Best Thread Potential setups

[uksnowman]

Hello mate,

You've got a plan: which is a very good start and, in my opinion, is a key element that defines winners from losers.

With regards to your level to get short, I would say that a retracement to 148.10 area would be a better level to look for PA as it combines a recent strong hourly support (which we would expect to become resistance) with the 38 fib level.

As far as targets I would be putting an emphasis on s/r pivots rather than fibs.

My daily targets would be:

145.00 - 145.70 (big s/r band) and below that I have 142.00.

Cheers for the comments! I saw that some people use fibs for targets as they act as s/r but I can see that using major s/r areas or round numbers make a lot of sense. When you say s/r pivots are you referring to daily pivots such as R1/R2 etc?

 

[trader_dante]

Cheers for the comments! I saw that some people use fibs for targets as they act as s/r but I can see that using major s/r areas or round numbers make a lot of sense. When you say s/r pivots are you referring to daily pivots such as R1/R2 etc?

No. Support/resistance pivots.

I do not use calculated pivots.

 

[gdavies2]

Hi, I can't access the internet from work but I have been told that I would be able to connect to a virtual server and then use that to access the internet. As long as I don't tell my boss it sounds like a good idea to me so that I can access share trading sites and also have metatrader4 set up. In theory I can then access the virtual server from work or from home. It also means I don't have to worry about leaving my pc on at home to run mt4.
That's the theory but in practice does any have any experience of doing this? Are virtual servers safe/reliable/worth the money?
I've found a couple of websites that do them which I've listed below but does anyone have any views/idea's/suggestions from their own experiences?
Many thanks
G.
Sites I've found:
Forex Virtual Server VPS From Only $35pm
EZFOREXHOST.COM - RELIABLE FOREX VPS HOSTING

 

[uksnowman]

Hi, I can't access the internet from work..

just get an iPhone, works with IG Index and is much cooler

 

[vinicius]

Elliot Wave -- Footsie

Nic/Guys,

I`m trying to learn Elliot Wave and I`m trying to draw the waves, but it is a bit trick.. Any expert could give an advise or something.. Is that right?

I`m confused about the wave 3, has it finished or it is on stage IV of the micro wave?

Take a look at the chart, it will be better than my explanation..! Sorry..

Vini

 

[megamuel]

Anyone looking at the GBP/CHF daily pin? If you got in on the break of the hourly earlier to today, could be a great place to add!

YES. I was short last night and the price went right down to the median line (where I exited) and then turned and formed the pin. I'll be looking for a long on any retest of the lower parralel. What are the weekly charts suggesting? I can't see any contradiction...

 

[fifty2aces]

Hi, I can't access the internet from work but I have been told that I would be able to connect to a virtual server and then use that to access the internet. As long as I don't tell my boss it sounds like a good idea to me so that I can access share trading sites and also have metatrader4 set up. In theory I can then access the virtual server from work or from home. It also means I don't have to worry about leaving my pc on at home to run mt4.
That's the theory but in practice does any have any experience of doing this? Are virtual servers safe/reliable/worth the money?
I've found a couple of websites that do them which I've listed below but does anyone have any views/idea's/suggestions from their own experiences?
Many thanks
G.

This is a bit offtopic, but rather than paying for a server, you might be better running your trading software on your home computer and using VNC to connect to it from work.

 

[Blue Ruin]

GBPCHF weekly just looks indecisive to me. The price is going sideways in a tightish range. Actually, if anything the weekly looks to be an ascending triangle. Might break south but a test of the top of the triangle far more likely.

Not that the daily bar is very good mind you. The hourly was sweet though.

 

[grimweasel]

GBPCHF weekly just looks indecisive to me. The price is going sideways in a tightish range. Actually, if anything the weekly looks to be an ascending triangle. Might break south but a test of the top of the triangle far more likely.

Not that the daily bar is very good mind you. The hourly was sweet though.

Just my 2 pennies worth - I wouldn't take that weekly 'Shooting Star' on gbpchf as a short trade. It's not at an extreme of PA - all it shows me is indecision. Then with that daily hammer it gives me a good indication to leave this one out. By the looks of it I would estimate another attack of the top of the ascending triangle pattern. That weekly attack last week could have been a 'clearance patrol' to clear out the longs thus providing a more explosive more up this week?
All conjecture, but I'm not sure - and if I'm not sure, I'd rather stand aside and watch!!

 

[gdavies2]

This is a bit offtopic, but rather than paying for a server, you might be better running your trading software on your home computer and using VNC to connect to it from work.

Thanks for the suggestion. I have been running mt4 on my home pc but over the last 4 weeks I've found the pc turned off 3 times. I know one was a power cut but I'm not sure about the other two times. The setup in my shared house isn't ideal for leaving a pc on which was why someone suggested virtual servers to me. Being able to access it from work was just a bonus. What I really want to do is get away from leaving my pc on at home.

 

[Blue Ruin]

Here's a fine example of the retracement bus in action.

GBPCHF hourly trade from yesterday. Bus came back today and took out all the breakevens.

My stop is still under the first pin and will stay there for another couple of hundred pips.

 

[trader_dante]

Here's a fine example of the retracement bus in action.

GBPCHF hourly trade from yesterday. Bus came back today and took out all the breakevens.

My stop is still under the first pin and will stay there for another couple of hundred pips.

Excellent example. Blue Ruin, I cannot tell you how much thousands of pips/tick I have lost out on due to this phenomenon.

There will always be those that can't help moving their stop to breakeven after being +100 on a position like that. They will perhaps learn the hard way as I have done.

Well done for seeing it through. Excellent trade.

P.S. Once the retracement bus has moved off again it usually doesn't come back. After all, the bus does have a destination to reach

 

[advfntrader]

that Hourly GBP/CHF pin yesterday was beautiful. there is a case for ONLY trading pins that look like this, although they don't come up often

 

[Blue Ruin]

Excellent example. Blue Ruin, I cannot tell you how much thousands of pips/tick I have lost out on due to this phenomenon.

There will always be those that can't help moving their stop to breakeven after being +100 on a position like that. They will perhaps learn the hard way as I have done.

Well done for seeing it through. Excellent trade.

P.S. Once the retracement bus has moved off again it usually doesn't come back. After all, the bus does have a destination to reach

Cheers mate. The beauty of this retrace is that with such a firm rejection of the bus stop, there is a great option to reduce risk and move the stop under the 8am pin. If one was so inclined.

 

[Bloodhound]

Audcad

Not sure if anyone trades this pair but it's coming up to an important level.

 

[nunrgguy]

GBPCHF weekly just looks indecisive to me. The price is going sideways in a tightish range. Actually, if anything the weekly looks to be an ascending triangle. Might break south but a test of the top of the triangle far more likely.

Not that the daily bar is very good mind you. The hourly was sweet though.

I agree - I don't see that the trendline has been properly tested yet. What lies the other side of it?

 

[grimweasel]

Cheers mate. The beauty of this retrace is that with such a firm rejection of the bus stop, there is a great option to reduce risk and move the stop under the 8am pin. If one was so inclined.

I know a couple of people who only trade the Hammer/S-stars after the first retrace. It eliminates that need then to move stops to BE once in - just wait for the sucker to retrace, show her hand (with another PA setup) and then jump aboard. Sure, you'll miss some good moves too so it all depends on your appetite for risk.

 

[trader_dante]

Cheers mate. The beauty of this retrace is that with such a firm rejection of the bus stop, there is a great option to reduce risk and move the stop under the 8am pin. If one was so inclined.

 

[Technically Fundamental]

Usd/Jpy massive H&S
A decent time to get in if you trade them.
I'll puty my neck on the line and say 9495 before the rate decision.


BTW "Trading Price Action: An absolute insult to the amount of time some people have spent studying financial mathematics." I like it lol.

 

[tradedays]

Here's a fine example of the retracement bus in action.

GBPCHF hourly trade from yesterday. Bus came back today and took out all the breakevens.

My stop is still under the first pin and will stay there for another couple of hundred pips.

Nice trading Blue, it's sometimes really difficult to hold out - but this happens so so many times, adopting this strategy is often the difference between a good trade and an historical winner.