Pin Bar System

[pocrel]

I just want to post up a chart for EUR/USD today. I have indicated some potential setups.
(in time order).
The first is a potential long 11am close (broker time) which is off what my indicator plots as m3. Its basically the mid point of PP and R1. This would have been a pretty good trade. I didnt take it because i was out but i notice nobody else took it either.

The second is a potential continuation off R1. Again i dont think anyone took it (good job as it was a loser).

Third is a second stab at the cherry for a long continuation off R1. I would have had my stop at BE by then so wouldnt have lost on it. Would have been about 13 points or so in the table.

Last is a reversal off R1. Went all the way to what my indi plots as m3 and would have been 25 points for anyone who took it.

Comments on the possible trades would be good. Which would you have taken or not and reasons. It looks like nobody took any of them.

none of your lines match mine so not sure where your getting the levels from and think thats why none of the trades have shown up on here, have you used the pivot levels from livecharts? if not please input them manually tomorrow and try to play trades only off those levels instead of mid levels etc

 

[Mata Nui]

none of your lines match mine so not sure where your getting the levels from and think thats why none of the trades have shown up on here, have you used the pivot levels from livecharts? if not please input them manually tomorrow and try to play trades only off those levels instead of mid levels etc

The lines are off an mt4 indicator called allpivots. I will try the livecharts ones today. Do you plot the fib levels as well?

 

[pocrel]

good example of why always check the data feed on the open, good to have two accounts to check the open, if they both match trade is good if not walk away

cac40 open this morning

smartlive chart


fxcm chart

 

[DDI]

potential pin audusd

 

[pocrel]

trade alert, as ddi just pointed out

 

[DDI]

2 pins on gold but livecharts at gone gunny with gold pivot levels!

 

[pocrel]

trade alert, as ddi just pointed out

chart

order pending long audusd

 

[pocrel]

2 pins on gold but livecharts at gone gunny with gold pivot levels!

sometimes that happens, if your looking for todays gold pivots try here:

http://www.oilngold.com/data/charts/pivot-points-summary-200808241260/

pins are above daily pivot so no trade

 

[pocrel]

chart

order pending long audusd
View attachment 109144

order cancelled aud breaking low of the pin

 

[DDI]

is that a valid set up on dax? a bit risky due to the 2 bullish tails on the previous 2 bars.

 

[pocrel]

is that a valid set up on dax? a bit risky due to the 2 bullish tails on the previous 2 bars.

bar is just sitting above r2

 

[pocrel]

trade alert dax short

 

[pocrel]

trade alert dax short

chart

 

[pocrel]

chart
View attachment 109150

order now cancelled, dax breaking up

been unlucky this morning but the system keeping us out of the way and any losing trades

 

[pocrel]

Well this morning is a great lesson in patience, you can sit here all day and not get a trade and if you can do that you have come along way as most will start to look for trades that are not in there plan by now just to fill the boredom, be patient and let the trade come to you, there will be fast days and slow ones but if you stick to your plan you can say you did a good job.

 

[DDI]

potential crude, wti, cable (at R3)

 

[pocrel]

potential crude, wti, cable (at R3)

trade alert

crude short order pending 10769 stop 10792

 

[DDI]

no pin on cable as it ticked up. wti and brent literally closed on pivots.

 

[pocrel]

trade alert

crude short order pending 10769 stop 10792


View attachment 109156

cancelling order on crude markets are dead, going to have a break catch you in a few hours

when the US takes over

 

[trader_dante]

Well this morning is a great lesson in patience, you can sit here all day and not get a trade and if you can do that you have come along way as most will start to look for trades that are not in there plan by now just to fill the boredom, be patient and let the trade come to you, there will be fast days and slow ones but if you stick to your plan you can say you did a good job.

Good point. I am convinced the main reason why people are not patient is because they are undercapitalised. It's not the only reason but I am sure it is the main reason.

The fact of the matter is, if you trade, at say, £100 a tick, you get one setup and it makes 10 ticks, you patiently wait for the next one. Even if you made just one trade that day. You've made £1,000 in the example and that's not a bad result for 9 hours work.

But let's say you trade at £1 a tick and you get one setup that makes 10 ticks. You are immediately on the look out for next thing that looks half decent - even if its a complete punt. Because £10 for 9 hours work makes you feel like a failure - it's simply not enough.

This was one of the single most important things to realise in my personal development as a trader.