Forex from scratch --a helping hand from pipshower...

[pipshower]

planning to lock in profit

planning to lock in profit on small trades

Also ANKIT ,
Nice scalp for you on that trade:thumb:

 

[pipshower]

Re: Next Chart..DOW......

next chart
dow

here is chart for you

two day pin bar
of the important price pivot zone

entry : Short after the break of the pin

hint: Watch for dow tonight

and trade it if possible.....

Good profits to be made .....shorting..

 

[pipshower]

done for the week...

I am almost done for this week with my weekly target achieved ..
Free to enjoy the week!
Time to rock and roll..:yahoo::beer:

 

[TFL]

Re: done for the week...

Happy to see that...:thumb::clapping:

 

[pipshower]

For dear sensex trader!

Before i call it a week ..
This chart for look for our SENSEX TRADERS!

 

[shekharinvest]

Re: Trading plan...

Here we start!
I am going to start with live charts and trades.

Here is first chart...

This is weekly EUR/JPY CHART
This is one of the best set ups i would want to see on my charts .
This is weekly pin with long nose formed of a strong price pivot zone .
This is traded at the break of pin with next target being 126 .
I will go in more details about this set up in next post .

pipshower,

i. one should enter immediately after the break of the pin or small margin / filter is to be used ?

ii. how do you calculate / arrive at the target price of 126.

shekhar

 

[shekharinvest]

pip shower,

please see the attached chart for EURJYP H4 time frame we are seeing a pin. is it a pin ? does it needs some special characterstics to be called so, such as closing to be closer to the opening as we have in inverted hammer kind of thing. can we short on the break of pin ?

shekhar

 

[pipshower]

pipshower,

i. one should enter immediately after the break of the pin or small margin / filter is to be used ?

ii. how do you calculate / arrive at the target price of 126.

shekhar

pip shower,

please see the attached chart for EURJYP H4 time frame we are seeing a pin. is it a pin ? does it needs some special characterstics to be called so, such as closing to be closer to the opening as we have in inverted hammer kind of thing. can we short on the break of pin ?

shekhar

Hello Shekhar,

Let me point out the answers to your questions one by one.

What is a PIN BAR?
A pinbar is formed as a result of fight between the buyers and sellers wherein initially price is pushed by one of the bears or buyers high above the previous bar in case of swing high with buyers and in case of sellers at swing low lower than the previous bar . Then the opposite party comes to play pushing the price lower or higher [for swing high and swing low respectively] causing the bar to close lower than it opened in case of swing high and higher than it opened in case of swing low causing the bar close in the previous bar.

This cause the nose of a pinbar to be longer . The longer the nose better it is. The difference between the openeing and closing eye of the bar is quite small .
This forms a pin bar .

Is it always tradable?
No. Pinbar is tradable when it occurs at swing high or swing low with enough open space around.
A pin bar is called tradable only when the price breaks through the pinbar low or high respectively at swing high and swing low validating the pin bar tradable entry .
Higher the timeframe the better and longer the nose better it is.

How do i validate a pin bar?
I usualy check for the pin bar formation at the price pivot zones and then trade the break of it .

How to put a stop loss and take profit levels?
This is personal way to do it.
I usually place my SL above the price pivot zone where the pin bar occurs .
TP is placed at the next price pivot.
This was reason why i placed TP in 126 region for EUR/JPY .
When i mean 126 its a zone so if i am not gonna be available in front of screen i will put a TP at 126.70 region to avoid any whipsaws that we may see at 126 zone. and avoiding price missing my target .
Here i am attaching the chart for you to understand.

 

[ag_fx]

Hello Shekhar,

Let me point out the answers to your questions one by one.

A pinbar is formed as a result of fight between the buyers and sellers wherein initially price is pushed by one of the bears or buyers high above the previous bar in case of swing high with buyers and in case of sellers at swing low lower than the previous bar . Then the opposite party comes to play pushing the price lower or higher [for swing high and swing low respectively] causing the bar to close lower than it opened in case of swing high and higher than it opened in case of swing low causing the bar close in the previous bar.

This cause the nose of a pinbar to be longer . The longer the nose better it is. The difference between the openeing and closing eye of the bar is quite small .
This forms a pin bar .

Is it always tradable?
No. Pinbar is tradable when it occurs at swing high or swing low with enough open space around.
A pin bar is called tradable only when the price breaks through the pinbar low or high respectively at swing high and swing low validating the pin bar tradable entry .
Higher the timeframe the better and longer the nose better it is.

How do i validate a pin bar?
I usualy check for the pin bar formation at the price pivot zones and then trade the break of it .

How to put a stop loss and take profit levels?
This is personal way to do it.
I usually place my SL above the price pivot zone where the pin bar occurs .
TP is placed at the next price pivot.
This was reason why i placed TP in 126 region for EUR/JPY .
When i mean 126 its a zone so if i am not gonna be available in front of screen i will put a TP at 126.70 region to avoid any whipsaws that we may see at 126 zone. and avoiding price missing my target .
Here i am attaching the chart for you to understand.

great job pipshower.....Nice way to explain the method...

However i have certain questions:
1)How do you arrive at pivot points? Do you use the classic pivot method or the chartical one?
2) Do you trade only pins? If not, what are the other favorite trading set ups of yours.

Happy Trading

Ankit

 

[avinashtiwari22]

Hello Ashish ,
welcome to this thread .
The reason i trade forex is because i need to make money without sitting in front of the screen watching charts for hours and letting the small moves of pips make my heart beats to raise ...

This is what i call financial freedom . I spend time with my freinds , relatives and family while the trade either hits target or stop loss. No psychological involvement --This keeps me away from the stress that is cause of early death now a days specially in STRESS ORIENTED INDIAN standard of living.
My definition of financial freedom and success differs entirely .

And about comparing between scalping and my strategy .
My strategy helps me trade many things at a time in forex unlike scalping where you would concentrate on so small a timeframe for measly small pips on a single pair.My strategy allows me to take positions and best set ups on any number of pairs and charts . Rather i scan nearly 40+ charts pairs each day so basically i never lack from a set up . Scalping increases loosing risk and my method for last few years havent had a single month in a loss .
You must know when we make more than 20% returns we are beating the best fund managers out there who fail to do that {Check the result of 2008 fund managers on google for proof.}
My pivot zones are not any calculations . They are drawn at the points the chart shows me in the past or history. The round number adds more importance to it.
INDICATORS SHOW US PAST AND PRICE ACTION SHOWS US FUTURE .SO I KEEP MY CHARTS CLEAN WITHOUT ANY INDICATORS ON IT EXCEPT MY EYES!

This is entirely my view as i see it . You may see it differently !
But its making cash for me so i believe in my view!

Hi PipShower(sorry do not know ur name)

Very much impressed with the methodology,understanding and clarity of the things.

I guess, this brings Pros among Novices (man among boyes)

Thanks,
Avinash:thumb: