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This is a discussion on Making Money Trading within the First Steps forums, part of the Reception category; Since TD's at a prop house trading the company's money, I expect that he doesn't need the SII Certification (SFA) ...

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Old Feb 5, 2008, 11:54pm   #1546
Joined Oct 2007
Since TD's at a prop house trading the company's money, I expect that he doesn't need the SII Certification (SFA) to trade.

I would expect that a financial disclaimer would be in order
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Old Feb 6, 2008, 12:01am   #1547
Joined Dec 2007
superspurs,

I am calling you out!!

No seriously, can you please update us on the proposed trade you discussed with T_D earlier today, when/if it eventually breaks out?

No hassle if time constraints prevent you from doing so.

In the meantime, I'm off to bed. Absolutely wrecked & the "reality" of the day job beckons in the morning.

I promise to do a step-by-step discussion of the next pin-bar trade I take on - hopefully, with a bit more success & without the need for T_D to destroy dozens of cyber-trees in correctly my mistakes.

Rest assured though - I won't hijack the thread the way Lurker did :-P
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Old Feb 6, 2008, 12:09am   #1548
 
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Originally Posted by trader_dante View Post
I'll let Pelzar answer this himself although I will say he's not a grad and we don't work for a bank.

I really don't know the rules. Perhaps I better find out...



Are you?!
TD
The pro user SB bit I may have confused. At IG if you are a Pro they mark your account as such. What difference it makes I don't know? I guess they offer bigger margains etc? Not sure? I just recall having to tick a box before, saying I was a non-professional public user. Sorry if I spooked you or gave out duff gen!
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Old Feb 6, 2008, 12:24am   #1549
 
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Quote:
Originally Posted by trader_dante View Post
Superspurs, let me ask you a question in turn. Are you able to use measured moves for profit taking with a good degree of success?
never tried it before,but when asked the question it made me think what would i want out of this trade,measured move is over 25% downside,seems a bit to much,if triggered will manage accordingly.
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Old Feb 6, 2008, 3:14pm   #1550
 
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A cracking read

Trader_Dante,

Thank you very much for not only taking the time to share your ideas with everyone, but also for doing so in such a clear and patient manner.

It has taken me over a week to read from start to finish, and I think I've followed it fairly well, but I have a couple of questions:-

1) You put your s/r and fib lines on a chart BEFORE looking for a "pin" bar. Do your daily TF lines stay at the same value when you move into the hourly, or do they adjust with the TF? On my charting software, if you place the cursor on the horizontal axis to draw a s/r line on daily TF it will stay at the same value. If, however, you draw the horizontal line using a high/low of a candle on daily TF, the line will move when you move the chart in to hourly view.

2) How much historical data do you want to see on your chart? You touched on this earlier in the thread, but I'm still unclear. Obviously, the more info you include, the more levels there will be. This can be a blessing and a curse. If there's a breakout, an old level may point to a reversal area (or even just a pause). However you will end up with a lot of lines on the chart if you go back too far and possibly have a lot of redundant levels.

3) Finally, you also said you want a pin to hold above/below your s/r and/or fib. Do you grant any leeway with this? Is there an amount (either measured or percieved) by which you will allow these to be broken by the tip of the pin but still take the signal? What I think I mean by this is that you said s/r lines are seen differently by each individual - do you ever question whether you are slightly out with yours and take the signal anyway?

Once again, thanks for everything you are doing here.

Good luck with the trading.
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Old Feb 6, 2008, 3:24pm   #1551
 
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trader_dante started this thread Hi eastieboy,

Thanks for your message.

Quote:
Originally Posted by eastieboy View Post
1) You put your s/r and fib lines on a chart BEFORE looking for a "pin" bar. Do your daily TF lines stay at the same value when you move into the hourly, or do they adjust with the TF? On my charting software, if you place the cursor on the horizontal axis to draw a s/r line on daily TF it will stay at the same value. If, however, you draw the horizontal line using a high/low of a candle on daily TF, the line will move when you move the chart in to hourly view.
The daily lines stay at the same value as when I draw them. This is irrespective of the TF I look at them on.

Quote:
Originally Posted by eastieboy View Post
2) How much historical data do you want to see on your chart? You touched on this earlier in the thread, but I'm still unclear. Obviously, the more info you include, the more levels there will be. This can be a blessing and a curse. If there's a breakout, an old level may point to a reversal area (or even just a pause). However you will end up with a lot of lines on the chart if you go back too far and possibly have a lot of redundant levels.
I don't have a specific amount. I usually go back as far as 2 years on the daily TF. It depends on my plan of attack though. Recently I was watching the Soybeans carefully and went right back to the contract inception to find the important levels (all time highs etc)

Quote:
Originally Posted by eastieboy View Post
3) Finally, you also said you want a pin to hold above/below your s/r and/or fib. Do you grant any leeway with this? Is there an amount (either measured or percieved) by which you will allow these to be broken by the tip of the pin but still take the signal? What I think I mean by this is that you said s/r lines are seen differently by each individual - do you ever question whether you are slightly out with yours and take the signal anyway?
This is very discretionary. Generally I don't like to see levels penetrated by anything more than a few ticks. The same number goes for moves that stall above/below the pivot.
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Old Feb 6, 2008, 3:34pm   #1552
 
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Entry: Pin was a bit 'recessed' but has some good potential resistance above its nose tip and a level just underneath it I thought might attract some sellers due to the low of the opposit pin at the beginning of last week... might have been better to avoid because of this possible area underneath ? ... I figured if it goes, this level could give it an extra push.

Exit: I usually check the charts at 11am 3pm 7pm 11pm. This time I checked half way through a bar and noticed it bouncing off 1.9600 Also noticed that Ide missed an opposite pin bouncing off 1.9700 earlier where I almost certainly would have closed the position, and felt a bit lucky to still be in it down at the first target area. Dont look gift horses in mouths etc.

On the plus side I dont seem to have been leaving trades on for so long they turn right back around lately, but might be swinging the other way and taking them out a bit too early maybe. Still more gained than risked so thats good, although it was only 0.01 lots
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Old Feb 6, 2008, 3:37pm   #1553
 
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Ok. Thanks very much.

Quote:
I don't have a specific amount. I usually go back as far as 2 years on the daily TF. It depends on my plan of attack though.
What do you mean by your plan of attack?

Last edited by TheTick; Feb 6, 2008 at 3:40pm. Reason: quote
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Old Feb 6, 2008, 4:05pm   #1554
 
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Originally Posted by eastieboy View Post
Ok. Thanks very much.



What do you mean by your plan of attack?
It's just a phrase. Trading is a battle of wits between buyers and sellers and I am talking about my plan going into that battle.

Am I looking for a swing trade in the direction of the longer term trend or am I predicting a trend reversal at a new high?

Sometimes I get a signal to reverse with a huge stop in a market I am largely unfamiliar with.

An example of this was a recent daily pin bar at an all time high in Soybeans.

When I see this kind of situation I like to get up to date on the fundamentals and the wider technical picture so I am fully prepared for any change in sentiment. That means noting areas of all time highs, all time lows, seasonal patterns, news, weather and whatever else effects the market.
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Old Feb 6, 2008, 7:03pm   #1555
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T_D,

You fancy any markets for pinbars at the moment?

Plan to have a thorough look through my charts later on - although the lure of the soccer tonight may put paid to that

Cheers,

VS
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Old Feb 6, 2008, 8:49pm   #1556
 
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T_D,

You fancy any markets for pinbars at the moment?

Plan to have a thorough look through my charts later on - although the lure of the soccer tonight may put paid to that

Cheers,

VS
No pin bars but there are some very interesting developments afoot in some markets.
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Old Feb 6, 2008, 8:50pm   #1557
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Daily Soybean

There appears to be a good looking pin on the daily Soybean, see attached chart. As it is at all time highs there is little else supporting it. For me it's looks good. The only concern is that at the entry you would be shorting straight into the S/R at 1311. The low of the bar is 1316. Based on 1 pip below entry plus spread you're looking at entering at 1313.

Q for TD or anyone else to comment. Would you see this S/R at 1311 that i identified as a risk or not?

You can see that a pin occured on 14 Jan? It was a 45 pip pin. probably would have got taken out by the 2 bar pin that occured on the 23rd and 24th of Jan for a +50 trade. Just over 1:1.

Cheers,

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Old Feb 6, 2008, 9:32pm   #1558
 
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regarding the BP pin i put up last night,i pulled the order when i had a look at the weekly charts and lo and behold,what would i have been selling into.gonna watch footie now catch you all later
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Old Feb 6, 2008, 10:51pm   #1559
 
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Originally Posted by Glenborrell View Post
There appears to be a good looking pin on the daily Soybean, see attached chart. As it is at all time highs there is little else supporting it. For me it's looks good. The only concern is that at the entry you would be shorting straight into the S/R at 1311. The low of the bar is 1316. Based on 1 pip below entry plus spread you're looking at entering at 1313.

Q for TD or anyone else to comment. Would you see this S/R at 1311 that i identified as a risk or not?
I noticed this too.

Have you had a look at the Corn chart?

Similar setup in that you have a spike high. The price is then pushed back down forming what looks like a double top.

In Corn you have the added factor that todays session is a bearish outside bar and there is no immediately obvious support on the daily TF.
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Old Feb 6, 2008, 11:33pm   #1560
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Originally Posted by trader_dante View Post
I noticed this too.

Have you had a look at the Corn chart?

Similar setup in that you have a spike high. The price is then pushed back down forming what looks like a double top.

In Corn you have the added factor that todays session is a bearish outside bar and there is no immediately obvious support on the daily TF.
TD, ok yeah i see it. Good call. Mine looks a little different. See attached. Mine does not have the bearish outside bar? Am i right? The body of today's bar does encompass the previous days bar. Or are you looking at the entire bar?

So as a prefered trade you would look to the Corn for a trade? In terms of the 2 i still like the Sotbean as the market moves into the pin strongly whereas on my corn chart it kind of meanders into it. Make sense? Just a thought.

Q. The fact that my potential entry on the Soybean is so close to the support. Could one not place a sell just below this support? Say for example instead of the entry at 1313 (off the pin) put it in 1 or 2 points below the support at 1310 or 1309? You'd be giving up an extra 4 points which is very minimal. Have you ever done this?

Glen
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