Best Thread Potential setups

[montmorencyt2w]

Mike,

If I was playing the daily, I would already be in that - I wouldn't be waiting for the second eye to close.

And I certainly wouldn't have a stop anywhere but underneath the pin as that is asking to get stopped out.

If he took that, I reckon J16 would have had his stop at breakeven and be out for a scratch (since it went 28 pips into profit and he moves stops damn quick imo).

I've noticed that. I think he suggests using the 61 Fib of the pin as an alternative to below, for stop placement, if you need a smaller stop.

Stop movement is one of the main differences between the way I play the market and him (and many of his followers do). Apart from that its very similar. If you read his thread, look for someone called Mike (mbq11 I believe). He is one of my favourite traders out there and I learnt alot from him.

You got me bang to rights Tom. I've been revisiting J16 lately (the 365ema is a giveaway), mainly for some more guidance on the patterns other than pins, and of course any other gems. I know your styles are pretty compatible, so I don't regard this as a change of strategy

I don't trade the dailies too much anymore as I've really found my feet on the hourly and I find it the easiest TF to trade.

Interesting. I know you said you didn't get on all that well with 4H. I was going to try the latter as a less stressful/time-consuming activity than 1H, but then I thought I'd just go back to daily for a while.

For the others that were talking about J16 - it is one of the best resources out there. I got up to page 500 odd and then went out on my own. But I sent J16 a food hamper for Christmas, lol and still stop by from time to time.

Yes, it's pretty awesome.

Going back to that setup, I can now see why you chose 10821 (11 Sept 2008 high) as your level, as it becomes a perfect pivot in October. I had missed that, but chose 19th September high. I had taken the view to use the earliest/highest high in the period, and then look for pivots off it, and saw the 821 ones as "near misses" and close enough.
So my level was higher than yours (10880). I'm not sure this makes much practical difference on the daily timeframe, since you and Jim teach us that these are more zones than levels, but still, probably worthwhile my sharpening up on levels & pivots.

Thanks again,
Mike

 

[PaulKing]

Cable after lunch

This is what I have on 1hr cable now in respect of prev near/term imbalances of supply/demand or demand/supply, fibs and trend lines (for set-ups/price action entries on lower t/f's.) Price is currently restrained at the 76.4% fib of the 6496-6322 fall....a break through here opens up yesterday's hi.

G/L

Hi bbmac

As you posted, price is back at yesterdays high, how will it fair with this level?

btw, I really like your analysis posts on TDs thread

best to all
Paul

 

[bbmac]

Hi bbmac

As you posted, price is back at yesterdays high, how will it fair with this level?

btw, I really like your analysis posts on TDs thread

best to all
Paul

Hi Paul, thanks for your comments. Well Mni were bigging up an option barrier at the 6500 level all morning which meant likely offers there. The 1min and 5min bearish divergence based set-ups duly obliged for a 6487bid entry. (1min Rev C supported by 5min Rev A for those that know my set-ups)

 

[N Rothschild]

dante this is for you, 30yr t bonds..weekly chart pin off major weekly trend line..now just have to see if this week turns into an inside bar

 

[trader_dante]

I have heard that you got long because FW was very bullish on corn!

lol...FW and I are usually placed at opposing ends of the spectrum hehehe...but surely even he thinks this is a buy?

FW?

 

[trader_dante]

dante this is for you, 30yr t bonds..weekly chart pin off major weekly trend line..now just have to see if this week turns into an inside bar

Much obliged to you, sir, although I can't see a chart at the moment...but I will keep it in mind.

I'm considering a short in Crude as I have $68.63 as a level on my chart since October last year but its not ready for me yet.

Still, it gives you a nice, warm feeling inside when the market reacts off a level you've had in for months almost to the tick

Crude is one of the best markets for this.

 

[keano]

I'm considering a short in Crude as I have $68.63 as a level on my chart since October last year but its not ready for me yet.

I think spanish is on your side on this one, but I think he got in about $6 lower

 

[trader_dante]

Not one for me but I think Usd/Cad has a good entry coming up now (hourly IB - slightly higher low for a double bottom) for a long into that daily pin.

You are buying right into a level at 1.0870 though.

Still, if that daily pin is going to work, this is really the last chance.

 

[trader_dante]

I think spanish is on your side on this one, but I think he got in about $6 lower

lol, I have a lot of respect for Spanish. He is a risky son of a gun but his threads (on ET particularly) have some real gems in.

 

[firewalker99]

lol...FW and I are usually placed at opposing ends of the spectrum hehehe...but surely even he thinks this is a buy?

FW?

I hesitate to comment because I don't trade corn, so I'm not that familiar with it. But your daily chart shows the market making higher lows so I would favour more upside. Which doesn't mean I would buy now, because I think that's already bit late, the second test of support was a nice place to go long (around 375). If I had to make a choice, I would buy yes, but any higher than this is chasing price with a wide stop, and you know I don't like wide stops

Fwiw, GBP/CHF shows a similar pattern.

 

[ilplusq]

EURUSD: 1.4363 weekly level is fast approaching. Charts are in post #7385.

 

[trader_dante]

Wheat is firmly on my radar today.

Strong support here with daily IB formed yesterday.

Did anyone get on this trade I called back in April?

It's still going...

Posted because its a beautiful example of the retracement bus...in off the IB at significant support...up we go for 3 days - Yesssss I'm up 76 ticks - watch this baby go...move to breakeven quick - never let a winner become a loser....

And out you come with zero whilst the market is (as of right now) 640 ticks higher.

Classic action and those that read my posts will know that this bus is the thing I harp on about the most because it really is a b*tch.

And as far as I can see, once you've lost your position, you don't get another entry. Not for those that are trading these setups on the dailies.

The IB that takes you out might qualify but its hardly off support and confidence would be low because of the sharp red candle the day before...

 

[N Rothschild]

hows corn going? i was going to buy a pull back to the break out, but it was offski..

 

[trader_dante]

hows corn going? i was going to buy a pull back to the break out, but it was offski..

Yes it's gone. What a cracker. It setup so nice. Best part was Friday closing just above the resistance. lol

 

[vinicius]

Usd chf

Price is at the bottom of the channel and laying down at the strong 1.06 daily support.

Worth keep an eye on this one.. A good R:R as well.

 

[vinicius]

I would like to see some views about GBP/JPY..

Price is at the top of the up channel and it did find strong resistance at 159.00. It has tried twice break that level but seems some sellers came in and pushed the price down again..

Daily is printing a hanging men (?) which is a strong weakness sign. However I think the buying momentum still strong what makes a short too risk now..

What are you guys looking at? Expecting a opportunity to sell or a pull back and ride it up?

Ps.: I`m short.

 

[N Rothschild]

im liking long 30yr treasuries but its quite a risky one.

this is up against a weekly trend line BTW, macd and rsi divergence

also in a "squeeze"

 

[cpngtw]

im liking long 30yr treasuries but its quite a risky one.

this is up against a weekly trend line BTW, macd and rsi divergence

also in a "squeeze"

With this chart I'd long to 117. Don't have access to it so don't know what's the next one after that

 

[bbmac]

Gbpusd

Cable continues it's relentless move up finding support at the 23.6% of the 6321-6660 move, around the area of y/day hi, ater the initial fall from 6660 area.

Quite a busy 1hr chart in respect of prev supp/dem & dem/supply near term imbalances, fibs and t/lines.

This 6661 hi area is Mthly R1 and at the top end of the Daily prev swing hi zone 6387-6684. Wkly R3 is higher at 6743 and below that and at the very extreme of that Daily zone is the 61.8% of the 8663-3505 swing down.
The next significant fib after that is the 50% of the 0395-3505 fall at 6935 area.

G/L

 

[rags2riches]

important level

There must be big fish eyeing this level