Best Thread Potential setups
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eltrot1979
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This isn't really relevant to this thread but I know a few of you on here use North Finance's MT4 feed so I thought I'd post it here...
When making the transition from NF to the FXPro account, you can keep all your current NF settings (e.g. chart settings, objects and indicators added to charts) by copying the "experts", "profiles" and "templates" folders from C:\Program Files\MetaTrader - North Finance to C:\Program Files\FxPro MetaTrader
Saves time having to draw in all your PPZ and trend lines again!
When making the transition from NF to the FXPro account, you can keep all your current NF settings (e.g. chart settings, objects and indicators added to charts) by copying the "experts", "profiles" and "templates" folders from C:\Program Files\MetaTrader - North Finance to C:\Program Files\FxPro MetaTrader
Saves time having to draw in all your PPZ and trend lines again!
grimweasel
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Dump it Pelzar! It was on the news yesterday and all the press was reporting that Joe Public is buying in. There's a sell indicator!
You still at TDs firm or did you move on? Not seen you about of late?
Grim
You still at TDs firm or did you move on? Not seen you about of late?
Grim
for what it's worth...
now the bailout plan looks like it will go through and gold has gone through the 830 level i reckon it's south all the way to 790 and probably further.
I am looking for an entry short now
grimweasel
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Not bad mate. I'm having an enforced trading break until Feb. Off out of country for a few months. The break will do me good though as I fouled up a few trades last week. Need to reassess!
Gold is a market haunted by the Pros. Hence why I lost a few quid in it last week!! I take it you must have had a few pips from me LOL!!
What's the new firm like then? You doing well?
Best of trading,
Grim
Hi Barry
That hourly pin looked good so a bit of bad luck there, especially since its going back up now. That did look like a very good level.
All I can say is be careful about taking hourly pins against the trend. These markets are crazy at the moment and rather look to the higher TF's for direction.
Trade Update
Hi All
Just wanted to post an update about the last two trades I was in.
USDCAD
Initial entry was on 4H at 10770. Price dropped and then ranged between 10400 and 10300 and I was eventually stopped out at 10430 for a gain of 340 pips
I had added on the break of the weekly Pin 10530 and was stopped out at BE last Tuesday
I also had added on the hourly at 10366 and was stopped out at 10412 for a 46 pip loss.
Overall still a good win but I was left feeling dissappointed as I don't feel I manged this trade too well especially at the end. The price had touched the low 10300s a number of times and I probably should have taken some profit then but after the price had fallen so sharply I think greed took over and i just wanted more.
Main lesson learnt was I should have had a more definate plan in place as I was aware before I entered this trade that 10300 was a problem area. There has been a lot of volatility over the past weeks and not been able to monitor the trade while at work has not helped. Having known this I should not have tried to add on the lower TF.
In any case this was a great learning for me. Looking how the price has now gone back up does leave me a little concerned about trying to hang on for the big moves. I think one just needs to be aware of the fundamentals (US bail out etc) and adjust trading plans accordingly.
EURGBP
I took the weekly Pin short at 8050. After being up around 200 pips at one stage the price spike up last week and hit my stop which was just below BE. This one has been rather frustrating for 2 reasons. Firstly the price is now 300 pips up had i still been in. But secondly for me the bigger issue is I had moved the stop to BE after being stopped out of the USDCAD trade and also a number of other losses.
Lesson learnt here is don't let one trade influence another trade. I think because I had a couple of other losses I didn't want to lose any more but this thinking is flawed and one has to be able to accept losses independantly of other trades.
Bottom line is have a plan for each trade and stick to it no matter what is happening on other trades.
Ljr
Hi All
Just wanted to post an update about the last two trades I was in.
USDCAD
Initial entry was on 4H at 10770. Price dropped and then ranged between 10400 and 10300 and I was eventually stopped out at 10430 for a gain of 340 pips
I had added on the break of the weekly Pin 10530 and was stopped out at BE last Tuesday
I also had added on the hourly at 10366 and was stopped out at 10412 for a 46 pip loss.
Overall still a good win but I was left feeling dissappointed as I don't feel I manged this trade too well especially at the end. The price had touched the low 10300s a number of times and I probably should have taken some profit then but after the price had fallen so sharply I think greed took over and i just wanted more.
Main lesson learnt was I should have had a more definate plan in place as I was aware before I entered this trade that 10300 was a problem area. There has been a lot of volatility over the past weeks and not been able to monitor the trade while at work has not helped. Having known this I should not have tried to add on the lower TF.
In any case this was a great learning for me. Looking how the price has now gone back up does leave me a little concerned about trying to hang on for the big moves. I think one just needs to be aware of the fundamentals (US bail out etc) and adjust trading plans accordingly.
EURGBP
I took the weekly Pin short at 8050. After being up around 200 pips at one stage the price spike up last week and hit my stop which was just below BE. This one has been rather frustrating for 2 reasons. Firstly the price is now 300 pips up had i still been in. But secondly for me the bigger issue is I had moved the stop to BE after being stopped out of the USDCAD trade and also a number of other losses.
Lesson learnt here is don't let one trade influence another trade. I think because I had a couple of other losses I didn't want to lose any more but this thinking is flawed and one has to be able to accept losses independantly of other trades.
Bottom line is have a plan for each trade and stick to it no matter what is happening on other trades.
Ljr
Price Levels I'm watching
Hey Guys,
I have my eye on USDCAD, USDCHF, and USDJPY at the moment.
USDCAD AND USDCHF are both hitting/have hit a previous high. I'm looking for a setup to retest this high from above or below.
USDJPY has a weekly pin indicating to go long off recent lows and another recent weekly pin. I'm not too sure about this setup but, for an entry from the top of the pin, price would have to break above a daily trend line. I think this would an strength to the signal, so i'll keep an eye on it anyway.
Also watching AUDUSD in which i am short.broken recent lows and i think its a long ways down to the next support(hopefully!
)
Hey Guys,
I have my eye on USDCAD, USDCHF, and USDJPY at the moment.
USDCAD AND USDCHF are both hitting/have hit a previous high. I'm looking for a setup to retest this high from above or below.
USDJPY has a weekly pin indicating to go long off recent lows and another recent weekly pin. I'm not too sure about this setup but, for an entry from the top of the pin, price would have to break above a daily trend line. I think this would an strength to the signal, so i'll keep an eye on it anyway.
Also watching AUDUSD in which i am short.broken recent lows and i think its a long ways down to the next support(hopefully!
)
Hey Guys,
I have my eye on USDCAD, USDCHF, and USDJPY at the moment.
USDCAD AND USDCHF are both hitting/have hit a previous high. I'm looking for a setup to retest this high from above or below.
USDJPY has a weekly pin indicating to go long off recent lows and another recent weekly pin. I'm not too sure about this setup but, for an entry from the top of the pin, price would have to break above a daily trend line. I think this would an strength to the signal, so i'll keep an eye on it anyway.
Also watching AUDUSD in which i am short.broken recent lows and i think its a long ways down to the next support(hopefully!
Forget about the USDJPY.Invalidated already.
AUDUSD looking good!
Watching short for USDCHF, and long for USDCAD, if or when there is price action/pinbars to support.
eltrot1979
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I'm in AUDUSD. What do you make of these 3 hourly pin bars that have formed? Maybe we'll see a bit of retrace before another push down?
Ya thats definately what i'm hoping for. I'm considering added to the trade at the breakout below these 3 pins or at the top of the retrace.I have my stop at 7600 above the hourly consolidation. I'm trying to hang on to this one so dont want to screw it up!
that said, 3 pins to go long-maybe its time to get out!
How about you? stay in or bail?
Shane
eltrot1979
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I'm going to keep a close eye on it. Although there are 3 pins, they're not in the best of locations and don't protrude from the surrounding bars at all - too much traffic. They're pin shaped but I'd never enter a new trade to go long off of them, so why close my short position based on them!
There's some serious battling going on. 4th bar now, still up and down! I'm holding stop at 7600 anyway. we'l see how it goes!
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