Making Money Trading

[Splitlink]

Looks like a possible head and shoulders, as well, but the neckline is sloping down, so not much good as an entry signal. Pinbar looks good but it could be against the trend, perhaps? I went into the GBP/USD, yesterday , after waiting for a pullback. I entered nearer the top but, after a while, it made a new high and I got stopped out.

Where would you put your stop on this one? At the high, you've got about 80 points. If it was me I'd wait for a pullback and (sorry TD, I know it's against your doctrine) switch to a 5' chart while looking for an entry nearer the top because, if it was like my trade, there is a chance of it going higher.

Split

PS. I had resistance points, as well.

 

[forexbee]

Hi Splitlink

Stop could be around 50pips+spread approx. Not sure again is valid entry or not.
By the way TD, do you enter trade anytime , are any market trading time like London, NY , Japan tradetime other than weekends?
Fxbee

 

[Splitlink]

TD uses a 1 hour chart. I think that it is against the main trend so, after my own experience, I would leave it. Otherwise, I see it as a very good example of a pin.

Having said that, at the time of this post it looks like the right shoulder, unconfirmed yet, but it could be a failed high and the start of a new trend down.

At the back of my reasoning, it's a mental thing, is my dislike of far away stops. I've always used close ones and I've got to get over that if I am going to take advantage of this thread.

Good luck with your choice.

Split

 

[Splitlink]

I hope you took no notice of me. It's the makings of a good short trade, now.

Good Luck

 

[forexbee]

I hope you took no notice of me. It's the makings of a good short trade, now.

Good Luck

Hi TD, Splitlink

Thanks for your feedback, i didnt take the EUR pin trade, i was not confident on the entry... But i took GBP yesterday night short...now its gone 80pips+ , pls see i took this as live trade on GBP (My first trade, not on pinbar entry).

TD,
I hope you are well used to igindex, is there any option to move stop to breakeven or trailing stoploss ....!i couldnt find that on my open trade, whenever i click on open trade ticket i get option to close my position rather move breakeven. I will try to check again. If you know how to move breakeven pls do post me...

Fxbee

 

[trader_dante]

Hi Forexbee, Splitlink,

Sorry for the delay in replying to your posts - I've been really busy at work.

Forexbee, I am not familiar with IG so I cannot help with moving a stop I am afraid! Perhaps someone else can?

 

[fibonelli]

Hi Forexbee,

Here's the screenprint to help you to amend your stop.

HTH

F

 

[trader_dante]

Hi TD,

Had identfified a pin like setup in EUR @ 4Hrs chart, though EUR had made new high, couldnt find any proper pivots to draw from history. but have identified a resistance point . It doesnt provide good possible strong signal entry. Whats your take on it... Your advice on this will be helpful.

Fxbee

Fxbee,

That pin comes at an approximate resistance level but the nose doesn't poke out far enough, in my opinion, from the candle immediately to the left.

Remember, you should try to get as much in your favour as you can when you take a trade. This increases the probability of the trade working.

Also, please realise when you post charts that I don't trade the 4hr timeframe.

That doesn't mean that I am not willing to give my opinion on setups but it is my belief that an opinion is only as valid as the money that is backing it

P.S You asked me whether I enter a trade at any time. The answer is yes but there are certain times that I am WARY of entering. This is at the end of the London session (5pm GMT) until around the time Tokyo opens (11pm GMT).

 

[forexbee]

igindex query

Hi Fibo

Thanks for your reply post, i just got it...after locking the profit pips, my order closed with 47pips profit in next 5mins. Iam glad after a long learning the first live trade was profit (though loss trades should be taken easy & learnt from thru mistakes).

Fxbee

 

[forexbee]

Fxbee,

That is a pin and it comes at an approximate resistance level but the nose doesn't poke out far enough, in my opinion, from the candle immediately to the left.

Remember, you should try to get as much in your favour as you can when you take a trade. This increases the probability of the trade working.

HI TD,

Thanks Buddy, i agree, i felt something i was not confident on this and didnt take the trade.

Please realise when you post charts that I don't trade the 4hr timeframe.

That doesn't mean that I am not willing to give my opinion on setups but it is my belief that an opinion is only as valid as the money that is backing it

P.S You asked me whether I enter a trade at any time. The answer is, for the most part, yes.

I used to look at 4hrs only , after started to go thru your thread i look at daily and 1 hour. So at times i will ask for your opinion, and iam glad you are there.

Fxbee

 

[forexbee]

Hi Forexbee,

Here's the screenprint to help you to amend your stop.

HTH

F

Hi Fibo

Just started using Igindex platform. Iam yet to received the handbook from them,. Is there any provision for trailing stop and closing trade on certain price available with this platform...(i believe you use igindex).

Also for moving the stoploss to breakeven or more than breakeven, the screen calculates "deposit required"...Iam puzzled on this... You have any idea about it.

Fxbee

 

[fibonelli]

Hi Fibo

Just started using Igindex platform. Iam yet to received the handbook from them,. Is there any provision for trailing stop and closing trade on certain price available with this platform...(i believe you use igindex).

Also for moving the stoploss to breakeven or more than breakeven, the screen calculates "deposit required"...Iam puzzled on this... You have any idea about it.

Fxbee

I'll send a PM.

 

[trader_dante]

End of week review

When you have the important levels already drawn on your charts trading becomes a waiting game.

Eur/Chf

I have been waiting since the beginning of the week for the price to test the ascending trendline and s/r pivot zone. See chart 1

Now that price has returned to it we take a closer look and see a pin bar See chart 2

 

[forexbee]

When you have the important levels already drawn on your charts trading becomes a waiting game.

Eur/Chf

I have been waiting since the beginning of the week for the price to test the ascending trendline and s/r pivot zone. See chart 1

Now that price has returned to it we take a closer look and see a pin bar See chart 2

Hi TD,

Would like to know about your stop on this chart EURCHF. Approximate stops on this chart looks around 40-50pips (may be more than that). I remember for this type of stops you go into 1 hour chart and fine tune your entry. Pls do provide information about it.. If not do you consider entry using dailypinbar with big stops?

By the way did you had anyother trade other than wheat entry!. Iam also looking close for pin and found one in EUR which i posted and got your opinion too.

Fxbee

 

[lurkerlurker]

If I may, this bar sits right on the 50% retracement from February lows to October highs. Another indicator of confluence. Note also the two bullish pin bars working from this S/R zone.

The long indicated by this pin does seem somewhat counter trend however...

We'll see where it opens next session, and I'm going to keep an eye on this!

 

[lurkerlurker]

Further, note that if one had been watching this S/R zone for this instrument on the hourlies, they could have got a nice long entry from an hourly pin which would then have been confirmed by a daily.

This would have resulted in a stop of 23 (+ spread, margin for error) rather than 48 (+spread, margin for error).

 

[forexbee]

Hi Lurker

Thats great, long time i had fib line doubts which i was querying TD some posts back... From your post i had clarified myself another thing.

Normally i used to draw fib lines based on how the trend looks. Though there is signalling to go long in downtrend (like EURCHF) i was drawing highs to lows for fib lines. From your chart, i understood how to look at market and draw fib lines and see the retracement. Glad i got this hint about fib lines how to look on retracement.

Thanks a lot

Fxbee

 

[Reas]

Hi TD,

Thanks for the info on the new pin on the eur/chf, i got a question on that one.
When you posted it the bar wasn't finished yet, and now the body has become a little bit longer, do you still consider it to be a good pin?
In my opinion the body is a bit long, so i wouldn't be sure to take that one.

I found another one on the gbp/chf daily chart, it has some confluence from an old s/r line (been a resistance from august 2005 untill july 2006 see chart 1) and an old 50% fibo retracement (from the low at may 2003 till the top at july 2007 see chart 2).
Maybe you can give your opinion on the validity of this pin.

greets,
Reas

 

[trader_dante]

Hi TD,

Would like to know about your stop on this chart EURCHF. Approximate stops on this chart looks around 40-50pips (may be more than that). I remember for this type of stops you go into 1 hour chart and fine tune your entry. Pls do provide information about it.. If not do you consider entry using dailypinbar with big stops?

By the way did you had anyother trade other than wheat entry!. Iam also looking close for pin and found one in EUR which i posted and got your opinion too.

Fxbee

Hi Fxbee, I wouldn't try and look for an entry on a lower timeframe if I was to take this particular trade. The risk in number of pips is acceptable for me.

I still have my Wheat trade open with a stop beneath the pin I entered on (see chart 1 - pin is marked with an arrow)

In addition, I am still in Eur/Gbp which is +120. I have a stop at BE on this.

 

[trader_dante]

If I may, this bar sits right on the 50% retracement from February lows to October highs. Another indicator of confluence. Note also the two bullish pin bars working from this S/R zone.

The long indicated by this pin does seem somewhat counter trend however...

We'll see where it opens next session, and I'm going to keep an eye on this!

Lurker,

Good observations but the second candle that you have marked is not a pin bar. A pin must have a very small body in proportion to the nose and it must be in the top/bottom 1/3 of the bar.