Making Money Trading

[Gregus83]

Thanks for sharing your knowledge, TD. I am new to spread betting (first post here also) but have learnt more than I ever could have imagined I would in the time I have been reading your thread.

I'm currently sitting on £9.0 from a £0.10pp on an hourly sell on Wall Street. At least, I think that was a pin at 12:00 today (nice timing for my lunch hour). If not, I've just been lucky. It's now you think "if only that was a £5.00pp, but as you say, plenty more opportunities will show themselves.

Greg

 

[rider5]

Hi guys,

There's a 4h PB forming on the eur/usd. That makes it a triple top on this pair. Unfortunately, I can't watch this right now, off to do my real job.

What do you think?

Cheers

 

[1Pipped]

Hi rider,

I had a look, it wasnt showing on my 4hr charts but it was showing on the daily. Must be a broker timing thing. One thing I noticed however was looking a the lower timeframe (1hr) it has spiked up fast, but come back down a bit slower, maybe suggesting not as much selling interest (yet, at least) ?

I dont know why but something tells me to not trade it. I didnt trade the last one mind you, and you could have made some good money out of that one!

 

[trader_dante]

Pin bar at a triple top on daily Eur/Usd (chart 1)and strong 1hr support (chart 2)about to be tested...

 

[rider5]

Hi,

Thanks for your replies. I saw a pin forming on the 4h, but that was about an hour before the close of the candle. Now I see that never turned out to be a pin, but still, euro plummeted.

Was there important news out today, because a lot of pairs spiked? Can you please tell me what website is best to see the important news events? I don't really know anything about the fundamentals. I just started trading by learning PA.

Thank you

 

[grimweasel]

Rider5,

There were 2 major announcments today; 1. Bank of England Interest Rates followed by; 2. Eurozone Interest Rates.

Always a good idea to have the major economic news on your radar as the charts can't really tell you huge amounts going into the decisions, bar maybe an area of consolidation prior to any announcment.

Oil reaching new highs will also play on Traders' minds as this increases the likleyhood of Inflation numbers getting higher. This is also good news for gold. I have not really found many times when gold rises as well as the USD as gold is priced in dollars. As the USD drops then so Gold becomes more appealing.
I may be wrong, but I try not to have a position against gold and USD at the same time for example.
Good Trading,
Grim

 

[trader_dante]

Was there important news out today, because a lot of pairs spiked? Can you please tell me what website is best to see the important news events? I don't really know anything about the fundamentals. I just started trading by learning PA.

Thank you

This is an excellent free calendar: Economic calendar | financial calendar | Forex economic calendar

They also have a good calendar over at Forex Forum, Forex Calendar, Forex News @ Forex Factory

The advantage with the latter is that you can update it and see the ACTUAL economic number without needing to refresh the page.

 

[rider5]

Thank you Grim, Trader Dante

Thanks especially for the links, looking into it right now.

 

[nine]

If its necessary I can split this off into a different thread (suggest a title) but my observation was that Trader_dante had slowed down on his original thread so divergence may not be an issue. TD let me know if you want to maintain some purity of theme?

Thanks,
Nine.


Edit: TD is keen to keep the thread on topic and this makes sense if T2W members are following through on the original ideas. So, I am creating a thread called: Trading News with S&R and moving a bunch of posts over there (I can change that later if someone comes up with a better name).

The new thread is Trading News with S&R

 

[skelly22]

Hi TD,
I've just come across your thread in the last few days and doing my best to catch up but still back around page 25ish.

I'm new to trading but i must say this thread is top notch!!

As i say i'm trying to learn more about your trading methodology. i've attached (i think) yesterday evenings graph for Eur/Usd.

my main questions are:
a) have i identified what you consider the important s/r lines?

b) have i correctly identified 2 pin bars?

c) with regards to what direction the trade should take(long/short), do you derive this from the shape of the pin?
or is it from the fact that it is at a point of s/r and the pin indicates a reverse rather than a breakthrough?

d) how would fib lines be used over this chart- ie drawn from top to bottom or bottom to top and which points would you use?

e) finaly, would you have taken "pin 2" up as a trade? and if so what direction?


I hope you dont mind all the questions but i would like to try clear some of these things up rather than continue to wade through another 175 pages without understanding these initial points.

any help you can offer would be much appreciated so thanks in advance for your time/knowledge


Many thanks
Shane

 

[trader_dante]

Hello Skelly,

Thank you for your post.

my main questions are:
a) have i identified what you consider the important s/r lines?

Yes you have. Mine are in almost exactly the same places. The one addition I have is an ascending TL starting at the low on the left of your chart. (see chart 1)

b) have i correctly identified 2 pin bars?

I can't see clearly from your chart. I have attached my own. There are three bars that match the definition of a pin (marked by red arrows in chart 2) but none of them have enough supporting evidence to make them tradable. As you can see that didn't stop 2/3rds of them working (with the current one in play) but that is hardly the point. The aim is to take those that occur at a high probability turning point whether that is against the trend or it takes us back into it!

c) with regards to what direction the trade should take(long/short), do you derive this from the shape of the pin?
or is it from the fact that it is at a point of s/r and the pin indicates a reverse rather than a breakthrough?

The pins indicate a reverse. You take the trade in the OPPOSITE direction to the nose.

d) how would fib lines be used over this chart- ie drawn from top to bottom or bottom to top and which points would you use?

If the market is currently moving UP I draw the fibs from the previous major swing highs down to the recent swing lows to see where the rising market may stall at.

If the market is currently moving DOWN I draw the fibs form the previous major swing lows up to the recent swing highs to see where the market may stall at.

This is illustrated in chart 3. The market is moving up so we draw the fibs from the swing high to the swing low and we can see that it poked through the 61 and has stalled temporarily. Please note that I like to see levels TOUCHED rather than breached.

e) finaly, would you have taken "pin 2" up as a trade? and if so what direction?

See above...

Tom

 

[jonj]

HI YAWL,
what do you think about the setup on the usd/jpy? nice pin on the daily and kind of a pin on the hourly.im interested to know how much people would diverge from the "perfect" setup. any response welcome

 

[jonj]

another good pin on the gbp usd.looks like a much better setup to me ??

 

[grimweasel]

What happened to all MP's posts? Did they get moved to a new thread? Just curious?
Grim

 

[trader_dante]

What happened to all MP's posts? Did they get moved to a new thread? Just curious?
Grim

They were moved to a thread called: Trading News with S&R

 

[grimweasel]

TD
Thanks, found them!
How is the trading going at the 'firm' then? Hope it's all panning out OK for you?
There has been some good pin action on the Cable hrlys over the past few days!
Grim

 

[trader_dante]

TD
Thanks, found them!
How is the trading going at the 'firm' then? Hope it's all panning out OK for you?

I'm enjoying it very much although trading for a firm has had a somewhat detrimental effect on my trading performance. I made a post on this elsewhere on this forum today...

Tom

 

[fifty2aces]

I'm enjoying it very much although trading for a firm has had a somewhat detrimental effect on my trading performance. I made a post on this elsewhere on this forum today...

Tom

I guess they don't like you having big stops? How many ticks are you allowed to lose on a single trade?

 

[trader_dante]

I guess they don't like you having big stops? How many ticks are you allowed to lose on a single trade?

At the time of writing, we have a £200 per day loss limit.

I trade Euro/Usd exclusively. That gives me a 31 tick stop (assuming I do only a 1 lot) before I am stopped out for the day.

As you can imagine, the chance of a daily or even 1hr pin bar that risks a mere 30 ticks is extremely unlikely. And even if I found an excellent setup that fit this criteria, it would be unwise to risk the daily loss limit on one trade.

The firm would much prefer you enter multiple trades with tight stops.

So, right now I am buying and selling key levels with stops of around 5 ticks.

 

[skelly22]

At the time of writing, we have a £200 per day loss limit.

I trade Euro/Usd exclusively. That gives me a 31 tick stop (assuming I do only a 1 lot) before I am stopped out for the day.

As you can imagine, the chance of a daily or even 1hr pin bar that risks a mere 30 ticks is extremely unlikely. And even if I found an excellent setup that fit this criteria, it would be unwise to risk the daily loss limit on one trade.

The firm would much prefer you enter multiple trades with tight stops.

So, right now I am buying and selling key levels with stops of around 5 ticks.

Do you mind me asking do you still get time to carry out your own personal trading?(just out of interest!)

PS thanks for your replies to my previous post.cleared things up alot!