Best Thread Potential setups

[eltrot1979]

This looks pretty good. Could of got in on the 4H but will be safer to wait for the break on the daily which is very close right now.

Looks like it broke the pin bar low by 1 pip whilst I was asleep and then reversed. i have put a demo order in but it was 5 pips from the pin bar low so it didn't get triggered. See what the rest of the day holds...

 

[1Pipped]

Closed the rest of my usdchf last night, looked like it might be stalling. Seems to have got through now though... I think that was my 2nd best trade, might even be first, will have to check.

 

[Darren2903]

TD. Just began studying trading as a complete novice with a long term view of trading my own account for a living. Read loads of info including your full thread, part of James16 and plenty of backup info on Pins, price action, etc etc and thought I had a reasonable understanding but I cannot see any swing high/low Pins on the4H as Nordtrader describes. What am I missing?

PS: This is my first post.

NB:I am using IG Index charts.

 

[simoncs]

I took 50 ticks (£304) out of the Euro from a 1hr pin this morning.

Hi TD

was that EUR/USD at 7am? - that is the only one I can see on the IG (IT-finance) charts

 

[Nordtrader]

TD. Just began studying trading as a complete novice with a long term view of trading my own account for a living. Read loads of info including your full thread, part of James16 and plenty of backup info on Pins, price action, etc etc and thought I had a reasonable understanding but I cannot see any swing high/low Pins on the4H as Nordtrader describes. What am I missing?

PS: This is my first post.

NB:I am using IG Index charts.

Darren,

Apologies, I was a little premature with these - sorry if I caused confusion . I was referring to pin bars I could see forming but in the end 3 out of the four completed without forming a pin. I think only the EURCHF was valid - it was forming on both Daily and on the 4hour (on North Finance MT chart the 4h pin I saw was 11Aug 8am). This one seems to be working, trigger at 1.6214 - price is now 1.6227.

Interestingly the EURUSD has now formed a 4 hour pin on the 8am bar this morning. I am long this and EURCHF.

Again, sorry for jumping the gun comrades...

NT

 

[Nordtrader]

Hi TD

was that EUR/USD at 7am? - that is the only one I can see on the IG (IT-finance) charts

Yes - it's the 8am bar on my MT chart but same one I think. It has a longish nose so probably not a classic but I took it anyway as I think there will be a reaction to the moves of the last few days.

 

[Stuart14]

Personally seem to find these pins quite unreliable. Saying that, the Daily pin on EUR/USD is forming at a level of support from last year. We will see. I may take it later today although want confirmation first.

 

[Nordtrader]

Personally seem to find these pins quite unreliable. Saying that, the Daily pin on EUR/USD is forming at a level of support from last year. We will see. I may take it later today although want confirmation first.

Agreed would be more compelling if daily pin is confirmed. Re. support from last year, do you mean resistance in Nov07 and Jan08? (S/R is an area I am still struggling with)

 

[Stuart14]

Yeah, the 14820 -14900 area provided both Resistence and Support Nov 07, Jan 08 and Feb 08.

There isn't really anything complicated with S/R, they are just perceived area's of stength from past performance, so they may come into affect, they may not. Adding to that, round numbers have the same affect, as do some ma's!

I would personally prefer to take a pin on a retracement, so wait for a bounce, if a pin then forms from the bounce off a Fib level or an ma etc take that.

Saying that, i've had a bad few weeks so don't listen to me!!

 

[Stuart14]

How do you post a Pic? I have a chart i'd like to post

 

[omni]

Gold Gold Gold Gold........... is @ 800

 

[Stuart14]

What about it? Are you picking a bottom?

 

[mb325]

Potential pin bar setting up on the daily TF? Almost perfectly off 800, can't see any additional confluence though...

 

[Stuart14]

Me neither. Don't be a bottom picker.

 

[rags2riches]

For your consideration

I am still new to pinbars so feedback on these pinbars is most welcome.

 

[neil]

I am still new to pinbars so feedback on these pinbars is most welcome.

Firstly tell us what you think

 

[Stuart14]

I can't really see the charts, will try to pull them up myself and have a look for you.

 

[mb325]

Me neither. Don't be a bottom picker.

Stuart, the first sentence of this thread reads...

'I wanted to start this thread as a place to examine the high probability reversal or continuation points in different markets so that traders can look for confirmation in the price action'

As i see it, the whole point of pin bars is to help pick these points where reversals may take place. In the case of gold, 800 is a very nice round number, and depending on today's close there is the possiblity of a decent pin bar, therefore it may be worthwhile going long with a decent R/R.

Just my 2 cents

 

[Stuart14]

Sorry mate. You are right.

My issue is that the Pin Bar as a point of reversal is only validated retrspectively. Follow the price of Gold down and there are plenty of other daily pins that came to nothing. Agreed 800 is a nice round number, but then again so it 750 and 700 and 650.

Looks at previous levels of Support or Resistence I see nothing at the 800 level.

 

[mb325]

Looks at previous levels of Support or Resistence I see nothing at the 800 level.

Yeh, this is the main thing which would stop me taking the trade if the pin did form. It did stall ~800 late 07 before breaking up, but i can't see this having a major effect, if any.