Best Thread Potential setups

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lewtz said:
I have nothing going on right now so I figured I'll show a level I'm watching right now.
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Great to see some of the better work. Like trader_dante said, good post.

lewtz said:
Now, how it can be played. First and foremost, I'm going to have to sit patiently while I wait for price to get to this level. If price does get to this level again, I need to be aware of potential break outs. When price is persistently testing a level like that, the level can hold once, twice or eight times... it doesn't matter. But when price keeps coming back like a magnet it can show a sign that they want to get through this level. Why else would they keep testing it? Your job is to figure out if they're going to fail or succeed.
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I like your stream of thought! (y)

With regards to your slightly bearish bias: consider also this, see charts:
 

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nice fw, you explain what keeps you in a trade,but what is your entry criteria,would it be a higher low of a good support level,if its personal just post a smile
 
Spot on again Grim. this is the stage I have been going through over the past year, constantly dipping into my bank to top up £100 here, £200 there....it all adds up !

I'd have been better starting with £1000 and applying proper risk / reward to my trading.


grimweasel said:
Just a quick link for some to Strat's page over on ForexFactory
Check post #580 where there is a hyperlinked index. It's in the early stages but shaping up to be another great thread like this one.
Strat's Long Term Stress Free Trading - Page 39

He only trades the daily and uses the weekly as the boss. This may be a better starting point for many people new to trading. The downside is you need a bigger starting balance due to larger stops.

A word of caution on starting balances; don't be fooled into the market being undercapitalized. You must really start with a meaningful amount whereby you can apply proper and sound risk management. If you use your debit card (like most brokers offer - easy access to fund their coffers) you will quickly lose control of your bank balance im my view. You can't keep dipping into your current account or credit card. This, in my view is very dangerous. Trust me again; I've been there too.

I can't stress enough, that I firmly believe you must start this venture with a decent amount that will allow you to set 50-pip stops at min .50p a pip but still sticking to the 2%/6% rules of risk management. Start low and build slowly; the market is there for the rest of your life (well, bar a huge supervolcano eruption or comet strike!! LOL)

There are some who have been trading years, faced all their demons etc and can take a £100 balance to £1000+. It can be done. But not by newcomers unless you have an unmatched iron clad discipline that has gotten you through SAS Selection and Navy Seal training in one year!!! (Ultra rare)

Do you self a favour - save up a good starting balance, stick to TDs rules, employ proper risk management and believe in yourself. You will become a successful trader.
Until you have a good starting balance you will just pi$$ money away, thinking 'Oh it matters not, it was just a quick £100, I can afford a few this month' You are deceiving yourself and you WILL get into trouble.
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artful_dodger said:
:D Would it be best to wait for the next hourly bar for confirmation?

I would also add that the same is happening on the GBP/JPY?
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I get in at the end of the tail then if it forms a high rejection area i try to hold, in this case a pinbar.

gbpjpy - yes.

check euro go
 
Hi guys

Anyone watching the hourly on gold? It is forming a tail on the long term channel bottom from last october's low.

Anyone got advice. I think patience to see if the following candle confirms the bull move back up?

Richard
 
dodger, I saw it, body not ideal (quite big) and its not with trend. maybe it will be a good one though ?
 
cable daily pin?

KillPhil08 said:
*Cough*longcabletrendlinepinforming*cough*
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Cable turning into a daily pin (and yesterday was an IB). I was wrong to wait. Looks like u caught the exact low (y)

This could run quite a bit more....

Interesting to note the bad news shorters possibly being used as cannon fodder to fuel the upmove.
 
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Artful Dodger,
If i were you, i wouldnt be buying gold til (at least) the change in trend confirmed itself..... recent trend has been down on daily and 240 charts....... it needs to confirm this as the low (before i would consider buying it).

But of course..... it's up to you.
 
cheers rags, currently short from 14002, i was going to short at 14028 but it bounced earlier. (where TD mentioned on the other thread about the peaks. I might post up a picture later. Just owning oil right now :).

You were right though, it took it's time to get up.
 
dante

your call on gold breaking the neckline of the h&s on the daily is coming close @ 14.35
would you expect a break then a retest then a short(of course using your stat)if this one comes off??
 
Usdchf

Hourly candle has not close, hoping for a hammer (pin).
Appreciate opinions because this pair can just sit there if it wants to.
Nicola
 

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