Best Thread Potential setups

[PitBull]

wtf is the Dow doing up here LOL

don't be silly...

Positive news on oil and manufacturing services, don't worry should hit 30th jan high at around 8150 which would be a 62% retrace of last upthrust at 8350

 

[Ljr]

TD did you get long on Cable? I entered 14504. I wanted to get above the round number as that had provided resistance recently. It was a sharp move up and sharply down now but hopefully this is just a retest.

Just a question about the TL you have on your graph. Why did you draw it there? I had mine differently and the price did react although my line shows only two touches ( 3 now ). Maybe answered my own question here. You probably drew it where you did because there were 3 touches?

Anyhow would like to hear if you or any others are in this at the moment.

Thanks

Leon

 

[trader_dante]

You been very bearish for last week t_d...

Chart tells a different story though... we broke support, but immediately came back up and after that we broke the trendline down...

There was too much consensus around that we would see new lows last week. Market always does what's least expected.

I understand the chart tells a different story which is why I only trade on what I see.

I'm not sure the consensus was for new lows though...it might have been on T2W lol...but all the big traders at my firm have been bullish for a while now.

At any rate, breaking that TL doesn't mean much to me...it's just a squeeze

 

[candles]

SWEET drop!

 

[glyder]

Copper - One to watch

I see copper looks like its in a bottoming out phase.

 

[candles]

closed shorts.
Gone long now. Stop moved to entry

 

[trader_dante]

You been very bearish for last week t_d...

Chart tells a different story though... we broke support, but immediately came back up and after that we broke the trendline down...

There was too much consensus around that we would see new lows last week. Market always does what's least expected.

At any rate, there is only such much you read into a chart...this is a bear market...and in a bear market you sell stocks. There is no other way.

I didn't get lucky when I asked what it was doing up there and then it tanked. It was logical. We had a sharp, fast move up out of nowhere.

The US sh*t on it.

Screw the TL.

In bear markets, rallies get sold.

And suckers buy TL breakouts expecting a good follow through.

I am still bearish and will be until we see 7450.

 

[firewalker99]

At any rate, there is only such much you read into a chart...this is a bear market...and in a bear market you sell stocks. There is no other way.

I didn't get lucky when I asked what it was doing up there and then it tanked. It was logical. We had a sharp, fast move up out of nowhere.

The US sh*t on it.

Screw the TL.

In bear markets, rallies get sold.

And suckers buy TL breakouts expecting a good follow through.

I am still bearish and will be until we see 7450.

Fwiw, I don't "buy" or "sell" on breaks of TL's... I buy or sell from S/R.

And it's not because we're in a bear market you need to sell each day... in fact most bear markets have more up-days then down days. Today there were decent opportunities on both sides. All I'm saying is there's no reason to focus only on selling, especially since the line of least resistance has been up for the last couple of days.

 

[candles]

you're a clever boy, FW....Come and give me some advice about taking the leap into big boy trading in my journal!

 

[N Rothschild]

im nicely short the dow from 8090

 

[N Rothschild]

nothing personal dante, but your outlook on the market seems to change with every turn the market makes. one second your bullish then the market turns then your bearish but it heads the other way but you were aparantly still bullish etc etc and so it goes on...im sure im not the only one to notice this

 

[jonj]

finally got my short today lol
didnt get on the retrace with working but my sell limit got triggered today....at last
hoping it will break the .8800 level next?? any ideas anyone??
what a great H+S eh!!! shame its upside down:|
jon

 

[trader_dante]

7950 now...look for rally to 8,000 at least.

 

[N Rothschild]

i think we are in store for a blood bath TRIN hasnt even broken 1.2 today

 

[MrGecko]

Fwiw, I don't "buy" or "sell" on breaks of TL's... I buy or sell from S/R.

And it's not because we're in a bear market you need to sell each day... in fact most bear markets have more up-days then down days. Today there were decent opportunities on both sides. All I'm saying is there's no reason to focus only on selling, especially since the line of least resistance has been up for the last couple of days.

Just a little something to say about selling in a downtrend... as a general rule, markets under-react in the long term and this can provide plenty of opportunities... for example, the sentiment has been that conditions are things are going t have to change has been floating around for a long time, but markets under-react long term and we drifted down for months on old news (the old news being that we're f*cked).

 

[N Rothschild]

if we hit 7840 in the futres expect this thing to really move rumours of ALOT of sell steps below this level

 

[Ljr]

finally got my short today lol
didnt get on the retrace with working but my sell limit got triggered today....at last
hoping it will break the .8800 level next?? any ideas anyone??
what a great H+S eh!!! shame its upside down:|
jon

Hi Jonj

I got short from 8996 after the break and retest. I've taken some off at 8846 to be safe but will add on the break on the weekly. not sure if i should leave the stop at BE or move to the 8920 area?

 

[jonj]

Hi Jonj

I got short from 8996 after the break and retest. I've taken some off at 8846 to be safe but will add on the break on the weekly. not sure if i should leave the stop at BE or move to the 8880 area?

hi Ljr,nice one . i got in at 8980 on a the straight break,no such luxuries as being able to watch my charts for retracments cos of work!!sulk,sulk
i closed my full poss. at about +100.but still got a sell order in for the break of 8800.as far as stops are concerned it could go anywhere from here..jus look at the last few days!!thats why im not holding even a small poss.i cant see anything to stop price from now and our entries!!??
good luck ,let hope it breaks ....
jon

 

[jonj]

gb4 hour pin everywere. i like the gb/us pin personally. seems to have plenty going for it.
good night all
jon

 

[grimweasel]

I see copper looks like its in a bottoming out phase.

And there is a lovely increase in volume on my weekly charts on Sharescope in the miners, esp Rio and Xstrata with the prices leveling out. Could be accumulation by the big boys and with the bottoming of copper prices could indicate indicies rising; they usually lag copper rises by some 9 months (so I have read). Could be something to watch. I for one, will be slowly getting back into miners!
Grim