rags2riches
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8 mins left for confirmation, but big 1hr pins on gbpcad and eurcad
Best Thread Potential setups
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trader_dante
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I spotted this too. Great call Omni.
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rollsafe
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Daily Pin Short, just triggered
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rags2riches
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eurcad daily pin yesterday, 1hr pin at pivot just gone
eltrot1979
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bollox - every daily pin I take seems to fail! This one looked perfect too!
trader_dante
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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
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 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 Richard,
I am sure TD has better answers. But firstly, well bloody done for reading the threads. That is the kind of work ethic one needs to get a good start.
Regarding your question about the market movements you are trying to predict. I am not sure I understand the question..... are you asking which participants we mirror with our trades? I would say, we mirror the technical traders...... but we also mirror the fundamental traders and the other participants, like corporates. Why? Because of this....
the technical trader spots a key level of 110 and buys off it.
the fundamental trader is bullish and wants to buy, should it reach 110
the corporate FO has to buy at 110 according to his hedge calc.....
........ hence we are all the same (in my opinion). just go about it differently.
It's the retail guys that get screwed, they are last in and first out. Do the opposite ALWAYS to what the Sunday Times says, and you will do fine (for example, they said it was time to buy stocks last weekend... and guesss what, ftse is making new lows...)
Regarding lurkers pinbar thing. I am not sure what happened to it. What platform do you use? They are fairly easy to set up. I have a alert function set up also, would be happy to post on here every morning all pins. But remember, it's not about the pin. ...... as everyone has found over time! It's about what goes with the pin. Pin = 10% of the trade probably.
Good luck.
trader_dante
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rawrschach
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Too much of a fundamental shift in the market to short it I think.
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 Richard,
Sorry can't answer the bulk of that as i am pretty new myself. however re the pin bar indicator for MT4 - i use one on my home pc running all day which emails me an alert at work so that i have a better chance of spotting them. (Also does BEOB's, BUOB's DBHLC all info on James16 thread)
Now at this stage i will add a warning - I do not take all of these - in fact probably less than 30% of the alerts as it does not take into account S/R, trendlines high/low swings etc As you will have read from the threads, it is not patterns which are important - it is where they occur.
That aside i have found it very useful tool, as whilst at work i can't have the charts open all the time.
I have attached. If you need any help with it then PM me and i will be happy to talk you through it.
cheers
Simon
trader_dante
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No, prop traders are relatively small in the great scheme of things. There are hedge funds and banks that trade as there are individual small speculators and large speculators. There are also goverments that intervene when markets get out of line. (e.g. CB intervention in FX markets, PPT in Equities) I posted on this recently.
I think he did at one point but he then shut it down.
Thanks for the replies, I guess a notification on Pin Bars/PA is just a good starting point. Thanks for the tool Simon.
I'm just going to spend the next few years trying to reprogram the fundamental functions of my brain.
Now what was it again, oh yes:
Keep a loosing position open because what we loose always comes back to us and take profits early because we might loose them
Cheers
I'm just going to spend the next few years trying to reprogram the fundamental functions of my brain.
Now what was it again, oh yes:
Keep a loosing position open because what we loose always comes back to us and take profits early because we might loose them
Cheers
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
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trader_dante
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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.
That EURCAD pin has a long lower shadow. Too long for me. The daily chart is in too much of a sideways range.
Can't be much more helpful today.
All hell is breaking loose right now.
Tom
I felt from my chart next candle has gone top over the pin, where if i had placed my stops would have triggered. right?
Thanks TD, i got your point...
Fxbee
therooster
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It's probably a timing difference forexbee, i was watching this also but on my charts (from IG Markets) the pin did not trigger either.
check when your feed 'rolls' to the next day/ candle and this will probably explain any difference between your and TD's chart
when do you check daily pins?
Hi all
I have never been that sure on when daily bars print (open/close) in FX and therefore the best time to check for setups. The whole aspect of it being a 24hr market makes it a little less obvious than the exchanges.
I know it depends abit on the plaform you use as their server times may differ, so asked IGmarkets and got this response..
Our spot currency pairs expire at 8pm and our charts reset themselves at midnight UK time. After midnight the previous days data will be reset so that in represents our trading day for that currency (8pm to 8pm) rather than the calendar day.
so does that mean i should check at midnight?
when do you all check for daily bars?
thanks
Simon
Hi all
I have never been that sure on when daily bars print (open/close) in FX and therefore the best time to check for setups. The whole aspect of it being a 24hr market makes it a little less obvious than the exchanges.
I know it depends abit on the plaform you use as their server times may differ, so asked IGmarkets and got this response..
Our spot currency pairs expire at 8pm and our charts reset themselves at midnight UK time. After midnight the previous days data will be reset so that in represents our trading day for that currency (8pm to 8pm) rather than the calendar day.
so does that mean i should check at midnight?
when do you all check for daily bars?
thanks
Simon
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