trader_dante
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Has it not already finished the day as a pin?
I.e currencies use 8pm as their close?
I'm going to have to think about this one
Not on my charting software...
Has it not already finished the day as a pin?
I.e currencies use 8pm as their close?
I'm going to have to think about this one
Not on my charting software...
What sort of target would you be looking for tomorrow if it does finish as a daily pin?
The part I have the biggest problem with is the exit, i can't tell the difference between a 200pip quickie and something that may turn into 1000 pips if i give it a little bit of time.
(14320 looks like the obvious conservative level to me, but i'm trying to train myself to leave some open for longer... i usually close it at the first significant support level).
Good call on the Cable guys.
I took this but closed it as we came into the descending TL. It was a quick and easy 170 pips. Although the day could now easily end as a pin and then we may have a lot more to come
I'll be a buyer on dips right now, until the lows are taken out.
if this does finish as a pinbar for today , I remember the J16 thread saying that a nose poking through a major support but body above it is all systems go big time.... could this be one of those occasions? taking into account the long term support?
If so I'll have a target of 1.430, 50% fib.
if this does finish as a pinbar for today , I remember the J16 thread saying that a nose poking through a major support but body above it is all systems go big time.... could this be one of those occasions? taking into account the long term support?
If so I'll have a target of 1.430, 50% fib.
It is indeed all systems go...remember the significance of the nose poking through major support...breakout traders are trapped...and the lows have been "twigged" which is something that the market loves to do time and time again before the real reversal begins...(again, see Socrates' infamous thread for a definition of "twigged") - it's become something of a catchphrase between me and a colleague at my firm. lol
Is such a pin likely to overcome the negative sentiment about the pound though?
Is everyone who is going to sell the pound (based on fundamentals) likely to have sold by now already, leaving the potential for people to start buying again (based on technical analysis?)
Is the Socrates thread on this forum? I can't find a member of that name.
Thanks.
Is such a pin likely to overcome the negative sentiment about the pound though?
Is everyone who is going to sell the pound (based on fundamentals) likely to have sold by now already, leaving the potential for people to start buying again (based on technical analysis?)
I just follow what the price tells me which is that support has been found at least temporarily and a very bullish rejection has followed. The real test will be found at the 1.4270 area mentioned above. This is the first major pivot. I think that with all things considered, it's a high probability trade on the long side until that approximate area. When that is reached, we have to see how the market deals with it. It's a great place for the market to decide whether it's going to resume the downtrend or start a new up trend.
Hey mate, what is that 4270 area?? I see no real previous price swing hi or lo (price piv ot) on the 1hr+ there? Thanks.
I see price action suspciously like pins on the following daily charts..
- USD/JPY
- EUR/JPY
- CAD/JPY <---- This one looks the best to me.
- GBP/JPY
U mean this one?
It's the underside of the wedge.
I will look to get back in again if it drifts back overnight to 1.3860 area.