Best Thread Potential setups

[Glenborrell]

LOL!! TD I bet your account balance is still WAY bigger than mine though. Seems I can spot the entries, It's just holding on to the big moves that I seem to fail at! I owe most of this to you Tom too, so many 1000 thanks for the time on your part to show us newbie traders (back then and still now) the way.

Still, 400 odd ticks is good although I must confess I tried to call the gold fall too early on in the day and was burnt for 1/2 of yesterdays profits. Silly!

Wait for confirmation. Trouble was the pins at the top of the move usually show bulls running out of steam (as in inverted hammers on SR) I entered too early and got burnt by the big move upwards. Still after the break of that 1hr pin below the SR at 884 area, it all turned out good. I've taken profits on that move. Day off tommorrow from Trading as I need to reasses some silly mistakes from this week and come back fresh and re-planned next week.

It was still a risky move but with pin bars on the 15m, 30m and 1hr TFs it was too good to pass on. I'm not trading the lower TFs only checking them for clues to the 1hr and above moves. Often these moves can be traced back to the 5m TF, but I never trade 5mins; way too risky!

I thought you'd be in Glen? Ljr, surprised you didn't enter on that one too. Still, we have a lifetime of trades to come yet.
See you all back here next week!
Grim

Grim,

I would have liked to but not sure how to trade the BO yet. I spoke to TD on his journal regarding where he places his stop when trading a breakout. He said he places his stop below the candle that triggered the trade.

I was going ask the same question here but just been busy but now seems a good time.

So a question to you and Omni (and others who which to offer opinions).

When trading a BO where do you place you stop? And is it the same concept with all breakouts you play?

I'm asking because before i found TD's initial thread i had been trading breakout/triangle/flags etc but struggling to identify a good place to put stops. Somewhere where your decision to trade is wrong (like in the case of pins bars the break below the pin).

Thanks in advance.

Glen

 

[omni]

Hi Guys,

Glen, to answer your question on stops for breakouts. I put them beneath either the bar, or any significant level.

NB. Altho, I often put myself down to the next level I can find as I detest it when "they" go stop hunting for every man and his dog who has his stop at this obvious place.

For the watchlist......
1. Nifty. Check out the double bottom we hit yesterday.
2. EurNok. I am looking for a short enty (double top).

For some reason, i cant send charts today...... will keep trying.

 

[oz_kano]

Short silver off daily?

 

[Glenborrell]

Hi Guys,

Glen, to answer your question on stops for breakouts. I put them beneath either the bar, or any significant level.

NB. Altho, I often put myself down to the next level I can find as I detest it when "they" go stop hunting for every man and his dog who has his stop at this obvious place.

For the watchlist......
1. Nifty. Check out the double bottom we hit yesterday.
2. EurNok. I am looking for a short enty (double top).

For some reason, i cant send charts today...... will keep trying.

Omni,

Thanks for the feedback. When you say you 'put yourself down to the next level' does that not leave you with a really wide stop?

Glen

 

[jonj]

second pin forming on e/u 4h.(1and 1/2 hours to go yet on my chart) on strong support and the rising tl.
a rising wedge pattern is typicaly bearish but this one doent seem to want to go ,regardless of the daily pin!also shown by the bullish divergence on the stochs and rsi
regarding stops i would have mine simply under the pin as normal as this is the daily low and if broken it would also invalidate the tl and possibly the highr low situation were in now.any continued strength from this low would confirm the new trend(imo)
current 1 hour inside bar might give us a clue when it breaks

 

[jonj]

anyone been trading the inices tday??

 

[omni]

Omni,

Thanks for the feedback. When you say you 'put yourself down to the next level' does that not leave you with a really wide stop?

Glen

Wide stop - yup.
But it really depends on what you can see. If your stop level is at a minor point. You will most likely get found out........ there are a lot of factors to look at.

My general procedure is to leave the stops super wide at the beginning of a trade to give it a chance (similar to ljr who watched 200pts come/go/come again on usdcad.

Then as it gets in the money, I normally run a couple of stop points, cutting some at the first and more at the second. Many might disagree. But it's how i operate and I think it's how most market players operate (from what i see). They add and take away as they see the probabilities increase and decrease. If you have been following TD's Journal, you can see how he puts trades on, then adds, cuts, adds, cuts, closes. I try to do similar. My trading definitely isnt binary....... in or out.

Sorry, i cant be clearer.

 

[Glenborrell]

Sorry, i cant be clearer.

Omni,

No it's plenty clear for me .

Thanks again.

Glen

 

[Glenborrell]

Short silver off daily?

Oz,

You got a chart to show us? I have a pin on my daily chart but limited feed from SB broker means i cannot determine if it is coming off any significant level.

Glen

 

[Glenborrell]

Some topical financial news.

A friend just sent me this. Not sure where he got it but made me

"If you had purchased £1000 of Northern Rock stock one year ago, it would be worth £4.95 today. With HBOS, you would have £16.50 left of the original £1000. With XL Leisure, you would have less than a fiver. And if you had purchased £1000 of Seguro Air Lines stock, you would have a measly 49p. However, if you had purchased £1000 worth of Tennent's Lager one year ago, drank the lot of it, then re-cycled the cans at an aluminium plant for a cash refund, you would have £214. And so, based on the above information, the best current investment advice is to drink heavily and recycle".

 

[oz_kano]

Not the best of pin bars, but seems to trigger at 11.672 - not there yet tho

 

[omni]

4hr pin on gold to go long @ 851ish.
i'm in.

 

[jonj]

e/u 4h pin/spinnin tops bullish break
1st res 143.7ish till of course 144 then 144.7 (imo)

 

[jonj]

4hr pin on gold to go long @ 851ish.
i'm in.

nice call omni,i didnt get a pin on my feed(odl) but i got a nice engulfing .didnt catch the trade though as concentrating on other things

 

[jonj]

heres another i missed !! breaks everywhere!

 

[omni]

Jonj,
I am 90% executing via orders at the moment, only way not to miss these things.
Plus it makes you plan the trade a lot better.

 

[1Pipped]

This might be good for a short at some point soon... maybe not just now though being half 2 on friday.

 

[trader_dante]

Jonj,
I am 90% executing via orders at the moment, only way not to miss these things.
Plus it makes you plan the trade a lot better.

Speaking of orders, I now have the dubious privilege of being the ONLY trader at my firm to have to execute with a broker over the telephone rather than directly off of TT or a similar order entry system. It's been decided that for my style of trading it is simply not necessary to have order entry infront of me but I won't lie, it's going to be challenging.

 

[rawrschach]

You have to?

 

[jonj]

Jonj,
I am 90% executing via orders at the moment, only way not to miss these things.
Plus it makes you plan the trade a lot better.

yeah i think thats the way to go omni, and i agree i makes a big diference to your planning.
i do use orders regularly but am stil little shy of them,and usually only in the pairs i follow closely.i think also i follow less pairs than most of you here and so need them less(at least if im in front of my screen)
one thing i dont like is when i dont have my open possitions window open for some time and then realize iv been in a trade for some time and didnt even know it!!scary!! lol