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  • #261
  • Jan 19, 2006 9:30am Jan 19, 2006 9:30am
I'm too conservative for most traders, as I wouldnt consider entering until it broke through support at 7050 or resistance near 7920.
  • #262
  • Jan 21, 2006 3:00pm Jan 21, 2006 3:00pm
Seems to be a nice amount of divergence

http://charts.dacharts.com/2006-01-2...M%20-%2013.png
  • #263
  • Jan 22, 2006 2:03am Jan 22, 2006 2:03am
Something like Head&shoulders. Price need to go below neckline,

Double top on daily
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kiss the trend
  • #264
  • Jan 26, 2006 1:47pm Jan 26, 2006 1:47pm
Excellent Pin Bar on the Daily chart. 4 levels of confluence, actally 5, if you add stochastics to it. 68 Fibo, Weekly R2, trendline, top Bollinger Band, and stochastics crosssed and pointing down. The only problem is that last week we had a pin bar to the opposite side on the weekly chart. A short trade from the top (close to first eye) was the ideal entry. Hope you guys caught it.
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Keeping it Simple
  • #265
  • Jan 29, 2006 5:21am Jan 29, 2006 5:21am
Nice weekly pin bar.
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kiss the trend
  • #266
  • Jan 29, 2006 5:42am Jan 29, 2006 5:42am
Hi 777,

I see you're using the bollinger squeeze on your weekly charts. Are you using the default settings? I'm using this indicator mostly on 4H charts and found it to be quite a good indicator although I had to tweak the bollinger and keltner period settings somewhat.

Thanks,
BlueMeasure
  • #267
  • Jan 29, 2006 5:49am Jan 29, 2006 5:49am
Quoting bluemeasure
Hi 777,

I see you're using the bollinger squeeze on your weekly charts. Are you using the default settings? I'm using this indicator mostly on 4H charts and found it to be quite a good indicator although I had to tweak the bollinger and keltner period settings somewhat.

Thanks,
BlueMeasure
Yes with MACD and Stoch I use it like John Carter,
This is one of my systems which I am trading
kiss the trend
  • #268
  • Edited 6:07am Jan 29, 2006 5:58am | Edited 6:07am
Quoting fx-trader777
Yes with MACD and Stoch I use it like John Carter,
This is one of my systems which I am trading
Yeah, same here. He's also the one I got the idea from initially . Just to compare notes, I've added the Fractal indicator to confirm breakouts (bearing in mind false breakouts, waiting for tracebacks, etc) and also the TTM indicator to see when a trend might be running out of steam. This setup generated quite a few pips during a backtest I ran a while back. I haven't tried it on monthly charts although I see John using it that way mostly and it seems to be working for you as well - good to see!

That bearish pin bar you mentioned on the weekly chart is right of the 61 fib ret as well confirming the downward pressure.
  • #269
  • Jan 29, 2006 8:13pm Jan 29, 2006 8:13pm
There are several good weekly pin bars it seems USD/CHF, EUR/USD, USD/NOK.

To play a retracement, or not to play a retracement...that is the real question.

Shakespeare was no trader.
  • #270
  • Jan 30, 2006 2:10pm Jan 30, 2006 2:10pm
I am short from 7685 (hourly pin bar)
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kiss the trend
  • #271
  • Jan 30, 2006 2:36pm Jan 30, 2006 2:36pm
Quoting fx-trader777
I am short from 7685 (hourly pin bar)
That was a good trade you took there 777. I missed it though. But I think your target is a bit far, unless this is a long term trade. The market is very quiet, so I didn't trade much today. 2 trades and both stopped out at breakeven. I think everyone is waiting for FOMC tomorrow. I don't think the other news events are going to have any big effect on the markets tomorrow.

Good Luck
Habeeb
Keeping it Simple
  • #272
  • Jan 30, 2006 2:37pm Jan 30, 2006 2:37pm
That might be a good short term move. I think I'm gonna wait for a retracement (on the weekly bar), to around 32% at least, 50% would be better. If it doesn't, it doesnt.

I'm thinkin' it could be a volatile week for the GBP tho, might get some short term moves up, or down (really going out on a limb here, eh? )

Good luck with your trade. You are up right now...hope it continues for you.
  • #273
  • Jan 31, 2006 1:18pm Jan 31, 2006 1:18pm
Stopped half position at BE,
Partially I took 20 pips only
kiss the trend
  • #274
  • Jan 31, 2006 2:16pm Jan 31, 2006 2:16pm
It's between 50 and 62% retracement right now. It Was higher, and I was contemplating a short move... then a lotta people took profits during the news item, sorta messing with my strategy. Can't explain the spike any other way...the news was exactly as expected. I wasn't in...the news scares me. Still, there are a lot of expected moves done, by hiding them during the news...have to work with that some.

Still, it looks in good position for a down move. Always have trouble figuring out where to enter on a retracement.

As soon as I enter short on the retracement...it'll shoot right up
  • #275
  • Jan 31, 2006 2:38pm Jan 31, 2006 2:38pm
Quoting SouthernFried
It's between 50 and 62% retracement right now. It Was higher, and I was contemplating a short move... then a lotta people took profits during the news item, sorta messing with my strategy. Can't explain the spike any other way...the news was exactly as expected. I wasn't in...the news scares me. Still, there are a lot of expected moves done, by hiding them during the news...have to work with that some.

Still, it looks in good position for a down move. Always have trouble figuring out where to enter on a retracement.

As soon as I enter short on the retracement...it'll shoot right up
another way to play these weekly pin bars is wait for the retracement and see if you get a daily pin bar before entering. sometimes it turns out to ba a perfect entry. if you dont get one then you can just wait for a break of the weekly pin.
  • #276
  • Jan 31, 2006 3:37pm Jan 31, 2006 3:37pm
Ahh...good idea James.

It looks like that just might be happening now. With that news spike, it just might have created a daily Pin. It's a pretty good looking Pin right now. And if it closes where it's at...we'll have a Daily Pin. Right around 50% retracement of the weekly Pin.

Irritates me a litte, cuz I had my finger on the Sell buttom when it was close to 78% retracement, but the news scared me off. Then, of course, that's where it decided to drop. Hope my neighbors weren't home.

See how this works out in the next day or so.
  • #277
  • Jan 31, 2006 3:45pm Jan 31, 2006 3:45pm
Quoting SouthernFried
Ahh...good idea James.

It looks like that just might be happening now. With that news spike, it just might have created a daily Pin. It's a pretty good looking Pin right now. And if it closes where it's at...we'll have a Daily Pin. Right around 50% retracement of the weekly Pin.

Irritates me a litte, cuz I had my finger on the Sell buttom when it was close to 78% retracement, but the news scared me off. Then, of course, that's where it decided to drop. Hope my neighbors weren't home.

See how this works out in the next day or so.
sometimes you will miss a move but southerns way of playing the pins by waiting for a pullback lowers intial stop ranges and gets you into profit before the pin is even broke. of course there is a trade off. by not waiting for the pin break you run the risk of a bad pin bar that never breaks.
  • #278
  • Jan 31, 2006 3:46pm Jan 31, 2006 3:46pm
Quoting SouthernFried
Ahh...good idea James.

It looks like that just might be happening now. With that news spike, it just might have created a daily Pin. It's a pretty good looking Pin right now. And if it closes where it's at...we'll have a Daily Pin. Right around 50% retracement of the weekly Pin.

Irritates me a litte, cuz I had my finger on the Sell buttom when it was close to 78% retracement, but the news scared me off. Then, of course, that's where it decided to drop. Hope my neighbors weren't home.

See how this works out in the next day or so.
not only a pin but you could also look for other price action set ups on the daily for confirmation such as dbh-l/c among several others.
  • #279
  • Jan 31, 2006 8:27pm Jan 31, 2006 8:27pm
Hi people, could some one confirm for me that there is bearish divergence when looking at the daily chart with slow stochastics and macd , both with standard settings? Im new to divergence but it looks like recent daily prices have been making higher highs whereas the indicators are making lower peaks. This is bearish divergence, right? If so, could be a sign of things to come....

Dan
  • #280
  • Feb 2, 2006 5:46am Feb 2, 2006 5:46am
I would like to see intraday timeframes of 15 or 30 min to understand this strategy. WOuld u please let me know to trade the intraday chart with this strategy

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