Best Thread Potential setups

[haircut]

I am sure I will get corrected by those more experienced than me but ...
I say it depends how you plan to trade it ...
If you are going to trade it as a daily pin, put your orders in and look at it at the end of the day then I say it is a no go because of the risk:reward and because the weekly is very bearish.
The break of the pin would be 48.80 and your stop would have to be about 165 pips to cover the pin tail. There is major resistance at $50 which was tested a couple of times yesterday and held, so you are likely looking at 120 pips reward unless there is a major rally in equities and/or the US dollar falls off tomorrow.
One to trade on the lower time frames if you do is my opinion.
Nicola

Thanks Nicola
I know you are the lady when it comes to the black stuff!!!
Mart

 

[grimweasel]

Nice Profanity Phil! You porridge-wogs do know how to swear that's for sure!!

 

[trader_dante]

According to my exit strategy, the stop on Cable can now be moved to 1.4270.

The trade is currently up 293 pips.

The stop will take you out with a 30 pip loss.

The risk was originally 191 pips.

So we have cut our risk by 161 pips.

 

[trader_dante]

In addition to the above post I would say that there is a big daily pivot at around 1.4600 so the traders that cannot bear the thought of going from +293 to -30 in a trade should consider getting 50% out up here.

Just to point out alternative exits before I get caned if this turns and tanks at any point

 

[tradedays]

Thanks Tom

For once (or maybe at last) I'm viewing things the way you do, the penny is dropping. I'd already moved my stop to your suggestion and spotted the possible res at 1.4600. I hadn't thought of reducing my position by 50% - no idea why - I've only read that 100 times!

Everyday's a school day.

Cheers Chris

In addition to the above post I would say that there is a big daily pivot at around 1.4600 so the traders that cannot bear the thought of going from +293 to -30 in a trade should consider getting 50% out up here.

Just to point out alternative exits before I get caned if this turns and tanks at any point

 

[trader_dante]

I'm short EUR/GBP at 0.9161.

Initial Target at least 0.9085

I think this is going to be the big play of today to focus on.

 

[Bloodhound]

I'm short EUR/GBP at 0.9161.

Initia Target at least 0.9085

I think this is going to be the big play of today to focus on.

Rightly or wrongly I shorted this yesterday as a H&S. Is that your reasoning or have I missed something?

 

[trader_dante]

Rightly or wrongly I shorted this yesterday as a H&S. Is that your reasoning or have I missed something?

I don't think I consciously noticed a H&S but I can see it now...I shorted it because it is constantly returning to support on the daily TF and it also broke an upwards daily TL...I entered at 0.9161 (pretty much the low of the day after yesterdays sh*t out). My stop is now at 0.9163 (-2 pips if stopped out)

 

[Bloodhound]

Great - thanks for the reply. I managed to get stopped out once trying to short this yesterday but it looks to be doing good now

 

[supremegizmo]

dante the fact that .. euro has made a bear flag on dailies ... and i am not happy about it ahead ecb

traders will be looking for ecb's non conventional policy ... QE in the form of buying corporate bonds, buying outright govt bonds ...and it could trigger the bear flag

 

[trader_dante]

dante the fact that .. euro has made a bear flag on dailies ... and i am not happy about it ahead ecb

traders will be looking for ecb's non conventional policy ... QE in the form of buying corporate bonds, buying outright govt bonds ...and it could trigger the bear flag

Yep, Giz, agreed. This is going to be play of the day. If Trichet says QE is on the cards then that Euro is absolutely dead in the water...but if on the other hand he manages to do his usual trick of saying everything but what everyone wants to hear, then we may be in a for a choppy session...finally, if he says they are NOT going to be doing QE in the near future...Euro is going to go ballistic. So basically, what I've just said is I have no idea where it's going...LOL...it looks bearish from a technical perspective but its waiting for a fundamental catalyst.

Since I am mainly a technical trader, I'll crack that bear flag short if it goes...think I'll stay out of the long side for now...

 

[firewalker99]

Yep, Giz, agreed. This is going to be play of the day. If Trichet says QE is on the cards then that Euro is absolutely dead in the water...but if on the other hand he manages to do his usual trick of saying everything but what everyone wants to hear, then we may be in a for a choppy session...finally, if he says they are NOT going to be doing QE in the near future...Euro is going to go ballistic.

If that were the case, Trichet and all his close friends who know what he's going to say, could be making millions in just minutes.

 

[trader_dante]

If that were the case, Trichet and all his close friends who know what he's going to say, could be making millions in just minutes.

What the news is and how the market interprets it are two completely different things...still, I think its fair to say that if he announces QE that Euro is going to absolutely tank.

Again though, just to confirm, I'm short Eur/Gbp from the charts and regardless of the news I will trade what I see...if by some miracle Trichet says "we're going to do QE" and the Euro goes parabolic when it should go down...I'm not gonna sell it like a c*nt.

I always trade the price action.

Fundamentals are just there to make me sound clever and justify my career to those around me that think trading the price is just gambling lol

 

[candles]

im short Gbp/jpy 142.26 - wish me luck. I tend to need it on forex trades!

was making 82 pips on that trade. ill Be back at BE in a minute! lol. That thing sure moves

Well...sure enough that trade did get back to Breakeven (after making me 82 pips) and eventually stopped me out!
However, I REVERSED the trade at that point and managed get the breakout to the upside that I just closed for 125 pips.

Have also just gone short but with a tightish stop.

 

[Crap Buddist]

Well...sure enough that trade did get back to Breakeven (after making me 82 pips) and eventually stopped me out!
However, I REVERSED the trade at that point and managed get the breakout to the upside that I just closed for 125 pips.

Have also just gone short but with a tightish stop.

Yeah good trade. Always was a bull market, so it makes sense to keep on the buy side.

"you do know this is a bull market?" (from a good book, Reminiscences of a Stock Operator)

Well if we do know it's a bull market, what should one look to do ? Trading doesn't get any clearer than that.

Outstanding , reach for the stars !

Kin'ell just seen your short ! Good luck, see what happens.

 

[candles]

Kin'ell just seen your short ! Good luck, see what happens.

lol.
Short was stopped for 14 pips loss.
Im expecting 145.50

 

[Crap Buddist]

lol.
Short was stopped for 14 pips loss.
Im expecting 145.50

Well ok . Now you see how easier it is to be on the right side of the market ? You(some folk do) can trade against positions but you need to very careful, and one is often rewarded for waiting to get back on the correct side flow with the markets position ,even add to longs.

"You do know this is a bull market ?"

Come on candles ,see the light buddy !

 

[trader_dante]

If anyone likes EUR/GBP from the long side, this is the place to crack it here at 0.9090.

 

[tradedays]

Anyone got any fundimentals on GBPUSD this morning? Its at a key level and hopefully momentum will keep it trucking

 

[Blue Ruin]

Fundamentally I have my fingers in my ears.

Technically I'd like to see some consolidation here, confirmation of 14600 as new support, and maybe a cheeky bit of price action so I can add more.