rags2riches
Well-known member
- Messages
- 399
- Likes
- 135
8 mins left for confirmation, but big 1hr pins on gbpcad and eurcad
usdcad is at a MAJOR level
I spotted this too. Great call Omni.
Daily Pin Short, just triggered
bollox - every daily pin I take seems to fail! This one looked perfect too!
Yes, I think after studying the setups for a while you get a feeling for those that will work and those that won't. USD/CAD was a "perfect" setup but I didn't take it. I feel the momentum upwards has been too sharp.
Hi TD and all, I have just completed the monumental task of going through both threads in their entirety - that was a lot of reading!!
Sorry to start the thankyou's again but...... thankyou not just to TD but to all of the other contributors, especially LurkerLurker - he managed to provide both incite and entertainment.
It's amazing how much more you learn by reading both TD's teaching and the mistakes and successes of others, I guess this is why the thread was so much better than a book. You get the view point of not just one great teacher but the knowledge of other experienced and novice traders also.
I have a couple of questions but am not sure if this is the correct place to post them, if not please let me know and I will remove them straight away.
My first question is this. (I may be completely wrong so forgive me)
On the sell side, my understanding is that you have two main types of dealer.
There are the Flow Traders that are really just matching sales from the buy side and making some cash off of the movements created by large orders, so the activity that they create in the market is not really going to be reacting to any chart analysis. I would therefore assume that we cannot attempt to predict the direction of the market based on their trading i.e. it could be that in the short end the yen is falling against the dollar but that a large american corporation needs to hedge its yen sales so could place a massive order for forward yen, thus pushing the spot market up. (I hope this example makes sense)
The second group are prop traders, they are often making purely speculative trades and would therefore be reading the charts and placing orders based on their analysis.
So if the above statements are correct, is it fair to say that what we are doing is trying to predict to market movements created primarily by the Prop Traders?
I know this is a strange question but I am trying to increase my knowledge of what we are fundamentally trying to do and hopefully give myself a bit more of an edge.
My second question is a bit simpler, did LurkerLurker manage to get his MetaTrader Pin Bar detector working reliably?
Many thanks in advance for any replies and again, sorry if this is the wrong place to ask these questions.
Richard
Hi TD,
USDCAD was invalid pinsetup, next bar invalidated it.
Fxbee
Hi TD and all, I have just completed the monumental task of going through both threads in their entirety - that was a lot of reading!!
Sorry to start the thankyou's again but...... thankyou not just to TD but to all of the other contributors, especially LurkerLurker - he managed to provide both incite and entertainment.
It's amazing how much more you learn by reading both TD's teaching and the mistakes and successes of others, I guess this is why the thread was so much better than a book. You get the view point of not just one great teacher but the knowledge of other experienced and novice traders also.
I have a couple of questions but am not sure if this is the correct place to post them, if not please let me know and I will remove them straight away.
My first question is this. (I may be completely wrong so forgive me)
On the sell side, my understanding is that you have two main types of dealer.
There are the Flow Traders that are really just matching sales from the buy side and making some cash off of the movements created by large orders, so the activity that they create in the market is not really going to be reacting to any chart analysis. I would therefore assume that we cannot attempt to predict the direction of the market based on their trading i.e. it could be that in the short end the yen is falling against the dollar but that a large american corporation needs to hedge its yen sales so could place a massive order for forward yen, thus pushing the spot market up. (I hope this example makes sense)
The second group are prop traders, they are often making purely speculative trades and would therefore be reading the charts and placing orders based on their analysis.
So if the above statements are correct, is it fair to say that what we are doing is trying to predict to market movements created primarily by the Prop Traders?
I know this is a strange question but I am trying to increase my knowledge of what we are fundamentally trying to do and hopefully give myself a bit more of an edge.
My second question is a bit simpler, did LurkerLurker manage to get his MetaTrader Pin Bar detector working reliably?
Many thanks in advance for any replies and again, sorry if this is the wrong place to ask these questions.
Richard
So if the above statements are correct, is it fair to say that what we are doing is trying to predict to market movements created primarily by the Prop Traders?
My second question is a bit simpler, did LurkerLurker manage to get his MetaTrader Pin Bar detector working reliably?
It triggered the pin on my charts
Hi TD,
QUick clarification,
YOu said USDCAD it triggered for you, i have attached my Chart, pls confirm,
Also EURCAD i entered on hourly pin, was that perfect pin?, i have attached also the daily char which does also looks like pin.....can you confirm this also please....
Fxbee
The candle after the pin took out its low (just) so if you put your entries a pip below (as I do) then you would be in.
Thanks TD, i got your point...That EURCAD pin has a long lower shadow. Too long for me. The daily chart is in too much of a sideways range.
Hi TD,
QUick clarification,
YOu said USDCAD it triggered for you, i have attached my Chart, pls confirm,
Also EURCAD i entered on hourly pin, was that perfect pin?, i have attached also the daily char which does also looks like pin.....can you confirm this also please....
Fxbee