Best Thread Potential setups

[grimweasel]

Go on the Eltrot!!
I have an order in below the SR level at 880 short. That way it should go if it clears that SR at 885.
Off to a dinner night now, so see y'all 2morrow
Good trading
Grim

 

[eltrot1979]

Go on the Eltrot!!
I have an order in below the SR level at 880 short. That way it should go if it clears that SR at 885.
Off to a dinner night now, so see y'all 2morrow
Good trading
Grim

Good call grim, you should be nicely in profit by now, and you've got the huge, huge daily pin forming too. I bottled it myself - I've done that quite a bit recently and missed some good moves. I need to trust my instincts more!

 

[trader_dante]

Jesus Christ. Gold now plummeted 450 ticks from your entry Grim.

Can you start giving me trading signals via mobile phone please?

 

[Ljr]

Jesus Christ. Gold now plummeted 450 ticks from your entry Grim.

Can you start giving me trading signals via mobile phone please?

and all while out to supper!!! way to go Grim. :clap:

(He probably doesn't even know yet)

 

[traderbk]

Hi All,

First would like to say a big thanks to TD for sharing this brilliant trading strategy with everyone. It has definitely made me view the markets differently..

Thought i'd post my first setup...

USD/CAD on the weekly time frame has rejected the 1.0800 area for the third consecutive week and depending on the market conditions tomorrow should form a third pin or an inside bar..

I'm thinking on the break of the first pin (1.0541 level) we should see a sharp move downward towards the first major level 1.0410 a close below this level should see it fall to the next problem area of .9757. We could ultimately end up trying to re-test the lows at .9052...

I would personally have my stop on the high of the second pin (1.0819).

Any thoughts ???

 

[trader_dante]

Hi All,

First would like to say a big thanks to TD for sharing this brilliant trading strategy with everyone. It has definitely made me view the markets differently..

Thought i'd post my first setup...

USD/CAD on the weekly time frame has rejected the 1.0800 area for the third consecutive week and depending on the market conditions tomorrow should form a third pin or an inside bar..

I'm thinking on the break of the first pin (1.0541 level) we should see a sharp move downward towards the first major level 1.0410 a close below this level should see it fall to the next problem area of .9757. We could ultimately end up trying to re-test the lows at .9052...

I would personally have my stop on the high of the second pin (1.0819).

Any thoughts ???

Good call with all the problem areas clearly defined. Great setup.

 

[Glenborrell]

Hi All,

First would like to say a big thanks to TD for sharing this brilliant trading strategy with everyone. It has definitely made me view the markets differently..

Thought i'd post my first setup...

USD/CAD on the weekly time frame has rejected the 1.0800 area for the third consecutive week and depending on the market conditions tomorrow should form a third pin or an inside bar..

I'm thinking on the break of the first pin (1.0541 level) we should see a sharp move downward towards the first major level 1.0410 a close below this level should see it fall to the next problem area of .9757. We could ultimately end up trying to re-test the lows at .9052...

I would personally have my stop on the high of the second pin (1.0819).

Any thoughts ???

Good call tradebk

It also shapes up at the 61 fib. Def something to watch tomorrow.

 

[Glenborrell]

Anyone watching this?

It's a 2 bar pin. 43 risk plus spread. It's a rubbish chart as it's all my SB broker has. I managed to find a chart on the CBOT site and it appears to have been rejected from a resistance line dating back to Sep/Nov 07.

Glen

2 Bar pin didn't trigger. Instead this third bar has formed a nice inside bar.

Something to watch tomorrow.

G

 

[trader_dante]

2 Bar pin didn't trigger. Instead this third bar has formed a nice inside bar.

Something to watch tomorrow.

G

Hey Glen,

Actually the 2 bar pin bar did trigger but it did it in electronic trading. (see the first chart attached below) Your spreadbet company won't register it because it only trades the pit hours and by the time the pits opened it was already lower (i.e. within the range of the 2 bar pin)

If you look at the second chart you will see its no surprise where we are having huge difficulties. Long term support has now become serious resistance.

I think this market is about to drop quite hard but as usual, I'll be on the sidelines until I've defined my entry (risk, target etc)

Safe trading everyone!

 

[Glenborrell]

Usdchf

Here is a daily to watch.

Comes off 38 fib, 50 ema, S/R.

Here's a crack at the problem areas.

1st - 1.1409 - top of recent high
2nd - 1.1606 - support Oct 2007 (twice) then resistance late Dec 2007.

G

 

[Ljr]

Hi All,

First would like to say a big thanks to TD for sharing this brilliant trading strategy with everyone. It has definitely made me view the markets differently..

Thought i'd post my first setup...

USD/CAD on the weekly time frame has rejected the 1.0800 area for the third consecutive week and depending on the market conditions tomorrow should form a third pin or an inside bar..

I'm thinking on the break of the first pin (1.0541 level) we should see a sharp move downward towards the first major level 1.0410 a close below this level should see it fall to the next problem area of .9757. We could ultimately end up trying to re-test the lows at .9052...

I would personally have my stop on the high of the second pin (1.0819).

Any thoughts ???

Hi traderbk.

Welcome to the thread.

I got interested in UsdCad 3 weeks ago when the first weekly Pin formed. As you know it didn't break yet but I had been looking on the lower time frames to get short. I eventually entered at 10770 on the break of the 4 hour pin last Thursday. It has been a rough ride and was almost stopped out yesterday after being up around 200 pips but I fortunately held on.

I also have another order at 10540 as you have identified so if we break out of this current range I also think we could have a long way down to go.

Ljr

 

[Glenborrell]

Hey Glen,

Actually the 2 bar pin bar did trigger but it did it in electronic trading. (see the first chart attached below) Your spreadbet company won't register it because it only trades the pit hours and by the time the pits opened it was already lower (i.e. within the range of the 2 bar pin)

If you look at the second chart you will see its no surprise where we are having huge difficulties. Long term support has now become serious resistance.

I think this market is about to drop quite hard but as usual, I'll be on the sidelines until I've defined my entry (risk, target etc)

Safe trading everyone!

Cheers TD,

Thanks for the additional info. Definitley helps understand the picture

Def need to get my north finance MT4 working again. Somehow lost my login and can't get updates anymore. Anyone know how to get it reset?

Cheers,

Glen

 

[trader_dante]

Hi traderbk.

Welcome to the thread.

I got interested in UsdCad 3 weeks ago when the first weekly Pin formed. As you know it didn't break yet but I had been looking on the lower time frames to get short. I eventually entered at 10770 on the break of the 4 hour pin last Thursday. It has been a rough ride and was almost stopped out yesterday after being up around 200 pips but I fortunately held on.

I also have another order at 10540 as you have identified so if we break out of this current range I also think we could have a long way down to go.

Ljr

Ljr,

If you have been prepared to see a 200 pip gain almost stop you out because you believe in the technical setup and are prepared to play it out come hell or high water, then I think you have the hallmarks of a very good trader - when you get it right like this you will be rewarded hugely - and I wish you all the success on this trade.

Fingers crossed it tanks for you guys.

 

[trader_dante]

Here is a daily to watch.

Comes off 38 fib, 50 ema, S/R.

Here's a crack at the problem areas.

1st - 1.1409 - top of recent high
2nd - 1.1606 - support Oct 2007 (twice) then resistance late Dec 2007.

G

Good call Glen but be prepared that there is a weekly pin indicating a reversal to the downside and it is currently in play. Doesn't mean you should be scared of going long but it is something to be aware of.

And I actually think that the pin to go long from the daily is off a better level than the weekly to go short...

 

[traderbk]

Hi traderbk.

Welcome to the thread.

I got interested in UsdCad 3 weeks ago when the first weekly Pin formed. As you know it didn't break yet but I had been looking on the lower time frames to get short. I eventually entered at 10770 on the break of the 4 hour pin last Thursday. It has been a rough ride and was almost stopped out yesterday after being up around 200 pips but I fortunately held on.

I also have another order at 10540 as you have identified so if we break out of this current range I also think we could have a long way down to go.

Ljr

Thank you all for the welcome..

That was some conviction you had Ljr, to be up 200 pips and see it almost come back to your stop. From what i've been reading from previous posts, this conviction is what gives the best rewards when the move finally happens.

Hopefully all the hard work will pay off on the break of the pin.. I have a feeling that when this goes it wont look back.

 

[Ljr]

Ljr,

If you have been prepared to see a 200 pip gain almost stop you out because you believe in the technical setup and are prepared to play it out come hell or high water, then I think you have the hallmarks of a very good trader - when you get it right like this you will be rewarded hugely - and I wish you all the success on this trade.

Fingers crossed it tanks for you guys.

Thanks TD

It has been very tough watching all those gains go to nothing and then negative but this is something I really want to get right. What I am still battling with is knowing which trades you can do this with and which ones you can't.

I think it all comes down to having the confidence in your entry. I probably would not attempt this (giving up 200 pips) on an hourly trade unless it was at a very important level but it looks like it is more possible on the higher TFs, although the pain is also higher as the stops are so much bigger.

On this trade fortunately my risk was quite small ( 55 pips ) but if the weekly pin had triggered and I entered then it would have been even harder to go well into profit and then go negative as the risk would have been over 200 pips.

Anyhow lets see how this one goes.

Thanks for the vote of confidence.

Ljr

 

[Glenborrell]

Good call Glen but be prepared that there is a weekly pin indicating a reversal to the downside and it is currently in play. Doesn't mean you should be scared of going long but it is something to be aware of.

And I actually think that the pin to go long from the daily is off a better level than the weekly to go short...

Cheers again for the tips TD. Little things i need to keep an eye on.

 

[Ljr]

GbpJpy may be one to watch.

Inside bar on Hourly. If it breaks above ~19230 it will probably go up to the 370 area to fill that gap from Sunday, although I also have a Daily S/R level at around 19250 so not really too sure which way its going to go but looks interesting.

 

[grimweasel]

Jesus Christ. Gold now plummeted 450 ticks from your entry Grim.

Can you start giving me trading signals via mobile phone please?

LOL!! TD I bet your account balance is still WAY bigger than mine though. Seems I can spot the entries, It's just holding on to the big moves that I seem to fail at! I owe most of this to you Tom too, so many 1000 thanks for the time on your part to show us newbie traders (back then and still now) the way.

Still, 400 odd ticks is good although I must confess I tried to call the gold fall too early on in the day and was burnt for 1/2 of yesterdays profits. Silly!

Wait for confirmation. Trouble was the pins at the top of the move usually show bulls running out of steam (as in inverted hammers on SR) I entered too early and got burnt by the big move upwards. Still after the break of that 1hr pin below the SR at 884 area, it all turned out good. I've taken profits on that move. Day off tommorrow from Trading as I need to reasses some silly mistakes from this week and come back fresh and re-planned next week.

It was still a risky move but with pin bars on the 15m, 30m and 1hr TFs it was too good to pass on. I'm not trading the lower TFs only checking them for clues to the 1hr and above moves. Often these moves can be traced back to the 5m TF, but I never trade 5mins; way too risky!

I thought you'd be in Glen? Ljr, surprised you didn't enter on that one too. Still, we have a lifetime of trades to come yet.
See you all back here next week!
Grim

 

[grimweasel]

Hi All,

First would like to say a big thanks to TD for sharing this brilliant trading strategy with everyone. It has definitely made me view the markets differently..

Thought i'd post my first setup...

USD/CAD on the weekly time frame has rejected the 1.0800 area for the third consecutive week and depending on the market conditions tomorrow should form a third pin or an inside bar..

I'm thinking on the break of the first pin (1.0541 level) we should see a sharp move downward towards the first major level 1.0410 a close below this level should see it fall to the next problem area of .9757. We could ultimately end up trying to re-test the lows at .9052...

I would personally have my stop on the high of the second pin (1.0819).

Any thoughts ???

Hi Traderbk!

If you look at the CAD chart there are some striking similarities with the gold chart from yest' in terms of patterns. I'm looking at long U/CAD as the support is ascending and the pins could be fake breaks to trap weak hands before a big move. I can't get my charts now, but I think there are some clues with the MACD and force index (divergance etc).
This is not gospel, but something I'd be watching next week (unless it happens tomorrow!)

Remember they are all out there trying to prize the cash from your hands; every tactic is used (false breaks etc) to trap the unuspecting.

Always ask yourself what the opposite side of the trade would do based on the chart as it is now. Would you go long/short etc against your trade? If you don't know then stay safe and pass on the trade.
Grim

LJR . Just finished the Dinner Night; was a nice few pips to come back too! Sometimes one does less damage to the account when NOT at the screen! LOL