Hello mate,
not doing badly thanks. Nice to see some chunky moves. Been short Euros most of the week. Bit of a squeeze yesterday afternoon and over night but the algos managed to stay in so hopefully see a continuation today.
How you getting on?
Hello mate,
not doing badly thanks. Nice to see some chunky moves. Been short Euros most of the week. Bit of a squeeze yesterday afternoon and over night but the algos managed to stay in so hopefully see a continuation today.
How you getting on?
pocrel
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i am doing well bud, trying hard to fit in work and trading, been on the wrong side of the world lately for my systems but taking part time next month so i will be spending alot more time trading
as for the euro you expect that little fight back yesterday i am sure those greeks will be out on streets again causing it to tumble
have you seen brett around?
pocrel
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long usdjpy now
pocrel
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Good question D70, i am find sometimes my exiting to early is a good thing as a trade does not reach its target and sometimes i regret it so hopefully over the longterm it evens itself out if you now what i mean
its a battle everyday this trading game and please let me know how your getting on with it?
I'm buying at High +1 +2 for spread = 80.54 (or 80.53 on UHC) so not yet triggered. Do you use a different approach?
pocrel
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morning gelly, yes oilngold seems to be down so take the silver levels from livecharts they are fine and take the high low and close from your charts for gold (gold close is 2115 uk time)
so same as livecharts close, hope that helps
pocrel
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my bars high finished at 8050, so my entry was 8051, i have no spread, so 1 point above the high of the pin
you might be lucky you did nt get in (why are you paying 2 for spread should be 1 at least and your prices are alittle off to mine)
mark120169
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I also noticed oilngold was not working for pivots. just watching for now papertrading, but the livecharts gold price was way off, it had 1530 for the high, and 1529 for both the low and the close.
So it was no suprise the manual pivot indi placed the gold pivot @ 1529.3.
Doing a manual check of SLM charts I have 1533 H , 1521.6 L and 1528.8 close (21.15 GMT close price, 22.15 on the chart).
Plumbing those in gives me the pivot @ 1527.8 and can clearly see the Gold short pinbar the formed 8am to 8.30am.
Wouldn't help me though, exactly on the road driving my kiddy to school at this time so not able to find or place any trades.
Looked a crackin trade though and it's low point was exactly 1 pip below the Gold S1 line.
I make it about a 18 pip stop with 5 pip spread added (12+1+5) and a 36 pip target less spread (41-5). So a 2:1 RRR trade that would have made 2% non scaled and 1.5% scaled selling 50% @ +18.
Watching and learning. One thing is crystal clear, correct are pivots are essential so I think maybe early morning 1/2 hr needs to be devoted to adding and checking pivot levels, especially if something doesn't look right like the Gold HLC on Livecharts this morning.
M
pocrel
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gelly i dont use SML to trade most things especially currencies as i have 0 spreads with worldspreads for that, i will use SML out of hours or capitalspreads which have 1 point spreads for most currencies we trade, i suggest finding the tightest but also a broker your comfortable with
Hi Pocrel,
I have a question on enclosed setup from a couple of days back. Now I've seen you post that you are flexible within a couple of points of pivot cos of not exact science and different feeds/prices, but are you not concerned with a case like this that, with trend down strongly and 'on this feed/chart' anyways price does appear to have failed to have climbed above pivot, signalling risk maybe more to downside ?
From next week will start posting as will be trading your strat. Excellent thread mate. Thank you.
pocrel
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well said mark and a very good understanding, i wish most people would spend sometime looking at things like this then they will get a real idea of the nitty gritty of the system and the subtle things that make it work
pocrel
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closing usdjpy for -6 fullpoints
given it 2 good 30min bars and no movement so no momentum for me
-6 full points
pocrel
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looking back now yes the pin bar did not work, the trade never triggered as i remember, but there was a strong case for entry, we had euro moved the days range, we had a strong break down of previous lows and a sharp pullback something that we are always looking for, stochastics indicator was over sold and turning, we are at a pivot level
the trend is down but no one rings a bell when the trend ends and with such a strong move you would expect a fight back at sometime price rarely move straight down
mark120169
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I have seen a Brent long Pinbar I initially would have taken papertrade off the 9am-9.30am candle not mentioned, but looking now S3 back to pivot was good RRR but S3 to S2 was too short.
So If I understand correctly you would judge S3 back to S2 as to short so not 1:1 RRR so no valid trade?
M
pocrel
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thats correct
I agree, Pocrel, and I do use Capital for other trades. However just until I've really grasped pinbars I'm sticking to SML where I can risk small trades with a small bank. Then I'll move up. Cheers again for advice, Geoff
