Best Thread Potential setups

[therooster]

Hi all
I have never been that sure on when daily bars print (open/close) in FX and therefore the best time to check for setups. The whole aspect of it being a 24hr market makes it a little less obvious than the exchanges.
I know it depends abit on the plaform you use as their server times may differ, so asked IGmarkets and got this response..

Our spot currency pairs expire at 8pm and our charts reset themselves at midnight UK time. After midnight the previous days data will be reset so that in represents our trading day for that currency (8pm to 8pm) rather than the calendar day.

so does that mean i should check at midnight?
when do you all check for daily bars?

thanks

Simon

You can change your own settings on IG Markets if you wish to - it's under Options/ set time zone and trading hours

I just use their default settings for time zone and trading day

 

[forexbee]

It's probably a timing difference forexbee, i was watching this also but on my charts (from IG Markets) the pin did not trigger either.

check when your feed 'rolls' to the next day/ candle and this will probably explain any difference between your and TD's chart

Hi Rooster

Thanks for ur reply, i was using northfinance MT4 charts....(i remember TD used this sometime back, just assumed TD was using the same now
Fxbee

 

[forexbee]

Hi

I was able to grab 102pips and quit on EURCAD. Goodsetup... It was after TD's reply i realised the pin setup in EURCAD (though the lower shadow was little more), Great TD....

Fxbee

 

[eltrot1979]

bollox - every daily pin I take seems to fail! This one looked perfect too!

I only blame myself for this loss (who else can you in this lonely game!), I broke my rules. I said to myself only the other week that I would stick with the H1 as I can't afford the risk on the dailys, and that I wouldn't trade counter trend in these conditions - and what do I find myself doing! Seduced by the beautiful daily candle only to be sucked in and spat back out! Impatience got the better of me I think, I hadn't traded all week.

 

[rags2riches]

Potential support turned resistance on eurusd at important pivot area 1.2487. Watching closely...

 

[omni]

Hello everyone,
How is everyone getting on?
All the usual names have been very quiet.........

Suddenly the markets are full time!

Main themes / trades for me have been dollar , yen and swiss buying (against everything).

Those trades could soon be at their end...... let's see.

Check out attached wheat chart......500 is a "big" number

 

[BrainStorm]

Hi TD and all, I have just completed the monumental task of going through both threads in their entirety - that was a lot of reading!!

snip

Sorry to start the thankyou's again but...... thankyou not just to TD but to all of the other contributors, especially LurkerLurker - he managed to provide both incite and entertainment.

snip

On the sell side, my understanding is that you have two main types of dealer.

I'd like to echo those sentiments. I came across the first thread late last week and lost several (long) days to the thousands of posts in each TD (and other contributors) what you have done is a remarkable thing.

To answer your question, what you are talking about is encompassed in the relatively new arena of 'market microstructure'. I am loath to post links or make outside references on my first post to this thread but there are a couple of comprehensive books that deal with it. My personal favourite is by professor Larry Harris. If you really want to know about markets, there participants and motivations, his book reveals all. You could probablly find it in a library, PM if you want any more information.

 

[advfntrader]

Hi all,

I have been demoing trading pinbars with good success so far. I saw one today that ocurred suggesting higher prices but the Stochastics, MACD and Moving averages were all rolling over, I went short. Can the pinbar also be seen as a short entry in this case ??

ImageShack - Hosting :: pinbaryf8.jpg

 

[rawrschach]

That is a hanging man - 'pinbar' at the top of a swing high, usually seen as a reversal signal.

In terms of candlesticks from that chart there is a suggestion to go short from the double top and the fact that the 3 bars prior to the hanging man combined would form a 'pinbar'.

If you are trading pins you need to make sure that they represent rejection of a pivotal price.

Take this for example: (FTSE Dec hourly)

The first pin goes into support at 3700 and the low of the 2002 bear market at 3686 (plus it was the 27th of Oct), and the second one was into resistance at 4000 and a pivot at 3933ish.

 

[fifty2aces]

Hi all,

I have been demoing trading pinbars with good success so far. I saw one today that ocurred suggesting higher prices but the Stochastics, MACD and Moving averages were all rolling over, I went short. Can the pinbar also be seen as a short entry in this case ??

ImageShack - Hosting :: pinbaryf8.jpg

I believe the logic behind the pinbar is that price moves to a level and quickly moves away, signifying rejection. This means that if the tail points down (as in your chart), a lower level has been rejected which would suggest a move up, rather than a move down.

Rejection alone isn't really the important thing however - you should be looking for rejection of an important level (i.e. a level which has been significant support/resistance in the past). For this reason, you should be spending your time looking for the important levels, and waiting to trade at them, rather than just searching for pins in random areas of the chart.

 

[superspurs]

this stock has been decimated,it was down another 20% earlier today.it will form a daily pin as well.
good trading all

 

[barryb]

Right ok, I've really had enough of listening about pinbars for a lifetime, is there not another thread their meaning can be discussed on (unless it's a valid set-up)? No offence meant here, but i think new traders should go and learn about candles and bars by themselves like most of us did, and come back once they've attained the technical basics to try and apply this knowledge to "potential set-ups". Don't mean to be overly harsh here.

 

[Ljr]

Hourly Pin on UsdJpy

 

[advfntrader]

Pin on the DOW at 2pm today could have got you 700 points !!

 

[Ljr]

It sure has shot up but I don't see a Pin today. Could you post a chart

 

[vgrade]

It sure has shot up but I don't see a Pin today. Could you post a chart

No pin with me also?

 

[rawrschach]

The contents of both boxes can be considered 'pins'

 

[pelzar]

Ljr...been watching USDJPY and that pin is a beauty!!

 

[advfntrader]

pins on lower timeframe - 5min & 3min, not hourly

ImageShack - Hosting :: dowpinmp6.jpg

 

[trader_dante]

The contents of both boxes can be considered 'pins'

Agreed but merging candles to make pins is more advanced and I don't recommend people do this in the beginning.

Also when you do this, you don't have the pure power of the hammer/pin which is instantly perceived as a REVERSAL candle by most market participants whether they believe in it/trade it or not.