Short on EURUSD
pin with divergence coming off the 1.5 round number got me into this trade
oh well...
next!
Tom
pin with divergence coming off the 1.5 round number got me into this trade
oh well...
next!
Tom
Attached Image
I read, you miss the point about strategy.
I think i explain rules. once again -There are 2 easy rules - pinbar with trend or pinbar+ div against main...
your post is good
i raise both hands for simplicity and stay focused
i did not make a comment based on 'after the facts'/hindsight.
review that chart:
1. PB, smaller than previous bar = real time
2. PB is touching lower BB ('Walking The Bands') = real time
3. trend is down = real time
4. RSI is making lower lows, as it should in a downmove = real time
now, ask yourself, with all these infos, is it a buy, sell or no trade? do i trend-trade or countertrend-trade?
if u are familiar with BB &/or this method overall, & u apply it correctly & consistently, u can & will make good judgement calls, in real time. trust me....
) and i took the trade as it was. your comments outside of the rules(WTB etc.) came to me 'after the fact' when you pointed out. so if you were trading it, you would see them real time. but not me, clear?and yes, the purpose of practice is to make better real time judgement calls. we don't make money 'after the fact'. and i'm already better than before
- #1,646
- Oct 21, 2009 1:16pm Oct 21, 2009 1:16pm
this is tough. i was watching it too, but something didn't feel A+ to me(maybe it didn't touch the BB, or price div not good enough).
i took the next one for +14. i have a feeling there are other ppl took it too.
oh well thats the way it goes sometimes I guess!!
I know what you mean about my trade not being A+ though!!
good to see some folks nailed some pips though
Tom
Thanks.
yes, i want to update #1 , add some charts and more info.
Time is money. I hope i will do it this weekend !
yes, i want to update #1 , add some charts and more info.
Time is money. I hope i will do it this weekend !
Wow, great explanation. thank you very much Jankone for taking time to repet , again, the rules. Sorry if that was repeted many times. Maybe you could just reedit your first post, on page no. 1, adding this very clear explanation and people who would come for the first time on this thread would not be confused like i was
Anyway, i appreciate very much your patience your great giving.
Best wishes to all nice people here!
- #1,649
- Oct 21, 2009 6:25pm Oct 21, 2009 6:25pm
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
i was trying to say....
Finally, it's all clear.
- #1,650
- Oct 21, 2009 7:27pm Oct 21, 2009 7:27pm
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
I LOOOOVE this RSI(6) for divergence readings..... today:
the first picture is a USDCAD trade I made on the 1hr chart. I set my TP to the 50% FIBO line you see on the chart. Hindsight is 20/20: I could have set my TP to the 50% retracement line based on the larger upswing (I almost did, but I would not be around my computer for the rest of the day so I chose the less greedy trade )
RESULT: +33 pips minus spread
PICTURE:
http://i380.photobucket.com/albums/o...h32/usdcad.gif
the second picture is a EURJPY trade I made on the 1hr chart. I took this trade and needed a nap, I set my take profit to the 50% FIBO line you see on the chart.
PICTURE:
http://i380.photobucket.com/albums/o...urjpy1hr-1.gif
the third picture is the SAME EURJPY trade as above, except on the 5 minute chart. If I didn't take a nap, I think the divergence you see on the 5min would have been an excellent close on the trade for me (maybe even a good place to go long!). I later ended up closing this trade @ 136.33.
RESULT: +51 pips minus spread
PICTURE (keep in mind, I took my short position @ 136.84):
http://i380.photobucket.com/albums/o...eurjpy5min.gif
total profit: +$87.50 after spread.
(traded 1 mini lot per trade on a demo account)
I also traded a divergence of the AUDUSD on the 4hr chart for another 40 pips. I'm 3 for 3 on my trades for the day. These were the only 3 trades I have taken in the last 24 hrs, and the first time I have had more than 1 profitable trade in a row (yes, I'm a newbie )
the first picture is a USDCAD trade I made on the 1hr chart. I set my TP to the 50% FIBO line you see on the chart. Hindsight is 20/20: I could have set my TP to the 50% retracement line based on the larger upswing (I almost did, but I would not be around my computer for the rest of the day so I chose the less greedy trade
)RESULT: +33 pips minus spread
PICTURE:
http://i380.photobucket.com/albums/o...h32/usdcad.gif
the second picture is a EURJPY trade I made on the 1hr chart. I took this trade and needed a nap, I set my take profit to the 50% FIBO line you see on the chart.
PICTURE:
http://i380.photobucket.com/albums/o...urjpy1hr-1.gif
the third picture is the SAME EURJPY trade as above, except on the 5 minute chart. If I didn't take a nap, I think the divergence you see on the 5min would have been an excellent close on the trade for me (maybe even a good place to go long!). I later ended up closing this trade @ 136.33.
RESULT: +51 pips minus spread
PICTURE (keep in mind, I took my short position @ 136.84):
http://i380.photobucket.com/albums/o...eurjpy5min.gif
total profit: +$87.50 after spread.
(traded 1 mini lot per trade on a demo account)
I also traded a divergence of the AUDUSD on the 4hr chart for another 40 pips. I'm 3 for 3 on my trades for the day. These were the only 3 trades I have taken in the last 24 hrs, and the first time I have had more than 1 profitable trade in a row (yes, I'm a newbie
)
Many choose unhappiness over uncertainty.
- #1,651
- Oct 21, 2009 8:35pm Oct 21, 2009 8:35pm
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
I LOOOOVE this RSI(6) for divergence readings..... today
......
the third picture is the SAME EURJPY trade as above, except on the 5 minute chart. If I didn't take a nap, I think the divergence you see on the 5min would have been an excellent close on the trade for me (maybe even a good place to go long!)....
just keep in mind that u traded small PBs ('small crappy pin bars'), they sometimes do not work. the key here is that u had momentum on your side in these trades. ideally, u want good-sized PB's.
& btw, yes, it was a good place to go long.
as for targets, next time u can try placing 2 (or more) positions to take advantage of possible extended moves beyond your target. u can also use mid-BB, upper/lower BB, MAs, S/R & PPZs as targets. if unfamiliar, learn about PPZs here.
Keep it up!
- #1,652
- Oct 21, 2009 9:00pm Oct 21, 2009 9:00pm
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
very nice trades, Dan Gilbert
just keep in mind that u traded small PBs ('small crappy pin bars'), they sometimes do not work. the key here is that u had momentum on your side in these trades. ideally, u want good-sized PB's.
& btw, yes, it was a good place to go long.
as for targets, next time u can try placing 2 (or more) positions to take advantage of possible extended moves beyond your target. u can also use mid-BB, upper/lower BB, MAs, S/R & PPZs as targets. if unfamiliar, learn about PPZs here.
Keep...
And, yes I was trading some far less-than-optimal pinbars I know... but the 5 min. chart there was pure money, I was just not looking at my charts at that time
Many choose unhappiness over uncertainty.
- #1,653
- Oct 22, 2009 8:16am Oct 22, 2009 8:16am
Hello...
french new one here... with horrible English accent...
This thread is very interresting as it's about a system I've tried to fix for a while... Didn't push the thing too much and don't have formelized it.
This thread encourages me to do it and I'll try to respect set up axplained here.
Here is the first pin bar I post, certainly I'm not the only one on it ...
Short @ 1.4997 TP @ 1.4984 on the trend line +13 pips...
french new one here... with horrible English accent
...This thread is very interresting as it's about a system I've tried to fix for a while... Didn't push the thing too much and don't have formelized it.
This thread encourages me to do it and I'll try to respect set up axplained here.
Here is the first pin bar I post, certainly I'm not the only one on it ...
Short @ 1.4997 TP @ 1.4984 on the trend line +13 pips...
- #1,654
- Oct 22, 2009 9:15am Oct 22, 2009 9:15am
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
Many choose unhappiness over uncertainty.
- #1,656
- Oct 22, 2009 10:35am Oct 22, 2009 10:35am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
Hello......
what timeframe is this on? just be aware that TL's on smaller TF's can easily be broken &/or reentered by price, sometimes even several times.
so aside from TL's, alternatively u can use those that i've mentioned above (my post prior yours).
Welcome & enjoy!
- #1,657
- Oct 22, 2009 11:25am Oct 22, 2009 11:25am
Hello..
what timeframe is this on? just be aware that TL's on smaller TF's can easily be broken &/or reentered by price, sometimes even several times.
so aside from TL's, alternatively u can use those that i've mentioned above (my post prior yours).
Welcome & enjoy!
I sure could have tried to place TP on middle BB (MM20 in fact) but the TL was in conjonction with other supports as the middle of the great white candle...
Need your advice on this :
My first stop loss was on the high of the pin bar, at about 10 pips from open position. To be profitable in LT, I should have had a TP about 2 times the SL, no ? Is it a good idea to move SL to BE when hit my first target price (on the TL) and wait for TP at 2R to be taken ? (R = Risk)
- #1,659
- Oct 22, 2009 12:22pm Oct 22, 2009 12:22pm
Good job man.
You can train this, but remember, you should know, what you are doing.
Remember, for the beginning you should focus on A+ BIG PINBARS WITH ALL RULES! it's trending market, the pin is at high or the low of the swing.
Don't trade, just for trade. Trade for money (We don't do it for losing them), in the long run, you need to know, what and when you CAN trade.
you can have 5-10 shitty small bars and win but we want win in the long run. = be profitable and successful.
but...WE MAKE OUR OWN FUTURE.
you have to be sure (demo,backtest) that your small bars will work in the long run
You can train this, but remember, you should know, what you are doing.
Remember, for the beginning you should focus on A+ BIG PINBARS WITH ALL RULES! it's trending market, the pin is at high or the low of the swing.
Don't trade, just for trade. Trade for money (We don't do it for losing them), in the long run, you need to know, what and when you CAN trade.
you can have 5-10 shitty small bars and win but we want win in the long run. = be profitable and successful.
but...WE MAKE OUR OWN FUTURE.
you have to be sure (demo,backtest) that your small bars will work in the long run
I LOOOOVE this RSI(6) for divergence readings..... today:
the first picture is a USDCAD trade I made on the 1hr chart....
