Best Thread Potential setups

[Bloodhound]

Gbpchf

Assuming price moved further down I'm looking at 16985 - 17000 as a possible area for a reversal. Pivot meeting trend line and (although I haven't drawn them on) confluence of fib levels from the lows on 7th April and 13th April to the high on the 17th......

 

[2Tall]

daily eurjpy is trading under 55ema and break of inside bar extremely bearish for eur/usd watch out for good opportunities...

Looks like there are 1H pins forming on EURJPY and EURUSD off support levels.

 

[foredog]

Looks like there are 1H pins forming on EURJPY and EURUSD off support levels.

daily eurjpy is trading under 55ema and break of inside bar extremely bearish for eur/usd watch out for good opportunities...

That's what makes a market.

 

[exportdealer]

Update on Dow trade

All, yesterday was interesting and due to my overdoing it at the weekend manged to miss the action being tired, reluctance to catch a falling knife, twitchy trigger finger and inexperience I missed it.

My view (if its worth anything) is we should get another chance to get in this fall and it could continue through to the early 7300's before we take out the lows.

I've charted this in so many ways but decide to take all the lines off and keep it simple. The two charts below show 4h, recent rise, and 1h yesterdays fall. Taking simple fib 50% retracement of the rise on 4h we see 7329.5 as a target, lots of noise around that area.

To get in I am looking for a lower high on the 1h, lower low is already in. Looking at the 1h depending where you put the fib lines for the start of the fall I think the confluence around the 8000 level also being the round number and previous support and resistance of around 7995 it could be a good level to short if we get there, 7975 looks a little more convincing though.

But hey what do I know, good trading all.

Managed to get in at just below the lower target entry of 7975 at the close last night, this level was taken from a long term trendline seen on the daily chart below and looks like we could go to the lower line. The high last night as you can see on the 1h was close to the 50% fib line and good confirmation, I was awaiting the lower high before entry.

Could be a long term trade or I could get frightened out (as I type we are rising), only time will tell.

My lines are not the best drawn but you get the idea. Good trading all

 

[trader_dante]

Omni made a good call on the Eur/Gbp yesterday! I really thought that was headed higher but after the triple top that formed on the hourly (see chart) the whole thing looked doomed.

I think this trade was, for me, a good example of how having an opinion can be good but you have to be prepared to look at what the price is telling you and react accordingly.

I thought this was headed higher so I got in at the IB marked at the lower end of the hourly consolidation - this formed on the retest of an hourly S/R pivot.

I didn't exit after the double top formed because I didn't listen to what price was telling me.

I then got another chance to exit (even for a scratch) after the triple top formed but still I insisted on getting stopped.

However, once the market broke the consolidation range lows and I was proved wrong without all shadow of a doubt, the market then gave me a great chance to get on board in the right direction (IB at retest of lows).

Flexibility is key to good trading and is one of the areas I am working hardest on in my trading.

Anyway - good call Omni.

 

[trader_dante]

Wheat is firmly on my radar today.

Strong support here with daily IB formed yesterday.

 

[supremegizmo]

ouch that mother of all ***ing pins on euro was hearbreaking and that also double bottom pin.. i have to think again .. taking a back seat until i have some good confirmation of upside/downside

 

[rawrschach]

Dude, you got out of a daily setup cuz of a 60 minute pin?

 

[trader_dante]

Dude, you got out of a daily setup cuz of a 60 minute pin?

Can't rep you for this but good post.

Giz, chill out. The Euro is going down.

Also, just browing through MMT and found this great post from Omni so I thought I would dredge it up here and embarrass him: http://www.trade2win.com/boards/437975-post2425.html

Some people will read that and no doubt think he's a c*nt (third paragraph from the bottom) but seriously, it sums up the spirit of the thread (and swing trading, for me at least).

Fantastic post.

Cheers Omni.

 

[omni]

Can't rep you for this but good post.

Giz, chill out. The Euro is going down.

Also, just browing through MMT and found this great post from Omni so I thought I would dredge it up here and embarrass him: http://www.trade2win.com/boards/437975-post2425.html

Some people will read that and no doubt think he's a c*nt but seriously, it sums up the spirit of the thread (and swing trading, for me at least).

Fantastic post.

Cheers Omni.

Thanks "mate"

 

[foredog]

If you really feel pain at watching a trade run back against you like that why not take 1/3 of profits at something above R:R 1:1.

Although this then limit's the upside you can leave your stop where it was and will only end up with 1/3 of the original loss so less of a kick if it does go all the way back.

Each has merit, just depends on what suits you, TD seems to have more of a stomach for watching P&L pull backs than most but then sometimes he gets rewarded for it...

 

[pavelsg]

Hi Folks.
Could you explain me what is "pin"?

Thanks.

 

[ucasspa]

Hi Folks.
Could you explain me what is "pin"?

Thanks.

You can do some extensive reading on the Making Money thread. Trader Dante has been kind enough to provide a lot of information on trading pin bars.

 

[tradedays]

Thanks "mate"

I think C**t's a bit harsh..... but great post Omni, I'd not read that before but sums alot up in a nutshell Thanks TD

 

[supremegizmo]

dante how an i suppose to go and explain my risk manager about that short who was already not agreeing with that trade.. its freaking frustrating with your daily stops





Giz, chill out. The Euro is going down.

Also, just browing through MMT and found this great post from Omni so I thought I would dredge it up here and embarrass him: http://www.trade2win.com/boards/437975-post2425.html

Some people will read that and no doubt think he's a c*nt (third paragraph from the bottom) but seriously, it sums up the spirit of the thread (and swing trading, for me at least).

Fantastic post.

dante how an i suppose to go and explain my risk manager about that short who was already not agreeing with that trade.. its freaking frustrating with your daily stops

Cheers Omni.[/QUOTE]

 

[supremegizmo]

Dude, you got out of a daily setup cuz of a 60 minute pin?

choclate boy when such pins happen at double bottom its smart to get out and think about renetry again when things become favourable .. ofcourse this doesnt apply to position traders but does apply to day traders with limited stops

 

[trader_dante]

Hi Folks.
Could you explain me what is "pin"?

Thanks.

A pin bar is, in candlestick terminology, a hammer or a shooting star. You can read much more about them on the web or how I, personally, trade them on Making Money Trading: http://www.trade2win.com/boards/first-steps/26947-making-money-trading.html

Just bear in mind that a pin on its own means almost next to nothing - it just provides you with a small amount of information (that price was rejected) and is a potent symbol for followers of candlestick patterns.

However, the key to trading pins or any other type of bars in my opinion, is where they appear on the chart.

Once you grasp this, you will, ultimately, move on to watching the levels very closely and seeing what price does at them - how it moves and what patterns it makes. This, then will open up a lot more doors to you.

Good luck.

 

[trader_dante]

I think C**t's a bit harsh..... but great post Omni, I'd not read that before but sums alot up in a nutshell Thanks TD

I know it's harsh. Lucky Omni and I are mates (or were until I wrote that )

I just put it because I know that with some swing traders (especially some that charge money for their calls and lessons - no names mentioned) there is a lot of hurrah and back slapping when someone calls a 50 pip move.

And then Omni has written: "50 ticks profit is nothing to write home about, that is a failed trade in my view."

At any rate it's all relative to the way you trade and stop sizes used etc

But I sincerely agree with what he has written.

 

[Technically Fundamental]

TD seems to have more of a stomach for watching P&L pull backs than most

I've decided that he either has some form of psychosis or is just a bit masochistic.

 

[trader_dante]

I think C**t's a bit harsh..... but great post Omni, I'd not read that before but sums alot up in a nutshell Thanks TD

I know it's harsh. Lucky Omni and I are mates (or were until I wrote that )

I just put it because I know that with some swing traders (in particular, some that charge money for their trading calls and lessons) there is a lot of hurrah and back slapping when someone calls a 50 pip move.

And then Omni has written: 50 pips is a failed trade.

But I sincerely agree with what he has written.