Pin Bar System

[pocrel]

right just as i said before i wanted to be short brent just managed to get short it

brent chart




entry is 11732 stop is 11800

my just make a breakeven trade with wti but not sure which one will play out perhaps both of them

 

[pocrel]

this is all very exciting not, what are peoples positions out there?

 

[pocrel]

ok folks i am liquidating all positions

 

[pocrel]

dax +19 full points

wti + 24 full points

brent -12 full points

 

[pete_tong]

this is all very exciting not, what are peoples positions out there?

Nothing here Patrick....still smarting with USDCAD...missed it by a whisker whilst talking....and was hoping for a pullback....

 

[Howlinwolf]

this is all very exciting not, what are peoples positions out there?

None at the moment but the gold one (not on that either!) looks as though it has come good-easy to see in hindsight.

 

[Howlinwolf]

In now selling Eur/Usd :

 

[Gelly]

Also short eurusd. DAX closed at zero.

 

[pocrel]

lovely trade in eurodollar guys well done i missed it, my feeling on this is its going to bounce from here, we shall see

 

[Gelly]

ok folks i am liquidating all positions

Patrick, where do you get this amazing foresight? (I'm only really good at hindsight)!
Actually made a nice profit on eurusd now after 2 breakevens this am.

 

[pocrel]

Patrick, where do you get this amazing foresight? (I'm only really good at hindsight)!
Actually made a nice profit on eurusd now after 2 breakevens this am.

a guy i know calls me from the market floor and tells me to sell :cheesy:

only kidding, not sure what you mean gelly i make as many bad calls as good calls take silver yesterday i took 5 points and thing went on to make 200 where is my amazing foresight in that ?

well done on the euro

 

[pocrel]

not sure if people add to there positions here, but the euro was a great example of adding when we got that bounce back to the 00 number and now beginning to head down again, if you can master this aspect of trading then you are way ahead of the game

 

[pete_tong]

order in for Long EURGBP


In at 8806


that was quick -15

 

[pocrel]

going to have a break cant see anything to trade at the moment

morning round up : 3 trades

+31 full points

 

[pocrel]

ok i cant find a trade so done for the day

daily round up 3 trades +31 full points

also finished for the week

trades 7

+79 full points

going on holiday for 2 weeks to marbella so wont be trading for a while but will check in every so often when i get tired of lying by the pool

best of luck to everyone and please keep the journal going

thanks

patrick

 

[Gelly]

Long dax and audusd

 

[Gelly]

Took profit on dax. Aud stop to BE.

 

[Howlinwolf]

Took profit on dax. Aud stop to BE.

Morning Gelly, do you move stop to BE as soon as you can?

 

[Gelly]

Morning Gelly, do you move stop to BE as soon as you can?

Hallo Howlin, As I've found too many trades don't go to the next pivot I only take a full profit at r:r and as this includes spread its a bit more than the pin. I always move stop to BE when price has moved to 2/3rds of my target. In the last week this has saved me from 4 or 5 losing trades at least. This may have been temporary due to jittery markets, so still willing to adjust later. Of course I'm going to lose out on some but overall I think this will save me money. Also good for peace of mind

 

[Howlinwolf]

Hallo Howlin, As I've found too many trades don't go to the next pivot I only take a full profit at r:r and as this includes spread its a bit more than the pin. I always move stop to BE when price has moved to 2/3rds of my target. In the last week this has saved me from 4 or 5 losing trades at least. This may have been temporary due to jittery markets, so still willing to adjust later. Of course I'm going to lose out on some but overall I think this will save me money. Also good for peace of mind

Thanks for your reply. Trade management is a tricky one isn't it. Your method is good for someone like me (of a nervous disposition) . I have thought of trialling a "scaling out" approach-say putting three units on and taking two(ie 2 thirds) off at half the stop. This would cover the trade from losses but has the major disadvantage of having to place more money at risk initially. There are so many ways to "skin this cat!"