Best Thread Potential setups

[Technically Fundamental]

woot! is this finally the real decline?

We're about to hit the support that let to yesterdays upmove so if this is broken I'm gonna fib it and check the major res.

BTW has anyone ever seen such a perfect doji reversal lol.

 

[montmorencyt2w]

Cable

Something else to throw in the pot: For those who care about these things, it is getting relatively close to the 365 EMA, at least when viewed on the daily chart.

It has been diverging away from this since about September, and heading back this way since about early March.

The 365 EMA is also roughly exponentially approaching a level I have near 1.6690.
Looks good to me for a bounce, which it seems to have started to do.
(Mind you I wonder what a governing party rout in the local elections will do for Sterling?).

 

[trader_dante]

BBC NEWS | Business | Pound hits new seven-month high

time to get short =)

And this highlights one important thing:

Always pay CLOSE ATTENTION to the news when you trade.

 

[montmorencyt2w]

EUR/JPY Daily

Can't remember if this has been mentioned lately, but on the daily, it seems to be forming a pin on what to me is an interesting level.

On 6th April there was a spinning top with pinnish tendencies, followed by a two week decline. Not a reversal, but a significant retracement perhaps. Todays bar has punched through the level that that one only touched.

 

[ilplusq]

And this highlights one important thing:
Always pay CLOSE ATTENTION to the news when you trade.

Which news sources do you use?

 

[trader_dante]

Which news sources do you use?

Most of the time I try not to listen to or read any news but I have Ran and CNBC and Bloomberg on tap if I need it.

The news is only good for fading.

Price makes a new high? Media all over it?

Sell

 

[ilplusq]

Can't remember if this has been mentioned lately, but on the daily, it seems to be forming a pin on what to me is an interesting level.

On 6th April there was a spinning top with pinnish tendencies, followed by a two week decline. Not a reversal, but a significant retracement perhaps. Todays bar has punched through the level that that one only touched.

It's almost 6 hours to go before the daily candle closes. I just looked at it - it's no longer a pin. In two hours it might be a pin again. And in four hours - no. A rejection does seem to have taken place, but I would wait until tomorrow's candle starts plotting before paying any attention to the daily pin/nopin.

 

[vinicius]

Please..! A quick question, USD - Dow Jones who follows who?

 

[Rocket!]

Hey TD, you still in Corn trade? When you said it was going to rocket, was the gain we've seen since friday that jump you were talking about and your out or is this just a bit of a retracement brought upon by the drop in oil?

Just wondering as Ive no experience in Commodities and was just trying to understand. Not planning to trade it or anything.

Thanks

BTW Vinicius - I think today its a case of the Dollar following the Dow. Surely all the results that have been out today would point to a rise in GBP/USD but Wall street seems to be taking it lower in my opinion.

 

[montmorencyt2w]

It's almost 6 hours to go before the daily candle closes. I just looked at it - it's no longer a pin. In two hours it might be a pin again. And in four hours - no. A rejection does seem to have taken place, but I would wait until tomorrow's candle starts plotting before paying any attention to the daily pin/nopin.

Well, I would certainly wait till close to midnight, and I certainly wasn't going to trade it at this point; just making an observation.

 

[teojh]

dollar may find temp support as eurusd acting like it wants to form a H&S

 

[montmorencyt2w]

USD/CAD again

Well I took a slightly speculative punt on this yesterday in Demo, and somewhat to my amazement, it didn't get stopped out overnight and is now about +190.

My entry was somewhat unscientific, although I thought it had retraced from the top of the pin as far as it was going to (I was wrong, but fortunately not too wrong). My stop was at a Dante-esque below the bottom of the daily pin.

Made up for my short entered yesterday on USD/CHF which got stopped out today, also on demo. It was looking like a loser today, but I decided to leave it, and see what the market thought of my stop and my trade. Now I know

 

[vinicius]

Interesting..

 

[bbmac]

gbpusd

So cable sells off strongly from Mthly R1 pivot and the top of that previous daily swing hi-previous resistance=potential resistance zone. I had Dly r1 at 6673 but looking on another broker feed and a couple of websites they gave it at 6660 so it was obviously around that Mthly R1 pivot. Strong sell-off with any demand absorbed by supply at the 1hr and 4hr previous swing hi=potential rbs and lo=potential supp zones shown as zones a and b in previous posts, the sell-off exceeding 300pips now.

The daily candle could well close as a bearish engulfing candle now, and that is shown in screenshot below.

The next most obvious previous near term imbalance of supply/demand then demand/supply that is co-existant on the 4hr chart is shown as zone c on 2nd screenshot. This is a previous swing hi/lo zone on 1hr and is therefore potential support there, and is potential rbs on the 4hr (amounts to the same thing.) Ahead of that zone there are some minor zones, and fibs.

Price is currently approaching the 38.2% of 5507-6661 @ 6222, not shown on 2nd screenshot

G/L

 

[N Rothschild]

im long gold

 

[trader_dante]

Hey TD, you still in Corn trade? When you said it was going to rocket, was the gain we've seen since friday that jump you were talking about and your out or is this just a bit of a retracement brought upon by the drop in oil?

Just wondering as Ive no experience in Commodities and was just trying to understand. Not planning to trade it or anything.

Thanks

BTW Vinicius - I think today its a case of the Dollar following the Dow. Surely all the results that have been out today would point to a rise in GBP/USD but Wall street seems to be taking it lower in my opinion.

Corn has tanked. If it's behaving correctly it should find some support at around 434. Lets wait and see.

 

[firewalker99]

Corn has tanked. If it's behaving correctly it should find some support at around 434. Lets wait and see.

Which I why I said going long yesterday or the day before was late and required a wide stop. 432 is the line in the sand for me. As long as we don't break this crucial area, I'm still with you (for a change )

 

[darkswan]

That ES pin bar that fooled me

TD and you all,

I ask your opinion on this trade I took this afternoon.
It was a long on a pin bar that formed on hourly TF. You see in first attachment it bounced upon a support line connecting two highs of last month, and a low of June 1st. In addition, there was daily pivot S2 at 827,50 which means confluence... In attachment 2 you see better the pin formation and.... how I was screwed up by price that took my stop just below the two lines.
I ask what you think about the trade itself... Would you have taken it?!? Do you believe the conditions were the right ones and I only was unlucky or maybe I'm missing something?!?
Just your humble opinion...

Many tahnks for feedback

 

[Technically Fundamental]

TD and you all,

I ask your opinion on this trade I took this afternoon.
It was a long on a pin bar that formed on hourly TF. You see in first attachment it bounced upon a support line connecting two highs of last month, and a low of June 1st. In addition, there was daily pivot S2 at 827,50 which means confluence... In attachment 2 you see better the pin formation and.... how I was screwed up by price that took my stop just below the two lines.
I ask what you think about the trade itself... Would you have taken it?!? Do you believe the conditions were the right ones and I only was unlucky or maybe I'm missing something?!?
Just your humble opinion...

Many tahnks for feedback

I dont pretend to be a great trader but It would be a no trade in my opion because:
1) the bar prior to it broke showed failed support at the 932ish
2) the pin itself broke the 930 level
3) I think with pins you're meant to wait for confirmation of the reversal in the bar following the pin which made a lower low than the pin itself

... but as I said earlier I'm no guru. You better ask Trader Dante he's the pinbar wizard here

I'm watchin cad/yen at the mo and your post has given me something to think about

 

[rawrschach]

imo it's an experience thing. It was a good bar at a level, but I was short about 10 minutes after it formed - the whole round top said to me that we were going down, it just didn't feel right.

Just keep taking them until you can tell. I pass on a lot of bars that work too so...

Even with trades like this, it'll work on balance - the trades that work will more than pay for it.