Best Thread Potential setups

[Technically Fundamental]

And still is... nice short opportunity there today, but I missed it while having dinner.
All these premarket and overnight moves lately ... :-/

These moves are stealing the food from my children's mouths. It's killing me.

 

[Technically Fundamental]

8600

 

[rjh2000]

yes yes the frustration of the premarket entries!
where is your next buy zone for a test of 9000?

Hi, I've been reading this thread for months but haven't felt I had anything to offer.

I use CMC for trades and their DOW (called US30) is available 24hrs during the week. Useful if you want to get in early before the market proper opens. Useful if you're trading in the right direction that is!

 

[leovirgo]

All these premarket and overnight moves lately ... :-/

What does it indicate? Signs of reversal or pros shaking the weak hands or pros getting killed in this dog-eat-dog business?

 

[golfer_401]

Hello all,

This is my first post in this thread. Thought I would post this chart. The ES has come back to what appears to be an important level at around 935-937 with not the greatest looking pin bar (body seems a bit long for the usual specs) but it has come into the support zone and close to the 61.8% fib (I think it might look better on the 24hr data chart). If the market is truly bull and on its way to retest 952-957 and maybe even 1000, I would venture to say that this would be a good long set-up.

I know that it is a 15 min chart which is somewhat of a less than desirable time frame...wondering what you all might have to say on this.

Regards,

Ivor

 

[golfer_401]

Hello all,

This is my first post in this thread. Thought I would post this chart. The ES has come back to what appears to be an important level at around 935-937 with not the greatest looking pin bar (body seems a bit long for the usual specs) but it has come into the support zone and close to the 61.8% fib (I think it might look better on the 24hr data chart). If the market is truly bull and on its way to retest 952-957 and maybe even 1000, I would venture to say that this would be a good long set-up.

I know that it is a 15 min chart which is somewhat of a less than desirable time frame...wondering what you all might have to say on this.

Regards,

Ivor

Market showed me how "good" this setup was

 

[trader_dante]

Hi, I've been reading this thread for months but haven't felt I had anything to offer.

I use CMC for trades and their DOW (called US30) is available 24hrs during the week. Useful if you want to get in early before the market proper opens. Useful if you're trading in the right direction that is!

CMC those c*nts truly did me this morning. I wanted to give them a try after seeing their platform and being impressed. I had an account I just opened with the standard amount to shut them up (their sales staff are truly pushy). Cracked the S&P short. It started pushing up against me. I've got a stop in that would still leave 20% of the total amount left if it hit and guess what...I get a margin call at 11.09 am via f*cking email and then liquidated at 12 noon...at...954. LOL Their enforced liquidation leaving me with just under 1/3 of what I had...but just little enough so that I can't trade again with them without paying more money in. Genius.

 

[leovirgo]

Cracked the S&P short. It started pushing up against me. I've got a stop in that would still leave 20% of the total amount left if it hit and guess what...I get a margin call at 11.09 am via f*cking email and then liquidated at 12 noon...at...954. LOL

Sorry to hear that. Can you make a complaint?

Thought you were long in S&P looking for 958 as per your 10:58am post. By then you already had a short position.

Still long the S&P. Added some more at 949 as indicated in last nights post regarding it.

Looking for 958 (revised from 957. No way its going to perfectly double top there - it would have to fake it out) and then 962.

Would like to hold some for 1000 but that bag of sh*t has got more chop than Bruce Lee so I'll take my profits and run on this one

 

[trader_dante]

Sorry to hear that. Can you make a complaint?

Thought you were long in S&P looking for 958 as per your 10:58am post. By then you already had a short position.

I already tried - apparently its "procedure".

I was long, looking for 958 and then right after I posted that I remembered something my boss once told me and suddenly starting feeling that we weren't going to make it so I went short.

Christ, Genics is going to have a field day with your post.

 

[smbtnt]

I already tried - apparently its "procedure".

I was long, looking for 958 and then right after I posted that I remembered something my boss once told me and suddenly starting feeling that we weren't going to make it so I went short.

Christ, Genics is going to have a field day with your post.

The cynics will have a field day...

 

[glyder]

Gbpusd +1

I'm hoping for a follow through up day tomorrow on this pair, poking the nose thru the 61 fib from the recent high to recent swing low.
Maybe get a pin form later on for an entry point on a sale... Basically, I think last weeks bearish weekly pin has some scope to play out a bit more.
Let's see over the next couple of days.

All the best

Still some time to go before the close...but it looks like we might get that GBPUSD pin bar I was hoping for yesterday, and some good retracement back down last weeks pin....

the short trade on goog is going nicely so far too.

 

[firewalker99]

What does it indicate? Signs of reversal or pros shaking the weak hands or pros getting killed in this dog-eat-dog business?

Some people talk endlessly about those abstract concepts, but I don't care about weak or strong hands, because in the end for us small size traders it really doesn't matter who's eating who. As long as you make sure you don't get eaten yourself

 

[trader_dante]

The cynics will have a field day...

lol I like it when no one believes me. Makes it more satisfying when you post screenshots

 

[leovirgo]

Some people talk endlessly about those abstract concepts, but I don't care about weak or strong hands, because in the end for us small size traders it really doesn't matter who's eating who. As long as you make sure you don't get eaten yourself

Absolutely! (Can't rep you anymore but at least I should be able to rep your post)

 

[Technically Fundamental]

What did your boss tell you TD? Listen to that idiot aaronmalins

 

[trader_dante]

What did your boss tell you TD? Listen to that idiot aaronmalins

No he told me that when you are looking at your position (say you are long) and the green candles are going off the screen and the markets going parabolic and you are taking screenshots and posting on T2W saying "look at it go, it's almost certainly going to hit X" and thinking your a legend...that's the absolute time to cut and reverse.

The conversation came about because at my prop firm I used to take screenshots of my TT ladder to show how onside I got on a trade when later on I was stopped out for breakeven - to justify to the risk managers how "unlucky" I was. When I looked at every screenshot, the time I had taken it to "boast" was almost always the exact high or low (basically the extreme of the move) or very, very close to it. It certainly wasn't luck, it was the "fever" of winning.

I know I am a contrarian by nature but I like to look for signs of a reversal first (at least signs to me - a pin bar etc at a level). A lof of those guys, just start cracking parabolic green candles short when they get to good levels and a lof of them average too...which I guess creates the pin in the first place. You gotta have good discipline for that though. Very good discipline. And you have to have a real feel for the market so you only average squeezes and get out when you feel its not a squeeze but "real" (another abstract concept - sorry FW! )

 

[trader_dante]

I tell you what being at a prop firm is a real eye opener and one that will make me never "system hop" and search for a "holy grail" again. There are kids there making hundreds of thousands of pounds trading support/resistance and simple patterns like flags. I've said it time and time again. I never saw anyone that was making a real fortune waiting for the stochastics to signal or price to deviate from the bollinger bands or the 20 ema to signal where we were going. We are talking about simple pattern recognition in the context of your market. And then conviction and balls of steel. Nothing more and nothing less from what I saw. I saw our most "famous" trader there that had a fundamental view on Gold come in, sit down and trade it off a weekly flag break on a bar chart with no levels drawn in. Mind blowingly simple.

 

[PaulKing]

The next Trader Dante thread title, perhaps?

balls of steel.

Nothing more and nothing less from what I saw.

1. Make money trading
2. Potential set ups
3. Balls of steel


TD,

I was under the impression 'KillPhill' used a similar 'simple' strategy. If I followed (perhaps not his only method) properly; he identified his level (as you taught all of those of us who started with 1. above), waited for price to hit it and trade the bounce. He would take some profit @ around 20 pips and move his stop to be, then trail his stop. If it pulled back to the 'trigger price' again, he'd do the same thing. I am certain I recall him playing 3 or 4 of these 20 pip 'bounces' in the space of just a few minutes.

I notice he's not been around for a while so he can't comment on the accuracy of my account, but to me at least, this approach (also has incredibly tight stops, something like 5 pips or so through and the trade is cut, as its not 'bounced' off the anticipated level).

As you stated very simple, but not necessarily easy to hold your nerve...

Do I read in between the lines you are no longer at the prop firm? (I suppose that question reveals that I haven't read this thread as thoroughly as I did 'Make Money Trading'!)

Anyway, thanks for your observations as always. I recall you saying some time ago that it is helpful to 'make it real' to newbies if you can be in an environment where you can see traders making profits day in day out.

all the best, and in the style of bbmac
G/L all
Paul

 

[trader_dante]

I was under the impression 'KillPhill' used a similar 'simple' strategy. If I followed (perhaps not his only method) properly; he identified his level (as you taught all of those of us who started with 1. above), waited for price to hit it and trade the bounce. He would take some profit @ around 20 pips and move his stop to be, then trail his stop. If it pulled back to the 'trigger price' again, he'd do the same thing. I am certain I recall him playing 3 or 4 of these 20 pip 'bounces' in the space of just a few minutes.

This is how a lot of pros trade. Infact almost all of the pros I know. But it's not as easy as sell the level with a tight stop. Look at the majority of pins you see. Sometimes they occur before the level. Sometimes the nose potrudes well through it. How many hit it to the tick - or even within a few ticks? Certainly some. But they are zones remember. And the problem with this strategy (hitting the level with a tight stop) is, you really need to stick to one market and know it very, very well. Because different markets move in different ways and with different characteristics. To trade this way you need to know how your market reacts to levels and what "squeezes" look and feel like.

This is the other thing about a lot of the traders I worked with. They knew their markets very, very well. I was one of very few that traded multiple markets. The vast majority traded one. Our most consistent trader who hadn't had a single losing day in three years knew his market so well he could tell you who had accumulated what, from where, where they were feeling heat and would have to puke, who was spoofing, where and why and at what times etc.

These guys picked up on things from watching closely. I'm not talking about just levels. I'm talking about market action. Price action. The S&P and YM are selling off sharply into the close but someone is buying the Dax in large lot sizes at frequent intervals. Why? Some guys that noticed this made crazy amounts of money when they found out that someone was trying to artificially hold it up and that it would sell off every morning on the open without fail. It was a pattern that lasted for a few days and then disappeared.

So, yes, studying the market as it comes into high probability turning points and watching the price action and choosing your moment is the pinnacle and it's how the pros trade. But it is certainly not easy. It is very, very hard and if you want to trade like that, cut your markets right down. To one ideally (including its related) and work, work, work at it.

 

[HaloTrader]

Dante what platforms do you use to trade... Or are you a spreadbettor?

Thanks.