Best Thread Potential setups

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KillPhil08 said:
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.
Click to expand...

Its not a thread about pin bars, its his thread for high probability set ups. But it is his thread and his method.
 
sorry didnt realise he owned price action. please go back to page 1 and read from the start.
 
elitejets said:
Its not a thread about pin bars, its his thread for high probability set ups. But it is his thread and his method.
Click to expand...

this is the pinbar thread isnt it?

having nothing against dante, he is a good trader, but people need to get there tongues out his **** he is not the messiah of trading.
 
Not me ...
I wouldn't take my advice on anything, Im trying to learn like everyone else. I don't think pin bars are a holy grail (I think discipline is) and I probably should have kept my mouth shut. I dont trade the 5min chart or lower because Im completely crap at it.
Apologies Forker, Genics and anyone else. Enough thread clogging from me.
 
You might want to be careful what you post in this thread on this page.
THIS IS THE DEVILS PAGE!!!!

Also know as: killphil08!!

Hey if WASP is the messiah then, well you know.

:cheesy:

Just kidding
 
Last edited:
GBP/CHF M15 Penant Breakout..

Should go for ~230 pips?
 

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(to clarify: sentences in bold were originally written by Forker)

Forker,

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

I am just giving advice based on my own experiences. Yes, the lower TFs technically give the same setups but I still don't believe they are for beginners. They require you think faster and to be able to think faster, trading has to be like second nature. That's why the principles should be ingrained on a TF where you have time on your side.



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.

I meant what I said as in, stick to the higher TFs whether that be weekly, daily OR 4 hourly. Not all at once.

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.

Yes and you really just hit the nail on the head. The excitement every new trader has to make money is what is going to cause their undoing. On the higher TFs you will learn the discipline to wait for the best setups and the size of the stops is insignificant because you fit them to your risk parameters.

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.

Agreed but wouldn't you say that new traders need to actually know what a good entry is before they start trying to refine it?


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.

Your emotions are heightened when you don't have time to think. See my answers above.

As I've said before, everyone is free to disagree with what I write but I write it in order to help people.

I've had eight years experience in this. I make money consistently trading the higher TFs and just about break even at work where I trade the lower ones. That should tell you something in itself. If it were this easy - just apply the principles on the lower TFs, then I should be cleaning up at my prop firm...but I'm not...

At any rate - just trying to help and it's just my 2 cents.

-Tom
 
Last edited:
dbau said:
GBP/CHF M15 Penant Breakout..

Should go for ~230 pips?
Click to expand...

just a note on your setup........ a 15min penant probably has less than 50% chance in working - so you need more than a 1.1 target to be profitable over time. try to backtest some other 15min penants to see.
 
your 2 cents is usually a good read , its good to have a debate about differences of opinion although sometimes on this board it is taken a bit far. :)

trader_dante said:
Forker,

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

I am just giving advice based on my own experiences. Yes, the lower TFs technically give the same setups but I still don't believe they are for beginners. They require you think faster and to be able to think faster, trading has to be like second nature. That's why the principles should be ingrained on a TF where you have time on your side.



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.

I meant what I said as in, stick to the higher TFs whether that be weekly, daily OR 4 hourly. Not all at once.

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.

Yes and you really just hit the nail on the head. The excitement every new trader has to make money is what is going to cause their undoing. On the higher TFs you will learn the discipline to wait for the best setups and the size of the stops is insignificant because you fit them to your risk parameters.

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.

Agreed but wouldn't you say that new traders need to actually know what a good entry is before they start trying to refine it?


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.

Your emotions are heightened when you don't have time to think. See my answers above.

As I've said before, everyone is free to disagree with what I write but I write it in order to help people.

I've had eight years experience in this. I make money consistently trading the higher TFs and just about break even at work where I trade the lower ones. That should tell you something in itself. If it were this easy - just apply the principles on the lower TFs, then I should be cleaning up at my prop firm...but I'm not...

At any rate - just trying to help and it's just my 2 cents.

-Tom
Click to expand...
 
omni said:
just a note on your setup........ a 15min penant probably has less than 50% chance in working - so you need more than a 1.1 target to be profitable over time. try to backtest some other 15min penants to see.
Click to expand...

thanks omni, i've only recently learnt about them so that's useful to know. with reference to the TF, i actually had noticed the pattern on the H1 however i just zoomed into the M15 in order to make the attachment clearer. i generally hold my positions for days but like to zoom into the smaller TFs to see a bigger picture.

i will definitely backtest pennants though as i'm interesting in learning success rates, which pairs work best, how often they occur etc. cheers for the suggestion.
 
having the legend dante sitting next to me he is definitely the messiah; at the company pool on the third floor just below our gym on the forth and the jucuzzi/spa on the fifth I saw him yesterday walking on the water.. what more evidence do the people on this forum need??
 
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