Best Thread Potential setups

[trader_dante]

EUR/JPY Daily TF.

I think this is a high probability setup.

Chart 1 shows that price has formed a bear flag - which today tested the upper line of the channel.

Chart 2 shows that it also made a double top.

Chart 3 shows that it also hit the 50% fib of the swing high to low AND formed a pin bar.

I like this setup a lot.

I am mildly wary that USD/JPY has been so strong and today has CONFIRMED the double bottom (by breaking above the peak between) and the EURO/USD is coming into a huge support area.

But still, I think this one is worth a go.

 

[glyder]

Right, I'm getting short again at the same price I closed. This looks like its about to tank...again.

TD
Great call (one of many) all the best to you in this trade, brilliant trading and well done for having the iron discipline to follow your reading of the market.

 

[firewalker99]

Here is a screenshot with ALL my entries marked on it.

Either you uploaded the wrong chart, or you're having short-term memory failure

Yes I'm here to be the pain in the ass again. But I think it's only fair that you give a correct representation of the facts. What I'm missing on the chart:

Just sold some more at 7903...ok that's it, honest...I'll check when I get home...

And on the 12th of February you wrote:

I'm short from an average price of 7879 on the March future.
So just below the high of the day.

How come I see nothing of that on the chart?

Every single one is still open and running.

And that's quite contrary to what you wrote here. You said you closed several contracts and "averaged down" (as per your interpretation of what averaging down is). You also wrote:

With this in mind, I closed out 1/3 of my total position on Friday before the close at 7340.

I'll admit it's a great trade, but don't make it any greater than it is...

Your friend, Sherlock fire

 

[wizi]

Hiya...Anyone know what is the suitable time to trade GBP/JPY?

 

[grimweasel]

Hiya...Anyone know what is the suitable time to trade GBP/JPY?

I'd say when you get a suitable signal from your edge whatever that may be?

The London open is always good for the short term trader (0630-0830)

USDYEN seems to be in charge at the moment so I wouldn't short gbpyen if usdyen is still powring up - things can change though.

May look to short gold today. We have a hanging man candle on the daily and 4hr charts with divergance on the MACD and CCI. Daily stoch is overbought too. Against the trend I know; just a possibility, I'll wait for a break of the H4 20 ema.
Grim

 

[2be]

I'd say when you get a suitable signal from your edge whatever that may be?

The London open is always good for the short term trader (0630-0830)

USDYEN seems to be in charge at the moment so I wouldn't short gbpyen if usdyen is still powring up - things can change though.

May look to short gold today. We have a hanging man candle on the daily and 4hr charts with divergance on the MACD and CCI. Daily stoch is overbought too. Against the trend I know; just a possibility, I'll wait for a break of the H4 20 ema.
Grim

There indeed might be some more retracement for Gold, forming an "abc" structure on H1. The trend is still up and it is well supported by the COT. I am going to wait for the apportunity to get long, but shorting is possible ( to the bottom of the "c" wave).

 

[grimweasel]

Small 1hr pin on USDYEN. Double tops on the other Yen pairs (gbp, euro,cad) so we may see a slight fall. Risky, as I think this usdyen is quite strong at the moment, but worthy of note all the same. It didn't quite meet the 50% fib and SR level at 95.80 area.

 

[rollsafe]

NOW is the best time

Hiya...Anyone know what is the suitable time to trade GBP/JPY?

Now is the best time, now is always the best time, come to think of it, ITS ALWAYS NOW.
Read the book:Eckhart Tolle - The Power of Now

Plan your trade now, plan your risk reward now, plot your chart now, write your plan for the trade now. Schedule a date and time for studying the charts now !

 

[Trend's Friend]

Hi guys - hoping someone can help.

I gather a lot of you use North Finance to get free MT4 and real time FX and futures prices. Their website says they're not taking any new customers - can anyone recommend a similar setup that gives free real time prices/charts for FX and futures. From scouting around, its the futures feeds that you seem to have to pay for

Thanks

 

[gedward3]

Try ODL

ODL Markets | Meta Trader 4

Ged

Hi guys - hoping someone can help.

I gather a lot of you use North Finance to get free MT4 and real time FX and futures prices. Their website says they're not taking any new customers - can anyone recommend a similar setup that gives free real time prices/charts for FX and futures. From scouting around, its the futures feeds that you seem to have to pay for

Thanks

 

[trader_dante]

Either you uploaded the wrong chart, or you're having short-term memory failure

Hey, yeah I've been closing a few along the way and then selling them again at different prices...basically jobbing around a position a little bit...but not written all that on here...the position that I closed for example at 7340, I said I would reopen at 7340 if it got down there but I actually ended up re-entering at 7300. All the positions that I have marked on the chart are ones that I still have open and running...sorry for the confusion...

 

[grimweasel]

Hey, yeah I've been closing a few along the way and then selling them again at different prices...basically jobbing around a position a little bit...but not written all that on here...the position that I closed for example at 7340, I said I would reopen at 7340 if it got down there but I actually ended up re-entering at 7300. All the positions that I have marked on the chart are ones that I still have open and running...sorry for the confusion...

Do you keep paper records Tom of all your trades or doe you have a spreadsheet. Do you have a diary etc for analysis later on?

 

[trader_dante]

Do you keep paper records Tom of all your trades or doe you have a spreadsheet. Do you have a diary etc for analysis later on?

Yes I keep a spreadsheet with all my trades in it with reasons for entry and exit and the outcomes so that I can see at a later date what I did and why and what happened as a result of it.

It also charts win/loss ratio, biggest drawdown suffered etc.

 

[rags2riches]

1.2800 is an interesting zone for eu.

There was a 2hr pin off that area 10am-12 gmt but I didn't take it because I didn't feel confident enough about it (I was looking for 1 from the topside not the underside).

Would any of you pinbar traders have taken it? (Or did you?) Would appreciate ppl's thoughts, I don't think it is A grade.

 

[trader_dante]

Are the equities ever going to stop going down? Everyday now it's like buy Bunds, sell the Dow and you make money...guess easy money won't last forever.

Those Bunds really look like they are about to EXPLODE to the upside. Currently 125.90.

 

[Claudia123]

Are the equities ever going to stop going down? Everyday now it's like buy Bunds, sell the Dow and you make money...guess easy money won't last forever.

Those Bunds really look like they are about to EXPLODE to the upside. Currently 125.90.

The Bunds do look fun - equities are too i been trading RBS for past 2 weeks and well ahead. Time to get out!! thoughts on gold??

 

[KillPhil08]

double bottom ftse turning into pin...

 

[foredog]

wait for the papers to mention BUY bunds SELL dow, then reverse!

 

[grimweasel]

The Bunds do look fun - equities are too i been trading RBS for past 2 weeks and well ahead. Time to get out!! thoughts on gold??

Hi Claudia,
Ref gold, I thought (earlier post) that it was looking weak. I took the '123' short from 993 this am. Just nestling on 974 currently (SR level), so I have closed out half here with a stop above the 20ema at 985.

Long term I want to be long though, I just need a good correction maybe to get back in. Like someone said this week though, everyone said Oil was overbought and look what happened there!
Sound Trading,
DC

 

[Claudia123]

Hi Claudia,
Ref gold, I thought (earlier post) that it was looking weak. I took the '123' short from 993 this am. Just nestling on 974 currently (SR level), so I have closed out half here with a stop above the 20ema at 985.

Long term I want to be long though, I just need a good correction maybe to get back in. Like someone said this week though, everyone said Oil was overbought and look what happened there!
Sound Trading,
DC

Thanks forthe reply interesting. Oil is interesting too - that has to be good short/medium term investment. Normally fx trader but commodoties look fun. Can I really buy a pigs belly ??