Best Thread Potential setups

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Pinj bar

supremegizmo said:
now i am done for the day i though i should post why i exited out of my euro short position today well before i could foresee what was coming from my experience . i amposting this
this thread so that a lot of you could learn ...

now i shorted euro in morning based on daily IB and break of bear flag onhourly. When euro retraced back from 1.2880 area i knew it was well fishly as its could make a potential double bottom .. things had to get more worst with the double bottom coming in form of a huge pin (watch the yellow marked area)

now also note 55 ema acting as resistance which made believe a lot of traders that euro was retreating its course and they took this as a shorting opportunity but infact it was testing the 55ema and when it broke the 55ema before doing that 1hour candle settled above 50% of last move just above the trendline at bottom and rallied and broke the 55ema aggressively

now its gonna come back sooner or later to test 55 ema if it hold it rallies ..

it will target 1.3020 area for term while and a break of that would send it to 1.32 area ..
and if it comes down and takes out double bottom its well bearish but probability is less fortoday
:cheesy:
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You refering to the 8am hourly Pin bar which gave a nice long on its break (still current) ?
 
Evan the 5 minute is giving pips
 

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Gbpjpy

Got stopped out of my long at 1.4090, Thanks Mr Darling
Bought back in at my stop level. Not sure if that's smart as sterling seems to have lost its appeal suddenly but we will see. So far so good.
Nicola
 
whatcha think, cant be arsed cropping the pic your going to have to open it.
 

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elitejets said:
Got stopped out of my long at 1.4090, Thanks Mr Darling
Bought back in at my stop level. Not sure if that's smart as sterling seems to have lost its appeal suddenly but we will see. So far so good.
Nicola
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Good luck. Looks like a pretty solid re-entry to me. I'm sidelined for a bit. Overall account record ok but my win/loss this month is f*cking abysmal and I need to work out why.

Hope everyone is having fun.
 
Blue Ruin said:
Good luck. Looks like a pretty solid re-entry to me. I'm sidelined for a bit. Overall account record ok but my win/loss this month is f*cking abysmal and I need to work out why.

Hope everyone is having fun.
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BlueRain,
If your win/loss ratio is around 30%, then you are "as good" as many a great trading hero..... the fact that your account is at record highs means that you are doing it "right"... dont fix what isnt broken my friend.

ps. Trader_Dante will just have hit the roof as we have very differing opinions on the validity of ones "hit rate".....

pps........ this is NOT 50/50 game, only the next tick is 50/50........ so dont be depressed if you are right less than half the time....... hopefully your targets arent at 1.1 (as lectured in an earlier Dante recap email.... ;) )
 
omni said:
BlueRain,
If your win/loss ratio is around 30%, then you are "as good" as many a great trading hero..... the fact that your account is at record highs means that you are doing it "right"... dont fix what isnt broken my friend.

ps. Trader_Dante will just have hit the roof as we have very differing opinions on the validity of ones "hit rate".....

pps........ this is NOT 50/50 game, only the next tick is 50/50........ so dont be depressed if you are right less than half the time....... hopefully your targets arent at 1.1 (as lectured in an earlier Dante recap email.... ;) )
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Cheers mate. Sorry, I was unclear. By 'account record ok' I meant overall my profit/loss is ok (just under breakeven for the month), not that my account is at record highs, sadly.

I agree though. I'm happy with around 30% win as long as my trade management is sound and the winners are running, but this month I think I've been overtrading and managing poorly and it's getting too low. I think the major problem is that I'm primarily a position trader but lately I've been slipping into too many short-term plays.

In a nutshell, it's not the state of my account but the gentle spiral into bad habits that has given me pause.
 
Blue Ruin said:
Cheers mate. Sorry, I was unclear. By 'account record ok' I meant overall my profit/loss is ok (just under breakeven for the month), not that my account is at record highs, sadly.

I agree though. I'm happy with around 30% win as long as my trade management is sound and the winners are running, but this month I think I've been overtrading and managing poorly and it's getting too low. I think the major problem is that I'm primarily a position trader but lately I've been slipping into too many short-term plays.

In a nutshell, it's not the state of my account but the gentle spiral into bad habits that has given me pause.
Click to expand...

I sometimes limit myself to 1 trade a day when i can feel the trigger finger getting happy.......... seriously, try it....... it will make you wait for that perfect setup...
 
elitejets said:
Got stopped out of my long at 1.4090, Thanks Mr Darling
Bought back in at my stop level. Not sure if that's smart as sterling seems to have lost its appeal suddenly but we will see. So far so good.
Nicola
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I dont know why but I though that you were a guy! :eek:
 
I have just done an exercise........... not that anyone gives a flying phukk....
But while we were on the subject of overtrading..... I chose gbpusd....... looked back over the charts and marked where there were really good entries..... and there are not many... AT ALL.

Patience, patience and more patience........... waiting for those pivotal moments.

I guess you are all getting the point ;)

But try it yourself - then see how many trades you have done.
 
omni said:
I have just done an exercise........... not that anyone gives a flying phukk....
But while we were on the subject of overtrading..... I chose gbpusd....... looked back over the charts and marked where there were really good entries..... and there are not many... AT ALL.
Patience, patience and more patience........... waiting for those pivotal moments.
I guess you are all getting the point ;)
But try it yourself - then see how many trades you have done.
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You're right ... hmph
 
omni said:
I have just done an exercise........... not that anyone gives a flying phukk....
But while we were on the subject of overtrading..... I chose gbpusd....... looked back over the charts and marked where there were really good entries..... and there are not many... AT ALL.

Patience, patience and more patience........... waiting for those pivotal moments.

I guess you are all getting the point ;)

But try it yourself - then see how many trades you have done.
Click to expand...

Thats actually a very interesting study, slightly scary too, considering how many trades I do. I like the idea of limiting to one trade a day also.
 
Just for the record...if you take the number of trades I have done and divide it by the total number of days I have been trading - obviously not including weekends - just trading days ( and obviously by now I've built up quite a record) I am doing 0.77 trades per day.

So, basically, one trade a day with the odd days where you do two and the odd days where you sit on your hands because the market isn't acting right or there are no good opportunities.

Someone asked earlier how everyone traded or coped when the budget came out.

I was long Euro off the hourly pin from the double bottom at the time and that was all.

I saw the markets going f*cking mental. I was DESPERATE to short GBP/JPY and I was even more DESPERATE to short GBP/USD. But I couldn't see an entry that I liked.

So I went to bed.

I just woke up now and the markets are quieter. And I will prepare my plan for tomorrow.
 
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trader_dante said:
I saw the markets going f*cking mental. I was DESPERATE to short GBP/JPY and I was even more DESPERATE to short GBP/USD. But I couldn't see an entry that I liked.
Click to expand...

Dude tell me about it... I was calling for the Bund rally since friday's close (well, Long Bonds / short equities... and this isn't a Blue Peter call 'cos I started to tell everyone in their rep comments after an 8 pint of scrumpy internet troll)... anyhow, out of the whole 169 tick rally (over 100 on the day), I didn't get in once. Just couldnt see an entry I liked. First Bund trade of the week was today.

(only difference is that I trade from home, so I do something "else" before dozing off ;) ).
 
trader_dante said:
Just for the record...if you take the number of trades I have done and divide it by the total number of days I have been trading - obviously not including weekends - just trading days ( and obviously by now I've built up quite a record) I am doing 0.77 trades per day.
Click to expand...

Hey Tom,
can I ask you what your average risk/return is?

Looking at the EURUSD at the moment to see if it will bounce off the descending TL and 38% fib, where it is stuck now on the 1H.
 

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