darktone
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Best Thread Potential setups
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trader_dante
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Thought this might interest some of you Noticed it yesterday but, what with actually trading, kinda had my attention elsewhere.
The Double Bottom, inside bars and 2 x Doji are IMO a sitter for quick profits. You can combine the four candles to make a Hammer... for the record, I did call this at the time, just not here. I also suggested adding to the position at 1.8600 @ the first test, but would have been shaken out by yesterdays moveseek
Not really interested in hearing about how it's after the fact, it's a good example.
Hi Mr Gecko, Glad you mentioned this. I took it for EXACTLY the same reason it was a beautiful trade. This is exactly what trading the price action is about. You get the first clue from the daily TF in the form of the pin bars which fail to have their lows broken. Then on the hourly you get an approximate triple bottom all with slightly higher lows which is somewhat bullish. Then you get a doji at the low followed by an inside bar. This was a simple and incredibly effective trade. I got 1 lot off near the highs but gave most of the profit back on the second lot trying to hold it. Cable is good at shaking people out.
trader_dante
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Hey FIbbinstarchi,
You are right, I am trading at a prop firm I just didn't understand what you were trying to say
I've been saying myself for ages that pin bars are not the be all and end all. They are a simple and profitable (if taken at excellent levels) introduction into trading price action. I always suggest traders start with them because they are easy to spot and for the most part reliable. They build P&L so that you can then go onto experiment. For the record, I've called a few trades live but it's not something I enjoy doing on forums because people follow you and I often make quick decisions to exit based on the PA which is not only takes time to post but is unfair on people that don't sit infront of their screens all day and see it . If you are interested, I am going to be doing a day soon where I will be trading live infront of people. Send me a PM and I will let you know. Tom
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two pin bars double top
Hi TD & friends
Just wondering your thoughts on this setup - the price action as opposed to the levels.
Two pin bars at a swing high that form a double top.
So i'm thinking this is still a good setup so long as the second pin bar doesn't produce a higher high? and the double top adds confirmation?
learnt a very valuable lesson (well kind of as this is the 2nd time i have done this now)
took the trade and rushed it. Saw the price moving down to my entry point so placed the order with a nominal 50 point stop until i could work out the correct number of points. Then my screen froze, and before i could adjust the stop to the nose of the pin i got stopped out and then the market immediately withdrew. So basically that cost me 50 points for being stupid
Hi TD & friends
Just wondering your thoughts on this setup - the price action as opposed to the levels.
Two pin bars at a swing high that form a double top.
So i'm thinking this is still a good setup so long as the second pin bar doesn't produce a higher high? and the double top adds confirmation?
learnt a very valuable lesson (well kind of as this is the 2nd time i have done this now)
took the trade and rushed it. Saw the price moving down to my entry point so placed the order with a nominal 50 point stop until i could work out the correct number of points. Then my screen froze, and before i could adjust the stop to the nose of the pin i got stopped out and then the market immediately withdrew. So basically that cost me 50 points for being stupid
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Did you take this Pin. I entered on the breaK at 20473. It took a while to get going but is doing quite well now. I have moved my stop to above the consolidation area on the hourly at 20360.
1Pipped
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Ive been keeping an eye on gold too, was a good pin on 4hr chart but i cancelled my order as it didnt look too good the next few hours.
Watching this now, cable boat might be starting sailing ? Ill wait for a pullback somewhere over the possible-resistance-line Ive marked.
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Hey 1Pipped,
I managed to get an order thru at 807 on the retrace (yesterday/or day before, i cant remember). Palladium spread was too big.
I have been somewhat nervous of cable, it (and the other $ pairs) have been sucking in the punters. I got long nzd/usd and short usd/cad instead.
Anyone out there get some success on oil? I just never spot an entry!!!!! Drives me mad.
ditto. did you gt into this off the weekly pin omni?? whats ur target?
Hey Portomar,
Yeah, exactly. Off the weekly. I thought we were stalling at 7150 but got thru that today. Next target is 7400, first, then the big 7500. See what happens.
yea agreed could even go higher but id be happy with 7400/7500. u thinking of moving stop any time soon? im gonna try keep mine where it is till this weeks pin finishes.
That did seem like the most obvious place for a stop I guess. I lowered it later to 20275 and have now been stopped out. At the time I thought I should have left it where it was but that would also have been hit now.
I'll keep an eye on it and see if an opportunity arises for another short.
trader_dante
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Trading price action works across ALL timeframes but trading the lower TFs (while it has the advantages of tighter stops) is harder and I always think a new trader should master the higher ones before attempting the lower ones.
Here is a trade I took today in the Wheat and I almost got taken to the cleaners. I sold December Wheat on a rejection of this TL (chart 1). If you look on the 5m (chart 2) you will see an inside bar at the top. As soon as I went in short, I tried to put my stop in around 10 ticks above the market but the exchange wasn't accepting it. After a few seconds I realised that it was because I was trying to put my stop ABOVE where the market would be trading at limit up. e.g. The market was almost at limit up. As soon as I knew this I decided to do the sensible thing and scratch the trade as if the market jumped to limit up I would be locked in which could potentially be disasterous. There was a few nail biting seconds where I was praying someone would transact at my price. They did and I got out and then the market collapsed without me...
But I digress - the example shows you how you can REFINE your entries. This is what you should be doing. Whether it is 1m or 1 hour or 1 day makes no difference really. It is all the same principle. I started on the daily, really found my feet on the hourly and am now delving into the 5m. Believe me when I say it is easier to make money on the higher TFs.
Here is a trade I took today in the Wheat and I almost got taken to the cleaners. I sold December Wheat on a rejection of this TL (chart 1). If you look on the 5m (chart 2) you will see an inside bar at the top. As soon as I went in short, I tried to put my stop in around 10 ticks above the market but the exchange wasn't accepting it. After a few seconds I realised that it was because I was trying to put my stop ABOVE where the market would be trading at limit up. e.g. The market was almost at limit up. As soon as I knew this I decided to do the sensible thing and scratch the trade as if the market jumped to limit up I would be locked in which could potentially be disasterous. There was a few nail biting seconds where I was praying someone would transact at my price. They did and I got out and then the market collapsed without me...
But I digress - the example shows you how you can REFINE your entries. This is what you should be doing. Whether it is 1m or 1 hour or 1 day makes no difference really. It is all the same principle. I started on the daily, really found my feet on the hourly and am now delving into the 5m. Believe me when I say it is easier to make money on the higher TFs.
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grimweasel
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TD,
I wish that you had posted this yesterday!! LOL
I thought I would try my hand at the 5 min TF on gold and initially ended up with a cool £200 profit; I have this mastered I thought. WRONG!! I then ended up £200 down trading in and out on IBs and doji's etc. Lesson learnt! Never again, a silly lesson in greed and humility.
I have now changed tack to minimize my lowest TF to 1hr. Only then, if I can master that, will I ever go lower. I've read another good book recently on the basics of trading and I nearly skipped the initial chapters as it said it was for novices. But I read it anyway and still learnt stuff/recalled basics that I'd been neglecting. Every day is still a school day.
Good trading.
Grim
I wish that you had posted this yesterday!! LOL
I thought I would try my hand at the 5 min TF on gold and initially ended up with a cool £200 profit; I have this mastered I thought. WRONG!! I then ended up £200 down trading in and out on IBs and doji's etc. Lesson learnt! Never again, a silly lesson in greed and humility.
I have now changed tack to minimize my lowest TF to 1hr. Only then, if I can master that, will I ever go lower. I've read another good book recently on the basics of trading and I nearly skipped the initial chapters as it said it was for novices. But I read it anyway and still learnt stuff/recalled basics that I'd been neglecting. Every day is still a school day.
Good trading.
Grim
Well I seem to have found my feet on the 4hr. The daily was harldy giving me any trades and my positions would be in a hole for a few days before becoming profitable or being stopped out.
The 4hr gives me enough opportunities without a trade dragging on for days. But the timeframe still gives me room to breath.
trader_dante
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I'm really pleased to hear it SimonK. It's all about finding out what works for you. For me personally, I learnt on the daily but found consistent profitability on the hourly. Many people on that forum on FF where I learnt say hourly has too much noise and prefer the 4hr. And then you've got Superspurs cleaning up on the Weekly!! There is no right and wrong. Experiment and find what you are comfortable at doing. Here at work there is one guy that trades the FTSE on the 1m TF and one that trades it only on the hourly sitting opposite one another. Another bank of desks over and you've got someone that doesn't even use a chart to trade but simply watches the order flow and looks for opportunities. You just have to find your comfort zone and work within it.
Thanks TD. I agree its about finding what works for you. No 1 minute for me though, my blood pressure is too high
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