Bearish Pinbar on XAU D1 TF. Could we see more downward movement on here?
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DislikedBearish Pinbar on XAU D1 TF. Could we see more downward movement on here? {image}Ignored
DislikedPending short order for gold. Bearish outside bar at resistance level. My order is yet to filled. Lets see which side the market is going to head.Ignored
QuoteDislikedExperts are uniformly inferior to algorithms in every domain that has a significant degree of uncertainty or unpredictability, ranging from deciding winners in football games to predicting longevity of cancer patients. One has to accept financial markets are no exception to the rule. Daniel Kahneman
Disliked{quote} Hi Njane, good to see you keep on learning. I didn't look at the market much this week due to all the heavyweights news coming out. Regarding the pin bar you pointed out on the chart, it's not bearish pin bar. It's a pin bar with a bearish close. A pin bar is used to spot reversals and not a continuation. Hammer, inverted hammer, shooting star or hanging man all are used to spot reversal. BTW, I'm bearish on gold and I've a short position. Still holding on it but have move my stops into the profit zone to lock in my profits. FOMC today,...Ignored
Disliked{quote} Hello there Mr. Crocs. You've been away too long. I agree, it has been a week of tension due the the news all over. About pin bars being used to spot reversals, that i didn't know, thank you for enlightening me. I get to learn new things everyday. I have been reading a lot of junk and if you have anything you'd advice me to read, i would gladly do so to filter the junk out. I didnt enter the XAU trade however because like you said, it reversed. I will be posting more charts, i learn more each day when you correct me. Thanks a lotIgnored
Disliked{quote} Nice pin bar over there Njane, it's with the overall bearish trend and also rejecting resistance level. It's a good setup but I didn't short it because I went long on USD/SGD pin bar and it would be doubling my risk if I short this AUD/USD pin bar since I'm buying USD in both scenarios. Here's the USD/SGD chart. {image}
High negative correlation of AUDUSD and USDSGD on the daily. I see why it would double your risk. Which criteria do you use to select the pairs you trade? Do you have a tool that looks at the correlation of this pairs or...Ignored
DislikedHigh negative correlation of AUDUSD and USDSGD on the daily. I see why it would double your risk. Which criteria do you use to select the pairs you trade? Do you have a tool that looks at the correlation of this pairs or does the mastery come with time through observations? Whooaa..that's a whole lot of pairs. I will have a look at every single one of them. I was looking at the charts yesterday in preparation for this week. Can't help but find very few possible set-ups. I will adopt the trading note idea as well.Ignored
Disliked{quote} The pairs that I trade need to be liquid and the spreads and swap aren't too high. When you are swing trading with Daily time frame and above, you can easily go through a lot of pairs with just maybe half an hour a day (But have to perform top down analysis through all the pairs during the weekend). You may start with just 15 pairs (That's how I get started) and then slowly add to 20 pairs then 30 and so on. Regarding correlation, I seldom look at any correlation table, I can't even remember when is the last time I look at those thing. The...Ignored
Disliked{quote} BTW, here is my little notepad, you may use the note apps on smartphones but I prefer to use a "real" note and it have to be small as I'll be holding it for quite a long time {image} Before I analyse the market, I will first write down all the open positions that I have. Then I will write down potential setups and pairs. After that I will sit on my couch (or walking around) with my notepad and go through the thinking process where I eliminate some not so good setups, check correlations, overall risk I'm taking, etc. In short, this is...Ignored
Disliked{quote} It does sound complicated and it will definitely take quite a while to have this pinned in my head and manage to execute this, but again, you've mentioned things i had no idea about (challenges of self-teaching). I am honestly surprised you go through so many pairs. Thank you for the tips. I will PM you shortly..Ignored
Disliked{quote} Big fan of Spongebob and Gary there huh? Hahaha. I've been using OneNote app to note down some of this details but i also think a pocket-size notebook would be be adequate too. Thank you for sharing this Mr. Crocs, new things to learn everyday.Ignored
DislikedCould we see a reversal at this point for the EURCHF to resume an upward overall trend after it bounced off the upward trend-line it seems to be forming on the daily. {image}Ignored
DislikedThis EUR/NOK pin bar off support level looks good for me.. Hopefully it plays out.. Missed the breakout entry but I've my pending order set now..
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Disliked{quote} Patience always pays.. Price hit my profit target today after 2 weeks of consolidation.. Notice how price just went back and forth within the tight consolidation testing my nerves.. Glad that price just shot up straight into my profit target today.. {image} {image}Ignored