lurkerlurker
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Good call Tom. I was 17 minutes too late. Did you get the EUR/GBP daily pin? What about entering on a pullback? Where would be a good place to put the limit orders?
Forex "Pin" Bars
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Good call Tom. I was 17 minutes too late. Did you get the EUR/GBP daily pin? What about entering on a pullback? Where would be a good place to put the limit orders?
trader_dante
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I really would like to see more of a pullback. There was no real momentum on the daily TF coming into this pin bar. In a market like this we may not get a pullback but unless we do I will remain on the sidelines.
lurkerlurker
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Agreed. I have no orders in.
shadowninja
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EUR/USD: hourly pin but close to 14700 potential resistance.
trader_dante
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Before you say it Lurker, that is NOT a good pin on oil 
lurkerlurker
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Before you say it Lurker, that is NOT a good pin on oil
No - the inventories saw to that. However look where the market is now*. Those who waited for support at the PDL to kick in and placed orders to sell above the break of the pin bar with a stop below the PDL after the figure would have been well placed.
I hate how a quick 2 way spike messes up a nice chart pattern.....
* - for future readers, it is 2 big figures above the pin bar entry.
Nordtrader
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Anyone looking at the EURGBP bearish pin on the 1hr at 5pm? It has negative divergence...
shortorlong
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Great looking hour pin on the audjpy today, did anybody trade it? or were we
yep snoozing .. I must say this thread is throwing up some good pins .. keep it up guys .. I promise I will help out .. I need to get into a multi chart checking routiine
lurkerlurker
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A bit late for that now. The entry is gone.
Nordtrader
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Just as well you missed this one lurker. I got stopped out on it overnight. Thankfully the risk was fairly small (20 pips). This morning the pair is going in the right direction now of course!
trader_dante
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Hi Nordtrader,
Unlucky on that one!
I still am of the firm belief that Eur/Gbp has a long way to go. It's not for me to advise when to get on board but my target for that pair is parity.
That's over 1,500 pips higher than it is currently trading.
trader_dante
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Usd/Chf 1hr pin bar at s/r level and just above the hourly 50 fib.
I am personally not taking this.
I am personally not taking this.
Nordtrader
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1 hr bearish pin bar GBPUSD - trigger around 1.9604. Pin close to falling 50SMA on the hourly and in the zone of daily support of June and Aug 07
trader_dante
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It's off an s/r pivot and the 38 fib from the last swing high.
GBP IR announcement in 40m though...
I'm not taking this one as I've already got 2 pending orders and concentrating on those...
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shortorlong
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one to watch . with an interest rate announcement coming up at in half an hour .. the last hourly candle on GBPUSD was bearish a pin
Nordtrader
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Yes, am mindful of the imminent news. I think that if as predicted there is no IR change then GBP will have a brief spike up before resuming its downtrend. In that case don't want to be short so i'll give this one a miss too. Pity - I think it a good looking setup IMHO.
trader_dante
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I normally ignore the news. If I didn't have 2 open orders that are not far off being filled, I would be in that although at small size.
TheBramble
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Why do you say that? There is currently greater than 50% expectation ‘in the news’ of a quarter point reduction.
What do think will happen if there then is or is not? Or more to the point, what do you think ‘they’ will think?
With consumer spending at a low, I have a sense that’s pretty much where the bank wants things for now. My best guess is no change. But my view is totally irrelevant.
Any reduction to rate should, in theory, lead to an outflow from Sterling. But it’s usually the difference between expectations and the reality that causes by far the bigger moves.
The markets’ view of how much the bank is (or should) be micro-managing the economy will determine how they react. Leaving the rate unchanged may have a bigger impact than a reduction.
We’ll know shortly. Volatility is typically low.
Nordtrader
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Hi Bramble,
I don't pretend to have any insights into the fundamentals. Like you I'm just trying to guess what most of the market "expects" and thereby figure out the likely effect on price of the actual announcement. My expectation of no rate cut is based simply on forexfactory.com and what I heard on BBC r4 this morning! FWIW, if rates fall, then I expect the GBP downtrend to continue (it's going down currently anyway) with a short term acceleration. If they remain unchanged, as I said, I think there might be a spike, but then the downtrend will resume. I remember seeing research somewhere that said basically, most "news" annoucements only have a short term impact on price direction and more often than not the previous price trend is then resumed.
But hey, what do I know!
Good trading,
NT
