hi guys. New here and i've read this thread and im following my own kind of trend-following take on it.
Pin bars on weeklies, are just awesome , thanks J16
Pin bars on weeklies, are just awesome , thanks J16
james16 Chart Thread
- #48,864
- Nov 29, 2009 12:50pm Nov 29, 2009 12:50pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
- #48,865
- Nov 29, 2009 1:00pm Nov 29, 2009 1:00pm
Hey Aron
What's up brother?
If you are planing to take the Yen pins, be careful not to stand in rac's way
Hope you had a great weekend!
THere was a time that when i felt "unsure" I would just throw my money in anyway. These days I go the other way and so far it's working. I am also fully prepared for these yen pins to take off and never look back. I won't be upset if that happens. I simply cannot call the outcome of any individual trade. But I can work on my abilities so that over a hundred or a thousand trades I will be profitable. I think part of being a successful trader involved a lot of watching things that you pass on work really well. But as James says, we're not just waiting for the baby antelope to come by, we're waiting for the bay antelope with the broken leg.
Just thinking aloud on a Sunday. I've been talking on these forums much more than usual today...lol. Procrastinating over cleaning the house.
How are you my friend?
- #48,866
- Edited 2:00pm Nov 29, 2009 1:43pm | Edited 2:00pm
Hi Tia, Hi Benji
Good to read to opinions like You both and Mike, I have to say That gives some reassurance. I'm also trying to get away from doing some necessary (and hated paperwork) so posting and reading forums.
Kind of a hedged bet would be for this pins to break, run up some pips like 50-60 and then encounter the their first resistance and reverse and slump down. That would be like testing their respective breakouts but that's not very far away for the G/J pair for instance (150pips) Overall if I decide for such a trade I would be watching the broken support line like a hawk and book first profts there but I would rather now wait for the retracement and see how it reacts to testing. Eventually go short afterwards.
The test zone is marked with gold elipse. I know that trend lines are not a part of a usuall price action considerations, but I must say I use them in my everyday planning quite a lot especially when daily charts are considered and they work satisfactory for me so far. I'm probably completly wrong in this assessement anyway. Would be very much interested what Pros are taking out of this all. It's true, thinned holiday week may not represent a true price action settings brewing somewhere behind the curtain.
This is one of those situations when sometimes this "feeling of markets" (which is a function of experience and time spent on charts) is the only way to go. I don't have it, so I will stand aside on most of the pairs. The only pin I will test take will be USD/JPY pin. See what happens next.
Good to read to opinions like You both and Mike, I have to say That gives some reassurance. I'm also trying to get away from doing some necessary (and hated paperwork) so posting and reading forums.
Kind of a hedged bet would be for this pins to break, run up some pips like 50-60 and then encounter the their first resistance and reverse and slump down. That would be like testing their respective breakouts but that's not very far away for the G/J pair for instance (150pips) Overall if I decide for such a trade I would be watching the broken support line like a hawk and book first profts there but I would rather now wait for the retracement and see how it reacts to testing. Eventually go short afterwards.
The test zone is marked with gold elipse. I know that trend lines are not a part of a usuall price action considerations, but I must say I use them in my everyday planning quite a lot especially when daily charts are considered and they work satisfactory for me so far. I'm probably completly wrong in this assessement anyway. Would be very much interested what Pros are taking out of this all. It's true, thinned holiday week may not represent a true price action settings brewing somewhere behind the curtain.
This is one of those situations when sometimes this "feeling of markets" (which is a function of experience and time spent on charts) is the only way to go. I don't have it, so I will stand aside on most of the pairs. The only pin I will test take will be USD/JPY pin. See what happens next.
- #48,868
- Nov 29, 2009 2:35pm Nov 29, 2009 2:35pm
Hey Benji and good to see you. Yes you're right and you have a good eye. I will probably not take the yen pins. They formed in an illiquid market and I am just not convinced enough with the overall yen direction to bet on it rising for a few days (which is how I view my daily plays). That said, using the daily for direction and watching the hourly and 4H is probably what I will do. I think anyone who took them would have to watch the 50 ret and the trendlines like a hawk. The yen pairs seem to love the 50 ret. I just don't like playing markets when...
Basically, I like playing touch trades on daily (no PA), or use them in order to hunt good PA setups on lower TFs.
In this case of the Yen pairs, I think that the location of most the pins is not good enough.
There was a time that when i felt "unsure" I would just throw my money in anyway. These days I go the other way and so far it's working. I am also fully prepared for these yen pins to take off and never look back. I won't be upset if that happens. I simply cannot call the outcome of any individual trade. But I can work on my abilities so that over a hundred or a thousand trades I will be profitable. I think part of being a successful trader involved a lot of watching things that you pass on work really well. But as James says, we're not just waiting...
Reminder of good stuff for all f us.
How are you my friend?
Take care!
Ben
- #48,870
- Nov 29, 2009 4:22pm Nov 29, 2009 4:22pm
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
Many choose unhappiness over uncertainty.
- #48,872
- Nov 29, 2009 4:33pm Nov 29, 2009 4:33pm
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
Can you folks tell me if i am looking at this chart right. I am on the daily chart on the cable. It has a nice long pin bar forming. It has retraced to the 50% fib, and the 1.6300 round number. This appears to ba a fairly solid support. This also looks like a swing low. It would look to me to be an A+ trade as i understand you folks.
K.I.S.S.
- #48,873
- Nov 29, 2009 4:42pm Nov 29, 2009 4:42pm
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
I'm going to go ahead and post my intraday winning trade of the day.
inside bar on EUR/USD 4 hr chart with strong confluenced area.
The other 50% of my position is still open...
I usually don't prefer inside bars to make my trades, but this area was so strong that I knew I had to catch something. The inside bar was optimal size so I went for it.
Trade was managed automatically with the j16 manager EA
K.I.S.S.
- #48,874
- Nov 29, 2009 4:48pm Nov 29, 2009 4:48pm
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
I am looking at 4 hour charts and note pivot levels and s/r levels.
Only a demo so far but my idea is to put ocu orders either side of Pinbars or breakout bars(engo=ulfing bar).
Is this better than jumping straight in?
(In other words to let the price come to me)
Thanks
K.I.S.S.
It was tough closing my charts tonight on last week's pile of pinbars... but I just did.
It was almost overwhelming when half the pairs looked like pins... then half of that actually were... then I really liked UChf, then I shot it down too. I will watch everything, but nothing is A+, so no regrets no matter what happens...
being patient!
It was almost overwhelming when half the pairs looked like pins... then half of that actually were... then I really liked UChf, then I shot it down too. I will watch everything, but nothing is A+, so no regrets no matter what happens...
being patient!
- #48,876
- Nov 29, 2009 6:09pm Nov 29, 2009 6:09pm
It was tough closing my charts tonight on last week's pile of pinbars... but I just did.
It was almost overwhelming when half the pairs looked like pins... then half of that actually were... then I really liked UChf, then I shot it down too. I will watch everything, but nothing is A+, so no regrets no matter what happens...
- #48,877
- Edited 7:01pm Nov 29, 2009 6:41pm | Edited 7:01pm
- | Joined Aug 2009 | Status: Neutral. | 356 Posts
I saw the swissy too. I would love to hear what you made of it. I guess it would be a short-term as it's into traffic but I guess there's more to why you avoided it than that.
It was a nice pin, stuck out some, fib confluence in 2 spots (marked in blue, 50 and 61) big round number 1.01. If it breaks it should run to the two red lines shown.
Issues... not enough space, not a major swing high, and the big round number 1.0000 just below. It didn't have a nice close (as many have discussed recently here, a bar that closes farther from the nose than it opened shows momentum and is important).
One might scrape a few pips off of it, esp if you played it off a lower tf (case in point, 1 hour had a pin that broke HARD) but it was not A+. I'm trying really hard to only take the A+ trades until I get real good at this... and then even I'll prob just drop tfs rather than take mediocre trades. It's tough not trading... but as we know overtrading is the leading cause of account death in new traders.
Am I looking at this right guys?
- #48,878
- Edited 7:36pm Nov 29, 2009 7:20pm | Edited 7:36pm
- | Joined Aug 2009 | Status: Neutral. | 356 Posts
Most of the pins right now if you went to BE at 20-30 pips and took some off would be quite profitable.... not bad.
Oh well Watching to see if they hang up where expected.
PS- SuperMatt and I were chatting about how some of the pairs move in tandem or exactly opposite of each other. Does anyone think its a good idea to take down a few of correlated pairs? (esp if they are a minor pair that tracks a major pair) And perhaps start watching futures or other markets as well?
Oh well
Watching to see if they hang up where expected.PS- SuperMatt and I were chatting about how some of the pairs move in tandem or exactly opposite of each other. Does anyone think its a good idea to take down a few of correlated pairs? (esp if they are a minor pair that tracks a major pair) And perhaps start watching futures or other markets as well?
- #48,879
- Nov 29, 2009 7:51pm Nov 29, 2009 7:51pm
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
markets are opened! my withdrawal jitters are calming.....
anyone anticipating PA @ 1.5050 on EURUSD?
got what i wanted.... looking to move stop to even very fast here
....
Many choose unhappiness over uncertainty.