Making Money Trading

[eltrot1979]

GBPCHF pin bar

Hi TD,

I was looking at the H4 GBPCHF chart to check out the S/R levels you highlighted in your last post, and sure enough a pin bar had formed two days ago with its nose right on the S/R line. However, its huge! I think the range is around 127 pips. I had a look on the hourly timeframe but couldn't find an alternative entry point with shorter range. How would you have played this? Would you have taken it with such a large stop loss? I seem to remember you mentioning in a earlier post that you were working on reducing the size of your stop-losses?!

Cheers

Rob

 

[trader_dante]

Would you be exclusively looking at pin bars to enter the above markets at the S/R levels, or would you consider some other criteria if S/R was reached but a pin bar did not form?

I use all kinds of tactics eltrot. Pin bars are just ONE of them albeit one of the best.

Inside bars are another one of my favourites.

If I have a VERY strong feeling I will, from time to time, just get in at market regardless of the setup. However, I always try to look for a price action setup because that allows me to QUANTIFY my risk. It gives me a clear price at which I am wrong e.g. below a bullish pin bar. If you just enter you can sometimes find yourself unsure of exactly where you are wrong since you are trading off a "feeling".

 

[trader_dante]

Hi TD,

I was looking at the H4 GBPCHF chart to check out the S/R levels you highlighted in your last post, and sure enough a pin bar had formed two days ago with its nose right on the S/R line. However, its huge! I think the range is around 127 pips. I had a look on the hourly timeframe but couldn't find an alternative entry point with shorter range. How would you have played this? Would you have taken it with such a large stop loss? I seem to remember you mentioning in a earlier post that you were working on reducing the size of your stop-losses?!

Cheers

Rob

Hi Rob,

I would have taken that with the full 127 pip stop. It was a wonderful signal. GBP/CHF has been giving pin bars on both extremes of the range and they have all worked so far.

Something you can try is entering in with a stop above the left eye. If this is hit and you are taken out you can put another entry order back beneath the pin in the original position. If this triggers then put your stop back above the high of the trigger bar. This is what I am doing at the moment in order to cut the size of my stops.

This works well, too.

 

[trader_dante]

Dante, youre only watching five markets?? Funny because im sitting next to you and I can see 5 screens and your laptop. 'Now I aint to good with number but me can count at least 16 charts'

You know me, I like to know what's going on

 

[trader_dante]

An absolute classic from Pelzar today.

News comes out over the tannoy that US Billionaire T Boone Pickens is calling for a sharp drop in Crude Oil.

Fast forward to the Crude inventories at 3.30pm. The inventories hit the wires and Crude begins to slide. Pelzar scoots over on his chair and starts to stare keenly at my Crude chart. Just as the technical picture is looking very bearish he says "Crude is about to go up".

I said to him: "I don't think so mate, inventories are up. That's bearish."

"No, distillates are down" he said. "Plus I've been thinking and I reckon Pickens is talking up his own book".

As the words come out of his mouth Crude stabilises, then turns, then trades up around $1.50.

It's like some kind of joke.

 

[neil]

An absolute classic from Pelzar today.

News comes out over the tannoy that US Billionaire T Boone Pickens is calling for a sharp drop in Crude Oil.

Fast forward to the Crude inventories at 3.30pm. The inventories hit the wires and Crude begins to slide. Pelzar scoots over on his chair and starts to stare keenly at my Crude chart. Just as the technical picture is looking very bearish he says "Crude is about to go up".

I said to him: "I don't think so mate, inventories are up. That's bearish."

"No, distillates are down" he said. "Plus I've been thinking and I reckon Pickens is talking up his own book".

As the words come out of his mouth Crude stabilises, then turns, then trades up around $1.50.

It's like some kind of joke.

Appears that he is an ideal trading partner:smart:

 

[lazerradial2003]

The Indicator Script

I've been following this for a while and having a fair bit of success with it on paper. Thanks very much T_D for all your hard work, arguably one of the best things I've ever read on the subject. I was wondering if anyone has the code for pinbar detection in metatrader, lurkerluke is taking a break from it all and would quite like to have a play with the code myself. If they have then please could they P/M it to me.

Thanks, Ben.

 

[eltrot1979]

Gbpchf

I managed to get in this trade this morning before work when price was below the high of the pin bar that formed on the 19th Feb. I didn't manage to check any charts at work and now I'm at home I'm gutted to see price rose over 200 pips above my entry before rectracing!! If only I'd set an order limit! Absolutley gutted! Lets hope it can find its way back up to somewhere near the 2.1800 level over the next few days

 

[Spcboe]

Inside bars are another one of my favourites.

Care to elaborate?

 

[trader_dante]

Care to elaborate?

I have done a few times throughout this thread...let me know if you want some more and I will post some tomorrow.

 

[TraderGreg]

The second most profitable pin set?

I use all kinds of tactics eltrot. Pin bars are just ONE of them albeit one of the best.

Inside bars are another one of my favourites.

If I have a VERY strong feeling I will, from time to time, just get in at market regardless of the setup. However, I always try to look for a price action setup because that allows me to QUANTIFY my risk. It gives me a clear price at which I am wrong e.g. below a bullish pin bar. If you just enter you can sometimes find yourself unsure of exactly where you are wrong since you are trading off a "feeling".

hello T_D,

I think you are hinting here that you trade with other pin setups apart from the Pin bar and also imply your profitability with them, so my questions here are:

A : Can you tell us or list in order, based on your use of and experience with the several pin occurrences that are listed earlier on in this thread, which are the most profitable to the ones least profitable?

B : You said before that you check your charts 10 minutes on every hour, so Another question is, again based on your experience and observations, which pin occurrence is most easily detectable and would seem to occur and stand out to you most frequent on your charts?

C : Sorry in advance for picking your brain now. Question : Which minimum set of pin occurrences do you think a "careful student of this thread" could use to generate at minimum of 150-200 pip advantage every week? I am asking here just for your observations using your list of methods if you so provide one basing on my first question above.

Your response will be appreciated

TG

 

[pelzar]

Greg,

Dante is far too busy too answer essay questions such as yours mate, I mean who else is going to get my 11 o'clocks!

hello T_D,

I think you are hinting here that you trade with other pin setups apart from the Pin bar and also imply your profitability with them, so my questions here are:

A : Can you tell us or list in order, based on your use of and experience with the several pin occurrences that are listed earlier on in this thread, which are the most profitable to the ones least profitable?

B : You said before that you check your charts 10 minutes on every hour, so Another question is, again based on your experience and observations, which pin occurrence is most easily detectable and would seem to occur and stand out to you most frequent on your charts?

C : Sorry in advance for picking your brain now. Question : Which minimum set of pin occurrences do you think a "careful student of this thread" could use to generate at minimum of 150-200 pip advantage every week? I am asking here just for your observations using your list of methods if you so provide one basing on my first question above.

Your response will be appreciated

TG

 

[trader_dante]

Greg,

Dante is far too busy too answer essay questions such as yours mate, I mean who else is going to get my 11 o'clocks!

Pelzar,

Has your mum not packed your lunchbox today?

 

[eltrot1979]

Gbpchf

I'm still in the GBPCHF trade and price has started to go back up again after finishing yesterday just a few pips above my entry (entry @2.1359, stop @2.1296). I'm a bit of a loss as to what to do next though. I'm considering moving my stop to either break even or yesterdays low (somewhere on the trendline). I'm also wondering if I should close the trade over the weekend... Can you offer any advice TD?

Cheers

Rob

 

[pelzar]

Pelzar,

Has your mum not packed your lunchbox today?

You know she did, however you demolished it before we even opened .

 

[trader_dante]

I'm still in the GBPCHF trade and price has started to go back up again after finishing yesterday just a few pips above my entry (entry @2.1359, stop @2.1296). I'm a bit of a loss as to what to do next though. I'm considering moving my stop to either break even or yesterdays low (somewhere on the trendline). I'm also wondering if I should close the trade over the weekend... Can you offer any advice TD?

Cheers

Rob

Rob,

If you can get out for breakeven or better I would at this point.

It may well go up and you'll be irritated if you exit but it's always best to get into a position when you feel as close as you can to certain that it's about to move.

When it's not moving as you anticipate and hope starts to creep in, then it's best to exit.

A stop at 2.1385 will give you some profit, some room for it to breathe and while it is above, the bulls are afforded a last chance saloon for capturing a move up. If it breaks that intraday swing low it could retest the bottom of the channel.

 

[Spcboe]

I have done a few times throughout this thread...let me know if you want some more and I will post some tomorrow.

No need to. You have been far gracious enough. I must have missed them and I'll dig through the thread and find them. Thanks for everything.

 

[trader_dante]

Hi Greg,

A : Can you tell us or list in order, based on your use of and experience with the several pin occurrences that are listed earlier on in this thread, which are the most profitable to the ones least profitable?

That's hard to answer. I use many different price action setups. I advise you begin with pin bars as they are very reliable if you take them when they many supporting factors.

B : You said before that you check your charts 10 minutes on every hour, so Another question is, again based on your experience and observations, which pin occurrence is most easily detectable and would seem to occur and stand out to you most frequent on your charts?

Pin bars.

C : Sorry in advance for picking your brain now. Question : Which minimum set of pin occurrences do you think a "careful student of this thread" could use to generate at minimum of 150-200 pip advantage every week? I am asking here just for your observations using your list of methods if you so provide one basing on my first question above.

In my opinion, you shouldn't go into trading looking for a certain number of pips per week. You should just take good setups and let your P&L take care of itself.

 

[Directional]

In my opinion, you shouldn't go into trading looking for a certain number of pips per week. You should just take good setups and let your P&L take care of itself.

yes, quite: why limit yourself to an arbitrary number - if the market only gives you half of your goal you'll be dissappointed, and if you get your goal and stop, when you could have got triple, you'll be dissappointed. Just take what you can, as much as you can, whenever you can, win or loss.

 

[1Pipped]

Not 1, Not 2, Not 3, but 4 fib levels lined up, + an old support level being tested from underneath. On my chart, the numbers "(1)" etc. are where I drew the fibs from, nothing to do with wave counts, and you cant see (4) as it is too far left.

Pin is not in an ideal place and theres a weak trend line just below. Was just wondering what you think of things like this TD... a not very good place (ie: nose not sticking out) but at the same time a very good place (ie: lots of confluence).

My order has been triggered. Can it get to 1.6 and then 1.55 ? spread is a bit hefty at 10 pips so it better had be able to ..... :!: