Hi TD,
If you enter this trade on a 1hr pin bar would you place your stop below this or would you still place your stop below the daily pin at around 18500?
Thanks
Shane
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Hi TD,
If you enter this trade on a 1hr pin bar would you place your stop below this or would you still place your stop below the daily pin at around 18500?
Thanks
Shane
Stuart, when you get good at drawing these levels you will be amazed because the market will turn at them the large majority of the time. Some markets such as crude oil do it very cleanly - it is literally like magic - others like Cable tend to punch through levels before reversing making them more like zones. I find Crude one of the easiest markets to trade technically but its not for the faint of heart
Hi TD,
Could you post a chart of some of your recent trades in crude outlining what you mean? that would be great thanks.
Shane
Cheers Pelzar. Took it short at 7957, SL 7992, Target 7810ish. R:R 4 if it makes it the whole way down. going to try and sit on my fist to make sure i dont just jump out early!!
Shane
This might hurt
TD assuming you are still in this trade where is your stop? I have mine at 18605 and it just got rather close.
trader_dante
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Hi TD,
Just a quick question for you.
After the last few days of being stopped on the euro, silver, almost stopped on £, etc, I realised that I cant just trade pinbars and support/resistance zones alone.
I read your thread and realised that I should be concentrating my mind on market rythm.
I realise that you use Phillip Nel's 5 minute strategy and adapted it for other timeframes.
Was there any reason why you didnt use the 4hr Macd strategy?
I'm trying to decide which is the best one to learn.
Many thanks
Simon
Simon,
One thing that jumps out from your post above is that if you took eur, gbp and silver setups..... they are all correlated. So it is highly likely (as you have found) that if one of them fails, the others are very likely to fail also..... they are all powered by the mighty dollar. Pick your favoured setup out of the 3 otherwise you are just going to get hosed.
And regarding strategies.... just my view, but you should go ahead and try all those you come across. They all have pros & cons and none of them will be any "easier" than the other. Eventually you will come to the conclusion that none "work" and that is when you are at the end of the beginning
Thanks TD,
Of course the Daily Pin has not been invalidated yet so I think now it is best to monitor the PA and see which way it breaks. My bias is still long but if the pin does get invalidated then as you say the next major support is quite a bit lower down.
Simon,
One thing that jumps out from your post above is that if you took eur, gbp and silver setups..... they are all correlated. So it is highly likely (as you have found) that if one of them fails, the others are very likely to fail also..... they are all powered by the mighty dollar. Pick your favoured setup out of the 3 otherwise you are just going to get hosed.
And regarding strategies.... just my view, but you should go ahead and try all those you come across. They all have pros & cons and none of them will be any "easier" than the other. Eventually you will come to the conclusion that none "work" and that is when you are at the end of the beginning
Hi Omni,
Yes, my euro and silver trades were correlated, but the £ and a few of my other trades were on different days. I've noticed that pins seem to be failing more often recently.
I think the market rythm that Dante talks about is the missing link. From my own backtesting, taking trades that bounce off the 21 ema in the direction of the 50 ema trend eliminate a lot of these failing pins.
Simon
trader_dante
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Simon,
I worked with Nel's 5m system because I had developed something very similar myself and believed it worked before I came across what he taught. I don't use EMA's anymore although I still believe that they help to identify the trend and in a trend it is a good idea to trade the pullback.
trader_dante
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Simon,
That is why I showed the system in my thread. For new traders it is a good idea to go with the trend and follow the market rhythmn and that system helps you find it.
Thanks TD. Just looking at those ema's would have kept me on the straight and narrow with those failed trades.
trader_dante
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neil
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Albeit you show no MA's...would you use the 21 and 50 on the Hourly chart to assess the direction before deciding to trade the Pin(s) ?
trader_dante
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I personally don't.
If people are realising that the pins they take don't work then you need to ask yourselves why and also look at other types of PA.
This strategy is about trading PRICE ACTION not about trading pin bars. What story is the candlestick telling you when it reaches a level? This is what you constantly need to be asking yourself.
One of you guys (and my lips are sealed as to which one but you know who you are
) who read my Making Money Trading thread has made over £100k starting out there with next to nothing. This person rang me recently and said to me "It's not about the pin bars at all - it's about the price".That's why he has made so much money
TD, I'm guessing that you mean how price reacts of s/r or pivot zones.
The last trades on euro and the £ still confuse me though as price should have bounced off a very strong level.
The only thing I can see is that market rythm still dictated the move was down.
The last trades on euro and the £ still confuse me though as price should have bounced off a very strong level.
The only thing I can see is that market rythm still dictated the move was down.
I personally don't.
If people are realising that the pins they take don't work then you need to ask yourselves why and also look at other types of PA.
This strategy is about trading PRICE ACTION not about trading pin bars. What story is the candlestick telling you when it reaches a level? This is what you constantly need to be asking yourself.
One of you guys (and my lips are sealed as to which one but you know who you are
That's why he has made so much money
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TD, I dont see confluence at this pin, am I missing something?
fibbinstarchi
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TD
How about posting some trades before the move so show your competence?
How's the scalping going in the Prop firm going, got used to avoiding those big icebergs yet?)
How about posting some trades before the move so show your competence?
How's the scalping going in the Prop firm going, got used to avoiding those big icebergs yet?
)Bottom line is, reversal bars (pins, OB's etc), even with supporting confluence (strong PPZ's, fibs, TL's, divergence etc), will only work if price isn't on a rampaging, uni-directional run.
In that sense, you could argue that this material is actually more suited to ranging markets (even if it's a large daily range.) Otherwise, it's a case of using PA to look for things like range breakouts or retracement addons. Again, assuming one has the conviction of the macro trend continuing (?)
From "almost nothing" to £100K, eh? Impressive stuff. Was this via SB'ing? Over what period out of interest? And what sort of initial risk was being used per trade?
In that sense, you could argue that this material is actually more suited to ranging markets (even if it's a large daily range.) Otherwise, it's a case of using PA to look for things like range breakouts or retracement addons. Again, assuming one has the conviction of the macro trend continuing (?)
From "almost nothing" to £100K, eh? Impressive stuff. Was this via SB'ing? Over what period out of interest? And what sort of initial risk was being used per trade?
I personally don't.
If people are realising that the pins they take don't work then you need to ask yourselves why and also look at other types of PA.
This strategy is about trading PRICE ACTION not about trading pin bars. What story is the candlestick telling you when it reaches a level? This is what you constantly need to be asking yourself.
One of you guys (and my lips are sealed as to which one but you know who you are
That's why he has made so much money
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