Advice on TA Needed

[monkal]

Hi

I'm quite new to trading - started trading last year - that is why I would be very grateful if some "experienced eye" could take a look at my charts and give me some (constructive) feedback.

I try to trade using combination of price action, S/R levels and 21/50/150EMA.
At the moment I play only Pinbars. Entry little above/below of real body, Stop under under/above the shadow.

I will post my charts + reasons why I'm interested in any particular trade whenever I spot one. And one more thing - English is not my first language so could you please let me know if I write something stupid -

OK. so here we go..

I'm thinking on going long tomorrow on CPG(LondonStockExhange).
I spotted a pinbar bouncing of 150EMA and Fib Retracement - confluence (i marked the pinbar with green arrow). It is also very close to the TL. I want to put my limit order on 333. my stop loss would be 313. My target is 375. I'm expecting problems at 350 area. If it stops at 350 I will sell 1/3 of my position but leave SL in its place.If it pass that area with good momentum- tall green candle- I will move my stop at BE.Wen it hits 375 I will sell half, move my stop to 350 and let it run.

Please let me know what you think. I hope we all going to learn from this.

Monkal

 

[trader_dante]

Hi

I'm quite new to trading - started trading last year - that is why I would be very grateful if some "experienced eye" could take a look at my charts and give me some (constructive) feedback.

I try to trade using combination of price action, S/R levels and 21/50/150EMA.
At the moment I play only Pinbars. Entry little above/below of real body, Stop under under/above the shadow.

I will post my charts + reasons why I'm interested in any particular trade whenever I spot one. And one more thing - English is not my first language so could you please let me know if I write something stupid -

OK. so here we go..

I'm thinking on going long tomorrow on CPG(LondonStockExhange).
I spotted a pinbar bouncing of 150EMA and Fib Retracement - confluence (i marked the pinbar with green arrow). It is also very close to the TL. I want to put my limit order on 333. my stop loss would be 313. My target is 375. I'm expecting problems at 350 area. If it stops at 350 I will sell 1/3 of my position but leave SL in its place.If it pass that area with good momentum- tall green candle- I will move my stop at BE.Wen it hits 375 I will sell half, move my stop to 350 and let it run.

Please let me know what you think. I hope we all going to learn from this.

Monkal

This looks like a well planned, high probability trade.

I think the planning in particular is excellent. Having a plan is key to successful trading. So many traders fail because they approach the market without one.

Once you are in the trade, it is too late to work out where you are going to get some out or where you are going to move your stop because more often than not, the traders decision making is at the whim of their P&L.

Make your plan when you are not in the market and your mind is objective and rational.

Problems can occur when emotions get in the way. This is the hardest part of trading.

Best of luck with your trade Monkal.

Tom

 

[MrGecko]

Great work; ticks all the boxes in what you should be thinking about IMO.

Take the trade and stick to your plan; also, don't let the result of this trade - whatever it may be - deter you from taking your next trade after this one; take your trades each and every time, if you have an edge it will show true on aggregate.

Good luck with it and great english.

 

[monkal]

Thanks Tom

I really appreciate this. Hope to hear from you again.

Is there any other comments?? Anyone??

 

[monkal]

Great work; ticks all the boxes in what you should be thinking about IMO.

Take the trade and stick to your plan; also, don't let the result of this trade - whatever it may be - deter you from taking your next trade after this one; take your trades each and every time, if you have an edge it will show true on aggregate.

Good luck with it and great english.

Thanks MrGecko

Much appreciated

 

[options]

Well, You won't like this. But you asked for comments. Actually don't take a blind bit of notice of what I say. You are responsible for your own actions.

Anyway. I don't think that is a particular good pin bar. I would stand aside until it tells you what it is going to do. The fact that it is near a fib confluence means nothing really.

I do agree that it is likely to be an up move, but it is always the question of is it the 'right' time?
For me the trend line is more important.

I know nothing about this stock, news wise or anything. Just going on the chart. And for stocks there is a lot more to bear in mind.

Your thinking and approach are sound as the other two esteemed traders have pointed out.
I just don't think the pin is very attractive.

Your English is better than most natives these days, so you are able to be understood.
But could I ask that you post charts as a jpeg or gif. For some reason the other file has to download to the desktop.

 

[apmf]

Hi Guys,
Can anyone please explain what is actually a pinbar, is it something similar to doji?? how will I confirm a pinbar?? Does the formation of pinbar on the trendline confirms the probablilty of bounce back??
Thanks for your time

 

[Splitlink]

Hi Guys,
Can anyone please explain what is actually a pinbar, is it something similar to doji?? how will I confirm a pinbar?? Does the formation of pinbar on the trendline confirms the probablilty of bounce back??
Thanks for your time

Pin Bars Introduction

Trader-dante has a thread on this.

By all means give it a good try as there are lots of followers. As TD says, the best ones are on the larger timeframes, ie. not lower than 60 mins and make sure that the SL is not too close.

Split

 

[monkal]

Well, You won't like this. But you asked for comments. Actually don't take a blind bit of notice of what I say. You are responsible for your own actions.

Anyway. I don't think that is a particular good pin bar. I would stand aside until it tells you what it is going to do. The fact that it is near a fib confluence means nothing really.

I do agree that it is likely to be an up move, but it is always the question of is it the 'right' time?
For me the trend line is more important.

I know nothing about this stock, news wise or anything. Just going on the chart. And for stocks there is a lot more to bear in mind.

Your thinking and approach are sound as the other two esteemed traders have pointed out.
I just don't think the pin is very attractive.

Your English is better than most natives these days, so you are able to be understood.
But could I ask that you post charts as a jpeg or gif. For some reason the other file has to download to the desktop.

Thanks options

Your comment is much appreciated. And don'n worry I'll never follow blindly anybody's advice.

Anyway I agree with you about TL. It would be a perfect set-up if the shadow touched it and then retraced. But I will give it a tray anyway. It is a "A" setup in my dictionary.

Thanks again

And hope to hear from you again.

 

[monkal]

Pin Bars Introduction

Trader-dante has a thread on this.

By all means give it a good try as there are lots of followers. As TD says, the best ones are on the larger timeframes, ie. not lower than 60 mins and make sure that the SL is not too close.

Split

Hi Split

The trade is on. Lets see whats is going to happen.

Cheers for comment

 

[apmf]

Pin Bars Introduction

Trader-dante has a thread on this.

By all means give it a good try as there are lots of followers. As TD says, the best ones are on the larger timeframes, ie. not lower than 60 mins and make sure that the SL is not too close.

Split

Many thanks Splitlink, for the info.

 

[monkal]

Update

HI All

Just want to update you on trade situation.

It started very good. My order was filled at 333 level as planed. It went straight up to 345 level and retraced. I was expecting that. On the next day, after retest of 330 support it went north again. On the 3rd of October the pinbar was formed. That has alarmed me - the move up has lost momentum. I placed a sell order for half of my position just below the the pin. It was filled on the next day. The move down has stalled just above 330 and retraced a little bit. 330 level was already tested on 3 and 15 of July. We'll see if its going to hold this time.

I'm still in the trade with half of my position. I left stop order in its original place.

Any comments welcome

 

[monkal]

OK

I just spotted a pin on the weekly. Its VOD. I think I'm going to take it tomorrow.

Why I consider It worth of the risk??
- All 4 EMA are pointing down
- The pinbar formed at S/R zone 130 - 135
- It got confluence of 2 fibs( drew from the bottom of the recent move to the top of the 9th July and 2nd September candles)
- and finally it is going with the trend

How I'm going to manage the trade?
I will put limit order 125. My Stop Loss will be placed at 131 level - just above the top of the candle. My target is 110. Im expecting small resistance at 119 -120 level. at 110 I'm going to sell half of my position, move stop at BE and let it run. I'm not going to move my SL earlier - as it is quite tight stop and I don't want to be shaken out of the trade.

The reason why I'm writing all of this is because I want to learn:smart:. And I think I'm not the only one. So if any of you got any comment please share with us.

 

[monkal]

Update

Hi all

Just to let you know. I was stopped out in both trades. It happens. I think that I made 2 mistakes. In Case of CPG I should cover all my position below the daily pinbar. It was a clear sign that move up has lost his momentum. The funny thing is that I didn't see it when I was in the trade(or I didn't want to see it). Or, perhaps, I was Greedy.

In case of VOD trade my stop was to tight. It should be placed little bit higher, just above S/R zone.

Anyway, It was very valuable lesson. At lest now I know that I have to work on my trade management - I think it's my weak side.

Thanks for the comments.

 

[Splitlink]

Hi all

Just to let you know. I was stopped out in both trades. It happens. I think that I made 2 mistakes. In Case of CPG I should cover all my position below the daily pinbar. It was a clear sign that move up has lost his momentum. The funny thing is that I didn't see it when I was in the trade(or I didn't want to see it). Or, perhaps, I was Greedy.

In case of VOD trade my stop was to tight. It should be placed little bit higher, just above S/R zone.

Anyway, It was very valuable lesson. At lest now I know that I have to work on my trade management - I think it's my weak side.

Thanks for the comments.

Read "Reminiscences of a Stock Operator" and take note of Mr. Partidge's comment.

We have been in a bear market for ages. I am on record on this site as having been short all the time, especially since June. even in that last upswing that we had a few weeks ago. In fact, I got so nervous that I have been avoiding the threads I usually use, because people were going long and my short positions were getting stopped out. But I never went long, just tried another short trade later on.

This last ten days, though, have been so volatile that I have avoided trading. I could not make head nor tail of it.

Split

 

[monkal]

I will read it for sure. And as for the moment I'm out of market as well. It's to unpredictable. It acts as support or resistance level didn't exist at all. It's a good market for scalpers though - unfortunately I'm not one of them.
Thanks for the advice Splitlink.

 

[bnaimy]

Sound like a good and sound plan with high success rate, and you have planned it very well.
I cant see anything else to add, as dante mentioned, just make sure you when you are in the trade that yoou keep a cool head and stick to you plan and you will do great. Good luck to you m8 and ill cheer for you

 

[Bladerunner]

Mr Partidge"s comment

Read "Reminiscences of a Stock Operator" and take note of Mr. Partidge's comment.

We have been in a bear market for ages. I am on record on this site as having been short all the time, especially since June. even in that last upswing that we had a few weeks ago. In fact, I got so nervous that I have been avoiding the threads I usually use, because people were going long and my short positions were getting stopped out. But I never went long, just tried another short trade later on.

This last ten days, though, have been so volatile that I have avoided trading. I could not make head nor tail of it.

Split

I will read it for sure. And as for the moment I'm out of market as well. It's to unpredictable. It acts as support or resistance level didn't exist at all. It's a good market for scalpers though - unfortunately I'm not one of them.
Thanks for the advice Splitlink.

Good post as per usual Split :smart:


One copy


Andy

 

[monkal]

Thanks for comment and attachment Andy.