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#16
02-19-06, 7:30pm
Colbolt2
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question about drawing fibs
Ok, I got some sleep and with fresh eyes, found this site. I think it is on the Free section of the Forex Factory.
question about drawing fibs
http://www.forexfactory.com/forexfor...ead.php?t=4389
I'll read it until it makes sense to me. (This may take awhile )
Dave
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#17
02-20-06, 10:43pm
SurfingWave
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Quote:
Originally Posted by Colbolt2
Ok, I got some sleep and with fresh eyes, found this site. I think it is on the Free section of the Forex Factory.
question about drawing fibs
I'll read it until it makes sense to me. (This may take awhile )
Dave
Colbolt2. Whats up?
You can used my chart anytime you want.
Collbolt I attached a chart below about fib. this is my understanding about Fib retracement. I hope it will help you..
James need backup.. thanks
Attached Images
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#18
02-27-06, 1:50am
Colbolt2
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Quote:
Originally Posted by james16
in
my opinion day trading pin bars on daily charts and perhaps 4hr. to
tell you the truth if you get good at them you will probably never look
for anything else. go to a daily chart the cad for example and scroll
back. go month to month and mark each one taking only 20 to 30 pips each. they add up and they work. thanks mills. jim
Can someone please explain to me what it means when Jim says" go month
to month and mark each one taking only 20 to 30 pips each"
I do not know what I am suppose to be "MARKING"
Thanks for your help
Dave
I have so much to learn
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#19
02-27-06, 1:55am
james16
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Quote:
Originally Posted by Colbolt2
Can
someone please explain to me what it means when Jim says" go month to
month and mark each one taking only 20 to 30 pips each"
I do not know what I am suppose to be "MARKING"
Thanks for your help
Dave
I have so much to learn
hello dave, what i mean is go back and look at the history of pin
bars on any chart. mark each one that moved 30 pips miniumum in your
favor to see for yourself that they are a reliable bar to trade with.
mark simply means counting the pins that did work and those that did
not.
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#20
02-27-06, 4:10am
drjoe4x
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Cobalt,
I don't know if you got your answer or not regarding Fib retracement
drawing, but I will give you some more input on entering the pin bar on
retracement. You actually draw your retracement of the pin bar itself.
For instance if at a swing low and looking to go LONG or BUY, then draw
your fib ret from the bottom of the pin bar to the top of the pin
bar...that will give you the retracement levels of the pin bar itself.
The reason to enter on retracement would be to have a smaller stop
loss, you may miss a good trade b/c it may just take off from the close
and go, but you will also be more conservative and not take as big a
pip loss if it goes against you...really, most of that is irrevelant if
you are making all of your trades based on percentage risk per
trade...then you just position size it accordingly and either way you
play it, your risk is the same.
Hope that helped,
drjoe
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#21
03-15-06, 10:39pm
adrazz
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This might be a really silly question, but where can I find the detailed instructions on trading Pin Bars.
By the way cheers guys for a great forum
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#22
03-15-06, 11:04pm
lwoo034
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Quote:
Originally Posted by adrazz
This might be a really silly question, but where can I find the detailed instructions on trading Pin Bars.
By the way cheers guys for a great forum
Hi,
I prepared a couple of PDF files on the pin bars. I'm going to try and
finish fixing them up today (I want to re-do the images so that it is
easier to print them out).
As far as I know there isn't a single easy source of information on the pin bars.
Cheers,
Linc.
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#23
03-16-06, 6:48am
adrazz
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Quote:
Originally Posted by lwoo034
Hi,
I prepared a couple of PDF files on the pin bars. I'm going to try and
finish fixing them up today (I want to re-do the images so that it is
easier to print them out).
As far as I know there isn't a single easy source of information on the pin bars.
Cheers,
Linc.
Sent you a pm, thanks for that Linc
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#24
03-16-06, 10:06pm
vishalshan
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Quote:
Originally Posted by lwoo034
Hi,
I prepared a couple of PDF files on the pin bars. I'm going to try and
finish fixing them up today (I want to re-do the images so that it is
easier to print them out).
As far as I know there isn't a single easy source of information on the pin bars.
Cheers,
Linc.
Linc,
Would appreciate if you could post the files here..I always wanted to know more on PIN bars.
Thanks,
Shan
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#25
03-16-06, 10:23pm
lwoo034
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Quote:
Originally Posted by vishalshan
Linc,
Would appreciate if you could post the files here..I always wanted to know more on PIN bars.
Thanks,
Shan
Hi Shan,
I started the files a month ago and forgot about them
I've sent them to a few people and incorporated the feedback (such as
re-doing all the darned images so that they are black bars on a white
background!). The material is quite basic. I am also considering
putting together a much larger 3rd file with 'homework' problems on
then some comments on each problem at the end (or a similar format).
Basically first file is just introduction. What pin bars look like and
a nice conservative way of trading them and a look over 1 month on
GBPUSD daily to compare the bars and spot some good pin bars.
Second file talks about some higher risk entry/exit (entering on close
of pin, setting stops loss more aggressively etc), using different time
frames etc.
It's nothing you would not get from reading through James16 Chart
Thread and I would STILL recommend people read through the entire
thread. But I thought we need a concentrated dose of pin bar material
especially for new users. Yep - I love pin bars!!!
I have sent them to Jim for a check. I forgot he was out of town. He
said he'd check them on the weekend and get back to me. If he says that
they are OK and no major errors then I'll post them in public.
Send me a PM with your email address and I can send the files to you. Around 300KB total, PDF format.
Cheers,
Linc.
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#26
03-18-06, 1:55am
Colbolt2
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Ok,
I am using Pivot Points to enter trades (demo).
I am working on my knowledge of fibs
Can you please help me understand how many days prior do I include when wanting to set my highs and lows for fibs.
Would the High and Low be set at the question marks on the chart below?
Attached Images
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#27
03-19-06, 5:46pm
accrete
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I'm
hoping there will be others to help w/your Q Colbolt2, but here is my
2pips worth. According to what i've read in basic TA, if looking for a
new high, you must have at least one lower close before and after the
candle/bar in question. Some systems/teachings would be more
conservative and have you not consider a new high until there were 2
lower closes on one or both sides of candle/bar in question. (Just
reverse if looking for a new low).
Soooo, in your image, the left green ? clearly shows that it is in fact
the most recent "Low" by basic TA rules. There are at least two higher
lows to either side of the "Low" in green. As for the right most green
? located at the most recent candle/bar, it is just that. The most
RECENT candle/bar. We won't know for another period's close wheather it
will qualify by even the "One close lower" rule of thumb. Better to
wait until the next close to decide if it's a new "High".
Now as an example of a "High" that is confirmed, look to the left of
your words "What Highs..." and you will see there were several lower
highs before and after the high candle/bar...you are looking for one or
two (depending on your trading style) lower closes before AND after a
"High" before confirming it is in fact a new high.
(Now i'm rambling...) One other way to have a better feel, a greater
level of confidence in a new high/low, is to spread your fibos from the
prior high low (might be the A-B swing in current move?)...is the
candle/bar in question near a FIBO such as a .382 , or .50, or better
yet a .618 retracement? ...And i luv seeing a set up on a .786 or .86
bounce! See below image and how the currency had a double bottom near
the 86 retracement, then began to stall out above the 27 extension. I
have this currency in my "Heads Up" profile in my MT4 platform. If the
currency breaks below the 18 and closes, i'm most likely in a sell
trade if PA/MM is still a go.
For my "style" i still prefer to wait for PA/formation to confirm there
is a reversal. So i'm looking for a two candle close on the right side
before entering (and then only if PA/formation is good to go).
Hope this helps,
Cheers,
Thom
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#28
03-19-06, 11:03pm
Colbolt2
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accrete
Thanks for taking the time to explain this to me. Your explaination made sense to me and I think that I've got it.
I will save your post so that if I ever see anyone else having the troubles I had, I will direct them to your post.
Thanks so much!! Ramble anytime.
colbolt2
I have spent all weekend on fifitraders MM.
I have writers cramp from taking so many notes and my eyes are about
ready to fall out of my head!! But now I have to spend what is left of
the weekend drawing fibs on everything I can find
Also to James, fifitrader and Diallist.........thank you all equally.
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#29
03-20-06, 1:12am
james16
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Quote:
Originally Posted by Colbolt2
accrete
Thanks for taking the time to explain this to me. Your explaination made sense to me and I think that I've got it.
I will save your post so that if I ever see anyone else having the troubles I had, I will direct them to your post.
Thanks so much!! Ramble anytime.
colbolt2
I have spent all weekend on fifitraders MM.
I have writers cramp from taking so many notes and my eyes are about
ready to fall out of my head!! But now I have to spend what is left of
the weekend drawing fibs on everything I can find
Also to James, fifitrader and Diallist.........thank you all equally.
thank you Colbolt, and thanks to accrete for helping so often.
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#30
05-20-06, 8:23am
witchazel
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Pinbar Docs
Hello,
I was just wondering if those pinbar trading instructions might be out and about somewhere
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