lol!!!
I think PIB may be an acronym for your username. [U]P[/U]igs [U]I[/U]n a [U]B[/U]lanket.
I may be way off, though…
I M SUCH A DUNCE. yOU ARE PROBABLY RIGHT lol
USDJPY has a bull star setting up. Yen pairs often take time to develope except on the gbpjpy. may set it p. The dollar is soft across the board as well as the nzd. SO They both look short. Waiting for the candle change.
I should set up mt FXDD account as they change at 5pm and start looking.
I have a sell stop @ 82.090 for the $/Y. I had a Buy last night but the pr wouldn’t move so I took a 2 pip loss by closing it out. Lost more this a.m., buying the same pair on the 4 hr but the setup was more gut feeling (wrong!) than implementing a strategy, again wrong. My only concern with my sell stop is if I am a bit too early and maybe should wait until around 8 pm CST.
PIB is faster and easier for my sausage like fingers!
I always use FXDD for charting, based on the NY close.
The YEN doesn’t look to bad and I’ve got half of ATR 6 at 30 PIPS which would put us at about 82.00…
Worth a second look!
I’m in on the YEN. We have some medium impact news coming up in about twenty minutes. maybe she’ll start moving, hopefully down!!
That pr is heading up towards 82.457 resistance - hope it reverses course.
edit: I closed this potential trade, going away from my sell stop. I will look at it again early in the morning.
yeah that was a bull star so it should have been set as a sell STOP. Looksas though the yen is even softer than the dollar. I would pull the trade too. I never entered though. Im my book that is a win. I dont count it towards my score but If Im not in a losing trade I am winning.
No trade tonight.
This is a really simple system. Thanks for sharing.
I have a couple of questions…
1- Do you take every Hammer or SStar or do you filter some out. You mentioned you prefer #3 or #4 level Pinbars… and also to trade with the trendlines; but it appears that you are taking all bars.
2-You mentioned you previously posted your trades and results. Can you give any specifics about what you experienced?
Thanks,
Eli
Eli - I too await the answers to your questions for PIB but I believe I have some insight as to why the 2/8 & 2/9 $/Y PBs were not successful: the candle bodies were pretty much in line with previous candles, somewhat flat. True, they had good “tails” but were also not at a significant swing high or low and thus not an “A+” trade. Good luck with your trading, d.
Im in long on the pound dollar.
NoI dont take every pin bar but I look at everyone and scrutinize a couple of things.
- Is it sticking out of traffic.
- Is it at the end of a rally or sell off.
- is it a #3 or #4 with a pinbar signal.
- Did the rally/sell off recently pass through a support or resistance line.
- Is it with the trend or against the trend?
- How much does the trend lines slope?
The more satisfactory you can answer these questions the higher the probability the trade will become profitable at least until the first take profit.
And remember to use pending orders if the candle body is the opposite color of the direction of the trade. This will eliminate fake outs and keep you out of those trades.
Sorry but I don’t see that as a good setup but you probably know that pair better than I do. Do you have a Buy Stop @ 1.6135 or thereabouts? d
It wasnt the best of set ups but I noticed across the board the GBP soared against everything except the USD. Coupling that with the slope of the trend I decided to take it. They cant all be perfect but I thought the risk was worth this one. we shall see as its sluggish and I am down a few pips right now.
I dont win ever time but in the long run you will make out better than not. You miss 100% of the shots you don’t take.
Took the full stop. So Im out of the gbpusd trade. Not everyones a winner. I have to admit I jumped on that one with out thinking about it. Will be a little more cautious as there wasnt a whole lot of profit to run with. It met many other criteria except it did not stick WAY OUT.
And I made the mistake of anylyzing the other pairs and seeing that the GBP went long on all the other pund pairs I ASSUMED that it would happen with the USD.
The USD has gathered strength dragging down the euro. SHould be some good profit taking today maybe this afternoon. Im wacthing for an up swing of the euro usd to see if it will happen.
This past week was not a good one for me, too many talking heads in Europe. Which means that the London afternoon, when they see a microphone and start thinking with their mouths, is at the height of the N.Y. session and we are screwed by the news. The announcements are just preaching to the choir so to speak but still it roils the market. Someone somewhere in a BP forum said they scalp for 1 hr during the early NY - I would like to see that strategy but don’t even know where to look. Daily close PBs & an early scalp would be great.
I used to scalp the london open but it was too many early mornings waiting to pull the trigger. I used a type of break out ,jump on the pull back method using guppys. I would do it again but The timing to use it just doesnt work out too well for me and the NY open doesnt seem to excite it too much until the news.
Ill look into another scalping method I tried a while back. Just could not do the NY open cause of my schedule.
The aud/usd is looking ripe for a buy as well as a pending buy on the nzdusd. I may take them both depending on the open. The Nzdjpy also looks good but not as defined as the audusd.
Remember buying ussie dollars gets you positive swap if your into that thing So I expect possibly a lot of people jumping on this one. Big money people like long term holdings and positive swaps.
damn IBFX is not open! WTF? Everyone else is! I missed on 30 pips on the open of aud usd. Figures the AMERICAN broker is closed but CYpress and Russian Brokers are open.
CFTC is really ticking me off.
FXDD is open; I have a Buy Stop @ 1.0028 which is roughly the midpoint of the candle body. TP @1.0150 & SL @ .9950. Sunday afternoon is not my favorite time so I want to see some movement before trade entry. Let’s all hope for the best!