Best Thread Potential setups

[Blue Ruin]

EUR/JPY at 131 which is a massively important level.

 

[trader_dante]

And Cable has formed a 1hr "sucker pin".

 

[omni]

already updated dante, nic , omni


just wait fir 1 hourly confirmation in form of pin ... or double bottom on hourly

61.8 % and daily trendline

i dont like it - trend line is too "fitted" and the upside limited.
plus..... price action defended 9000, now it is defending it from the underside.......

 

[trader_dante]

i dont like it - trend line is too "fitted" and the upside limited.
plus..... price action defended 9000, now it is defending it from the underside.......

I don't think it's that bad...but not one for me either...

Just waiting for Cable to break the low of this pin - you know there is a strategy in which you buy/sell a failed pin (when it breaks the side in which you would have your stop)...just like you buy a failed head and shoulders pattern 😉

 

[omni]

I don't think it's that bad...but not one for me either...

Just waiting for Cable to break the low of this pin - you know there is a strategy in which you buy/sell a failed pin (when it breaks the side in which you would have your stop)...just like you buy a failed head and shoulders pattern 😉

eurgbp - will now be an interesting one to follow....... see what the rest of the market sees. cheers trader_dante and super_giz.

 

[supremegizmo]

divergence

i dont like it - trend line is too "fitted" and the upside limited.
plus..... price action defended 9000, now it is defending it from the underside.......

true if you trading eurgbp fordays may be not worth it .. as for the like i am a day trader

good divergence in cci, rsi and stocs with pricesmade lower lows and indicators double bottom out and pointing high .. so from the looks of the techs ... its a good hourly buy

obviously i will be piling in if the trade develops and i will be the first toget out if they dont work acc to my plan

 

[MrGecko]

1hr USDJPY (and other yen crosses w/ slightly different setups)... Doji + Harami @ potential support

 

[teojh]

yup. 4hr pin bars for most as well. activated already and retracing slightly now. still can enter

 

[MrGecko]

it's not the best trade tbh; the 100 handle is going to attract some attention IMO, better to see if it can hold onto gains above it.

 

[trader_dante]

This 1hr pin on Cable (that is still just in play) is a particularly virulent type of sucker pin. It's the kind that will give traders some hope and distract them for four hours or so until it sh*ts through the low.

Gotta be careful of these.

Like I said, when it knocks on the support enough, stand out the way.

 

[Technically Fundamental]

Usd/cad hourly...

 

[trader_dante]

Yesterdays Crude trade. 1hr pin at 50% retracement and s/r pivot.

Still in play with stop movements shown on chart.

 

[trader_dante]

If anyone is thinking of scalping for a career you want to be aware that when the market races violently into a level (big green candles on 5m) you want to fade it. If it drifts into the level, you don't want to touch it.

This is the inverse of how most of us think. We don't want to stand in the way and short when its moving up violently. Instead, we would like to short when it moves slowly into a resistance as it looks like its weak and doesn't have much power behind it and could roll over.

However, in the marketplace, when the big moves happen all of a sudden, the short term traders that are sitting on profits, dump at the clearest, most obvious levels. This is why these trades work time and time again and support becomes resistance.

Seriously, this is how the big scalpers operate.

And it's also why a lot of novices that operate on the 1m and 5m tf, do their a*se all day long, because they buy when it looks good - when its moving up sharply - and this is when the selling is about to occur.

Check out Cable 1hr for the resistance level at 1.4745. Then stick it on the 5m for a nice lesson 🙂

 

[trader_dante]

Incidentally, it is the same with things like RAN. When that b*rstard starts getting excited about something and you are in it, better to take some profits.

I'm not actually making a joke here. There are traders I know that may be long, for example, on Cable, and the minute RAN comes over the tannoy and says "Cable is getting quite a bid here, nationwide house price index was much better than expected, Cable is now up over 100 pips on the session...", they just cut their whole position. And some of them even reverse and go short.

 

[haircut]

Any thoughts on e/y pin

Hi guys any thoughts on the hourly pin forming for me ats at a 50 fib line and close to a sp line I have drawn in.... I am learning so would appreciate any comments cheers

 

[haircut]

Hi guys any thoughts on the hourly pin forming for me ats at a 50 fib line and close to a sp line I have drawn in.... I am learning so would appreciate any comments cheers

I think the body became too long in the end to be a valid pin the price fell off in the last 5 mins of the hour.

 

[omni]

Incidentally, it is the same with things like RAN. When that b*rstard starts getting excited about something and you are in it, better to take some profits.

I'm not actually making a joke here. There are traders I know that may be long, for example, on Cable, and the minute RAN comes over the tannoy and says "Cable is getting quite a bid here, nationwide house price index was much better than expected, Cable is now up over 100 pips on the session...", they just cut their whole position. And some of them even reverse and go short.

ditto,
last week the guy proudly said "we are in a bull market ladies and gents" (i immediately sold the CAC).

 

[tradedays]

Nice post, it took me a long time trading on low TFs to understand this.It traps you on the emotional side - you momentarily see your profits soar and it is so difficult to dump that trade when you've convinced yourself of it's potential - this violent race only adds fuel to your already made up mind. As it starts to tank you hang on "knowing" it is only pausing for breath before the next big move and within minutes there it is gone, totally wiped out. After a few of these it is easy to think everyone is out to simply relieve you of your whole account and the reason why so many fail so quickly.

A piece of sound advice for any newbies out there reading this, trading the 1min and 5 min timeframes give you the feeling of being ahead of the game and right there where the action is - scalping pips here and there. Been there done that, doesn't matter who you are it will take forever and a day to be consistantly profitable. Do yourselves a favour, take a month away from watching those charts and read Trader Dantes beginners thread on here and the J16 thread. You'll view the whole thing differently and if you follow the rules you'll be able to trade.

I was one of a group of 10 who started trading together a year ago, most of them are far more intelligent than me and now there are only two of us still at it, I am the only one who is profitable (so far!). Perhaps I was just more determined, but everyone was knocked out by continually getting caught scalping as described by TD in the post above. None of the others took the time and effort to read and test this stuff.

Sorry guys not "potential set-ups" but a point worth making to anyone using this threads posts to scalp and getting their a*ses kicked, and TD your example on GBPUSD bought it all flooding back to me..

If anyone is thinking of scalping for a career you want to be aware that when the market races violently into a level (big green candles on 5m) you want to fade it. If it drifts into the level, you don't want to touch it.

 

[patw]

This 1hr pin on Cable (that is still just in play) is a particularly virulent type of sucker pin. It's the kind that will give traders some hope and distract them for four hours or so until it sh*ts through the low.

Gotta be careful of these.

Like I said, when it knocks on the support enough, stand out the way.

the only way is up for cable on dailys weeklys 16800 you heard it first here tom lol

 

[trader_dante]

the only way is up for cable on dailys weeklys 16800 you heard it first here tom lol

I hope you're right because I threw in the towel and went long after it rejected the lows again.

Not confident about this trade at all though and Cable is a choppy b*tch. Even the best laid plans (adding, moving your stop) can come undone in this market.