Best Thread Potential setups

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Qahrahm said:
What sort of target would you be looking for tomorrow if it does finish as a daily pin?

The part I have the biggest problem with is the exit, i can't tell the difference between a 200pip quickie and something that may turn into 1000 pips if i give it a little bit of time.


(14320 looks like the obvious conservative level to me, but i'm trying to train myself to leave some open for longer... i usually close it at the first significant support level).
Click to expand...

The first major resistance is 1.4270.

It should be pretty clear up until there with perhaps very minor resistance at 1.4130.

I will look to get back in again if it drifts back overnight to 1.3860 area.

EUR/GBP is a great pin off the 61% and we've also got pins on all the Yen pairs.

Tomorrow is going to be a very, very, very interesting day.

There has been a good rally in equities - I'm now short bunds after the 22 level I mentioned in an earlier post failed.

GL everyone.
 
trader_dante said:
Good call on the Cable guys.

I took this but closed it as we came into the descending TL. It was a quick and easy 170 pips. Although the day could now easily end as a pin and then we may have a lot more to come :)

I'll be a buyer on dips right now, until the lows are taken out.
Click to expand...

if this does finish as a pinbar for today , I remember the J16 thread saying that a nose poking through a major support but body above it is all systems go big time.... could this be one of those occasions? taking into account the long term support?

If so I'll have a target of 1.430, 50% fib.
 
Qahrahm,
You're not the only one.

A client of mine bought at 1.3635 and 1.3670 and closed at 1.3780 and 1.38. He was chuffed at the time but can't run a winner for more than 150 ticks. He's still calling it to mid 1.40's but won't go back in as it is above where he closed.
 
rikrok said:
if this does finish as a pinbar for today , I remember the J16 thread saying that a nose poking through a major support but body above it is all systems go big time.... could this be one of those occasions? taking into account the long term support?

If so I'll have a target of 1.430, 50% fib.
Click to expand...

It is indeed all systems go...remember the significance of the nose poking through major support...breakout traders are trapped...and the lows have been "twigged" which is something that the market loves to do time and time again before the real reversal begins...(again, see Socrates' infamous thread for a definition of "twigged") - it's become something of a catchphrase between me and a colleague at my firm. lol
 
rikrok said:
if this does finish as a pinbar for today , I remember the J16 thread saying that a nose poking through a major support but body above it is all systems go big time.... could this be one of those occasions? taking into account the long term support?

If so I'll have a target of 1.430, 50% fib.
Click to expand...


Is such a pin likely to overcome the negative sentiment about the pound though?

Is everyone who is going to sell the pound (based on fundamentals) likely to have sold by now already, leaving the potential for people to start buying again (based on technical analysis?)
 
trader_dante said:
It is indeed all systems go...remember the significance of the nose poking through major support...breakout traders are trapped...and the lows have been "twigged" which is something that the market loves to do time and time again before the real reversal begins...(again, see Socrates' infamous thread for a definition of "twigged") - it's become something of a catchphrase between me and a colleague at my firm. lol
Click to expand...

Is the Socrates thread on this forum? I can't find a member of that name.

Thanks.
 
bfd said:
Is such a pin likely to overcome the negative sentiment about the pound though?

Is everyone who is going to sell the pound (based on fundamentals) likely to have sold by now already, leaving the potential for people to start buying again (based on technical analysis?)
Click to expand...

I just follow what the price tells me which is that support has been found at least temporarily and a very bullish rejection has followed. The real test will be found at the 1.4270 area mentioned above. This is the first major pivot. I think that with all things considered, it's a high probability trade on the long side until that approximate area. When that is reached, we have to see how the market deals with it. It's a great place for the market to decide whether it's going to resume the downtrend or start a new up trend. :)
 
bfd said:
Is such a pin likely to overcome the negative sentiment about the pound though?

Is everyone who is going to sell the pound (based on fundamentals) likely to have sold by now already, leaving the potential for people to start buying again (based on technical analysis?)
Click to expand...

Hi bfd, I don't know about sentiment, it fluctuates along with supply demand and price, the pattern on the chart is the best clue we have.

I think the thread you are after is this one...it makes interesting reading. I especially ike the sections on the clangers and some of china white's remarks. shame it doesn't reach its conclusion.Socrates is a very interesting writer,definitely has his own style and some deeply abstract views on trading, but I'd be interested to know if he ever actually traded or was just a great raconteur, and maybe a bit mad.

http://www.trade2win.com/boards/psychology/10672-journey-basement.html



EDIT:: apologies TD, I din't realise you had already suppplied the above info...
 
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trader_dante said:
I just follow what the price tells me which is that support has been found at least temporarily and a very bullish rejection has followed. The real test will be found at the 1.4270 area mentioned above. This is the first major pivot. I think that with all things considered, it's a high probability trade on the long side until that approximate area. When that is reached, we have to see how the market deals with it. It's a great place for the market to decide whether it's going to resume the downtrend or start a new up trend. :)
Click to expand...

Hey mate, what is that 4270 area?? I see no real previous price swing hi or lo (price piv ot) on the 1hr+ there? Thanks.
 
bbmac said:
Hey mate, what is that 4270 area?? I see no real previous price swing hi or lo (price piv ot) on the 1hr+ there? Thanks.
Click to expand...

It's the underside of the wedge.
 

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  • gbp.gif
    gbp.gif
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I see price action suspciously like pins on the following daily charts..

- USD/JPY
- EUR/JPY
- CAD/JPY <---- This one looks the best to me.
- GBP/JPY
 
Gbpusd;

34610sn.gif


Edit: 1039am gmt Rejection bounce off the Descending Res T/Line...and now a break of the ascending Supp T/Line
2cckux5.gif
 
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I hope none of you that took that 1hr pin think you've got away with it (me included) lol.

We ARE going to take out that 5m double bottom...
 
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