Making Money Trading

[Glenborrell]

Extended Anaylsis

heres my 2ps worth on the same chart.
my preffered trade would have been the triangle break on the hourly.
any thoughts ??

Jonj,

I like your thinking however would you talk us through your entry, stop and risk etc.

Thanks,

Glen

 

[krude]

Hi, TD, I have been going through your thread these days, great stuff, logically organized, Pin Bar being illustrated in a comprehensive context - pitovt r/s,trading psycho,money mgmt and trade mgmt. having these tutored in a series, I really enjoyed a lot.

As you probably already knew, I am newish in trading, by reading your thread, understood what is the critical technical point transforming the knewledge you delivered into successful trading experience. however, the challenge seems still coming from the difficulty in drawing the lines on which I/we could have confidence,if I am not wrong. I think my first priority is to get this issue resovled. if I understand correctly from what you said in this thread, practise is the most effective approach to build up drawing pivot r/s capability, is it true, TD? is it possible give some indication how long it took you to master this technic skill? I knew every person is different, however, having a good benchmark, I may plan double or even triple of my time and feel comfortable to take the practise.

My second question is regarding to the GBPJPY chart you presented in the thread,not sure if you could let us know what you would do next? it seems we got a DBLHC in weekly view and breakout of the pivot r/s line, please see the attached chart. if you want to trade this pair, are you going to open your order when the price retest the pivot r/s line? or you would like to trade this weekly PA setup? I meant, if this weekly PA setup executable and how to trade it in next week, assuming you play DBLHC? or, probably your want to short this pair? it is in 10/21 ema zone now.

Pardon my poor English, English is not my native language. hope I made myself understandable.

Thank you very much for your help

 

[trader_dante]

if I understand correctly from what you said in this thread, practise is the most effective approach to build up drawing pivot r/s capability, is it true, TD? is it possible give some indication how long it took you to master this technic skill? I knew every person is different, however, having a good benchmark, I may plan double or even triple of my time and feel comfortable to take the practise.

It is very true that the more you practice the better you will get. However, like most skills in life, people learn at different speeds and some will learn much quicker than others.

I have taught this technique to several people in person. Some got it almost immediately, others took longer. I, personally, got it very quickly, but that was probably due to the quality of my teacher (J16) and the method of his teaching (video and images).

My second question is regarding to the GBPJPY chart you presented in the thread,not sure if you could let us know what you would do next? it seems we got a DBLHC in weekly view and breakout of the pivot r/s line, please see the attached chart. if you want to trade this pair, are you going to open your order when the price retest the pivot r/s line? or you would like to trade this weekly PA setup? I meant, if this weekly PA setup executable and how to trade it in next week, assuming you play DBLHC?

Keeping to the strategy I have outlined in this thread, I would look for price action on a possible retest of the S/R pivot and/or TL. I would look for this on the daily or 1hr TF.

 

[krude]

Thanks a lot, TD, hopefully, could see you post your trade on this, either hourly or daily.
Have a nice day

It is very true that the more you practice the better you will get. However, like most skills in life, people learn at different speeds and some will learn much quicker than others.

I have taught this technique to several people in person. Some got it almost immediately, others took longer. I, personally, got it very quickly, but that was probably due to the quality of my teacher (J16) and the method of his teaching (video and images).



Keeping to the strategy I have outlined in this thread, I would look for price action on a possible retest of the S/R pivot and/or TL. I would look for this on the daily or 1hr TF.

 

[rwgold]

Funny thing

We are really scratching the surface here.

As more of a list to remind myself rather than hype this up, I am going to show you over the course of this thread:

- How to sometimes "cheat" your SB broker for an optimal entry into the market

- The discretionary element in pin bar trading: What makes a good pin?

- Other types of price action that can be even more profitable.

- Where to place buy and sell stops when you enter the market

- The best way to trail an exit stop

- How to understand the rhythmn of the market. The single BEST time to enter the market in my opinion. Much of the time the market is a chaotic mess. But I am going to show you a window of opportunity where the market moves cleanly and beautifully

- How to find the optimal place to add to your positions so your risk decreases and your reward increases

- How I still frequently nearly come off the rails and how to avoid it

- What to do if the market gaps very badly against you

- How I do or do not position myself when the market attempts new highs

- The only time I look at an indicator

- The two things that many traders love to look at that I ignore

- Find out if your thought processes are stopping you making money OR more simply: Is there a difference between what you want to do and what you are good at doing?

Edit: haha just read this again - it reminds me of one of those cheap scams you get. Try this new system out - guaranteed to make you 18,000% in 3 months...rest assured - IT'S NOT

I had to write the following after reading your edit. I found it to be so coincidental since as I was reading the above post I was thinking about all those things you were listing and just how great it was that all of these things were going to be included in this thread and BEST OF All ........FOR FREE, considering how usually when as you stated similar text is encountered it is followed by the price and the money back guarantee.

So thank you for what you are giving away to all of us, but mostly to me, a fairly seasoned trader who is addicted to Forex and who still learns something new everyday by staying glued to my screen essentially every waking moment, and again to think this is for free. BTW, I hate weekends since there is no trading.

Sincerely,

Rico

 

[mp6140]

I had to write the following after reading your edit. I found it to be so coincidental since as I was reading the above post I was thinking about all those things you were listing and just how great it was that all of these things were going to be included in this thread and BEST OF All ........FOR FREE, considering how usually when as you stated similar text is encountered it is followed by the price and the money back guarantee.

So thank you for what you are giving away to all of us, but mostly to me, a fairly seasoned trader who is addicted to Forex and who still learns something new everyday by staying glued to my screen essentially every waking moment, and again to think this is for free. BTW, I hate weekends since there is no trading.

Sincerely,
=========================================================

ah, a trader with a soul like mine --- what the heck you think im doing answering all these posts.

TD and I trade almost alike, although we use differening entrance and exit signals. I have added channels and zigzags which make SEEING a trend tremendously simple.

Ive been all over this board telling the newbs to come over here and see a GOOD system at work and hopefully its happening because they deserve to learn correctly.

Now what i teach, over and above what TD does, is the patterns, movements, time of day for proper trades and which direction a trade will move in, what prior price movement is showing you about upcoming news ---- that kind of intermeditate to expert trader stuff that would be confusing to newbs just starting.

but TD says it better than I and still has the enthusiasm to teach kindergarten, which I am afraid ive lost (or simply grown out of) and so i salute him for his work, ideas and knowledge and wish he had tons of equity so he didnt have to work and chase the bouncing pip all over the place.

Rico

enjoy and trade well

mp

 

[pelzar]

Anyone seen the pinbar on light sweet crude (june)... Just wondered if anyone had an opinion on it?

Pelzar!

 

[nine]

I had a look at daily and 5m CL and am confused.

Where is the pinbar (daily?) and where is the support and resistance to give it context?

 

[grimweasel]

Hey Hey!
Pelzar long time no hear from! How are you and TD getting on at the 'firm' these days? Have you had to take a trip to the Cayman Islands to meet Gene Hackman?? 'The Firm' he he
Hope all is well. That bloody EUR/USD is a teaser at the moment. First a triple top, now a quad top. What do we reckon the next move is? Seems the force is strong in Euro (in Yoda voice) Dropping against it dollar me thinks?
Grim

 

[trader_dante]

Hey Hey!
Pelzar long time no hear from! How are you and TD getting on at the 'firm' these days? Have you had to take a trip to the Cayman Islands to meet Gene Hackman?? 'The Firm' he he
Hope all is well. That bloody EUR/USD is a teaser at the moment. First a triple top, now a quad top. What do we reckon the next move is? Seems the force is strong in Euro (in Yoda voice) Dropping against it dollar me thinks?
Grim

Alright Grim,

I am short Eur/Usd at 1.600.

Tom

 

[smbtnt]

Euro

Some sort of ascending wedge, the longer they pan the bigger the fall.

 

[Wideboy]

Hi TD, I've been reading this thread with great interest, thankyou so much

A long on EUR/CHF looks good here.

Reasoning: Former downtrend res has now become support
The 50% fib is around 16081 from the 11 Oct High to the 17 March low. Price seems to be staying above that level now.
Also 23% fib of most recent move (I know you don't personally like to refer to the 1st fib but its noticeable here)


Blue line is my entry, red is my stop.
Initial target 16105, then 16150

Comments please.

 

[trader_dante]

Hi TD, I've been reading this thread with great interest, thankyou so much

A long on EUR/CHF looks good here.

Reasoning: Former downtrend res has now become support
The 50% fib is around 16081 from the 11 Oct High to the 17 March low. Price seems to be staying above that level now.
Also 23% fib of most recent move (I know you don't personally like to refer to the 1st fib but its noticeable here)


Blue line is my entry, red is my stop.
Initial target 16105, then 16150

Comments please.

You're in profit!! THE MARKET HAS COMMENTED

 

[Wideboy]

You're in profit!! THE MARKET HAS COMMENTED

Yes, however after the 1st move up I moved my stop to +1 and got stopped out on the pull back. I entered again at 16101 and still in.

By moving my stop I lost 17 pips. Was I wrong to move my stop up on just the 1st big candle?

 

[trader_dante]

Yes, however after the 1st move up I moved my stop to +1 and got stopped out on the pull back. I entered again at 16101 and still in.

By moving my stop I lost 17 pips. Was I wrong to move my stop up on just the 1st big candle?

Yes.

If I was in this trade, I would STILL have my stop at the original position. It would not even be at breakeven yet.

I would move it to breakeven at 1.6170.

The key levels above that are 162.35 and 162.95

 

[mp6140]

Hi TD, I've been reading this thread with great interest, thankyou so much

A long on EUR/CHF looks good here.

Reasoning: Former downtrend res has now become support
The 50% fib is around 16081 from the 11 Oct High to the 17 March low. Price seems to be staying above that level now.
Also 23% fib of most recent move (I know you don't personally like to refer to the 1st fib but its noticeable here)


Blue line is my entry, red is my stop.
Initial target 16105, then 16150

Comments please.

=======================================================

late to comment, but good choice of trades !

i dont love always sayint this, but if you apply the overlay "support and resistance" you would see EXACTLY where the price is going, which would only be 10 pips above your forecast (at least at this moment) but then 10 pips X 4 lots aint to be sneezed at !

mp

 

[mp6140]

Yes.

If I was in this trade, I would STILL have my stop at the original position. It would not even be at breakeven yet.

I would move it to breakeven at 1.6170.

The key levels above that are 162.35 and 162.95

=========================================================

LOL --- of course you know where my "stop" would have been TD !

LOL

mp

 

[Wideboy]

Yes.

If I was in this trade, I would STILL have my stop at the original position. It would not even be at breakeven yet.

I would move it to breakeven at 1.6170.

The key levels above that are 162.35 and 162.95

I've only just started trading forex so need to get into the habit of letting trades run.
I know its a psychological issue. I am trying hard to work on.

I've read your posts re: exits but still find it hard to let the market move before I begin to get shaky and take what profit I have

 

[mp6140]

I've only just started trading forex so need to get into the habit of letting trades run.
I know its a psychological issue. I am trying hard to work on.

I've read your posts re: exits but still find it hard to let the market move before I begin to get shaky and take what profit I have

==================================

i aint TD but i UNDERSTAND fully --- THATS what the learning is all about,

first thing i ever learned about trading --- PROFIT IS PROFIT !!!!!!!!!!!!!!


MP

 

[trader_dante]

Dax

This is the kind of candle that you are waiting for.

This was an EXCELLENT trade today in the Dax.