Making Money Trading

Which market do you want to learn to trade?

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TD enjoyed reading your thread. Really in tune with you trading style as I use 1 hr and Fibs as well but you really made it click for me with support and resistance (Pivots) Thanks fo sharing. I use four setups candles which can take me in if fibs, T/L daily etc is right. In addition to the pin ( I called that shooting star or hammer), 2. tweezer tops or bottoms,3. rising star or falling stars, 4. bullish or bearish engulfing pattern - as you know with candle addition it comes out the same as a pin. As i only trade forex it gives me a few different looks. I am on Oanda and they increase spreads at annc time 20 pips on majors and during xmas and new year I had 20 pips on GY when that pin bar was setup on GY trade Lurker took so I had to pass.
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?

Thanks fo your insights- it is amazing how someone says something that you have heard before and said it in a different way and then the penny drops.

Cheers
Brad
 
drspartacus said:
TD enjoyed reading your thread. Really in tune with you trading style as I use 1 hr and Fibs as well but you really made it click for me with support and resistance (Pivots) Thanks fo sharing. I use four setups candles which can take me in if fibs, T/L daily etc is right. In addition to the pin ( I called that shooting star or hammer), 2. tweezer tops or bottoms,3. rising star or falling stars, 4. bullish or bearish engulfing pattern - as you know with candle addition it comes out the same as a pin. As i only trade forex it gives me a few different looks. I am on Oanda and they increase spreads at annc time 20 pips on majors and during xmas and new year I had 20 pips on GY when that pin bar was setup on GY trade Lurker took so I had to pass.
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?
Click to expand...

I'd pull any pending order before the employment number (except a stop if I'm already in a position). I have no wish to get slipped by a bucket shop. If you get a spreadbetting account instead of a FX account the spreads stay fixed over figures (but you might not get filled in size).

drspartacus said:

Thanks fo your insights- it is amazing how someone says something that you have heard before and said it in a different way and then the penny drops.
Click to expand...
Indeed! That sums up TD and this thread.
 
drspartacus said:
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?
Click to expand...

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.
 
rglenn said:
That's very good news Tom as I always seem to panic around news releases.
Click to expand...

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.
 
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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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.
 
lurkerlurker said:
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.
Click to expand...

Are you sure? EUR/USD gave me 80-100 pips. It retraced off an ascending 4H trendline. (From memory; was out climbing from 2pm.)
 
lurkerlurker said:
I think this may be one of TD's high probability setups.
Click to expand...

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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shadowninja said:
Are you sure? EUR/USD gave me 80-100 pips. It retraced off an ascending 4H trendline. (From memory; was out climbing from 2pm.)
Click to expand...

Holding a position into important news can work against you and it can, of course, work in your favour.

Disregarding the outcome of any particular trade, I have found that playing pin bars regardless of news is profitable in the long term and therefore this is what I continue to do.

Today unfortunately I had a position go against me. I was long the Dow from a pin bar at a double bottom on the hourly TF and a significant S/R pivot on the daily. I was +41 and put a stop in at breakeven. After non-farms I was out for -10 due to slippage.

C'est la vie! Next please! ;)
 
trader_dante said:
Holding a position into important news can work against you and it can, of course, work in your favour.

Disregarding the outcome of any particular trade, I have found that playing pin bars regardless of news is profitable in the long term and therefore this is what I continue to do.

Today unfortunately I had a position go against me. I was long the Dow from a pin bar at a double bottom on the hourly TF and a significant S/R pivot on the daily. I was +41 and put a stop in at breakeven. After non-farms I was out for -10 due to slippage.

C'est la vie! Next please! ;)
Click to expand...

That's why I like to scale out. When you were around +40 price consolidate for a reasonable amount of time (although this happened premarket it was a very visible sideways area). At that point I would've scaled out half my position. I would've also moved my stop up as you did.

In the end it will mean more winning trades, but on the winning trades profits will be diminished compared to closing it all out at once. Different persons, different styles,...

Obviously, you can't always take slippage into account, although on an NFP release, one can expect as much and that would've been another reason for me to lock in some profits.

Have a great weekend.
 
lurkerlurker said:
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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Hi Lurker I am new to this thread but not new to trading. I was a Dr. before I made the switch to full time trading. I will always be learning and trying to hone my skills because I know every new trading day I can be the problem or the solution. I spent a lot of years being the problem and everyday I know that I can be 1 trade away from self destruction. One of the things that helped me was patience. As TD said waiting for the perfect trade - I try to stack on as many positives onto the pin bar, or other candle formations I trade as possible. If I cant find a lot more positives than negatives and if there a strong negatives I let the trade go because I know there will be many more to come. The beautiful thing with trading and all of life is I have a choice. The choice to enter a trade, the choice to move my stops, the choice to take profits, the choice to pick my trades, as well as the choice to eat healthy, the choice to exercise, etc and I know that if I follow my trading plan every given day , my exercise plan, my eating plan , etc then everything in my life flows and becomes easy. And if I make the wrong
choice today with my trade entry , I know my plan will allow me to be back tommorrow and I can choose again. I found that my life is exactly where it should be because of the choices I made in the past and if something is not working for me I look to me and know that I am the problem and I am the solution.

My reasons for not taking the trade and they are for me as per my trading plan on eur/jap is I had some challenges with a couple areas being daily support, attitude with euy/jap around round numbers (00), no fib and time of trade being friday near end of session. The positives were the pin and the down trend is strong but as the saying goes "if in doubt stay out"

No trade is right or wrong unless it deviates from the original plan and the beauty of it all is we get to create it by the choices we make.

Wishing all a good weekend

Brad
 

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trader_dante said:
Disregarding the outcome of any particular trade, I have found that playing pin bars regardless of news is profitable in the long term and therefore this is what I continue to do.
Click to expand...
Very well said. If more people had this attitude there would be more successful traders and fewer pointless shouting matches between unsuccessful ones.

jj
 
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