{quote} Mike Thanks for the inputHope you had nice holidays.
Feels good to be back though too
james16 Chart Thread
- #133,501
- Jan 5, 2015 5:19pm Jan 5, 2015 5:19pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Feels good to be back though too
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- #133,507
- Jan 7, 2015 4:07am Jan 7, 2015 4:07am
Hi, New member here. Can someone please share to me, why pin bars failed. Attached chart for reference. I was stop out at those trade.{image} {image} {image}
A few thoughts... I didn't take these pinbars for a few reasons.
1. To take them would have been to go against very strong trends. I don't like trading against strong trends - that's something personal for me and I know others don't agree, and James16 takes a lot of trades against the trend himself, but that's just what I have found works for me after a year on demo. I prefer to trade pinbars during pullbacks and rallies in trends.
2. These pinbars followed large gaps in the market. I don't like trading on signals around gaps as it suggests to me that the market is pretty volatile. It also suggests there is a lot of pressure in the direction of the gap ( in the cases you have provided ). I wouldn't like to go against that.
Hope I make sense!
Disclaimer - I'm still very new to this myself - I've been demoing for a year and have only just taken my first live trade! But happy to discuss further if any of the above not clear
PS - I notice you have shown both the EURUSD and the USDCHF. These are highly correlated pairs at the moment, and trading them both at the same time means you are in effect doubling your risk. Check out this link - http://fxtrade.oanda.co.uk/analysis/...cy-correlation
We are what we repeatedly do. Excellence, then, is not an act, but a habit
- #133,508
- Jan 7, 2015 4:25am Jan 7, 2015 4:25am
Took my first live trade yesterday, went short on AUDNZD. This pair has been skirting around a historic low for a good while, and finally got some good bearish price action, a pinbar on a retrace off the historic low at 1.0527.
In the image below you can see where I moved my stop loss up to lock in profit. I was probably too keen with this as I have since been stopped out ( by a few pips ). This wasn't how I wanted to play the trade - I opened with the smallest possible position ( given it was my first live trade! ). This stopped me from following my normal rules, which would have been to take half of the table at FTA. move to BE and let the rest run. As it stands though, very happy with my first live trade as I made a profit. Enough to maybe buy a coffee later
But it's a start!
In the image below you can see where I moved my stop loss up to lock in profit. I was probably too keen with this as I have since been stopped out ( by a few pips ). This wasn't how I wanted to play the trade - I opened with the smallest possible position ( given it was my first live trade! ). This stopped me from following my normal rules, which would have been to take half of the table at FTA. move to BE and let the rest run. As it stands though, very happy with my first live trade as I made a profit. Enough to maybe buy a coffee later
But it's a start! We are what we repeatedly do. Excellence, then, is not an act, but a habit
- #133,509
- Jan 7, 2015 4:37am Jan 7, 2015 4:37am
{quote} Price stalled at 5300 and then it started acting as a support so walked out of this trade with a 50 pip gain. And then I took another trade on AUD/NZD , PA is not so impressive but it is a breakout from a major PPZ and when the PPZ is strong there is a chance of a false breakout so I have to wait and see how the market behaves. The strength of the PPZ can be seen from the monthly chart. {image} {image}
Watching this pair myself - I feel still space for it go further south. Will wait for some more good PA before I step in again. A lot of space on the downside, and the Australians are trying to push down the value of the Aussie at the moment ( although we don't talk fundies here!
).
We are what we repeatedly do. Excellence, then, is not an act, but a habit
- #133,518
- Jan 7, 2015 2:33pm Jan 7, 2015 2:33pm
Here's some well respected trendlines on AUDCAD that I will be watching. I'll be looking for a break of the trendlines, followed by a retest with some definitive PA.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
