Best Thread Potential setups

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Genics...

Genics said:
out of intrest, of all the people here who only seem capable of trading pins. who makes money?
Click to expand...


Yes... ish. Being totally truthful I don't have a long enough track-record to give you a resounding yes without the ish. But it's going well so far. Not demo.

I have a fairly strict criteria before I take a Pin.

However, I will take a setup on any timeframe... actually, nothing lower than 15-min, and I've yet to see a Pin that meets my criteria on the daily.

(also, I don't differentiate between a pin that forms during one candle, and one that forms over 2 or 3 candles - concatenating the bars to give a pseudo-Pin)

I watch EUR, GBP, USD, JPY, CHF, AUD, and NZD on all timeframes. Funnily enough, I don't get near as many setups as one would think trading 12 or so pairs on 4 or 5 timeframes.

The amount of trades I "miss out" on is mind boggling - but I'm getting the feeling that this is part of the road-to-consistency-as-full-time-profitable-trader.

I'm certainly not over-trading that's for sure!!


Magnus
 
Genics said:
out of intrest, of all the people here who only seem capable of trading pins. who makes money?
Click to expand...

Well if you actually trade the Making Money Method that this thread is based on then you will see it is not just "pins" but a lot of other set ups, all of which are discussed here. And pins don't mean anything unless you learn levels too.
Im doing just fine with money thanks to what Ive learned here.
 
Yuppie said:
Yes... ish. Being totally truthful I don't have a long enough track-record to give you a resounding yes without the ish. But it's going well so far. Not demo.

I have a fairly strict criteria before I take a Pin.

However, I will take a setup on any timeframe... actually, nothing lower than 15-min, and I've yet to see a Pin that meets my criteria on the daily.

(also, I don't differentiate between a pin that forms during one candle, and one that forms over 2 or 3 candles - concatenating the bars to give a pseudo-Pin)

I watch EUR, GBP, USD, JPY, CHF, AUD, and NZD on all timeframes. Funnily enough, I don't get near as many setups as one would think trading 12 or so pairs on 4 or 5 timeframes.

The amount of trades I "miss out" on is mind boggling - but I'm getting the feeling that this is part of the road-to-consistency-as-full-time-profitable-trader.

I'm certainly not over-trading that's for sure!!


Magnus
Click to expand...

to be really honest if you want to start your career then you should concentrate on major and liquid pair like euro.. and keep gbp on the side charts thats it.. because if you chase behind all the other crosses then you will not be able to successfully master the nature and price action of one currency..

like dante specialises in bund and gbp and the rest is bonus for him and same with me i specialise in euro .. i know it inside out and how its gonna cheat blah blah blah ..

once you become profitable one a single pair then you can switch on to crosses like aussie .. mind you thou this high yielders move along with euro they exhibit very differnt nature because of their correlations (y)
 
elitejets said:
Well if you actually trade the Making Money Method that this thread is based on then you will see it is not just "pins" but a lot of other set ups, all of which are discussed here. And pins don't mean anything unless you learn levels too.
Im doing just fine with money thanks to what Ive learned here.
Click to expand...

Nicely put. Ditto
 
Eurgbp

Hi all,
I know it's bit early in the day, but any opinions on the daily pin forming on eurusd. What I see is:
1) Coming off level that was resistance in January and became support in late March
2) Close(ish) to 38.2 fib
3) First problem area would be downward trend line

What I'm not sure about is the fact that price lingered around the S/R for 3 days at the end of March. Anyone else looking at this?
 

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supremegizmo

supremegizmo said:
to be really honest if you want to start your career then you should concentrate on major and liquid pair like euro.. and keep gbp on the side charts thats it.. because if you chase behind all the other crosses then you will not be able to successfully master the nature and price action of one currency..

like dante specialises in bund and gbp and the rest is bonus for him and same with me i specialise in euro .. i know it inside out and how its gonna cheat blah blah blah ..

once you become profitable one a single pair then you can switch on to crosses like aussie .. mind you thou this high yielders move along with euro they exhibit very differnt nature because of their correlations (y)
Click to expand...


supremegizmo,

I have meandered off and on sticking to one currency in the past - the usual "missing" opportunities thoughts re-surface.

So, a couple of questions:

1) When you say "concentrate on major and liquid pair like euro"... I'm assuming you mean the EUR/USD pair itself, and not just anything EUR-based?

2) I appreciate the logic in sticking to one pair. Would you advise following/trading it in every way and on every TF (within reason and comfort level)? Immersion kinda thing: how does news affect it, etc etc...

and one more...

3) I have followed EUR/JPY more than any other pair in the last year - sometimes exclusively. What do you reckon on continuing with this pair? Liquid enough?


Thank you for you comments,

Magnus
 
Yuppie said:
supremegizmo,

I have meandered off and on sticking to one currency in the past - the usual "missing" opportunities thoughts re-surface.

So, a couple of questions:

1) When you say "concentrate on major and liquid pair like euro"... I'm assuming you mean the EUR/USD pair itself, and not just anything EUR-based?

2) I appreciate the logic in sticking to one pair. Would you advise following/trading it in every way and on every TF (within reason and comfort level)? Immersion kinda thing: how does news affect it, etc etc...

and one more...

3) I have followed EUR/JPY more than any other pair in the last year - sometimes exclusively. What do you reckon on continuing with this pair? Liquid enough?


Thank you for you comments,

Magnus
Click to expand...

Magnus,
You should trade what YOU want to trade - it doesnt matter what - altho the cheapest things make most sense (ie.tightest spread) coz it keeps your costs down. eurjpy is a pretty major pair so spread cost should be ok.
you dont have to trade eurusd........ i heard from someone, cant remember who, but he traded just rbs shares........ he did so since the beginning of time and never had the need to go elsewhere.

there is definitely somethnig to be said for trading 1 market alone. the "big boys" have eurusd traders........ usdyen traders........ and so on........ so given the fact that you are probably not a "big boy", how can you expect to "beat them" if you are covering 5........ 10....... 15 markets.......... they will hunt you down... literally.

altho, to contradict myself....... there are many successful people who trade multiple products profitably........ i think it's a case of each to their own........ but if you arent being successful with 20 products....... cut it to 10, if you cant make profit with 10, cut it to 5..... and so on..... it's all about staying in the game and finding what works for Magnus.

Hope that makes sense....

ps. and regarding trading multiple timeframes........ keep doing it, why? because you have taken trader_dante technique and are makign it your own..... something everyone on here should have found themselves diong.
 
Oi-Newby

:)
luckyd1976 said:
Very good advice. Bumped up because it bears repeating...
Click to expand...

Advice worth repeating:

Originally Posted by trader_dante
Forget the lower TFs.

Leave them to the traders that have been trading for years and are very experienced.

Make money on the higher TFs.

The very lowest you should be going is 1hr

You should be looking only at 4hr and Daily and Weekly at first.

Let me say that again.

NEVER LOOK BENEATH THE 1HR TIMEFRAME WHEN YOU ARE NEW TO THIS GAME.

(and if you are not profitable yet, consider yourself NEW to this game)

Forget that cr*p about wanting to refine your entries.

It is much, much, much harder to trade successfully on this TF when you are new to trading.

Do not even attempt it.

Trust me on this. Trading the higher TF is the easiest and least stressful way of trading
 
Yuppie said:
supremegizmo,

I have meandered off and on sticking to one currency in the past - the usual "missing" opportunities thoughts re-surface.

So, a couple of questions:

1) When you say "concentrate on major and liquid pair like euro"... I'm assuming you mean the EUR/USD pair itself, and not just anything EUR-based?

2) I appreciate the logic in sticking to one pair. Would you advise following/trading it in every way and on every TF (within reason and comfort level)? Immersion kinda thing: how does news affect it, etc etc...

before i can proceed ..pls read omni's post he is true in his way trading multiple markets.. if you not comfi with 10 cut it down to 5..

when i meant eur i meant to say eur/usd more preferable than eur/jpy .. now this depends how you manage you risks for eur/jpy you have to give a bit more space to your stops.. if you are comfi with eur/jpy then go forit

what i mean by not chassing other crosses where like eur/aud , eur/cad etc ##or

2> you first take directional views looking at 4h or daily charts and then see if 1 hour trend .. take the trade based on 15 min chart .. this is how i trade ..

3> if you like eur/jpy no problem atall good moves happen in that market and if you pick th right move you cud go home with handsome profit and viceversa.. but i personally think you should have a stronghold on 1 particular product

best of luck
Click to expand...
 
trader_dante said:
Agreed mate. I got a letter yesterday advising me to start buying Gold bullion. If that is not the clearest sign in the history of the markets that Gold is about to do its cheeks, I don't know what is.

Still, no entry yet for me.

We'll see though.
Click to expand...

How about this for an entry?

890 looks like a strong area on the Daily

Gold.jpg
 
Thank you...

omni said:
Magnus,
You should trade what YOU want to trade - it doesnt matter what - altho the cheapest things make most sense (ie.tightest spread) coz it keeps your costs down. eurjpy is a pretty major pair so spread cost should be ok.
you dont have to trade eurusd........ i heard from someone, cant remember who, but he traded just rbs shares........ he did so since the beginning of time and never had the need to go elsewhere.

there is definitely somethnig to be said for trading 1 market alone. the "big boys" have eurusd traders........ usdyen traders........ and so on........ so given the fact that you are probably not a "big boy", how can you expect to "beat them" if you are covering 5........ 10....... 15 markets.......... they will hunt you down... literally.

altho, to contradict myself....... there are many successful people who trade multiple products profitably........ i think it's a case of each to their own........ but if you arent being successful with 20 products....... cut it to 10, if you cant make profit with 10, cut it to 5..... and so on..... it's all about staying in the game and finding what works for Magnus.

Hope that makes sense....

ps. and regarding trading multiple timeframes........ keep doing it, why? because you have taken trader_dante technique and are makign it your own..... something everyone on here should have found themselves diong.
Click to expand...



supremegizmo said:
before i can proceed ..pls read omni's post he is true in his way trading multiple markets.. if you not comfi with 10 cut it down to 5..

when i meant eur i meant to say eur/usd more preferable than eur/jpy .. now this depends how you manage you risks for eur/jpy you have to give a bit more space to your stops.. if you are comfi with eur/jpy then go forit

what i mean by not chassing other crosses where like eur/aud , eur/cad etc ##or

2> you first take directional views looking at 4h or daily charts and then see if 1 hour trend .. take the trade based on 15 min chart .. this is how i trade ..

3> if you like eur/jpy no problem atall good moves happen in that market and if you pick th right move you cud go home with handsome profit and viceversa.. but i personally think you should have a stronghold on 1 particular product

best of luck
Click to expand...



The James16 thread on FF is a good example of people trading multiple pairs succesfully - even the weird and wonderful(?) crosses... then there is Jacko's thread on FF where he (and others) trade EUR/USD exclusively.

I think just now I will compromise a bit. I will continue following the dozen or so pairs with the strict criteria I have for them - it's not time-consuming as I only keep an eye out for setups at obvious S/R levels (among other obvious criteria) - but focus more on EUR/JPY with the time I have free (beats reading the Spanish thread :-0 ).

I have a decent amount of experience with EUR/JPY. I'll see how it goes.

Cheers for your responses and any other comments/thoughts most welcome...


Actually, while I'm in the posting mood and you guys are fantastically helpful... I'm ultimately looking to work for a prop. firm - go a similar route to the way TD got to where he is (I talked to Tom around September last year about how he got in) - building a P&L record.

Would the sticking-to-one-pair route benefit or hinder such an aim?

Perhaps it doesn't matter?

Maybe there is a host of things I'm missing entirely?


Magnus


p.s. apologies if I'm de-railing this thread :eek:... but a lot of newbies read it so I'm sure there may be benefit...
 
Thoughts on a GBP/CHF possible long

I am looking at a possible long set up. I would like any pointers as I am learning slowly.
The Gbp/chf has broken the upper trendline I have on my charts. the daily 20 and 50 have crossed to the positive and it looks like the price will close above the weekly 20ma.
Could a possible entry be a break of the daily mother bar of the inside bar formation.
Any points or tips are very welcome
ps I know it needs a large stop loss below low of mother pin.
Thanks Haircut
 

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Eurusd

Looks like EURUSD has formed a pin. Any thoughts? Will take a look in the morning before I place an order, to see the overnight developments.
 
see my comments below


neil said:
:)

Advice worth repeating:

Originally Posted by trader_dante
Forget the lower TFs.
technically the same setups happen on the lower time frames as they do on the higher time frames. i dont see the point in giving this sort of advice since it is not relevant

You should be looking only at 4hr and Daily and Weekly at first.
believe it or not but this is actually bad advice to a new trader. if you are trading on the 1 hour or even to fit your statement the 4 hour, then what on earth is the weekly or even daily going to help you. its a different timeframe and the setup presented on the 4 hour has no relevance to the daily or weekly. the best advice you can give a new trader is to stick to one time frame. you dont get conflicting signals that will change your mind about a setup on the time frame you are seeing it.


NEVER LOOK BENEATH THE 1HR TIMEFRAME WHEN YOU ARE NEW TO THIS GAME.
so you saying as a new trader its better to learn on a higher time frame where you maybe get 1 setup a week to practice on with stops so wide you can fit a 747 through? surely you should know the excitement every new trader has to make money easy is not going to discipline them enough to wait for that single setup that might present itself.

Forget that cr*p about wanting to refine your entries.
refining entries is a justified technical practice and could mean the difference of better entries or reduced risk. to forget this pratice is not a good thing to do.


Trust me on this. Trading the higher TF is the easiest and least stressful way of trading
trading is nothing more than an online casino, you wouldnt get all emotional at a slot machine and trading is only different where your setups gives you a casino like edge. you will take the same losers on a lower time frame as you would on a higher so to say trading on a higher time frame is least stressful is basically saying you are still trading out of emotions.
Click to expand...
 
forker said:
see my comments below
[/COLOR]
Click to expand...

With respect Forker your advice is not welcome.
Im not going to get into a debate about who is right or wrong and whether newbies should be able to learn discipline on the 5min chart.
I just want to point out that if you read the first page and first post of this thread you will see that this thread is set ups for people who learnt or are learning Trader_Dante's methods and that means the daily and 1hr charts. Trader_Dante does this for free and anyone who wants to learn can ask questions about potential set ups here as per his method.
There are literally hundreds of different trading systems and styles with threads on this website but for some reason (maybe its popularity) this is the only one that attracts spammers, challenges and critics day in and day out.
No one is being forced to learn this way, if it doesn't work for them they can leave.
It's free.
 
Last edited:
no offence nic, it doesnt say anything on the first page about pin bars.

it just says levels, levels are important on all timeframes. i think forker has actually posted something useful there.
 
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