I was wondering if that was a pin bar indicator on your charts or have you plotted them in yourself...if it is an indicator could you please put me in the right direction for downloading it..
much appreciated..
Adrian
- #4,024
- Sep 23, 2010 12:25pm Sep 23, 2010 12:25pm
One of the greatest
my idea : if you are not good in reading chart or recognizing pinbars,
don't be lazy. it's all that simple, open up your metatrader,
turn off autoscroll, search for some random trading session,
and start reading.
I have spent hours and hours with it.
press f12 (you will go candle after candle) and write what you would trade and why (and don't look forward before your decision - you can't cheat yourself and then analyze it)
do you get it? open your metatrader, look for some random day, timeframe you wish and press f12... maybe you will press F12 1000x but you will learn a lot.
it's something like "live backtest"
even program Forex Tester Professional is good for this....
so good luck
my idea : if you are not good in reading chart or recognizing pinbars,
don't be lazy. it's all that simple, open up your metatrader,
turn off autoscroll, search for some random trading session,
and start reading.
I have spent hours and hours with it.
press f12 (you will go candle after candle) and write what you would trade and why (and don't look forward before your decision - you can't cheat yourself and then analyze it)
do you get it? open your metatrader, look for some random day, timeframe you wish and press f12... maybe you will press F12 1000x but you will learn a lot.
it's something like "live backtest"
even program Forex Tester Professional is good for this....
so good luck
Hey man,
you are most welcome.
I've learned a lot from here, it's so simple.
http://www.babypips.com/school/suppo...esistance.html
if you have S/R or some round number or something , you just can't pray and ignore it...
i have trade on eur/usd let's say 1.3288 my profit wouldn't be .3305 but i am sure it would be .3299
if there is some kind of influence it should give you more % to win.
if you have trend trade, pullback into middle bb, pinbar in there and even some minor resistance to it's clearly sure that you have more % for a tp than without anything...
Keep it simple as much as you can...
don't paint over your chart with trendlines,bb, moving averages, pivot points, s/r i don't know what else ...
the point is - pick some of them and train it until death
i use only s/r, bollinger bands and it's enough for my "style"
and if i remember Ryan's charts, it was similarly..
it makes me really fascinated
you are most welcome.
I've learned a lot from here, it's so simple.
http://www.babypips.com/school/suppo...esistance.html
if you have S/R or some round number or something , you just can't pray and ignore it...
i have trade on eur/usd let's say 1.3288 my profit wouldn't be .3305 but i am sure it would be .3299
if there is some kind of influence it should give you more % to win.
if you have trend trade, pullback into middle bb, pinbar in there and even some minor resistance to it's clearly sure that you have more % for a tp than without anything...
Keep it simple as much as you can...
don't paint over your chart with trendlines,bb, moving averages, pivot points, s/r i don't know what else ...
the point is - pick some of them and train it until death
i use only s/r, bollinger bands and it's enough for my "style"
and if i remember Ryan's charts, it was similarly..
it makes me really fascinated
Jankone, I'm learning a lot thanks to you.
One thing if you may... maybe you can give us some words about influence of S/R, Pivot points, BRN, fib ret, trendlines after taking the trade.
Sometime the setup is A++ but there is resistence zone between the entry and my TP..
When it happens, I put less money than usual in it.
- #4,029
- Sep 24, 2010 9:15pm Sep 24, 2010 9:15pm
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
Wondering if you guys are traded more with the trend setups or countertrends.
Also how many currencies are being traded here?
.....
u mean to ask if we trade trend setups more than CT or vice versa?
well, we trade both & any pair. (of course, it's different for everyone)
it's just like the percussions that u (& i) love playing --
it doesnt matter what instrument u play, as long as u can play & love playing it.
Hello Pipalicious,
u mean to ask if we trade trend setups more than CT or vice versa?
well, we trade both & any pair. (of course, it's different for everyone)
it's just like the percussions that u (& i) love playing --
it doesnt matter what instrument u play, as long as u can play & love playing it.
Yes i meant if you folks are trading mainly *with* the trend or if you guys are going both ways all the time.
And yes my man! Percussion is percussion.
Right now im into congas haha. Havent played drums for quite a while now so mainly play congas down the beach with mates and stuff.
Keeps the wrists loose
Also you say you trade any pair. I suppose spread influences this yet at the same time the more pairs traded the more "cherry picking" that can happen?
And finally, when trading *with* the trend do you trade the 5m trend or do you wait for it to align with higher timeframe trend? say the 15m or 30m minimum?
cheers again dude.
Pip
- #4,031
- Sep 25, 2010 4:38am Sep 25, 2010 4:38am
Imho, when trading M5, you don't even necessarily need to monitor a lot of pairs to get decent setups on a regular basis. So logically, a lot of people here only check the most liquid, low spread pairs, like eu, gu, uj and ej. Some people trade eu and/or gu exclusively.
With or counter trend depends a lot on personal preference. Both types of setup occur regularly, and with proper money/trade management, both can be lucrative. So there really is no wrong or right here.
I do however think that it might be best for newbs (to this method) to begin by focusing on either trend or counter trend trades. Make sure you master one setup before moving on to a new one. It's a cliché, I know.
With or counter trend depends a lot on personal preference. Both types of setup occur regularly, and with proper money/trade management, both can be lucrative. So there really is no wrong or right here.
I do however think that it might be best for newbs (to this method) to begin by focusing on either trend or counter trend trades. Make sure you master one setup before moving on to a new one. It's a cliché, I know.
It's not about how much you make, it's about how much you don't lose.
- #4,034
- Sep 25, 2010 7:56pm Sep 25, 2010 7:56pm
it's a bit off the topic, but I would like your critics and advices about my trading method :
I trade all majors on M15, M30 on London session.
First, I watch News of the day to be aware, just in case.
I watch H1/H4 timeframe and draw main S/R lines.
On 15M/30M, I look for pinbar in trend, big enough, off the traffic, close to middle BB.
I trade In Trend pinbar ON confluence zones : S/R, BRN, trendline sometime.
SL 2 pips under the wick.
When 1R:R is reached, I move my SL at BE and I close 1/4 of my position.
I trail my position by moving my SL under confluence zones and looking for runners like on the screen.
I can take some profit when price touch a confluence zone (1/4, 1/2 of the remaining position) but I always let run the rest followed by my mobile SL.
I don't enter on a setup if there are important confluence zones over my entry (BRN, important S/R). If these areas are far enough, like 2R:R distance it’s ok.
I put between 1% and 2% on a setup depending on my own judgment of the entry quality.
I gonna put 2% if the pinbar is on BRN + support on a strong trend and high timeframe confirmation, whereas a pinbar + strong support, on a moderate trend, I will put like 0,5% or 1%.
M15 and M30 on majors allow me to be very picky for choosing my trades.
Thanks for sharing your advices I'll read with a great interest.
I trade all majors on M15, M30 on London session.
First, I watch News of the day to be aware, just in case.
I watch H1/H4 timeframe and draw main S/R lines.
On 15M/30M, I look for pinbar in trend, big enough, off the traffic, close to middle BB.
I trade In Trend pinbar ON confluence zones : S/R, BRN, trendline sometime.
SL 2 pips under the wick.
When 1R:R is reached, I move my SL at BE and I close 1/4 of my position.
I trail my position by moving my SL under confluence zones and looking for runners like on the screen.
I can take some profit when price touch a confluence zone (1/4, 1/2 of the remaining position) but I always let run the rest followed by my mobile SL.
I don't enter on a setup if there are important confluence zones over my entry (BRN, important S/R). If these areas are far enough, like 2R:R distance it’s ok.
I put between 1% and 2% on a setup depending on my own judgment of the entry quality.
I gonna put 2% if the pinbar is on BRN + support on a strong trend and high timeframe confirmation, whereas a pinbar + strong support, on a moderate trend, I will put like 0,5% or 1%.
M15 and M30 on majors allow me to be very picky for choosing my trades.
Thanks for sharing your advices
I'll read with a great interest.
it's a bit off the topic, but I would like your critics and advices about my trading method :
I trade all majors on M15, M30 on London session.
First, I watch News of the day to be aware, just in case.
I watch H1/H4 timeframe and draw main S/R lines.
On 15M/30M, I look for pinbar in trend, big enough, off the traffic, close to middle BB.
I trade In Trend pinbar ON confluence zones...
Im certainly no pro but your method makes total sense and logic.
you trade similar to me in fact.
IMHO i think if it "feels" logical and the method makes sense to you the only way to get an answer to your question is by getting enough "statistical relevance". i.e take the trades your method signals and take enough of them to get good data on it.
Only then can you tweak and improve.
However, asking for advice and opinions is good aswell
My 2 cents.
pip
Thx Pipalicious for your advice.
I maybe gonna trade this method on other normal spread pairs (on > M30 TF) and H1 for all.
M5 seems really fast and noisy. I would like to fine like 1 setup a day but IT pinbar doesn't happen often.. and I don't feel great using CT pinbar.
However, if you do decide to trade smaller timeframes check for with trend flag formations aswell. they happen everyday practically.
And just something else that i struggle with because of the same mentality as yourself haha:
You dont need to trade everyday to make consistent money weekly.
I say i struggle with it because i look to trade everyday on the smaller TF's.
Hope that helps bro.
Keep chugging with ya head down
Pip
- #4,040
- Edited 9:36pm Sep 26, 2010 8:48pm | Edited 9:36pm
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts