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Daily PIN Bars

  • #341
  • Dec 4, 2007 12:45pm Dec 4, 2007 12:45pm
Quoting winlots
Do we have a pin bar on the daily charts of the Crude oil January futures contract?
post a pic
  • #342
  • Edited Dec 6, 2007 3:55pm Dec 5, 2007 4:14pm | Edited Dec 6, 2007 3:55pm
Hi all, first post here! Looks to be a pin on USD/CAD daily chart at confluence fib retracements (61.8 of Feb high and 38.2 of Aug high).

S/L: 1.0220 (above nose)
Sold: 1.0129 (daily close)
TP: 1.0011

How does this trade look? Still a newbie so I'm learning (will figure out how to posts charts later...).

Edit: Moved S/L to break even at 1.0079 (+45 pips), don't want this to turn around and bite me!
  • #343
  • Dec 5, 2007 4:36pm Dec 5, 2007 4:36pm
This PB is also exactly at the 38 fib line from when CADs fall began around January of this year !!!

I certainly will be looking to trade this PB !!! trade it by the rules, and you'll be fine !!!!

Quoting Betard
Hi all, first post here! Looks to be a pin on USD/CAD daily chart at confluence fib retracements (61.8 of Feb high and 38.2 of Aug high).

S/L: 1.0220 (above nose)
Sold: 1.0129 (daily close)
TP: 1.0011

How does this trade look? Still a newbie so I'm learning (will figure out how to posts charts later...).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 9 KB
Click to Enlarge Name: zzz.GIF Size: 9 KB
  • #344
  • Dec 5, 2007 7:37pm Dec 5, 2007 7:37pm
Quoting Betard
Hi all, first post here! Looks to be a pin on USD/CAD daily chart at confluence fib retracements (61.8 of Feb high and 38.2 of Aug high).

S/L: 1.0220 (above nose)
Sold: 1.0129 (daily close)
TP: 1.0011

How does this trade look? Still a newbie so I'm learning (will figure out how to posts charts later...).
Thanks for pointing that out to me.

I have a pending sell at 1.0092 (5 pips from daily low), s/l 1.0220 as you have and tp .9960 unless I see a another sign of reversal.
  • #345
  • Dec 5, 2007 9:16pm Dec 5, 2007 9:16pm
I would say making the trade after the PB breaks by 10 or 15 pips would be better... now you are in the trade, and if it goes against you, you will get burned...

My thought is that since yesterday CAD lowered interest rates... USD/CAD should be going up, and not down... but perhaps I have missed something somewhere...

Quoting Betard
Hi all, first post here! Looks to be a pin on USD/CAD daily chart at confluence fib retracements (61.8 of Feb high and 38.2 of Aug high).

S/L: 1.0220 (above nose)
Sold: 1.0129 (daily close)
TP: 1.0011

How does this trade look? Still a newbie so I'm learning (will figure out how to posts charts later...).
  • #346
  • Dec 5, 2007 10:28pm Dec 5, 2007 10:28pm
Quoting Tiki Trader
I would say making the trade after the PB breaks by 10 or 15 pips would be better... now you are in the trade, and if it goes against you, you will get burned...

My thought is that since yesterday CAD lowered interest rates... USD/CAD should be going up, and not down... but perhaps I have missed something somewhere...
Tiki,

You are right.....lowering rates is not good for a currency and usually once a central bank starts this process it usually follows it up with a few more over a course of 6 months to a year. Also Oil prices are a factor but I won't go into that here.

One other thing you need to remember is the news could have already been factored in to the current upward move. Alot of the bigger players know stuff in advance. So there is alot of speculation built into every move in this market. Ever heard of "Buy the rumor and sell the news". If you don't think so look over the recent 300+ pip fall on the GBP/USD before the rate decision in the morning. I am not saying that the BOE will lower rates this time but that is exactly what the markets are starting to price in. Also the rate decisions aren't the only event risk for this week. Non-Farm is on Friday and this time will prove pretty volitile, so further profit-taking could happen before this key news item.

As far as the USD/CAD is concerned, I hope the USD/CAD continues up but the 1.0080 area is my current support area to watch for bigger retracements down to start. This would also activate the pinbar for a nice sell to around 1.0000 or even 0.9960/21 area again. I posted a more detailed explanation in the J16 trend. Happy trading All.
  • #347
  • Dec 6, 2007 9:12am Dec 6, 2007 9:12am
well it came close to being invalidated. I wish I'd seen it at 1.0190 as I would've sold anyway for a small loss and bigger reward. Oh well. It still might fail I guess.
  • #348
  • Dec 6, 2007 12:13pm Dec 6, 2007 12:13pm
well we are definitely in now. I did .50 lot. Should it go up again to the 1.0160 area again I will add another .50 lot. This will limit my risk.
  • #349
  • Dec 6, 2007 12:20pm Dec 6, 2007 12:20pm
hopefully the daily candle won't end positive.
  • #350
  • Dec 6, 2007 1:07pm Dec 6, 2007 1:07pm
I have cancelled my order on the cad PB... I don't trust it... it doesn't act or look right... I am not going to lose my pips !!!!

I understand what you say about things being priced in... BUT I always maintain that it is NEVER fully priced in... I think price should be going up... it is fishy that it is hanging or moving down... I don't buy it for right now...

I've had a good run lately... if I am very lucky, I may get my account back to BE before the end of the year... 1% at a time... but I'll pass on this one today...

You probably know lots more than I do... but I'm not taking a chance on this PB that almost failed and then fired off... and now has got you in neg territory if you are in the trade...

Quoting Wall_Street
Tiki,

You are right.....lowering rates is not good for a currency and usually once a central bank starts this process it usually follows it up with a few more over a course of 6 months to a year. Also Oil prices are a factor but I won't go into that here.

One other thing you need to remember is the news could have already been factored in to the current upward move. Alot of the bigger players know stuff in advance. So there is alot of speculation built into every move in this market. Ever heard of "Buy the rumor and sell the news". If you don't think so look over the recent 300+ pip fall on the GBP/USD before the rate decision in the morning. I am not saying that the BOE will lower rates this time but that is exactly what the markets are starting to price in. Also the rate decisions aren't the only event risk for this week. Non-Farm is on Friday and this time will prove pretty volitile, so further profit-taking could happen before this key news item.

As far as the USD/CAD is concerned, I hope the USD/CAD continues up but the 1.0080 area is my current support area to watch for bigger retracements down to start. This would also activate the pinbar for a nice sell to around 1.0000 or even 0.9960/21 area again. I posted a more detailed explanation in the J16 trend. Happy trading All.
  • #351
  • Dec 6, 2007 7:39pm Dec 6, 2007 7:39pm
[quote=Tiki Trader;1748036] I've had a good run lately... if I am very lucky, /quote]

Lucky? why lucky? If you had a good run, it's because you did the right things I would say... You should feel confident now, not lucky, don't you think? But I agree with the usd-cad, I feel like something is wrong with this one... Hey, are you still in the eur-chf trade? How about this one, broken trend line just above the high. Should of get in at support, merde!

Sebastien
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd.gif Size: 21 KB
  • #352
  • Dec 6, 2007 7:49pm Dec 6, 2007 7:49pm
It is not about luck right now... it is that about this point I always start getting cocky... and then I blow it... I need to be very careful... I have started spouting off my mouth here in the forums etc... this is good sign that I need to just step back and take a rest... but will I do that...??? Not likely....

I have placed pending orders for the GBP/USD USD/CHF and EUR/USD Pin Bars but I wonder really if there will be much price movement tonight because tomorrow is NFP... and truthfully, though I don't pay much attention to the news, in this case I think I want to be out of any trades tomorrow at NFP time.... which has me concerned about my newborn LONG trade I placed today on USD/JPY...

EUR/CHF I am out of... but it was very nice !!!!

[quote=OGW;1748492]
Quoting Tiki Trader
I've had a good run lately... if I am very lucky, /quote]

Lucky? why lucky? If you had a good run, it's because you did the right things I would say... You should feel confident now, not lucky, don't you think? But I agree with the usd-cad, I feel like something is wrong with this one... Hey, are you still in the eur-chf trade? How about this one, broken trend line just above the high. Should of get in at support, merde!

Sebastien
  • #353
  • Dec 7, 2007 3:46am Dec 7, 2007 3:46am
I attached an indicator called Pinbar recognition
which recognice the pinbars in the pair GBPJPY
Attached File(s)
File Type: ex4 PinBar Pattern Recognitionv1.ex4   9 KB | 577 downloads
  • #354
  • Dec 7, 2007 3:57am Dec 7, 2007 3:57am
Quoting xavier050463
I attached an indicator called Pinbar recognition
which recognice the pinbars in the pair GBPJPY
thanks for the indicator
  • #355
  • Dec 8, 2007 8:27am Dec 8, 2007 8:27am
Quoting Betard
Hi all, first post here! Looks to be a pin on USD/CAD daily chart at confluence fib retracements (61.8 of Feb high and 38.2 of Aug high).

S/L: 1.0220 (above nose)
Sold: 1.0129 (daily close)
TP: 1.0011

How does this trade look? Still a newbie so I'm learning (will figure out how to posts charts later...).

Edit: Moved S/L to break even at 1.0079 (+45 pips), don't want this to turn around and bite me!
Well it looks like you made your money. Now here is what I am seeing:

The 4h is either 2nd bouncing off the 50ema and it will go up now or it is ready to change direction. However, the Monthly looks like a reversal just happened and it broke already to go UP. The weekly looks like another pin if broken down would go DOWN. The thing we all know is just because a pin breaks, it may never hit the stop (few pips low or high of pin), but can still go against it some, just as the daily usd/cad did, but in Betard's case was already successfull and he is in the money.

Right now I am in profit. I should've set my t/p at the daily 10ema, even though the risk/reward wouldn't be that good. I have set the s/l to break even since the charts are iffy at the moment. I would say some good whipsawing is going to happen now with the different chart directions.

The gbp/usd formed a daily pin two candles back. It has broken. Same as the eur/usd. It appears to be headed back up too and needs to break 1.44 to head south again.

nzd/usd daily has formed a semi nice pin for a sell, but the daily charts look crazy, I'd only go for a small amount or maybe one day's worth. The weekly had a nice pin in november that cracked, but then multiple indecision candles happened after that. It probably is not a good one to play, but just watch in case a similar situation occurs in the future on another pair.
  • #356
  • Dec 17, 2007 5:25pm Dec 17, 2007 5:25pm
is this a valid pb? (its actually in candlesticks) looks more like a doji.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.GIF Size: 28 KB
  • #357
  • Dec 17, 2007 5:51pm Dec 17, 2007 5:51pm
I say no...

Quoting jamesbond007700
is this a valid pb? (its actually in candlesticks) looks more like a doji.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.GIF Size: 11 KB
  • #358
  • Dec 17, 2007 6:05pm Dec 17, 2007 6:05pm
I'm new to PB... can you elaborate on your "no" ?

Is it because of the big tail to the upside?
  • #359
  • Dec 17, 2007 6:20pm Dec 17, 2007 6:20pm
For one thing the open and close are completely outside the body of the previous candle, and also because of the long tail... looks more like a doji kind of thing to me...

But on the note of going long here... it does look like an inverted evening star... what would that be... a morning star...? can't remember....

Quoting branco
I'm new to PB... can you elaborate on your "no" ?

Is it because of the big tail to the upside?
  • #360
  • Dec 17, 2007 6:27pm Dec 17, 2007 6:27pm
Wait for a third and bullish candle to think bullish...
Attached Image
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