Potential setups 2

[RichLady]

Dante why don't you re-open potential setups...

since your clearly still posting your setups. Careful, the brokers can see your stops.

 

[counter_violent]

Dante why don't you re-open potential setups...

since your clearly still posting your setups. Careful, the brokers can see your stops.

Yoo hooo I can see you hiding behind the I P .....yes you. tata.

 

[danpayne]

head and shoulders ?

Morning All
Is this potntial head and shoulders forming ?

 

[trader_dante]

Dante why don't you re-open potential setups...

since your clearly still posting your setups. Careful, the brokers can see your stops.

Hi Phil,

The brokers can see my stops everytime I trade since they manage them for me

But I'm still not sure its that good an idea to let them know exactly what I'm thinking.

Still, just making a few posts while I set up the private forum...

 

[danpayne]

Pretty critical area for GBP/USD.

I got 92 pips out of the hourly setup at 6am GMT (reverse h&s and pin at s/r pivot) but daily is harder to gauge the next move at the moment.

Daily wise for the bulls we're getting a lot of long tails at horizontal support which coincides with 5 touches of that ascending TL. And you're with the short to medium term trend now after the basing pattern in early '09.

For the bears we have a pretty massive resistance around 1.66 - 1.6675 (also a s/r pivot - look back to Oct '08) plus you're with the longer term trend down.

Alot of people still ask me about these pivots. If it goes through a strong one, isn't that bullish/bearish and shouldn't I just get in?

No, is the simple answer to that. Watch what price does.

I wouldn't look to play a hard breakout here, personally. Last time I saw this exact same setup (albeit on the monthly TF), we pulled a massive headfake, took out the topside of the range and then collapsed.

Safest play on this TF for me would be to take out 1.6675, retest it from above, reject it sharply or base there and then play it long for 1.72, which incidentally is going to be massive. I wouldn't be playing the short side of the market yet on this TF.

Hi Dante
for what its worth I agree with your cautious aproach , personally I would be looking to go long on retracement in the 1662 - 1675 area and look to lock down at 1755 area
Im pretty new to this so would value your opinion ?

 

[trader_dante]

Hi Dante
for what its worth I agree with your cautious aproach , personally I would be looking to go long on retracement in the 1662 - 1675 area and look to lock down at 1755 area
Im pretty new to this so would value your opinion ?

I would look for longs at 1.6675 when it tests from above.

Your target of 1.7550 is a little optimistic for me. I think 1.72 will hold it back if it gets up there. It's a big weekly level.

 

[danpayne]

I would look for longs at 1.6675 when it tests from above.

Your target of 1.7550 is a little optimistic for me. I think 1.72 will hold it back if it gets up there. It's a big weekly level.

You may be right , Well im gonna have a go this week good luck with ya trade
,any thoughts on the gbp/jpy ?

 

[Jason101]

Daily Gold

Daily Gold

Kind Regards
Jason

 

[ratttyo]

Daily Gold

Kind Regards
Jason

thanks Jason for that chart with the Fibs you have stuck on. Its really rocked me and given me a great insight as too what I'm going to do in regards to trading Gold.:clap::clap::clap:

 

[jiggly]

thanks Jason for that chart with the Fibs you have stuck on. Its really rocked me and given me a great insight as too what I'm going to do in regards to trading Gold.:clap::clap::clap:

yes, will you hurry up and get in already, the more people supporting the trade the better.

 

[bfd]

Hi Phil,

The brokers can see my stops everytime I trade since they manage them for me

But I'm still not sure its that good an idea to let them know exactly what I'm thinking.

Still, just making a few posts while I set up the private forum...

What will be the requirements for entry into that then?

 

[trader_dante]

Alot of people still ask me about these pivots. If it goes through a strong one, isn't that bullish/bearish and shouldn't I just get in?

No, is the simple answer to that. Watch what price does.

I wouldn't look to play a hard breakout here, personally. Last time I saw this exact same setup (albeit on the monthly TF), we pulled a massive headfake, took out the topside of the range and then collapsed.

What happened to the Pound today is why I don't trade breakouts. See post above.

 

[JER08]

What happened to the Pound today is why I don't trade breakouts. See post above.

There're got to be days that you do trade breakouts when the setups line up ?

Cable's wide range yesterday coupled with fact that it's the day before NFP put the odds against a true BO.

 

[nunrgguy]

Not completely relevent to this thread but I thought this might amuse you guys. Have been looking around for some P&F kit for MT4 and came across this on another forum.

WOWSER

 

[HawkTrader]

Not completely relevent to this thread but I thought this might amuse you guys. Have been looking around for some P&F kit for MT4 and came across this on another forum.

WOWSER

:whistling

 

[Jason101]

Not completely relevent to this thread but I thought this might amuse you guys. Have been looking around for some P&F kit for MT4 and came across this on another forum.

WOWSER

Don't take the p*ss!!! I waited ages for that set up.

 

[HawkTrader]

Don't take the p*ss!!! I waited ages for that set up.

"Right... gonna go long, the RSI is showing... BUT HOLD ON!! The MACD is tell me to go short!! Oh damn... what's the price doing? Crap, I can't even see where it's at because of all my holy grail indicators... *phones broker* Yeah hi... what price is the GBP/USD at right now? I can't see. Why not? Because of my awesome system. Ah well... I'll just go long without a stoploss."

 

[montmorencyt2w]

Not completely relevent to this thread but I thought this might amuse you guys. Have been looking around for some P&F kit for MT4 and came across this on another forum.

WOWSER

....wait a minute ... that's the Tokyo metro isn't it ...?

 

[portomar]

gbpchf dailylong

Fyi

 

[glyder]

Gbp jpy

I posted a few months ago on the major long term S/R level this pair were at,

Well its now been tested and has become a good support, see monthly chart,

recently the weekly has bounced of the 23 fib too. Long term trend is up IMHO.