Making Money Trading

[1Pipped]

Try not to worry about the one pip trades jonj, happens to me all the time!! I used to think the universe was conspiring against me at times, but when I checked my past trades I saw that there were about as many 'one pipped' trades that were GOOD (eg: target hit by one pip, or entry to a really good trade hit by one pip, or entry to a really bad trade missed by one pip, etc.).

A few years ago I was reading something about poker, and it was saying that as human beings we will take risks to avoid pain (overbetting your AA incase they get cracked, or moving stop to +1 ) more readily than take a risk to gain (like leaving stop where it was). And we focus and remember the painful things more than the non painful, even though theres no logic to it.

So getting one pipped on a stop loss is as good, as it is bad, in the long run, is what I mean, or something like that .... I just havent explained it very well.

 

[jonj]

I checked my past trades I saw that there were about as many 'one pipped' trades that were GOOD (eg: target hit by one pip, or entry to a really good trade hit by one pip, or entry to a really bad trade missed by one pip, etc.).

good point,nice one

A few years ago I was reading something about poker, and it was saying that as human beings we will take risks to avoid pain (overbetting your AA incase they get cracked, or moving stop to +1 ) more readily than take a risk to gain (like leaving stop where it was).

exactly!!well said.iv made a similar point recently on another thread,should have listened

So getting one pipped on a stop loss is as good, as it is bad, in the long run, is what I mean, or something like that .... I just havent explained it very well.[/

i unerstand,for me its not so much as gettin 1 pipped (as you call it ,finally get your name lol)its the messin with my trade.
anyway happy hunting off to work.

 

[bansir]

nice 5 min pin

Hi Folks,
This was nicely formed and it certainly flew but I can't determin if there was any s/r or other confluence which would have given it the edge.

Best Regards,
Neil

 

[superspurs]

hi,just wondered if anyone considers this a valid setup,

 

[zishor]

Heya Superspurs,

my chart shows some completely different bar. on the eurchf. I have no pin at all. The old problem with the 4 hour charts :/

Anyway: I personally would not have taken this setup. It lacks a significant level where the nose sticks out. The bar itself looks nice and the trade would be with the trend. But as said before we don't have any eyes.

Regards and a succesful day
Frank

P.S. I don't have any other good pinbars too at the moment Need a third monitor to scan more markets hihi

 

[pbb2577]

INMHO, the nose is pointing in the wrong direction. For an ideal set up, the nose should be sticking out (away from the crowd).

Paul

 

[zishor]

Would love to see the DAX close above 7000 this hour. This would be a very sexy pinochio for today

 

[superspurs]

eu chf

yes,i agree,it is a breakout and a retest but not enough confluence,have a good un.hi PB i was looking at a short

 

[bansir]

hi,just wondered if anyone considers this a valid setup,

Hi SuperSpurs,
I think it's maybe not an optimum pin because it doesn't stick out into free space, clear of other price action.

Best Regards,
Neil

 

[nine]

I think that bansir is being too kind ... a pin bar is a rejection of a price extreme ... so you need to have a preceding bar, then the pin bar needs to move to a price extreme in free space and then, failing to get support move back. Then the next bar confirms it.

This is not to say that you couldn't trade the setup above successfully ... just that it isn't a pin bar.

This one is more of your classic pin bar:
.

 

[superspurs]

good point nine,i think i am getting impatient,and not waiting for the best pins to come to me.

 

[trader_dante]

Retracement Bus

Hands up who got shaken out by the "RETRACEMENT BUS" on Eur/Gbp. Frustrating since we are now making new highs. (see chart 1)

This happens time and time again - infact some of you that are taking this strategy and making it your own may want to experiment with closing half the position at the first problem area and then buying it back when price retraces to its original entry which I would say it does, the majority of the time.

I had an argument with a colleague that sits opposite me yesterday regarding this: he is of the firm opininon that if you have +80 ticks on the table as we did on this trade, you cannot let it go to breakeven or worse, a loss. I've heard that sentiment echoed many times on this board and by other traders. Well, if you are playing for short term gains then that may be true but when I argue I don't do it based on unfounded opinion, I do it based on my OBSERVATION and EXPERIENCE in the market. I'm not a know it all - I just continue to learn from the market and try and work out ways to beat it. And the way to profit from the longer term moves is by realising that when they get underway there will be a jostling for position - as one great trader once said, the biggest back and fill is at the beginning of a new trend and I think this is often true even when an old one resumes course.

Have a look at these moves and see just how a good profit comes back to breakeven or a small loss before the real move gets underway. Notice how the entry is a mere two or three candles before and how market participants are shown a good profit and lulled into a false sense of security. They tighten their stop or protect their profit. Then they lose their position. The market moves without them and it often moves BIG.

What's the saying? Fool me once, shame on you. Fool me twice...

 

[skelly22]

hey there,

any thoughts on this pin?

i was going to put stop loss under the bar before the pin if the lastest bar doesnot break it, or else under the pin.

i dont see too much else happening out there....but i'm prob still blind to setups!!

TP at 103.42 where it meets the down trend line

 

[trader_dante]

Rules

All traders should have not only a trading plan but a set of rules and/or observations that are a constant frame of reference.

I have mine above my desk at work.

These rules and observations are controversial at my firm, for reasons that will become immediately obvious, but they enable me to make money and keep it.

1. IGNORE THE NEWS

2. OBEY THE LEVELS

3. NEVER LISTEN TO OTHERS OPINIONS

4. LOSERS TAKE PROFIT

5. MOST MARKET PARTICIPANTS LOSE MONEY

6. MOST MARKET PARTICIPANTS DAY TRADE THE LOW TIMEFRAMES

7. UNDERSTAND FEAR

8. STRONG HANDS NEED LIQUIDITY

9. NEVER OFFER THE LIQUIDITY

10. IF YOU ARE IN A TRADE, DO NOT WATCH IT

11. IF YOU ARE RIGHT AND YOU ARE NOT TRADING YOUR LIMIT, YOU ARE WRONG.

 

[1Pipped]

TD great rules, I would put No.10 of yours as No.1 of mine.

On No.11 do you mean if you are in a winning trade, but not fully in with your maximum risk you should get the rest on as soon as you can ?

 

[superspurs]

eu/chf

i asked about that setup earlier in eu/chf because of these examples.the longer term view of the ym is to show where i got the pivot from

 

[trader_dante]

TD great rules, I would put No.10 of yours as No.1 of mine.

On No.11 do you mean if you are in a winning trade, but not fully in with your maximum risk you should get the rest on as soon as you can ?

I mean that you should look to add at high probability continuation areas and once added move your stops up to just beneath these new areas.

If calculated carefully, your potential reward is increasing and your potential risk is decreasing.

If you are day trading hourly bars in a liquid market that doesn't close from Monday to Friday it is possible to start with as little as 2% risk but get a very high percentage of your account committed with no risk but to that of open profits.

This is how big, big money is made.

 

[Paul71]

All traders should have not only a trading plan but a set of rules and/or observations that are a constant frame of reference.

I have mine above my desk at work.

These rules and observations are controversial at my firm, for reasons that will become immediately obvious, but they enable me to make money and keep it.

1. IGNORE THE NEWS

2. OBEY THE LEVELS

3. NEVER LISTEN TO OTHERS OPINIONS

4. LOSERS TAKE PROFIT

5. MOST MARKET PARTICIPANTS LOSE MONEY

6. MOST MARKET PARTICIPANTS DAY TRADE THE LOW TIMEFRAMES

7. UNDERSTAND FEAR

8. STRONG HANDS NEED LIQUIDITY

9. NEVER OFFER THE LIQUIDITY

10. IF YOU ARE IN A TRADE, DO NOT WATCH IT

11. IF YOU ARE RIGHT AND YOU ARE NOT TRADING YOUR LIMIT, YOU ARE WRONG.

8 and 9! Good post, TD.

 

[bansir]

hey there,

any thoughts on this pin?

i was going to put stop loss under the bar before the pin if the lastest bar doesnot break it, or else under the pin.

i dont see too much else happening out there....but i'm prob still blind to setups!!

TP at 103.42 where it meets the down trend line

Hi Skelly,
I think that the pin itself was not in good shape; I believe that ideally, there should be something of a body to it and part of the body should reside within the body of the left eye. What you've got is more of a doji type candle.
I've just checked the chart and the pin was invalidated before your buy limit was hit anyway.
How did you get on in the end?
Best of luck anyway, make sure and trawl the rest of this thread for more vital clues!

Best Regards,
Neil

 

[bansir]

i asked about that setup earlier in eu/chf because of these examples.the longer term view of the ym is to show where i got the pivot from

Hi SS
Nice, price breaks through trend line then comes back to test it with a pin if I understand you correctly.
Have you had much success with this?

Best Regards,
Neil