Forex Day Trader's Thread

[wh92stang]

Long USD/CAD at 1.1654. Big pin on the one hour timeframe. S/L below the pin at 1.1612.

Canadian holiday today, not sure if that affects much, but something to be aware of.

 

[cpngtw]

that's not a good pin. If you just base on the pin alone then success rate would not be good.

 

[wh92stang]

Why would you say it's not a good pin? I thought it looked good but then again I'm inexperienced and it failed pretty quickly so you were right.

 

[cpngtw]

pin alone just tells you where the pressure is at that time (buy or sell). I would not use this as my main method of trading, but it's helpfull to support other analysis. Pin must be used together with S/R. If you are still confused I could explain more later, bz @ the moment

 

[Pippy5000]

stopped out of EJ .. another crap Monday.. don't want to go long but don't want another short.. It jumped up 300 pips in one day but is not overbought..

 

[cpngtw]

Be careful with the JPY pairs, the whole thing may reverse

 

[cpngtw]

If it's confirmed on H1 & H2, then you may want to entry USD/CHF early, it may revisit the local top & pass that

 

[Bloodhound]

Why would you say it's not a good pin? I thought it looked good but then again I'm inexperienced and it failed pretty quickly so you were right.

Hi there,
Just saw your post about this pin. I'm very new to trading but trade pins and inside bars exclusively. The reasons I did not take this pin are as follows:

1) Going long on the hourly would be trading against the daily trend which is definitely down - I never trade against the daily trend unless I want to lose money ;-)
2) Price action such as pins is only relevant if they occur at a level where you would be expecting price action, reversals etc. These would normally be previous areas of support and resistance.
3) Even if this pin had offered a trade with the trend and was bouncing off a key level I still wouldn't have taken it becuase the nose was just too long.
4) Key rule is never to trade a pin just because it's a pin. You are trading price action off the level that the pin formed at.

In this case I actually wanted to trade it short with a stop just above the top of the pin and a target of the bottom of the pin but I am still experimenting with that strategy.

Hope this helps - if there is anything I've got wrong can someone more experienced correct me.

Cheers
Rob

 

[wh92stang]

Thanks. Going against the 4H and daily trend definitely seems like the #1 mistake with this pin.

I was using 1.1630 as support, but I probably should be more selective when selecting support/resistance lines. I used the 1 month hourly timeframe to choose this.

I appreciate the advise.

 

[RidderTrade]

majjdmdmwindmillllllll

stopped out of EJ .. another crap Monday.. don't want to go long but don't want another short.. It jumped up 300 pips in one day but is not overbought..

Yikes.. first day of losses in 7 tradings days..

im gonna cryyyy

should have known ya cant win everyday ridd.. , did retrace a bit by a courageous long..

well,maybe tomorrow better..

 

[Pippy5000]

EJ has jumped 360 pips in 12 hours.. That's really shocking. It's Yen related as well.. USD/JPY moved an extremely uncharacteristic amount of pips higher today.. Probably because the Japanese market totally tanked while a few hours later the American market skyrocketed.. i also heard a yen negative story.. Anyway, I wouldn't touch EJ with a ten foot pole.. thinking about a long on USD/CHF though..

 

[Pippy5000]

I seem to be losing every Monday as well.. it's ok though.. your windmill will continue to stand strong Ridd!

 

[RidderTrade]

yeah but i did gain monday,tuesday,wednesday,thursday and friday
last week , bit shocked k.o in the ring now, i give up my windmill is shaking.., windmill could be fallen tomorrow..

 

[RidderTrade]

long eur/chf

 

[Pippy5000]

long EJ

 

[cpngtw]

May I suggest going fishing on Monday Pipp Seriously, I personally wouldn't touch EJ at this time, it may turn south anytime soon. At most it has about 50 pips or so to go.

 

[Pippy5000]

EJ daily SMA will prop it I think.. it's not quite overbought on the hourlies although USD/JPY is overbought and that could drag it down.. I think EJ will catch a bid so I'm leaving this one alone

 

[cpngtw]

May I suggest going fishing on Monday Pipp Seriously, I personally wouldn't touch EJ at this time, it may turn south anytime soon. At most it has about 50 pips or so to go.

ew, my bad calculation again not 50 but about > 100 pips, so I guess OK to long as long as being cautious There would be resistance around 131 to 131.2

 

[cpngtw]

ew, my bad calculation again not 50 but about > 100 pips, so I guess OK to long as long as being cautious There would be resistance around 131 to 131.2

Argggghhhhh ... I do need a calculator tonight!!! 50 is right !!!

 

[cpngtw]

short EJ @ 130.432, try to get to 129.5 area. Just watch to see how it goes