Best Thread Potential setups

[patw]

I'm going long EURJPY now as we have had a retest of 131ish which is the top of the recent daily/weekly range.

dude on the possable 4H pin??

 

[supremegizmo]

yes i know .. thats the reason i said look out for clues on shorter time frame.. also note previous low 1.3515 taken out .. so i am guessing a pic forward in time for a possible low high and then the pin getting taken out ..

sell a ' rejection of triple top ' buy a break of triple top
sell a double top ... works 90% times
buy a bounce on double bottom ( depends on what time frame but in a bear market double bottoms usually dont hold - again depends on which market its got )

we will see what happens ..

 

[advfntrader]

is that not a "hanging man" - usually bearish ?

dude on the possable 4H pin??

 

[skelly22]

dude on the possable 4H pin??

Hi Pat,

Not sure if you meant myself or supermeg, but if it was directed to me-

I was looking at an Oanda 3hr chart and half way in to the 3hr candle it looked to me like a good pin-like rejection of the 131 area which i had marked on my chart. I didn’t wait for the bar to close (which by right i should have) and went long at 131.32. It has just rejected off 132 resistance area now but my target is 135 and 141.5 (being very optimistic ) if it can get through the 132.30 level.

Shane

 

[trendie]

is there a 4-hr pin-bar on the GBPJPY, rejecting the previous highs of 141.50/70?

EDIT: the pin-bar isnt any old one, it seems to be at previous confirmed Res.

 

[lewtz]

Something worth looking at on g/j:

Might be a trip back to t/l. But if this breaks and there is a sign of R, really good short imo.

Also, check out the PA after we made that high. Sellers aren't dominating. This choppiness looks like a battle right now and buyers aren't quite giving up.

 

[patw]

Hi Pat,

Not sure if you meant myself or supermeg, but if it was directed to me-

I was looking at an Oanda 3hr chart and half way in to the 3hr candle it looked to me like a good pin-like rejection of the 131 area which i had marked on my chart. I didn’t wait for the bar to close (which by right i should have) and went long at 131.32. It has just rejected off 132 resistance area now but my target is 135 and 141.5 (being very optimistic ) if it can get through the 132.30 level.

Shane

shane thanks dude

2 lots? 2 targets?

 

[elitejets]

is there a 4-hr pin-bar on the GBPJPY, rejecting the previous highs of 141.50/70?

EDIT: the pin-bar isnt any old one, it seems to be at previous confirmed Res.

I had weekly resistance level at 1.4190 and I am out of my long.
There is no pin on my chart, it is an IB. I am still bullish but don't see us getting there today.

 

[Joey25]

I had weekly resistance level at 1.4190 and I am out of my long.
There is no pin on my chart, it is an IB. I am still bullish but don't see us getting there today.

On the Daily, GBPUSD opened above the resistance trendline, pulled back and bounced, which may help the case for pound strengthening pairs.

 

[lewtz]

Buyers haven't conceded yet.

 

[trader_dante]

is there a 4-hr pin-bar on the GBPJPY, rejecting the previous highs of 141.50/70?

EDIT: the pin-bar isnt any old one, it seems to be at previous confirmed Res.

Hey Trendie, it's not quite a pin on my 4hr chart...the body lies slightly outside the candle to the left of it...a lot of people might say this hardly matters but it is just the rules I apply...

At any rate, the next candle was an "Inside candle" which might be a better play (entry below, stop above) as it would provide a tighter stop and it would trigger at more or less the same time as the pin anyway...see chart 1.

I would add, however, that this is not a trade I am going to take. I don't like the look of the bear campaign from the daily chart, AT ALL. (chart 2). The market is being drawn towards 142.00 and as Lewtz said in a post a while back...when the market keeps being drawn towards a level, it's going to want to try and take it out.

A big part of my technique in trading PA bars is looking at the daily and trying to imagine how it would look if I took a setup I've seen on a lower TF.

It's a very abstract concept that is hard for me to explain. But what I mean is, if I took a 4hr pin and it was going to be profitable then tomorrows candle and perhaps the next few would need to be red on the daily TF. But when I look at the daily TF, I just can't imagine seeing red candles now. And if I can't imagine it, I can't take the trade.

Apologies if that sounds plain weird and confuses anyone....

 

[neil]

last bar looks like an IB but I wouldn't take a long breakout due to overhead consolidation...I could be wrong footed though

 

[patw]

Hey Trendie, it's not quite a pin on my 4hr chart...the body lies slightly outside the candle to the left of it...a lot of people might say this hardly matters but it is just the rules I apply...

At any rate, the next candle was an "Inside candle" which might be a better play (entry below, stop above) as it would provide a tighter stop and it would trigger at more or less the same time as the pin anyway...see chart 1.

I would add, however, that this is not a trade I am going to take. I don't like the look of the bear campaign from the daily chart, AT ALL. (chart 2). The market is being drawn towards 142.00 and as Lewtz said in a post a while back...when the market keeps being drawn towards a level, it's going to want to try and take it out.

A big part of my technique in trading PA bars is looking at the daily and trying to imagine how it would look if I took a setup I've seen on a lower TF.

It's a very abstract concept that is hard for me to explain. But what I mean is, if I took a 4hr pin and it was going to be profitable then tomorrows candle and perhaps the next few would need to be red on the daily TF. But when I look at the daily TF, I just can't imagine seeing red candles now. And if I can't imagine it, I can't take the trade.

Apologies if that sounds plain weird and confuses anyone....

dante

4H pin forming on the gbp/jpy,is this a play t/d?

break out on d/t/f and look for a retest and set up?

 

[trader_dante]

break out on d/t/f and look for a retest and set up?

It might be a play. That is certainly the pattern I would look for (breakout and retest).

But it has to look PERFECT for me to trade it.

I'm really not trading all that much in my personal account at the moment. There is a shortage of things that I think are good enough for me to take.

I've only done 4 trades so far in March.

Dax: +73 ticks
SMI: +70 ticks
Bund: -27 ticks
Euro: +55 pips

Total: +171 ticks

 

[skelly22]

shane thanks dude

2 lots? 2 targets?

3 lots, 2 targets, one randomer!As i mentioned i use oanda so its very easy to use a suitable size that you can spilt in to trade lots to give you the desired % of account(oanda deals size is €1units so you can trade what you like).
Shane

 

[lewtz]

Folks.. it's all about S/R.

Daily:

Look at the range my arrows are pointing around. Look at how much trading took place in just that small section. That section was important for whatever reason. Look at how much time was spent just trading in that small area. In between the thin line and the upper line of that zone is about 9 days of trading. Just in that tiny range. Look at how clean there was a divide in that marked zone. Support was support, then when price got below it, it was resistance. Then there was the downfall.

But that brings us to today

We can see that lower bound of the zone I was speaking of earlier made it's attempt at being R. Price wouldn't have it though. Price manages to work up to 3700 where we get the triple top, followed by a large selloff. Remember how price played in this area before for a while? Maybe it'll give it a shot here as well. If this lower bound is going to act as support, I wanted to buy for a potential trip back up to the top of the range where even maybe price could break through.

I entered long on the eur when there was a second bounce off my preliminary support. When doing this, I also marked what I feel are going to be areas of hesitation.

Really simple. Potential support started acting like support. Buy at the bottom blue line and hold for the top blue line. Red lines = potential hesitation spots.

What's occurred so far:

I wish I could say I stayed in the trade, but I jumped ship early. Now I get to watch this move on up without me and watch all the potential pips I could've had.

This is one of my short comings I'm dealing with. Hold the trade! Let it work it's way to the next level! Ugh - I need to trust my decisions more.

edit: decided to add more

 

[omni]

It might be a play. That is certainly the pattern I would look for (breakout and retest).

But it has to look PERFECT for me to trade it.

I'm really not trading all that much in my personal account at the moment. There is a shortage of things that I think are good enough for me to take.

I've only done 4 trades so far in March.

Dax: +73 ticks
SMI: +70 ticks
Bund: -27 ticks
Euro: +55 pips

Total: +171 ticks

Respect.

 

[firewalker99]

I had weekly resistance level at 1.4190 and I am out of my long.
There is no pin on my chart, it is an IB. I am still bullish but don't see us getting there today.

There was/is no reason to exit your long, just draw a simple trendline from the low of the entry around 137.20...

 

[trader_dante]

I wish I could say I stayed in the trade, but I jumped ship early. Now I get to watch this move on up without me and watch all the potential pips I could've had.

This is one of my short comings I'm dealing with. Hold the trade! Let it work it's way to the next level!

What was your first entry and what was the exit where you said you jumped ship early?

 

[elitejets]

Thank you! I waited for the daily candle and got back in at the Asian session last night.
I need more conifdence for the longer ones I guess

There was/is no reason to exit your long, just draw a simple trendline from the low of the entry around 137.20...