Best Thread Potential setups

[trader_dante]

Hey, here is something I like to do that may help some of you guys increase your risk: reward ratio on a trade and actually nail the turning point.

First step is to find the high probability turning points on the chart as I have shown in the Making Money Trading thread. Then what you can do is trail a stop entry order above or below the price so you get in on the first initial reaction.

You allow yourself a fixed ratio of pips to measure the rejection based on the volatility of the pair, the strength of your own analysis (based on experience) and the amount of confirmation you desire and trail your stop accordingly.

But something I like to do to take this up a notch is combine this with the concept of time. So if its possible that a rejection is enough of the way through the hour to make a bearish setup on the hourly then I will enter or prepare to run it for longer. If it is not then I will either miss it or look for a very quick trade.

I hope that some of you will understand that. Its quite an abstract concept and I'm not sure I've explained it well.

-Tom

 

[foredog]

Hey, here is something I like to do that may help some of you guys increase your risk: reward ratio on a trade and actually nail the turning point.

First step is to find the high probability turning points on the chart as I have shown in the Making Money Trading thread. Then what you can do is trail a stop entry order above or below the price so you get in on the first initial reaction.

You allow yourself a fixed ratio of pips to measure the rejection based on the volatility of the pair, the strength of your own analysis (based on experience) and the amount of confirmation you desire and trail your stop accordingly.

But something I like to do to take this up a notch is combine this with the concept of time. So if its possible that a rejection is enough of the way through the hour to make a bearish setup on the hourly then I will enter or prepare to run it for longer. If it is not then I will either miss it or look for a very quick trade.

I hope that some of you will understand that. Its quite an abstract concept and I'm not sure I've explained it well.

-Tom

Do you mean if theres a pin at the high of the day at 9am on the hourly and by 0950 it's taking out the lows of the pin then you'd be prepared to enter now as it's probably not going to take out the highs now?

 

[trader_dante]

Do you mean if theres a pin at the high of the day at 9am on the hourly and by 0950 it's taking out the lows of the pin then you'd be prepared to enter now as it's probably not going to take out the highs now?

Er...no!

I mean that if price is approaching a level to the upside and I think the market will turn down, I trail a stop entry order a fixed amount below the price so that I get in on the first reaction with a stop at the high that the price has just put in. This works very well if price has slightly broken out the level as you get it as it comes back down through. But adding the time concept, I look to enter if it is possible that price could form an hourly bearish pattern e.g if there is enough time left and the candle has the right structure at the current time to form it.

Sorry, if it's a little confusing.

 

[dilesh23]

was up over 300+ tiks on the usd/jpy at 8 this morning ....then i fall asleep to wake up to this :-0 im back off to bed

 

[trader_dante]

was up over 300+ tiks on the usd/jpy at 8 this morning ....then i fall asleep to wake up to this :-0 im back off to bed

lol Dilesh, I lost 105 pips trying to take Euro/Yen for a ride to the upside.

Then it "twig birded" (see Socrates' infamous thread) the lows and I got up at around 1am to re-buy it.

I was up 140 pips this morning and then the f*cker turned smack at resistance and I my trailing stop got hit for +58 pips.

I've now got a really nagging feeling that I have to be short Bonds.

 

[rollsafe]

The BUND and the 10YR NOTE

lol Dilesh, I lost 105 pips trying to take Euro/Yen for a ride to the upside.

Then it "twig birded" (see Socrates' infamous thread) the lows and I got up at around 1am to re-buy it.

I was up 140 pips this morning and then the f*cker turned smack at resistance and I my trailing stop got hit for +58 pips.

I've now got a really nagging feeling that I have to be short Bonds.

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The BUND and the 10YR NOTE now !
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.
.

 

[trader_dante]

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The BUND and the 10YR NOTE now !
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Something is not quite right here but I can't pinpoint it. There is a feeling there which, whilst not urgent, is just nagging. And yet I can't really see why I want to be short.

 

[trader_dante]

Feeling is weaker now

 

[foredog]

Feeling is weaker now

Probably just indigestion

 

[trader_dante]

Probably just indigestion

Yes, maybe. I'm not sure.

 

[dilesh23]

those twig birds are smart:smart:

YouTube - Smart Bird

 

[bbmac]

Screenshot is current 1hr gbpusd. Range consolidation has set-in off the Weds highs @ 4705, the pairing making a potentially HL off that LH now in it's downtrend. The yellow horizontal lines are the extent of this 1hr consolidation 4467-4705 and the red arrows show the potential breakout scenarios from this channel.

To the downside there may be support around/approaching the december lows of 4370-4350 area price making a low on Tuesday of 4470 area.

To the upside the red and green circles show the previous swing hi/lo area inbetween the white horizontal lines, that co-exists with the 38.2% fib of the move down and this may be a level to watch if tested.

 

[cr6196]

bb, why did you choose that high for your fib? as opposed to the previous higher high.

 

[KillPhil08]

Not saying this is necessarily going to happen, but it is a possibility. I prefer the uptrend breaks (just the reverse picture of this) then shorting them all the way down...

However, this looks like a repeating pattern / cycle?

 

[Joey25]

GBP/USD March09

Potential Inside Bar swing trade on the daily:

Looking for the first hourly candle to close above 1.4688.

Target is the supply line, currently coming in at 1.5233 today.

 

[bbmac]

bb, why did you choose that high for your fib? as opposed to the previous higher high.

Hi, the Highest high being 5372 sold down to 5111 before a retrace back to the H that I drew the fib from. this retrace back to that H @ 5345 exceeded the 76.4% fib of that original 5372-5111 move. this and the fact that the H at 5345 was the real swing of the move meant I prefer to draw the fib from there. Hope this makes sense.

 

[mkhall]

Dose every one here use live chart's.

 

[bbmac]

A London/European morning for the small time frame traders so far in Gbpusd...the screenshot shows the extent of the current 1hr range consolidation (yellow lines) and the green lines show the current intraday consolidation/congestion extremes.

Obvious previous support in the a and b region and the 1hr pinbar spike/swing (prev swing hi=prev res=pot res) providing the resistance.

 

[bertie123]

PPZ zones

Hi TD,

Just wanted to ask you about ppz as recommended by J16 thread. I seem to have a bit of difficulty drawing these zones on my charts because when I see other folks's charts they have a ppz in a different place. Do you still use them, and, if so, do you place them on or near round numbers?

berti

 

[trader_dante]

Hi TD,

Just wanted to ask you about ppz as recommended by J16 thread. I seem to have a bit of difficulty drawing these zones on my charts because when I see other folks's charts they have a ppz in a different place. Do you still use them, and, if so, do you place them on or near round numbers?

berti

berti,

I definetly still use them. They are so powerful and work so well that they are the essential element in my trading. The study of these pivots is, in my opinion, the main technical element you should work on.

But I don't put them at or near round numbers. I put them where the price (and the chart) says they should go. My pivots are always at totally random numbers but that is where the market has dictated they must go.

Don't worry about where everyone else has their pivots.

You have one teacher and that is the market.

The market will let you know if your pivots are in the right place.

The market should react to every line you have on your chart. At the very minimum it should stall but in most cases react significantly.

If it doesn't then either the market momentum is incredibly strong or you have done something wrong. In most cases it is the latter.

The biggest tip I can give you is use your eyes and go from RIGHT to LEFT on the chart. This is very important. The eye naturally reads LEFT to RIGHT. You need to reverse this.

Also look at every major swing high and low and follow it back with your eyes.

Swings highs and lows are the focal point of the market.