Best Thread Potential setups

[trader_dante]

I first starting trialling the general principles in the Beat the Broker competition, and I can honestly say I haven't looked back since. Cheers mate.

You've just made my day.

I really wanted to try and help people with Making Money Trading (and this thread too) where I can because I know how much of a difference that applying patience to high probability setups can make to your trading.

Thanks Joey!

I rely on trendlines a lot and enter with limit orders most of the time, with more of a countertrend mentality at first, but the general principles of confluence and high probability setups are still there.

I always use limit orders too

What I've noticed with people who contribute to this thread is that they dare to take
100s of pips rather than the odd 10 or so here and there. That's the key for me - proficiency in the exits

Indeed! That's the element in which joining a prop firm was detrimental to me. For many there, a long term outlook is a few minutes. lol

After I joined, I suddenly started feeling bad letting 50 ticks come back to a loss and it wreaked havoc for me and so I began taking profit after the initial momentum and not letting the move play out.

I was saying to Omni only today that I find it fairly easy to pinpoint the exact point where the move is going to begin and so take the first 50 - 100 ticks relatively easily but now find it very hard to go that extra yard and say "actually my analysis shows this could be the start of a 1,000+ tick move and I need to stay in and perhaps even add".

Even worse, if I get in and it goes nowhere or offside a little I started trying to scratch. I did this only the other day on USD/CAD. Entered the market three times in a row and three times came out with a scratch. Then the move began and it went up just under 700 pips.

Some of my friends at work play for a tick or two and its easy to get suckered into thinking this is the way to do things.

 

[cr6196]

Right i am going to go ahead and ask a fairly simple question,

why use only limit orders? is it only to be able to use tighter stops...
wouldn't just using limits mean you couldn't trade any breaking of s and r without large stops?

 

[BrainStorm]

Indeed! That's the element in which joining a prop firm was detrimental to me. For many there, a long term outlook is a few minutes. lol

After I joined, I suddenly started feeling bad letting 50 ticks come back to a loss and it wreaked havoc for me and so I began taking profit after the initial momentum and not letting the move play out.

I was saying to Omni only today that I find it fairly easy to pinpoint the exact point where the move is going to begin and so take the first 50 - 100 ticks relatively easily but now find it very hard to go that extra yard and say "actually my analysis shows this could be the start of a 1,000+ tick move and I need to stay in and perhaps even add".

Even worse, if I get in and it goes nowhere or offside a little I started trying to scratch. I did this only the other day on USD/CAD. Entered the market three times in a row and three times came out with a scratch. Then the move began and it went up just under 700 pips.

Some of my friends at work play for a tick or two and its easy to get suckered into thinking this is the way to do things.

Are you still in Woking? Are you managing to stand strong generally, I seem to remember saying that you where getting support for your style after the early pressure to 'trade more'. It's an interesting story and I like to hear about it as much as your trades.

 

[trader_dante]

Right i am going to go ahead and ask a fairly simple question,

why use only limit orders? is it only to be able to use tighter stops...
wouldn't just using limits mean you couldn't trade any breaking of s and r without large stops?

I don't understand why using limit orders is related to how tight your stop is? Do you mean, because by hitting market you may pay up or down a little more than anticipated and so slightly alter your risk in terms of distance to stop?

By entering on a limit it means that I want to get the price I want to get.

When I spreadbet I use market orders - that is to say, when it hits my price level then my order is automatically sent to market.

When I trade futures at work, I use limits with a 2 tick max slippage factor. That means that I don't get filled if price blips which sometimes happens when certain orders go to market.

 

[cr6196]

No i meant with limit orders your usually contrarian and with stop orders your following trend so..on limits you can put a tight stop but on stop orders it is harder to tell when the market has moved against you...lol

+ pin bar?

 

[trader_dante]

Are you still in Woking? Are you managing to stand strong generally, I seem to remember saying that you where getting support for your style after the early pressure to 'trade more'. It's an interesting story and I like to hear about it as much as your trades.

Yes, I am still there.

Let's just say I am holding my own

And I am getting support for my style there

Thanks for your interest.

It's funny how one can take things for granted in life. When I used to work as a journalist I used to day dream about how life would be if I was a professional trader. I used to get in to work in the morning and have a barrage of news stories to put on the web and in between doing them I used to sip my coffee and take sneak peaks at my simple Java charts on my painfully slow computer and used to wish that I could do this full time and be in an office with a proper setup and other traders all competing together in the markets.

It was literally my greatest personal wish in life.

Now I do it for a living and it's really just like any other job, lol. Don't get me wrong, it's a fantastic way to earn a living and there is nothing else in the world I would rather be doing but what I mean to say is that you get used to something and it becomes routine.

Which brings me onto another point. You never realise how much you love someone or something or how much you will miss them, until they are gone. This applies to so many areas of our personal lives. Friends, family, relationships being the most often overlooked areas.

I think that many of us would be happier in the future, if we took some time now to imagine a world without the important people in our life, in it.

And above all remember that it often only takes a really tiny effort on ones behalf to make a HUGE world of difference to somebody else.

Ok, that's my sentimental rant over. I'm off out. Have a good weekend everyone. See you all here next week!!

Tom

 

[trader_dante]

No i meant with limit orders your usually contrarian and with stop orders your following trend so..on limits you can put a tight stop but on stop orders it is harder to tell when the market has moved against you...lol

+ pin bar?

I see what you mean but I don't associate those orders with contrarian or trend following techniques.

If I want to sell, I just put a stop limit to sell.

If I want to buy I enter a stop limit to buy.

For stops I always use a stop market.

Why? Because when I get in, I want to get in at the exact price I want.

When I want to get out, I want to get out at whatever I can get.

Sells are always BELOW the market and buys are always ABOVE the market.

I NEVER bid below the market or offer above it.

Although many traders do.

And I always know exactly where I want to get out...

P.S I don't like that pin. There is not enough "space".

 

[N Rothschild]

Yes, I am still there.

Let's just say I am holding my own

And I am getting support for my style there

Thanks for your interest.

It's funny how one can take things for granted in life. When I used to work as a journalist I used to day dream about how life would be if I was a professional trader. I used to get in to work in the morning and have a barrage of news stories to put on the web and in between doing them I used to sip my coffee and take sneak peaks at my simple Java charts on my painfully slow computer and used to wish that I could do this full time and be in an office with a proper setup and other traders all competing together in the markets.

It was literally my greatest personal wish in life.

Now I do it for a living and it's really just like any other job, lol. Don't get me wrong, it's a fantastic way to earn a living and there is nothing else in the world I would rather be doing but what I mean to say is that you get used to something and it becomes routine.

Which brings me onto another point. You never realise how much you love someone or something or how much you will miss them, until they are gone. This applies to so many areas of our personal lives. Friends, family, relationships being the most often overlooked areas.

I think that many of us would be happier in the future, if we took some time now to imagine a world without the important people in our life, in it.

And above all remember that it often only takes a really tiny effort on ones behalf to make a HUGE world of difference to somebody else.

Ok, that's my sentimental rant over. I'm off out. Have a good weekend everyone. See you all here next week!!

Tom

good post mate..it takes that burning desire you have talked about to succeed..the desire to trade over anything else. i feel this way to and i'm also privileged to be able to live the dream

 

[Joey25]

GBP/USD Mar09

Potential pin-retracement play:

Sell limit @ the 1.4780 pivot level
(This level has been a daily high or low 5 times on the chart)

Stop above the tail of the pin @ the 1.4969 pivot level
(Friday's sharp reversal may be viewed as the first test of the daily low breakout from the 12th January)

Target 1: The projected demand line (coming in at 1.4481 on Monday).

Optional Target 2: Given that the projected demand line has already been tested on
15th Jan (almost to the exact pip), anticipate a break with the next test, and "run".

 

[Joey25]

Right i am going to go ahead and ask a fairly simple question,

why use only limit orders? is it only to be able to use tighter stops...
wouldn't just using limits mean you couldn't trade any breaking of s and r without large stops?

I was referring to resting orders bid below market / offered above market, with the exception of a technique similar to post # 2591 by trader_dante in this thread.

This is purely because at the moment I'm doing daytrades only where (for me anyway) the numbers in terms of risk/reward and money management stack up better than waiting for confirmation.

 

[trader_dante]

Markets on my radar for tomorrow are:

March Wheat - I bought £2,300 worth on Friday to test the market. A little bit concerned that it has underperformed against Corn and Soy but we'll have to see what happens when we open on Tuesday. (tomorrow is MLK day in the US so market will be closed)

DOW
EUR/GBP
GBP/JPY
NZD/CHF

All of the above from the long side although price action will determine when and where to get in, if at all.

Everything else, is on the backburner for now unless anything interesting develops during the week

 

[dilesh23]

td snap on the gbp/jpy ....just had a quick question... how reliable is the website xe.com ? for gauging the opening price.... as it look like it should be up a 150 ticks or so yes i have been checking it off and on all weekend

 

[dilesh23]

just changed my metatrader login and the answer came to me their pretty spot on

 

[trader_dante]

just changed my metatrader login and the answer came to me their pretty spot on

dilseh. It's opened pretty high and I might give it a go on the short side to play for a gap fill if we can get below 75s.

If it fills, then it's time to cut and reverse and get long.

 

[dilesh23]

sounds like a plan.... batman :smart: im looking to add more at 136s you can call me the joker

 

[chilltrader]

Not only GBP-JPY.... when JPY goes down... it goes down against all

 

[mb325]

GBP-NZD anyone? 'Pin-shaped' candle on Thursday followed by Pin on Friday, both bouncing off a descending TL, and all around my PPZ at about 27000...Looking at a 15 min chart went down through 27000 and has just gone back up for a test before falling again - looks like this level may now have become resistance and it's looking to go down.

Might short somewhere around 26870, any thoughts?

 

[KillPhil08]

Nothing spectacular. Current price is now 9225.

Just round number and uptrend thought it might be a good buy op. Then again mini head and shoulders?

:?::?::?::?::?:

 

[jverho]

EUR/USD Short

Hi,

I am new at this forum. I thought I'd put one of my current open trades as recomendation for a short term technical trade. Looks pretty good for 100 pip scalp, ST. at 1,33xx, target 1.3100.

Below 1 Hour chart.



Cheers,

J

 

[trader_dante]

Hi,

I am new at this forum. I thought I'd put one of my current open trades as recomendation for a short term technical trade. Looks pretty good for 100 pip scalp, ST. at 1,33xx, target 1.3100.

Below 1 Hour chart.



Cheers,

J

Looks good but I would get more indicators on your chart. Looks like you don't have enough. Need as many as you can get otherwise all you have to rely on is the price and surely the price can't tell you much?!?!