Making Money Trading

This is a discussion on Making Money Trading within the First Steps forums, part of the Reception category; Originally Posted by drspartacus What do u do with major announcement ? If daily pin on euy/jap breaks today very ...

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Old Jan 4, 2008, 1:30pm   #1209
 
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Originally Posted by drspartacus View Post
What do u do with major announcement ? If daily pin on euy/jap breaks today very close to US major tonight will you still take the trade?
Hi Brad,

Thanks for your message.

To answer your question: I ignore all news and will take price action setups regardless of what is about to come out.
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Old Jan 4, 2008, 2:59pm   #1210
 
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Originally Posted by trader_dante View Post

To answer your question: I ignore all news and will take price action setups regardless of what is about to come out.

That's very good news Tom as I always seem to panic around news releases.
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Old Jan 4, 2008, 3:09pm   #1211
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That's very good news Tom as I always seem to panic around news releases.
And with good reason. I wouldn't have liked to have been on the other side of the payrolls today. A nice move indeed, but not where people were expecting.
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Old Jan 4, 2008, 3:58pm   #1212
 
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eur-jpy

Just took a look at eur-jpy on oanda.
Price failed to touch top of channel at 'A' so maybe we're going down a bit?

Just wait and see I guess.
Good luck.

Neil
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Old Jan 4, 2008, 6:15pm   #1213
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CLG8 Live Call

2 pins back to back. Entry taken on the second pin. Long 98.00, stoploss 97.15. 85 pips risk so 3U.

Entry on the hourly, management on the hourly. Hoping to hold this into EOD - if we close near 99 that will be a daily pin. Otherwise might get stopped out as oil is very very volatile at the moment. However, this pin is off the previous double top S/R pivot so I am confident. I think this may be one of TD's high probability setups.

However, I hope the jobs data and fear of a recession doesn't drive the price down. Hopefully demand from the emerging markets and the weaker dollar will support.
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Old Jan 4, 2008, 7:49pm   #1214
 
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Originally Posted by lurkerlurker View Post
And with good reason. I wouldn't have liked to have been on the other side of the payrolls today. A nice move indeed, but not where people were expecting.
Are you sure? EUR/USD gave me 80-100 pips. It retraced off an ascending 4H trendline. (From memory; was out climbing from 2pm.)
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Old Jan 4, 2008, 7:51pm   #1215
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2 pins back to back. Entry taken on the second pin. Long 98.00, stoploss 97.15. 85 pips risk so 3U.
Stopped out. -255 for the 3 parts. Ouch. Short EUR/JPY on the hourly pin, entry at 160.21 and stop at 160.76 for 3U.
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Old Jan 4, 2008, 10:40pm   #1216
 
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Quote:
Originally Posted by lurkerlurker View Post
I think this may be one of TD's high probability setups.
Lurker, I am afraid I wouldn't have considered this a high probability setup.

Firstly, those are not good looking pin bars (see chart 1)

Secondly, the noses look like they fell within the two minor s/r pivots. (See chart 2)

Sometimes the s/r pivots are more like zones but when they are cleary defined like they are in this example, I like to see the price react to them directly.
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