Making Money Trading

[rawrschach]

You can download a free unlimited version of metatrader from northfinance.com

 

[zishor]

Heya all,

thank you chocolate I will try this platform!

Anyone looking at the Pinbar on the AUDUSD at the moment?

i look for an entrysetup now Maybe the $ stalls now#

 

[zishor]

AUDUSD Pin Seems to be busted

 

[1Pipped]

4hr EURUSD pin of a fib + recent support. I do not like the snout length on this particular pin but it is off a good area so I have put 1/2 size order in and looking to get stop loss to break even ASAP!

 

[jonj]

4hr EURUSD pin of a fib + recent support. I do not like the snout length on this particular pin but it is off a good area so I have put 1/2 size order in and looking to get stop loss to break even ASAP!

hi there 1pipped,cant say much about the pin i dont get one on my charts,jus wanted to ask from where have you drawn your fib??my 38% is above yours at about 154.15??

 

[Ljr]

hi there 1pipped,cant say much about the pin i dont get one on my charts,jus wanted to ask from where have you drawn your fib??my 38% is above yours at about 154.15??

I have draw my Fib from Low of 20 Dec to High of 22 April and the 38 Fib lines up almost spot on with the low of today. I don't normally look at the 4H but will keep an eye on this one to see how it plays our

 

[jonj]

I have draw my Fib from Low of 20 Dec to High of 22 April and the 38 Fib lines up almost spot on with the low of today. I don't normally look at the 4H but will keep an eye on this one to see how it plays our

ok thanx,i have mine from the low on feb 7 to the same high,??i have it there cos thats when the eur bounced back to trend,is ther a correct way(technicaly)to do this as it seems a bit subjective.im sure if we tested every swing h/l we could fit a fib level almost anywere!! bound to make money then!!

 

[Ljr]

ok thanx,i have mine from the low on feb 7 to the same high,??i have it there cos thats when the eur bounced back to trend,is ther a correct way(technicaly)to do this as it seems a bit subjective.im sure if we tested every swing h/l we could fit a fib level almost anywere!! bound to make money then!!

I'm not sure where the best place is. I think TD usually does his from the most recent swing low which means where you did it is correct. When I looked at my chart I was drawn to the earlier swing low because it was also a S/R pivot.
When I draw the Fib I try not to look where the current price is otherwise you do tend to look for a place that lines up with a Pin bar. This is why it is probably even more important to have done the analysis before the 'event' so we are not influenced into making the analysis fit if you know what i mean.

Ljr

 

[jonj]

I'm not sure where the best place is. I think TD usually does his from the most recent swing low which means where you did it is correct.

mabye one of the experts on this site can enlighten us??:clap:
i believe that when drawing up a fib its the swing h/l most relevant to the CURRENT price action which is important.e.g if an instrument has recently broke a pattern,say a wedge,i would use the last swing h/l,even if the wedge pattern had a lower/higher swing.??hope this makes some sence?

This is why it is probably even more important to have done the analysis before the 'event' so we are not influenced into making the analysis fit if you know what i mean.

defo the way to go.set up your chart and WAIT.there are enough good trade setups out there to not have to jump on any but the best.

Ljr

happy hunting

 

[jonj]

see what i mean!breaks like these are free money if you take it fast!!

 

[jonj]

heres a decent looking pin on the eur/gbp dailys.there is some pretty strong s at the 38% fib level but if it breaks this it could be a good trade.stops far too large for my liking but i have gone short on my demo on the 15 min break of yesterdays low,have set mt stop at 78.80.will relook if it reaches the fib level

 

[1Pipped]

hi there 1pipped,cant say much about the pin i dont get one on my charts,jus wanted to ask from where have you drawn your fib??my 38% is above yours at about 154.15??

Hi jonj I drew the fib from 2007-12-20. Glad you mentioned it because I would naturally be inclined to draw it from 2008-02-07.

Theres a news feed I read through the day sometimes and it mentions levels etc. they seem to draw fibs from the lowest point even if theres a couple of swings in between... but TD says draw from most recent swing high/low.

I am not sure which point is best... what do you reckon TD ? 2007-12-20 or 2008-02-07 ?

Pin never triggered anyway, and looking at the chart now, Im glad it didnt

 

[jonj]

Hi jonj I drew the fib from 2007-12-20. Glad you mentioned it because I would naturally be inclined to draw it from 2008-02-07.

Theres a news feed I read through the day sometimes and it mentions levels etc. they seem to draw fibs from the lowest point even if theres a couple of swings in between... but TD says draw from most recent swing high/low.

I am not sure which point is best... what do you reckon TD ? 2007-12-20 or 2008-02-07 ?

Pin never triggered anyway, and looking at the chart now, Im glad it didnt

hey 1pipped,thanx for your reply,im hoping somebody will clear up the fib thing.
im glad i didnt get a pin on my charts aswell,i sold the break of yesterdays low,bottled out with about 10 pips though as i thought it didnt take off like the eur/gbp break and it was hugging the break point for ages,which made me nervous.the next candle made me kick myself!! wish i had some balls !!

 

[jonj]

jus a quick update,not gonna bore you all but i just wanted to show an alternative way to profit from pin bars.iv now got my stop at BE.
since reading this thread i also use pin bars as indicators,imo they can reveal sentiment even if its not at an important price level,and can give good clues to help you manage an exsisting position.any opinions on this welcome.

 

[mp6140]

heres a decent looking pin on the eur/gbp dailys.there is some pretty strong s at the 38% fib level but if it breaks this it could be a good trade.stops far too large for my liking but i have gone short on my demo on the 15 min break of yesterdays low,have set mt stop at 78.80.will relook if it reaches the fib level

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

7768 support

 

[jonj]

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

7768 support

yeah that would be my last target if it breaks the 38%fib.i would expect a bounce of the 50%l level too big for my stops if it breaks the 7768 anyway, and im not greedy
thanx for the feed back
after thought,your a techhead,i know cos iv seen your posted charts and boy is that techy!! whats your view on the fib issue,would like an experienced opinion.

 

[mp6140]

yeah that would be my last target if it breaks the 38%fib.i would expect a bounce of the 50%l level too big for my stops if it breaks the 7768 anyway, and im not greedy
thanx for the feed back
after thought,your a techhead,i know cos iv seen your posted charts and boy is that techy!! whats your view on the fib issue,would like an experienced opinion.

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

the zig zags you often see on my charts are an aid in trading, but actually provide a really decent place to make fast fib measurements from as one doesnt have to think, simply find the bottom and top of the line and draw !

i use the previous high or low myself, and on testing your methods, find im off by only a touch, with what youre doing usually providing a lower low or higher high, but not of any REAL consequence in the overall scheme of things.

try both ways and see what you like best, cause its you that counts !

support provided as a note if prior support is violated !

enjoy and trade well

mp

 

[trader_dante]

Hi jonj I drew the fib from 2007-12-20. Glad you mentioned it because I would naturally be inclined to draw it from 2008-02-07.

Theres a news feed I read through the day sometimes and it mentions levels etc. they seem to draw fibs from the lowest point even if theres a couple of swings in between... but TD says draw from most recent swing high/low.

I am not sure which point is best... what do you reckon TD ? 2007-12-20 or 2008-02-07 ?

2008-02-07.

I always fib from the absolute LOW of the most recent swing and any other MAJOR swings.

 

[1Pipped]

Thanks TD. Check this out from last night, a gap on the aussie - bottom of the gap is 61.8% Gap filled nicely ! I didnt trade it as it was too late and I needed to get to bed, its interesting though...............

 

[jonj]

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

the zig zags you often see on my charts are an aid in trading, but actually provide a really decent place to make fast fib measurements from as one doesnt have to think, simply find the bottom and top of the line and draw !

i use the previous high or low myself, and on testing your methods, find im off by only a touch, with what youre doing usually providing a lower low or higher high, but not of any REAL consequence in the overall scheme of things.

thanx,that is my opinion also.in this case the price bounced by the pip so gonna keep it the way i know.



enjoy and trade well

mp

i said in my last post i wasnt greedy,well i was,i had my stop at +1 because i couldnt stand the thought of giving it ALL back,that ONE pip got me stopped out!GREED AND FEAR live in action folks(and thats only with3 lots on a demo!!!jeees)
the daily pin is lookin good now,is anybody in this trade??