Making Money Trading

[1Pipped]

I was just looking at that £$ pin now and thought the same as you, also remembered i said I would only take better setups, I was going to put an order in at first but managed to persuade myself not do.

what do you reckon to this double bar pin on eurchf? I decided not to trade this either because ive ot some levels marked a bit close under it and its also not at a swing high/low.

I wonder where superspurs is? oh yeah, probably counting that massive pile of usdcad pips hes got!! a good trade there I think !

 

[superspurs]

hey there gang,i reckon you called that one right 1,its a bit of a sideways market.in the evenings just looking thru the ftse charts,the bigger time frames definitely give you better opps,take this one,chart 2 shows where the s/r came from,a nice double bottom.

 

[jonj]

I was just looking at that £$ pin now and thought the same as you, also remembered i said I would only take better setups, I was going to put an order in at first but managed to persuade myself not do.

what do you reckon to this double bar pin on eurchf? I decided not to trade this either because ive ot some levels marked a bit close under it and its also not at a swing high/low.

I wonder where superspurs is? oh yeah, probably counting that massive pile of usdcad pips hes got!! a good trade there I think !

morning all,1pipped my chart looks different so i cant really say but on your chart it didnt close lower than the previous candle so technicaly there was no trigger,i made the same mistake and superspurs corrected me so i went and reread james16 thread.weather there needs to be a trigger to trade the rejection of price is probably down to the other factors also,not to mention the trader.

 

[Ljr]

Hi All.

there is a neat looking 4H pin on GBPUSD. I don't see much conflence though. Anyone else see anything thing to support this?

 

[grimweasel]

Well, I suffered yesterday as I was at work and over exposed to good $ news. Good old Ben's comments were not on th news radar for the day, so I suppose it could have been considered a 'Black Swan' event as the charts were going the other way until the news! Lesson learnt, good old Taleb!
Grim

 

[portomar]

Hi All.

there is a neat looking 4H pin on GBPUSD. I don't see much conflence though. Anyone else see anything thing to support this?

looks more like a doji to me or are you refering to the one just forming?

 

[superspurs]

ljr,it looks like your looking for pins and then looking for conformation,that is back to front,mark up your charts first and wait for price to come to you.

 

[Ljr]

looks more like a doji to me or are you refering to the one just forming?

The one that formed from 08h00 - 120hh UK time. You should see it in the chart I posted but may look different if you are on a different time zone to UK

 

[arajgor2000]

USDCAD 8H Pin

Hi all,

I've been following this thread for a good few months now and have been profitable ever since applying the methods taught here - thanks TD!

Anyhow, this is my first post and thought I'd make a contribution to the pin alerts. What do you guys think of the 8 hour USDCAD pin attached? There's no price pivot but we do have confluence with a downtrend line and a 61.8% fib level on the 4H time frame.

Entry would be below the low of 8H pin, with a stop just above and an initial target of 1.

Any thoughts?

 

[Ljr]

ljr,it looks like your looking for pins and then looking for conformation,that is back to front,mark up your charts first and wait for price to come to you.

yes normally do that but have only just started looking at 4H so was just checking to see if I maybe missed something

 

[trader_dante]

ljr,it looks like your looking for pins and then looking for conformation,that is back to front,mark up your charts first and wait for price to come to you.

Great advice superspurs. To everyone: Don't underestimate how doing things the wrong way round can affect your win/loss ratio. It can make a drastic difference.

 

[superspurs]

just my take on cable,ljr i see you have a pivot in the same place as me 9740ish,but on the daily price broke down thru that pivot and came back and retested that level with a pin,probably more downside IMO

 

[Ljr]

just my take on cable,ljr i see you have a pivot in the same place as me 9740ish,but on the daily price broke down thru that pivot and came back and retested that level with a pin,probably more downside IMO

Thanks for that. I see what you mean. Probably should been shorting based just on the Daily.

Great advice. I had forgotten in this case to confirm the trend on the higher time frames.

 

[Ljr]

I really need to create a proper check list that I can use to confirm every trade. I suppose this is all part of developing a good solid trading plan to stick too. Do any of you methodically confirm against some sort of check list before placing orders? I have been trying to develop this but always seem to find reasons to not stick to it.

I think I am trying to use too much discretion and not following a set plan. Just thinking out aloud here but some opinions would be appreciated.

Leon

 

[1Pipped]

I have been trying to develop this but always seem to find reasons to not stick to it.

Why this happens is to do with the ego. The ego is a bit childish and always wants to be 'right' or 'clever'. So when you go against your plan, and make a profit, the ego gets to make you feel like 'oh yes look at me Im so clever I knew that was what I should do instead of doing it the normal way!'

It doesnt just happen with trading it happens to anyone when doing anything. It was a pro poker player I got this info off. I dont know if you play poker but anyone that has will know the feeling of having a good plan, doing the exact opposite, and then going 'DOH! I knew I shouldnt have done that!'

Another time I have seen this happening to me, is out walking and getting to a river with a few stones sticking out you can cross on. Half way accross you see the next stone your going to step on, the foot goes up, and at the last minute for some reason you change which stone your going to step on and end up on @rse in river

The problem is when you are able to see your ego trying to 'save' you from your plan, it gets confusing for me which is the real plan and which is the ego's plan. I just thought of this now, but I wonder if that is why you get that 'stop!,go!yes!no!' rapid fire mind changing thoughts when crossing a road and notice a car/bus just a bit closer than you thought it was, ending up stuck in the middle of the road looking a right idiot?!

 

[Ljr]

Great Post 1Pipped.

This should be printed and framed!!

 

[zishor]

Second that!

one thing: Has someone more experience with the CADCHF? I am long at the moment due to a pin some hours ago. I see a strong correlation to the SPX if I look at both at the same time. Is this just by accident or do they correlate? And if why? makes no sense to me at the moment I am mostly concerned cause I would not go long in the SPX at the moment

 

[omni]

Second that!

one thing: Has someone more experience with the CADCHF? I am long at the moment due to a pin some hours ago. I see a strong correlation to the SPX if I look at both at the same time. Is this just by accident or do they correlate? And if why? makes no sense to me at the moment I am mostly concerned cause I would not go long in the SPX at the moment

Zishor,
Here is a spread analysis....... as you can see, they are highly correlated. I dont know why, sorry bud.
Regards.

 

[1Pipped]

Glad you liked it, or probably my ego is glad you liked it
If you pay really close attention to what your doing through the day (not trading, just anything) really concentrate on everything and ask ourself why you did this or that, after a while you can start to see a bit of 'how you work' (or drive yourself mad!) I find it a bit scary to be honest but interesting .......

 

[superspurs]

very good 1 pipped