Best Thread Potential setups

[skelly22]

Possible short on the GBPJPY H1.
i think there is a bit of conflict however with the daily chart. Id be interested to hear thoughts of more experienced on this.



Shane

I should have just taken the trade and not be second guessing myself. I would now be up about 120 pips. Its at 203.00 at the moment. Darnnnn..............

 

[trader_dante]

I should have just taken the trade and not be second guessing myself. I would now be up about 120 pips. Its at 203.00 at the moment. Darnnnn..............

1hr Cable - Longs at 1.8594. Stops at 1.8568.

Targets: 1.8608 / 1.8630 / 1.8680 / 1.8718

 

[trader_dante]

First target hit at 1.8608. Some small resistance here which is why it was a good idea to get some off.

 

[chilltrader]

long cable too risky currently imo

 

[trader_dante]

A loss then:

+14 on first position
-26 on second

so: -12 overall on the trade.

 

[chilltrader]

long cable too risky currently imo

especially when I have a short position

 

[fibbinstarchi]

Glad to hear it, you seem the real deal, about time too. Will be interested to see what you trade. Respect.

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

 

[fibbinstarchi]

TD

I think you should do this on a regular basis, and charge, explain why you are taking the trades, so the people new to your method can earn as they learn.
You would clear up.

 

[rollsafe]

Short 10TY Note

Short 10TY Note

 

[vgrade]

Hi Guys,

The attached charts in the 'Making money Trading' thread are not working for me what about you?

Martin

 

[Ljr]

Hi Guys,

The attached charts in the 'Making money Trading' thread are not working for me what about you?

Martin

Looks like problem on the site at the moment. See this:

http://www.trade2win.com/boards/484998-post4.html

 

[vgrade]

Thanks Ljr,

Looks like I shall be forced to watch X Factor instead.

Martin

 

[eltrot1979]

Gbpcad

Not closed yet, but looks like it will be a nice pin bar at a nice level

 

[trader_dante]

Not closed yet, but looks like it will be a nice pin bar at a nice level

Hey Eltrot1979,

There was actually a better one on the hourly with a tighter stop which is why I like to play this TF (see chart 1).

The stop on that daily pin is huge. There are two ways to deal with this.

It's a bit more advanced but if you try and refine your entry using PA on the lower TFs you can often get a better entry with less risk OR you can use the same entry but adjust your stop according to the PA on the lower TFs.

An example of both as follows:

Refining entry with tighter stop

You could try playing the inside bar that has formed as a break of it coincides with a break of the overhead resistance to the left (see chart 2). It's a little risky as you are pre-empting the break of the pin but it gives you a very tight stop so an excellent R:R.

Refining risk with tighter stop

You could place your entry on a break of the daily pin but put your stop below the 1.9410 area which is a decent hourly S/R pivot with an entry back in the same place if you are stopped out. This saves you around 100 ticks if it all goes pear shaped and the market just collapses as is sometimes the case.

The disadvantage of both these refining techniques is if you are not careful you can actually lose more money trying to trade a daily pin by refining your entry than you would by simpy buying on the break with a stop all the way down at the other extreme. How? Because in the second example for instance, if you are caught in a very choppy sideways session you could frequently be brought into and then stopped out of the market.

At any rate, if you are on demo try different techniques. I use both in my trading now. Since I have been working at the prop firm I have not been putting stops below the pin and its still been working fine. However, if you are unable to actively monitor the position then it may be best to just ignore everything I've written and play it the safest way as I originally wrote in Making Money Trading.

 

[grimweasel]

What does everyone think of e/usd at the moment?

Looking at the daily charts we have a descending price trend and an ascending, bullish divergence of the rsi and macd?
Could the $ be coming under some pressure? Other pairs (yen/chf) look as if they may be undecided too? The COT charts for Euro are at the lowest on the charts and may be oversold? Are we in for a $ fall?

Is all we need to know already in the charts? The pin forming on gbp/cad looks really good but I'm always troubled by the economic news and background. The latest UK GDP figures were derisory to say the least, and one wonders why we would go long GBP? But, is that feeling already reflected in the charts? Do we, as Tech Analysts, forget the news and JUST trade the charts as we see it?

What do we think?
Grim

 

[trader_dante]

What does everyone think of e/usd at the moment?

Looking at the daily charts we have a descending price trend and an ascending, bullish divergence of the rsi and macd?
Could the $ be coming under some pressure? Other pairs (yen/chf) look as if they may be undecided too? The COT charts for Euro are at the lowest on the charts and may be oversold? Are we in for a $ fall?

Is all we need to know already in the charts? The pin forming on gbp/cad looks really good but I'm always troubled by the economic news and background. The latest UK GDP figures were derisory to say the least, and one wonders why we would go long GBP? But, is that feeling already reflected in the charts? Do we, as Tech Analysts, forget the news and JUST trade the charts as we see it?

What do we think?
Grim

I tend to take each day as it comes but lets just say I am trading from the long side and have been ever since we've been below 1.49. That's not to say I can't see it going down further it's just that I find it very hard to go short

Which is probably why I'm struggling to make more than a couple of hundred pounds every time I trade it. LOL

 

[grimweasel]

I tend to take each day as it comes but lets just say I am trading from the long side and have been ever since we've been below 1.49. That's not to say I can't see it going down further it's just that I find it very hard to go short

Which is probably why I'm struggling to make more than a couple of hundred pounds every time I trade it. LOL

TD,
I'm watching it like a hawk at the moment too! There is talk of a major US bank going under (Lehmans??) and IF that did come to fruition the $ would come under some serious pressure. I'm inclined to think that the news is in the chart, efficient market hypothesis and all that LOL!!

I'm giving Cable a wide berth at the moment as I just can't seem to stop getting my fingers burnt! The longer TFs are providing me with great relief now too. The stress levels are much less and that way I don't lose sight of the larger trend. The lower TFs seem to get one bogged down with the 'noise' whilst forgetting the larger trending picture. Markets either trend up, down or move sideways. I'm sticking to the first 2!
Grim

 

[grimweasel]

Infact, looking at Euro/Usd weekly do we have a head and shoulders pattern forming? We could see a right shoulder form giving way to slightly higher prices before a $ rally in a months time? One to keep an eye on!

 

[eltrot1979]

Hey Eltrot1979,

There was actually a better one on the hourly with a tighter stop which is why I like to play this TF (see chart 1).

The stop on that daily pin is huge. There are two ways to deal with this.

It's a bit more advanced but if you try and refine your entry using PA on the lower TFs you can often get a better entry with less risk OR you can use the same entry but adjust your stop according to the PA on the lower TFs.

An example of both as follows:

Refining entry with tighter stop

You could try playing the inside bar that has formed as a break of it coincides with a break of the overhead resistance to the left (see chart 2). It's a little risky as you are pre-empting the break of the pin but it gives you a very tight stop so an excellent R:R.

Refining risk with tighter stop

You could place your entry on a break of the daily pin but put your stop below the 1.9410 area which is a decent hourly S/R pivot with an entry back in the same place if you are stopped out. This saves you around 100 ticks if it all goes pear shaped and the market just collapses as is sometimes the case.

The disadvantage of both these refining techniques is if you are not careful you can actually lose more money trying to trade a daily pin by refining your entry than you would by simpy buying on the break with a stop all the way down at the other extreme. How? Because in the second example for instance, if you are caught in a very choppy sideways session you could frequently be brought into and then stopped out of the market.

At any rate, if you are on demo try different techniques. I use both in my trading now. Since I have been working at the prop firm I have not been putting stops below the pin and its still been working fine. However, if you are unable to actively monitor the position then it may be best to just ignore everything I've written and play it the safest way as I originally wrote in Making Money Trading.

Thanks for the tips , but as you mention I don't get much time to monitor my trades during the day, and I still haven't figured out how to access my spreadbetting website through my phone. I've got Metatrader mobile running so i can glance at the charts - i just can't do anything about it if i need to act quickly! Damn mobile browser doesn't display the flash based trading site correctly! I need to change broker.

Is anyone else seeing a gap on H1 gbpcad, or is my feed just missing some data? Is it fair to say gaps generally get filled?!

 

[rawrschach]

"Is it fair to say gaps generally get filled?!"

No.