This doesn't look like such a hot pin bar on my screen. The support you see it bounce off of is a pivot line that's been pretty active in the last few weeks/months beginning in March 08.
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This doesn't look like such a hot pin bar on my screen. The support you see it bounce off of is a pivot line that's been pretty active in the last few weeks/months beginning in March 08.
grimweasel
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Omni,
You should read Marber's book on trading markets. He has some useful if not overly technical ways of trading the break outs. In a Triangle formation you would place your entry just above where the 2nd hit of your TL is for a long, or 2nd hit on a TL for a short. He also advocates a 3% stocks, 1% Forex Breakout for it to be confirmed as a TL break.
He seems to hate day trading prefering the longer TFs of daily and weekly. His overarching method is to stick with the trend; the secret is the confirmation of the trend. He shows a forex chart with 6 indicators all giving various buy/sell signals that over a 6 month period woud have you in and out of the market 15 times. He then shows you a simple monthly MA that would have kept you in the market and with the trend for all of those 15 indicator signals!
It seems that the simple uncomplicated methods are often the best..
Grim
You should read Marber's book on trading markets. He has some useful if not overly technical ways of trading the break outs. In a Triangle formation you would place your entry just above where the 2nd hit of your TL is for a long, or 2nd hit on a TL for a short. He also advocates a 3% stocks, 1% Forex Breakout for it to be confirmed as a TL break.
He seems to hate day trading prefering the longer TFs of daily and weekly. His overarching method is to stick with the trend; the secret is the confirmation of the trend. He shows a forex chart with 6 indicators all giving various buy/sell signals that over a 6 month period woud have you in and out of the market 15 times. He then shows you a simple monthly MA that would have kept you in the market and with the trend for all of those 15 indicator signals!
It seems that the simple uncomplicated methods are often the best..
Grim
2nd time an instrument hits a trend line.
superspurs
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nice spot super... are you still in the gbp/cad weekly pin from a while ago??bounced around be, could be forming a second pin this week.
superspurs
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no i gave up on it porto all it did was give me grief
trader_dante
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Of course. I've been waiting a long time for this.
grimweasel
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Omni,
I have added a picture below to help. Advise taken from 'Marber on Markets'
There are no certainties in these patterns only probabilities.
If there is a BO north-east then the upper TL (drawn paralell to the bottom TL of the triangle) becomes the target. The abort would be a renewed close 1% below the horizontal top line.
This chart also shows the bullish/bearish flags quite well. He says a Flag is only a Flag on Daily and above charts. The initial objective should be the width of the flag to the up/down side depending on what pattern in what trend you have!
I have added a picture below to help. Advise taken from 'Marber on Markets'
There are no certainties in these patterns only probabilities.
If there is a BO north-east then the upper TL (drawn paralell to the bottom TL of the triangle) becomes the target. The abort would be a renewed close 1% below the horizontal top line.
This chart also shows the bullish/bearish flags quite well. He says a Flag is only a Flag on Daily and above charts. The initial objective should be the width of the flag to the up/down side depending on what pattern in what trend you have!
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grimweasel
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brutusdog
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another way to calculate the target.
this pin also has a nice retest of the broken trendline.
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rags2riches
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eur/usd 1hr pinbar
eur/usd 1hr pinbar formed, another one is in the process of forming. Might consider a short if double pinbar confirmed in 20 mins....
eur/usd 1hr pinbar formed, another one is in the process of forming. Might consider a short if double pinbar confirmed in 20 mins....
Hi
Just wondering if anyone could give me some advice on this trade...
I have been following TD's excellent thread -and now about half way through. I have been looking at setups for a while and so this morning thought i'd jump in on a small scale.
having drawn my S/R lines on the daily chart I saw what I thought was a setup on the Hourly chart first thing this morning...
I took this Dax trade I went short at 6370 with a stop at 6405. Unfortunately I got stopped out.
Was my setup wrong? the only thing i can think of was that the PIN bar was not really on a swing high? (PIN bar 3rd bar from right on screenshot)
anyone got any ideas
thanks
Simon
Just wondering if anyone could give me some advice on this trade...
I have been following TD's excellent thread -and now about half way through. I have been looking at setups for a while and so this morning thought i'd jump in on a small scale.
having drawn my S/R lines on the daily chart I saw what I thought was a setup on the Hourly chart first thing this morning...
I took this Dax trade I went short at 6370 with a stop at 6405. Unfortunately I got stopped out.
Was my setup wrong? the only thing i can think of was that the PIN bar was not really on a swing high? (PIN bar 3rd bar from right on screenshot)
anyone got any ideas
thanks
Simon
trader_dante
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Cable was the most obvious buy I think I have ever seen yesterday.
I actually managed to get in 15 ticks off the low
Out way to early but you live and you learn, eh?
I actually managed to get in 15 ticks off the low
Out way to early but you live and you learn, eh?
superspurs
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im going out now but could you elaborate td ive looked at some TF,s and cant see what you mean,unless its because of the long bias you have,
trader_dante
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Wait for it...you're going to love this one super.
I'll get some charts up in a min...
I'll get some charts up in a min...
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