trader_dante
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Making Money Trading
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firewalker99
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I doubt everybody seems them everywhere in the exact same places...
Besides, S/R on small timeframe may or may not coincide with those on higher TF. What's S/R for one person might not be so for another... how long are S/R levels valid? do you still keep them after they've been breached or not? etc, etc... too many questions cause far too many different (but maybe all valid?) answers.
shadowninja
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6.45am??? I am still in sleepy heaven!
Hi Pelzar,
Trading Central has S/R levels, however it's subscription based. IGmarkets accounts come with free access to the service. Here's the link...
TRADING Central - TECHNICAL ANALYSIS EXPERTS
Matt
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1Pipped
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Afternoon, just posting a couple of recent deals. I had more comments on the charts but when they were resized to 800x600 the comments got chopped off... should still be clear enough though.
Long EURUSD got stopped out but was net +116 on both trades (1 profit, 1 loser) for 73 risked.
Long AUSUSD I closed because the EURUSD got stopped out and it looked like aussie was finding it a bit of a chore to get over 0.8900 I though there might be some USD power in the air, was +345 on both trades (2 profits) for 64 risked.
Thanks for these pips TD !!!
Another trade I did recently (Not got a chart and it was nothing to do with this thread I just wanted to mention it. It was a long EURUSD position, first of all it went up and missed my TP by 1 pip, then it went down and missed my SL by 1 pip then went back up and hit the TP! I always remember the one pipped trades (hence my name on here) and this one was a classic
Long EURUSD got stopped out but was net +116 on both trades (1 profit, 1 loser) for 73 risked.
Long AUSUSD I closed because the EURUSD got stopped out and it looked like aussie was finding it a bit of a chore to get over 0.8900 I though there might be some USD power in the air, was +345 on both trades (2 profits) for 64 risked.
Thanks for these pips TD !!!
Another trade I did recently (Not got a chart and it was nothing to do with this thread I just wanted to mention it. It was a long EURUSD position, first of all it went up and missed my TP by 1 pip, then it went down and missed my SL by 1 pip then went back up and hit the TP! I always remember the one pipped trades (hence my name on here) and this one was a classic
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Hi everyone
I stumbled on this thread by accident and only wish I had seen it when it started- its like having the lights turned on!- thankyou TD for sharing this information and to those with valuable contributions
Can someone help bring me up to date- I am busily working through the threads and am up to page 19- is the strategy summarised anywhere?
are there trading updates still given?
rgds,
Mark
I stumbled on this thread by accident and only wish I had seen it when it started- its like having the lights turned on!- thankyou TD for sharing this information and to those with valuable contributions
Can someone help bring me up to date- I am busily working through the threads and am up to page 19- is the strategy summarised anywhere?
are there trading updates still given?
rgds,
Mark
VinceStanzione
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Well Done 1pipped!
Mark R,
Persevere with this thread - I recommend reading all of it a couple of times; trader_dante's method is easy to use & a great way of making pips.
Good luck.
VS
Mark R,
Persevere with this thread - I recommend reading all of it a couple of times; trader_dante's method is easy to use & a great way of making pips.
Good luck.
VS
WOW!
Finally... I've finished. It's a huge thread, but a gripping read. I think I'll be opening a Capital Spreads demo acc asap to try this all out and start honing my skills!!!
Thanks TD for a great thread. It's awesome!!!
Since starting the thread, I've signed up to ProRealTime - just EOD as it's free - to do some "pin bar" spotting. It's great to go back to basics, instead of having a chart with loads of indicators.
Mark - just keep reading. It's worth going through it step by step.
Thanks again...
Finally... I've finished. It's a huge thread, but a gripping read. I think I'll be opening a Capital Spreads demo acc asap to try this all out and start honing my skills!!!
Thanks TD for a great thread. It's awesome!!!
Since starting the thread, I've signed up to ProRealTime - just EOD as it's free - to do some "pin bar" spotting. It's great to go back to basics, instead of having a chart with loads of indicators.
Mark - just keep reading. It's worth going through it step by step.
Thanks again...
trader_dante
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Scalper vs position trader: Round 1
Well, I waited and it's arrived.
Everyone knows the rule: I can't make trades on my own account whilst being employed as a professional and I wouldn't dream of calling anything I won't be taking myself.
At work, we have no overnights in the early stages so its a no go there too.
Suffice to say: I am sure everyone reading this knows where my bias on the Dow is right now
Well, I waited and it's arrived.
Everyone knows the rule: I can't make trades on my own account whilst being employed as a professional and I wouldn't dream of calling anything I won't be taking myself.
At work, we have no overnights in the early stages so its a no go there too.
Suffice to say: I am sure everyone reading this knows where my bias on the Dow is right now
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Well, I waited and it's arrived.
Everyone knows the rule: I can't make trades on my own account whilst being employed as a professional and I wouldn't dream of calling anything I won't be taking myself.
At work, we have no overnights in the early stages so its a no go there too.
Suffice to say: I am sure everyone reading this knows where my bias on the Dow is right now
Wait for Right eye pb to 500 or bar breakout?
trader_dante
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Bar breakout.
Although if it moves higher first I will look for action at 500 on the lower TFs.
bansir
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Well, I waited and it's arrived.
Everyone knows the rule: I can't make trades on my own account whilst being employed as a professional and I wouldn't dream of calling anything I won't be taking myself.
At work, we have no overnights in the early stages so its a no go there too.
Suffice to say: I am sure everyone reading this knows where my bias on the Dow is right now
Lots of interesting features eh?
Mine's the cash chart though...still, there you go
Best Regards,
Neil
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picturebook perfect - its actually too good!
trader_dante
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Patience
This is a lesson in having the patience to wait for the market to set up just right so you can make money.
Consider these three pin bars that occurred in daily March Cocoa.
Data is limited on this contract (for me) but even using just what we have here we can see a high probability trade.
1st pin hits the 38 fib but the body of the pin is not within the range of the previous bar making it less than perfect.
2nd pin looks good but the lows didn't find support AT a level but rather IN BETWEEN two levels.
3rd pin occurs not only AT the 50 fib but also just above previous swing highs in mid December and subsequent resistance in early January. The pin shows the price is creating a new s/r pivot.
The market has lined up to create a high probability trade and once the pin high is broken the market rallies.
It is by acting at these times and sitting on the sidelines at others that you will greatly increase your odds of winning in the game of trading.
This is a lesson in having the patience to wait for the market to set up just right so you can make money.
Consider these three pin bars that occurred in daily March Cocoa.
Data is limited on this contract (for me) but even using just what we have here we can see a high probability trade.
1st pin hits the 38 fib but the body of the pin is not within the range of the previous bar making it less than perfect.
2nd pin looks good but the lows didn't find support AT a level but rather IN BETWEEN two levels.
3rd pin occurs not only AT the 50 fib but also just above previous swing highs in mid December and subsequent resistance in early January. The pin shows the price is creating a new s/r pivot.
The market has lined up to create a high probability trade and once the pin high is broken the market rallies.
It is by acting at these times and sitting on the sidelines at others that you will greatly increase your odds of winning in the game of trading.
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trader_dante
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This was a good opportunity today on Eur/Usd 1hr TF.
Pin bar at a double top which is also strong a significant resistance level on the daily TF.
The market came off over 50 pips and then bounced right on the lower s/r pivot.
You can play these moves one of two ways:
a) Use the lower s/r pivot as a target and close when it is hit.
b) Tighten your stop as the s/r level is hit. If the market momentum is INCREASING into a key level I like to put my stop above or below the last momentum bar.
Pin bar at a double top which is also strong a significant resistance level on the daily TF.
The market came off over 50 pips and then bounced right on the lower s/r pivot.
You can play these moves one of two ways:
a) Use the lower s/r pivot as a target and close when it is hit.
b) Tighten your stop as the s/r level is hit. If the market momentum is INCREASING into a key level I like to put my stop above or below the last momentum bar.
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The DOW pin is great! Almost a gift after finally finishing the thread. My first chance to practice. So - I put a short order in with appropriate entry and exit points above and below the pin on my Capital Spreads Demo account. Not so keen on their charting software though - so using ProRealTime DA to do most analysis before doing the basics on the SB charts. NOT ideal!!
Very rewarding to have spotted it last night - and then to see it appear on this thread. I have to just stop myself from going LIVE before I have demo'd for a siginificant period of time.
Lawman
Very rewarding to have spotted it last night - and then to see it appear on this thread. I have to just stop myself from going LIVE before I have demo'd for a siginificant period of time.
Lawman
trader_dante
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Then make sure you DO stop yourself!
Even the best pins fail from time to time. By demoing the strategy for a significant period of time you will know what your expected win/loss ratio is once you go live and you can also try different ways of playing price action bars to increase on their profitability.
Try trading WITH the trend and AGAINST it. Is one way better than the other?
Try placing stops above the pin bar and comparing the profitability compared to stops placed above the left eye.
Try finding a pin bar on the daily TF and then going onto the 1hr TF and seeing if you get a price action setup at the area of the left eye. If you get one and it works you can cut your risk and increase your profit.
Try holding trades INTO news events. Are you usually on the right side of them or do they detrimentally affect your P&L over time?
Find out what works for you.
We are still on simulator here and expected to be for at least several months.
It's just as well because I've got a habit of ADDING when I mean to EXIT by clicking on the wrong side of the ladder. There is nothing like being 6 lots long, thinking you are closing it for profit and then finding yourself 12 lots long into a retracement. LOL
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