you peep at chart and see if I am marking off correcto for future ref TD

te hee hee

another piccy if you get in trouble TD

Andy

 

[shortorlong]

I'd like to say that I got this one but I didn't. I hope someone did! I was down with the flu.

It is a p-bar, isn't it? I interpret it as one.

Split

yer a day late!

Hi Split get well soon

This highlights a problem for me. I missed the last thousand pin bars because I was not looking at the chart, or I was looking at the chart on the wrong time frame, or I was looking at the wrong instrument.

Should we start a dedicated thread for the announcement of such signals? This thread is being used as such to a certain extent but the pin bar on Split's chart here was not posted here. (I don't see it anyway). If we had a thread where everyone posted their pin bars then at least we all could consider a lot more of them. :idea:

maybe it is being done somewhere I just don't know about it.

 

[Phil Mibbutz]

I haven't read the whole thread, so apologies if this point has been raised before, and this is meant to be a question/observation, not a criticism.
Isn't it true that whether particular pin bars appear on charts depends on the starting point? Surely by shifting the start forwards or backwards a bit (which you can't do with the ones I have), the pins may vanish or move, whatever the time frame used?

 

[black bear]

Pin bar alert

errrrrrrrrrrrr did I pm you did you say errrrrrrrrrrrrrrrrr no incorrecto level or unsure

any hows appreciate you peep at chart and see if I am marking off correcto for future ref TD

te hee hee

another piccy if you get in trouble TD

Andy

Hi all

I have just pm"d Split regards the Pin

TD are my lines ok, its not my natural timeframe = just an interested observer and getting a little more interested:?:

I only trade Ftse mornings and usually 1 or 2 per day and I am a full discrection trader I can stay for 3 min to 3 hours depends what I see in the T cup, and I am happy with approach.

Not having a go in any way at all TD I think this is a very good thread, its very new to me this method and approach and picking up a bit as I go and carry on doing my own thing.(time)

I noticed pin forming at one of my usual entry levels, I did the big chart after the or during the forming of it to see out of interest where it was forming (Fibs and S&R that way not my usual method) thought it was good and alerted TD he was I guess rushed and I had no means of uploading chart because new ones pretty big files and have broker rubbish all over them that require air brush work and mine mar Fut so grey area.

I do not mind in the morning posting Pinbar as it forms if I notice it on the ftse only, I am doing nothing better and it does not distract me from what I am doing, thats if any one interested, are my S&R lines correct the way you guys / girls mark them:?: I dont use them at all normally.

Andy

 

[lurkerlurker]

yer a day late!

Hi Split get well soon

This highlights a problem for me. I missed the last thousand pin bars because I was not looking at the chart, or I was looking at the chart on the wrong time frame, or I was looking at the wrong instrument.

Should we start a dedicated thread for the announcement of such signals? This thread is being used as such to a certain extent but the pin bar on Split's chart here was not posted here. (I don't see it anyway). If we had a thread where everyone posted their pin bars then at least we all could consider a lot more of them. :idea:

maybe it is being done somewhere I just don't know about it.

Yes, I think we should. Pin bars come up here, but the purpose of this thread is for TD to teach us all about trading, and posting too many live pin bar calls pollutes that. It is important for TD to post the setups he takes, but what we do is less relevant to the thread.

I've started a thread where we can post live pin bar calls. I'll be adding my website to that soon too!

 

[Splitlink]

I haven't read the whole thread, so apologies if this point has been raised before, and this is meant to be a question/observation, not a criticism.
Isn't it true that whether particular pin bars appear on charts depends on the starting point? Surely by shifting the start forwards or backwards a bit (which you can't do with the ones I have), the pins may vanish or move, whatever the time frame used?

Hi Phil,

No sure that I understand what you mean, there. As I see it the pin is the highest point of a trend, with a short body inside the previous bar. I think that it must be used with other criteria--a bounce off something that you already follow. It is true that they disappear, frequently, from one time frame to another and it is possible to find that there is no signal given, but the price bounces just the same, leaving you cursing for not taking the trade.

That's TA all over, though. The importance is consistency in the way you do it. Pins keep you from overtrading, but so do other systems and there are many excellent trades that are not taken because the signal that one is waiting for was not given.

Split

 

[trader_dante]

Develbis

Hi all

I have just pm"d Split regards the Pin

TD are my lines ok, its not my natural timeframe = just an interested observer and getting a little more interested:?:

Hi Andy,

Your S/R levels are fine

The reason my PM to you was inconsistent with your findings was that I used the cash chart and you were referring to the March contract.

Tom

 

[shadowninja]

Re the appearance of pinbars or otherwise, I noticed that different charting provides do display things differently, and a nice pin might not appear with another provider on the same TF. I think the important thing to remember is what a pinbar signifies: a change in heart.

 

[1Pipped]

I think the important thing to remember is what a pinbar signifies: a change in heart.

Would be interesting to see: Find some 'good' pins (ones that would lead to profitable trades) and note the bar patterns that other brokers platforms show at the place of the pin. Perhaps they will also be common reversal patterns or perhaps not, who knows... Ive got 4 platforms available to me and I think I'll have a gander, if I find anything interesting Ill post some charts.

 

[shadowninja]

Pins on all platforms would be the mother of all buy signals I guess.

I've noticed differences between Oanda and IT-finance/IG Index/ProRealTime.

 

[trader_dante]

Pins on all platforms would be the mother of all buy signals I guess.

I've noticed differences between Oanda and IT-finance/IG Index/ProRealTime.

There are frequently differences in the appearance of bars or candles because of the different time zones.

This has been noted several times throughout the thread.

My very first example trade (FTSE 100) was a pin bar only because the charting I use doesn't show gaps.

Later when I made my first live call, JillyB posted to say that it was not a pin bar on her charting package.

I was always taught to rely on one charting package and play price action setups as I saw them.

If you are looking at too many data feeds you may get "analysis paralysis".