Best Thread Potential setups

[trader_dante]

I've closed out my equity position (a little early)

I was long the SMI from this morning (Swiss Market Index) off the pin at s/r pivot with 38% fib confluence.

A lot of the equities had candles that looked suspiciously like pins but the SMI had the most supporting evidence and its candle was well formed.

Coincidence that it was in that market, ahead of big news from Switzerland?

Took 70 ticks out of it but must remember: ignore the f*cking news!! I closed everything out on that GE news. LOL

 

[cr6196]

who's snb

how do you know all this is going to happen???

are you robert preston?

shouldnt this push up gold?

ransquawk - Real-time Analysis & News Ltd

 

[Technically Fundamental]

I heard that china will have to do something similar to what this snb just did later on in the year

anyone knoe if this is true?

 

[skelly22]

Watching GBPJPY for a short at 134.00

 

[mgergs]

?

i just fainted ... thats all i know ...

 

[Technically Fundamental]

I've overtraded to the point where I've made a loss on my own correct calls.

I need more discipline. It's easy to get caught up in the excitment when there's so much volatility.

Think I would have stayed out if it was my own pound tho to be honest

 

[mgergs]

I've overtraded to the point where I've made a loss on my own correct calls.

I need more discipline. It's easy to get caught up in the excitment when there's so much volatility.

Think I would have stayed out if it was my own pound tho to be honest

This week i've done exactly the same ... i'm trying to be positive and seeing it as a learning experience ! :|

 

[Technically Fundamental]

Same here mgergs.

Boredom trading is dangerous. Need to have more patience or we'll never make it in trading. Maybe spend more time looking at other potentials instead of following the trades we've already called instead of getting all giddy that we can make correct calls based on s & r lol

 

[trader_dante]

Just going back to my exit strategy again (I know a lot of people have problems with exits) this is why my one is very, very hard to follow from an emotional perspective.

This trade is up 165 ticks but the correct stop placement means it must go where you will end up taking a 22 tick loss.

People find this almost impossible to do and others will go on about how you shouldn't let a winner turn into a loser.

In my opinion, you have to be prepared to do this to catch the very big moves.

Catching a 1000 tick move isn't hard. But markets don't go up or down in a straight line and you have to be strategic.

But, anyway, I thought I would post this because:

I saw some criticism on a thread the other day about how if pins were so simple to make money off why isn't everyone trading them and they don't work etc etc

You can make money off these very easily. But when the stops are large. You need large gains.

You cannot start thinking about taking profits as soon as you see a nice rally or sell off.

I've outdone every equity trader here today, sitting on my ar*e doing f*ck all but at the end of the day, you have to be able to manage it correctly...and this stop management...it's SIMPLE but by God it's not EASY.

 

[skelly22]

Watching GBPJPY for a short at 134.00

I guess NOT!! Now up to 135.50ish and trying to break through top of channel..... still keeping an eye out for another short though.

 

[elitejets]

Gj

SKelly do you think the 4hr pin might mean that it has legs to go higher? Im long and was thinking 137 but we are in a resistance now.
Not criticising, I'm trying to learn.
Nicola

I guess NOT!! Now up to 135.50ish and trying to break through top of channel..... still keeping an eye out for another short though.

 

[Technically Fundamental]

I guess NOT!! Now up to 135.50ish and trying to break through top of channel..... still keeping an eye out for another short though.

lol i was thinking that before.

I doubt you'll get a short on that any time today. The banks have had good news.

 

[skelly22]

SKelly do you think the 4hr pin might mean that it has legs to go higher? Im long and was thinking 137 but we are in a resistance now.
Not criticising, I'm trying to learn.
Nicola

Hi Nicola,

At the moment GBPJPY is testing the top of a channel i have marked on my 3hr charts (don’t ask why 3hr- oanda use it). If it closes above the channel then one would look for longs/ keep longs. I am short so I was hoping it would be rejected of the trendline so that I could add (instead of getting stopped out when it hits 136.20). BY the way, i'm not at this much longer than yourself!!!



Hey Aaron,

What news is that? Been v busy at work today- audit!!! Didn’t read any news!!

Shane

 

[elitejets]

Hmmm and I have you marked as the man who called the top of the biggest crude bull run in history
Thanks for the chart

Hi Nicola,

BY the way, i'm not at this much longer than yourself!!!

Shane

 

[skelly22]

Hmmm and I have you marked as the man who called the top of the biggest crude bull run in history
Thanks for the chart

yet didnt trade it.....!!!
Have a good weekend all. Im taking a long weekend.see ye next wednesday! paddys day here we come :clover:!

Shane

 

[Technically Fundamental]

Another bank reported 2 month profit

forget which one.

 

[alter]

Dante, could you please tell me if you manage SL in the same way if the price is heading into strong daily PPZ (e.g. your last EURGBP trade)?
Do you think it's better to take 1H setups from daily PPZ or it doesn't matter for you?
Do you just look for good PPZ level on 1H time frame and once you are in the trade you manage your SL as you've shown without consideration of daily PPZ.
Thank you
alter

 

[grimweasel]

As promised (smbtnt) I've posted a chart of some divergance!

This was the action that got me short of usdyen. I thought the PA was getting weak as the MACD TL was diverging away from the TL on the PA tops.

All you need do is then wait for a set up to get you into the trade (Pin bar on SR, 1-2-3 etc). As I posted at the time, everyone will see it as risky because it's counter trend and trading against a powerful rally.

It's a powerful signal though and not to be ignored in my view.

Good trading,
Danny

 

[grimweasel]

Another indication from the gold charts.

The first area we had a daily pin bar - we thought PA may fall as we'd seen the divergance with the MACD. I got out of that one on the opposing pin off the rising TL(circled)

The second area, again we have a falling histogram (note how the peaks are lower than the last signal area). The entry here was on a lower TF on the rejection of the 1006 level - there was an excellent 1-2-3 on the 4hr chart to get you into the move down.

 

[grimweasel]

I must add that I don't keep the indicators on the charts. I just use them every now and again for confirmation. You can use the RSI or the CCI in pretty much the same way. Again, purist charters will tell you that you don't need the MACD etc as all the information is given on the candles etc.
I find it just adds a touch of clarity to the decision making process.....just don't use too many as you'll find they give conflicting signals though!!