Best Thread Potential setups

[JRP2891]

I don't understand why anyone would want to be long the yen since last week or even the week before that, there's absolutely nothing positive coming out of Japan other than the possibility of introducing stimulus to the economy, and this is only a thought. Their political situation isn't stable either which is only adding to the yen's weakness. Short dollar/yen positions have been/are being unwound, and there's been a technical, fundamental and now this week, a sentiment shift on this currency. There will obviously be retracements and breaks however it's still looking very bullish to me. No prizes for guessing which way i'm positioned, but people should have a grasp of what is actually going on in the economy as well as knowing your technicals, if for nothing else, to help you stay in a trade.

 

[barryb]

What, this one up 600 already?! :whistling

http://www.trade2win.com/boards/669522-post3610.html

Lol, slightly lagging the curve.

 

[jimmynoodles]

Yeah I will. I'm doing Shorts & Longs' free £100 first and then I'll do Natwest just for a laugh. I'll report back here.

Hi Trader_Dante
Thankyou for sharing your knowledge on here. I have read through your other thread and learnt loads! I've just started trading and am currently in small profit using the free fins £75 offer. I also have taken advantage of the shorts and longs £100 payback offer but notice that it is min £1 per point and the packback expires 2 weeks after you open the account. I presume that you will be looking for a high probability setup which has to have a max risk of £100. I respectfully ask if it would be possible to share which trade you are going to go for using the shorts and longs account which meets the critieria of the time and stops. Sorry if this seems demanding or anything, I really don't mean it like that, I just really want to learn and maximise the probability of getting off to a potentially good start. I understand that there in never any guarantee of making profit but if its not our money anyway then nothing lost!
Many thanks for all your help.

 

[firewalker99]

What, this one up 600 already?! :whistling

Not to mention the fact price went in the right direction straight away and almost didn't go against you. Sounds like Trade Of The Year to me :clap:

 

[trader_dante]

Not to mention the fact price went in the right direction straight away and almost didn't go against you. Sounds like Trade Of The Year to me :clap:

Is it important that the price went in the direction right away as long as it didn't hit his stop? Would it have made any difference if he had a stop of, lets say, 30 pips and it went down 20 first before rocketing up 600?

A winning trade is a wining trade.

Obviously better if you can nail the entry to the tick and catch it AS it begins to move. But then there is so often little need too to make big money...

 

[trader_dante]

I respectfully ask if it would be possible to share which trade you are going to go for using the shorts and longs account which meets the critieria of the time and stops.

Jimmy, I am going short Bunds at 125.36 with a stop at 126.05.

I will use the remaining margin to take the S&P long at 774.8 with a stop at 761.9.

I don't recommend anyone else do this but you asked what I am doing so I thought I would tell you

If you watch both markets carefully, you can probably get better entries with tighter stops but I have bigger fish to fry at the moment

 

[wasp]

Is it important that the price went in the direction right away as long as it didn't hit his stop? Would it have made any difference if he had a stop of, lets say, 30 pips and it went down 20 first before rocketing up 600?

A winning trade is a wining trade.

Obviously better if you can nail the entry to the tick and catch it AS it begins to move. But then there is so often little need too to make big money...

Lets forget the goal of proficiency and market reading...

For the newbie it IS important as;

Psychologically - less panic!
Capital - despite position sizing correctly, the smaller the loss the better
Return - can increase the size as smaller stop required

I know I would rather my trades always go straight into profit and I am pretty sure most newbies would too!

 

[trader_dante]

Lets forget the goal of proficiency and market reading...

For the newbie it IS important as;

Psychologically - less panic!
Capital - despite position sizing correctly, the smaller the loss the better
Return - can increase the size as smaller stop required

I know I would rather my trades always go straight into profit and I am pretty sure most newbies would too!

I'm not talking about proficiency in entry or using tight stops.

I don't mean one should be lazy and whack in a massive stop and hit it anywhere...I just mean that if it doesn't go onside right away it really doesn't mean anything...if your market reading tells you that the GBP/JPY should turn at 141.00 and you put a stop at 140.90 (a very tight 10 pips) and it goes to 140.94...so offside 4 pips first...does this mean anything??

I nailed the Bunds at my firm this morning...I never went 1 tick offside. I had a 5 tick stop. If it had gone down 3 first though before going up it would have meant nothing. I was wrong when it went 5 ticks offside. That's what my analysis told me. The outcome: I wasn't wrong for one second. If I had been, I still would have been right. And still had a proficent, tight stop. That's all I am saying. Whatever though...

 

[chilltrader]

Entered long on USD-CHF as it seems to be bouncing from channel support.
entry @ 1.1570
stop @ 1.1525
1st target @ 1.1600

 

[chilltrader]

USD-CHF Chart

Looking at the "Green Channel"

View attachment usdchf60_25feb2009.bmp

 

[wasp]

I'm not talking about proficiency in entry or using tight stops.

I don't mean one should be lazy and whack in a massive stop and hit it anywhere...I just mean that if it doesn't go onside right away it really doesn't mean anything...if your market reading tells you that the GBP/JPY should turn at 141.00 and you put a stop at 140.90 (a very tight 10 pips) and it goes to 140.94...so offside 4 pips first...does this mean anything??

I nailed the Bunds at my firm this morning...I never went 1 tick offside. I had a 5 tick stop. If it had gone down 3 first though before going up it would have meant nothing. I was wrong when it went 5 ticks offside. That's what my analysis told me. The outcome: I wasn't wrong for one second. If I had been, I still would have been right. And still had a proficent, tight stop. That's all I am saying. Whatever though...

Tom,

Please don't forget, you, I and firewalker have at least 5 years experience under our belts, for us all this makes sense.

I don't care how you nailed the bunds and I didn't post that gbpjpy to show off, it was to help newbies get the best from a market without having the fear inside that turns so many away from trading when it doesn't go their way.

Its not a case of 'it has to be perfection', its a case of minimal offside action because newbies aren't seasoned enough to appreciate all this and for them, 10, 20, 30 ticks offside will have a huge psychological impact.

But as you say, 'whatever though...' I thought this thread was for helping newbies, I'll step out then.

 

[firewalker99]

Is it important that the price went in the direction right away as long as it didn't hit his stop? Would it have made any difference if he had a stop of, lets say, 30 pips and it went down 20 first before rocketing up 600?

In the end net result in your account it won't make a difference. And it's not a prerequisite to making big money, let alone to making money...

But as a trader I'm always looking to improve and minimize risk. This means nailing the entry. The more proficient a trader gets, the better he should become at determining when the best entry occurs. The ultimate goal being entering a trade and having it go in the right direction the next second or minute. This might sound utopic to some, but it carries major implications, not only in terms of risk, but also in terms of money management and psychological issues as wasp already pointed out.

A winning trade is a wining trade.

I disagree. Imagine a trader going long and seeing his position turn into the red. After 5 months his trade is finally in a profit (consider "buy and hold" strategies...)

There are winning trades, and then there are winning trades...

 

[grimweasel]

Do we have a daily pin on eurobund and 4hr double top? Can't post a chart as I'm using CMCs package for bonds!
Grim

Doh! - missed a page on the thread - looks like TD saw it first!!

Anyone looking at Gold? How far is this retrace going? I'm looking at the wkly 20ema or, just below, the 930 SR level as support. I want to get back long again.

 

[trader_dante]

Do we have a daily pin on eurobund and 4hr double top? Can't post a chart as I'm using CMCs package for bonds!

Yep, I'm just writing our newsletter on this at the moment...

 

[chilltrader]

Entered long on USD-CHF as it seems to be bouncing from channel support.
entry @ 1.1570
stop @ 1.1525
1st target @ 1.1600

1st target reached....

 

[grimweasel]

Yep, I'm just writing our newsletter on this at the moment...

LOL
There is a 1hr pin on Cable - I'm not taking it as I'm still bullish on Cable long term and there is good support below (4hr 20/50mas and monthly and weekly pivots). No doubt there will be a few pips for some ....
(this is gonna come back and haunt me I suddenly think!!)

 

[superspurs]

hi gang,just thought id post a few charts to show what im looking at.

 

[grimweasel]

hi gang,just thought id post a few charts to show what im looking at.

Nice spots there Spurs!
Some good looking pins. Is that free end of day charts from IT Finance?

 

[superspurs]

ig index

 

[grimweasel]

Another strong trend that needs a correction in my view. Long term I want to be long this pair but the signals are the same as gold. Rising price but falling MACD and Force Index. Rejection of the weekly 20 ema possible. If it powers above that then the next target would be the 167 region.

Lets see how it plays out...looks like that cable pin may tell a story after all??