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  • #41
  • Aug 12, 2005 4:27pm Aug 12, 2005 4:27pm
Quoting scpeter
It seems a lot clearer to me now. Just for confirmation, is the following correct? You probably sold short about 1.2470 and you probably exited at about 1.2413. Your stop was probably at about 1.2489. The pin bar fake out coupled with the 150 MA was enough to get you out of the trade.
yes,yes,yes,yes, geez scepter are you psychic. actually i dumped half my position at ten pips which is what i always do then 25 percent at fifteen pips. i had no idea the big drop was coming. jim
  • #42
  • Aug 12, 2005 4:40pm Aug 12, 2005 4:40pm
Quoting james16
yes,yes,yes,yes, geez scepter are you psychic. actually i dumped half my position at ten pips which is what i always do then 25 percent at fifteen pips. i had no idea the big drop was coming. jim
James, thanks so much for sharing and thanks for the confirmation. Please have a great weekend. I am going for a walk with my daughter now. Will be back soon. Take care.
Steven
  • #43
  • Aug 15, 2005 3:01am Aug 15, 2005 3:01am
Quoting scpeter
James, thanks so much for sharing and thanks for the confirmation. Please have a great weekend. I am going for a walk with my daughter now. Will be back soon. Take care.
its late and i need to go to bed but i keep sitting here watching a 30 min chart on the eur and it has on four seperate occassions in the last 2.5 hours touched the weekly pivot. something is about to happen.
  • #44
  • Aug 15, 2005 3:06am Aug 15, 2005 3:06am
I know James, I see the same thing. It is a good lesson for me though. I need to just take the trades when they are there. And then, I need to only take the "A" trades. Trading for the sake of trading can be costly. When I wait for the proper setups, it is so rewarding. Okay enough said. I think I will go get a little rest.
Steven
  • #45
  • Aug 15, 2005 3:43am Aug 15, 2005 3:43am
Quoting james16
its late and i need to go to bed but i keep sitting here watching a 30 min chart on the eur and it has on four seperate occassions in the last 2.5 hours touched the weekly pivot. something is about to happen.
Jim, I don't see it. What value do you have for the weekly pivot? I have 1.2363 on the bar that closed on Friday. I used (H+L+C)/3 with the respective values of 1.2415, 1.2314 & 1.2359. But when I plot this on the 30 min chart I don't see the touches you are talking about. A little help please?

Thanks

Dial
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  • #46
  • Aug 15, 2005 12:10pm Aug 15, 2005 12:10pm
Quoting diallist
Jim, I don't see it. What value do you have for the weekly pivot? I have 1.2363 on the bar that closed on Friday. I used (H+L+C)/3 with the respective values of 1.2415, 1.2314 & 1.2359. But when I plot this on the 30 min chart I don't see the touches you are talking about. A little help please?

Thanks

Dial
my mistake, it was 3 in the morning. it was the daily s1 pivot level figured from friday and it broke down right to the weekly s1 at 12342. dial i just use mark mcraes free pivot calculator. it is the standard one, there are several more variations out there. also interesting to note the daily s2 was at 12335. can anyone say confluence. because it bounced right off for a nice move currently sitting at 12372. jim
  • #47
  • Aug 15, 2005 12:28pm Aug 15, 2005 12:28pm
i know the reason several of us are getting different pivot levels is this. some use sunday and some dont. that raises a question from me to anyone who nows for sure. when i first started trading forex the first thing i did was look for info to answer this question. most say not to use sunday for monday but use friday. i have never seen a definitive answer for whether or not to use sunday when figuring weekly pivots. can anyone answer these questions, merlin, fij---anyone.
  • #48
  • Aug 22, 2005 4:57am Aug 22, 2005 4:57am
Use this thread to discuss Euro vs US Dollar.
  • #49
  • Aug 22, 2005 1:51pm Aug 22, 2005 1:51pm
Looks to me like the euro on a daily chart has developed a pin bar or pinochio bar the last few days. I'm looking for a pullback to around 1.2180-90 for an entry. With any luck that will be between 3-5 eastern. That would co-incide with the 1 hour break of the 50 ma.

Anyone could correct me if my figrrinn doesn't agree wit yers....................
LETS PLAY HOCKEY!
  • #50
  • Aug 22, 2005 2:04pm Aug 22, 2005 2:04pm
Quoting pipmonster
Looks to me like the euro on a daily chart has developed a pin bar or pinochio bar the last few days. I'm looking for a pullback to around 1.2180-90 for an entry. With any luck that will be between 3-5 eastern. That would co-incide with the 1 hour break of the 50 ma.

Anyone could correct me if my figrrinn doesn't agree wit yers....................
I see the pinocchio you are talking about. I have made some sweet trades using a pinocchio setup along with other data. I was just wondering what you or others think about this pinocchio. The ones I have traded successfully have had much longer noses. I would like to hear what you and others think.
Steven
  • #51
  • Aug 22, 2005 2:24pm Aug 22, 2005 2:24pm
What is a pin bar or pinocchio set up?
  • #52
  • Aug 22, 2005 2:39pm Aug 22, 2005 2:39pm
Quoting Isotonic
What is a pin bar or pinocchio set up?
Pinocchio setup is where you have 3 bars. The 2nd or middle bar will be much higher or lower than the 1st and 3rd bars. It is the 2nd bar that is representative of pinocchios' nose. In other words the 2nd bar is lying to you telling you this is the direction the market will take.

In the case of the 2nd bar, you will usually notice that the close of the 3rd bar cannot take out the close of the 1st bar. Hope this helps you.
Steven
  • #53
  • Aug 22, 2005 3:19pm Aug 22, 2005 3:19pm
Quoting scpeter
Pinocchio setup is where you have 3 bars. The 2nd or middle bar will be much higher or lower than the 1st and 3rd bars. It is the 2nd bar that is representative of pinocchios' nose. In other words the 2nd bar is lying to you telling you this is the direction the market will take.

In the case of the 2nd bar, you will usually notice that the close of the 3rd bar cannot take out the close of the 1st bar. Hope this helps you.
glad to see its making you some money. i will post a chart. jim
  • #54
  • Aug 22, 2005 3:27pm Aug 22, 2005 3:27pm
pin bar
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  • #55
  • Aug 22, 2005 3:35pm Aug 22, 2005 3:35pm
pin
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  • #56
  • Aug 22, 2005 4:11pm Aug 22, 2005 4:11pm
Quoting james16
glad to see its making you some money. i will post a chart. jim
James, I am glad that you are glad to see it making me some money. I am also glad you are part of the best forex forum. Your information sharing and teaching has been a great help. Thank you so much.
Steven
  • #57
  • Aug 23, 2005 12:10pm Aug 23, 2005 12:10pm
Hi group! Here is something I do with the euro that may seem (and is) very simple, but it works. I've been using it for over a year now and it doesn't happen very often, but when it does it's usually good for at least 100 pips.

Pull up a weekly eur/usd chart with standard MACD. Whichever way the trend is on the weekly you go with it on a daily chart. Pull up the daily chart and look for 2 connecting bottoms consecutively in a ascending pattern for ascendign trend and 2 tops with descending partern with descending trend. Draw a trend line to connect for the next day, put in your order 10 pips above the line with a 35 pip stop and sitback to watch.

Not very technical but it sure does work. Check out the euro today. And look back at the last one when the MACD turned on the 8th of aug.

Hope you enjoy the day! Pipmon
LETS PLAY HOCKEY!
  • #58
  • Aug 23, 2005 1:50pm Aug 23, 2005 1:50pm
Quoting pipmonster
Hi group! Here is something I do with the euro that may seem (and is) very simple, but it works. I've been using it for over a year now and it doesn't happen very often, but when it does it's usually good for at least 100 pips.

Pull up a weekly eur/usd chart with standard MACD. Whichever way the trend is on the weekly you go with it on a daily chart. Pull up the daily chart and look for 2 connecting bottoms consecutively in a ascending pattern for ascendign trend and 2 tops with descending partern with descending trend. Draw a trend line to connect for the next day, put in your order 10 pips above the line with a 35 pip stop and sitback to watch.

Not very technical but it sure does work. Check out the euro today. And look back at the last one when the MACD turned on the 8th of aug.

Hope you enjoy the day! Pipmon
Thanks Pipmon, do you think a chart example would be useful to everyone?
Steven
  • #59
  • Aug 23, 2005 9:33pm Aug 23, 2005 9:33pm
Hey Sceptor, I finally figured out how to make the chart small enough to post. Hope it works. Not sure if it is going to work this time. I almost am stopped out now.
Attached Image
LETS PLAY HOCKEY!
  • #60
  • Aug 24, 2005 4:52pm Aug 24, 2005 4:52pm
Quoting pipmonster
Hey Sceptor, I finally figured out how to make the chart small enough to post. Hope it works. Not sure if it is going to work this time. I almost am stopped out now.
where is the MACD you are looking at pipmonster? i dont see one in the chart...
Relax and be happy.
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