Best Thread Potential setups

[jonj]

keeping my eye on this pair atm.mabye stay connected long enough for an entry!!lol

 

[jonj]

updated trend lines this morning (honest) to a channel formation,i still played the rising wedge break(for some reason) but the break pays dosh again.
the gb/yen is mabye gonna pay also??

 

[trader_dante]

Check out price action historically.... can you find a pin that worked +5 days after event?

The daily pin bar I traded in Wheat last year only moved into profit seven days after the entry and this was my biggest gain ever in tick (and pound) value at the time.

But I agree it is rare.

 

[Crap Buddist]

Nice postings...

The daily pin bar I traded in Wheat last year only moved into profit seven days after the entry and this was my biggest gain ever in tick (and pound) value at the time.

But I agree it is rare.

Well TD I guess in this case one could say Time = Money




mmmm then again some say time is only theorectical so it may not actually exist ,but lets not split hairs.

 

[Crap Buddist]

Thought of the day.

118 118- Hello, yes price time continum please.

So if time is not a reason to invalidate a pinbar should it be used to validate one?

 

[Eltrader]

Hey TD, just wondering did you have trade any of the set ups that were mentioned on this post, over the last five days...? As i had noticed there wasn't much contribution from your part, if im right in my assumptions would it have been because the set ups mentioned didn't exactly tick all the right boxes for you, and if possible could you mention any pinbars you did take, if any...?
(Just trying to detemine what you would and wouldnt take concerning this weeks posts, for future reference...?!)

 

[rjc]

What does this 8hr eurusd look like to you guys? Is it a good enough pinbar - seems to be at a solid support? Just trying to get my head around these at the moment - I took the 4hr usdchf one but that failed. It seemed to be in a good place but looking back I may have sold directly into support on that one.

 

[Gregus83]

Maybe one for superspurs,

(ABF) Associated British Foods on the Weekly.



Pin at area of support / lower trend / 23.60% fib

Long entry at 836
Some previous strong resistance towards 860 so going to set P/L at 856
S/L at 790

Body of pin perhaps slightly larger than usual but strong evidence makes me want to go for this.

Any other takers / comments?

Greg

 

[1Pipped]

Hi rjc and Gregus83, the close of both those bars is not within the range of the previous bar. I think the close within previous bar range is quite important because it shows a good strong rejection. I think it could also be a good sign to use to see if your discipline is slipping a bit - that is, if you notice yourself taking a lot of non 100% conforming bars, you may need to go and beat yourself with a bit of birch branch TD did mention to use a bit of discretion and test things out though, so maybe test the imperfect bars out with a smaller trade size or demo.

 

[Gregus83]

Hi rjc and Gregus83, the close of both those bars is not within the range of the previous bar. I think the close within previous bar range is quite important because it shows a good strong rejection. I think it could also be a good sign to use to see if your discipline is slipping a bit - that is, if you notice yourself taking a lot of non 100% conforming bars, you may need to go and beat yourself with a bit of birch branch TD did mention to use a bit of discretion and test things out though, so maybe test the imperfect bars out with a smaller trade size or demo.

Good point Pipped.

I like to see the open/close of the pin bar itself, within the range of the left eye. Whether it HAS to be I am unsure. This is just what I look for. Once I see this I play a break of the high/low of the pin bar.

I may well be getting a little complacent. I ought to pin a checklist in large print on the wall in front of me to ensure that I'm meeting all the criteria I should be.

I may let this one go, just to see what happens for my own benefit. Then again, I could get lucky this one time and no lesson is learned. I have all this weekend to think about it anyway eh?

Cheers,

Greg

 

[anddy26]

my thoughts exactly

Hey TD, just wondering did you have trade any of the set ups that were mentioned on this post, over the last five days...? As i had noticed there wasn't much contribution from your part, if im right in my assumptions would it have been because the set ups mentioned didn't exactly tick all the right boxes for you, and if possible could you mention any pinbars you did take, if any...?
(Just trying to detemine what you would and wouldnt take concerning this weeks posts, for future reference...?!)

Hi there..Eltrader you know the thoughts running through my head were..have we all read dantes jouranl and not understood them fully..because i didnt see any clear setups
and the posts i saw were all gambles...im not saying u guys didnt make money..but they didnt seem like the signals poor dante tried to install in us..dont want to appear as a smart ass..so please dont mistake my comments..they are in no means meant in a derrogitary fashion( i know i cant spell.lol)...on another note my 6 forex are getting set up for a big week i think..because they are either hitting big support or ressistence levels..and anyone notice the correlation between wheat and oil???? its the same chart just about

im only a 3rd thru dantes jouranl and enjoying the read very much..

 

[1Pipped]

I have all this weekend to think about it anyway eh?

Yep!

I wasnt trying to disuade you from trading it, its just the first thing I noticed about it, which is funny because when I first started looking for pins it was the last thing I looked for and the thing I forgot to check for most... this birch whipping really does work

 

[trader_dante]

Hi Anddy26,

I haven't paid too much attention to the setups that are being posted here unless they are in markets that I have limits in which right now is just Eur/Usd, Gbp/Usd, Usd/Jpy, Mini Dow, T-Note, Crude Oil and Wheat.

I really don't trade all that much compared to all the others at my prop firm because when I commit I like to be as certain as I can be that I am catching the turning point whether that be against the trend or back into it.

The only setup I took today was in the Euro. I was waiting for it to trade into the lower end of this range (see chart 1) and when it did I bought the break higher of the inside bar formation (see chart 2 - arrow indicates candle I entered on). Considerable support was evident from the tails of the candles and this was confirmed by studying the bids and offers on the ladder. Aside from the price action it was, of course, coming into the end of the week with a notoriously hawkish ECB member due to speak later in the evening and G7 over the weekend so the market was perhaps prone to some short covering. I took 27 ticks out of it when the price failed at the first level which was previous support.

 

[1Pipped]

1pipped.
i am with you on this one.

What do you think to this now omni? didnt move much did it...

How I see it:
+
Monday was a very strong bullish outside bar.
Its broken above resistance, consolidated, and stayed up.
Yesterday was an inside bar and an nr4.

-
Its by a 50% retracement level from 01-11-2007 - 17-03-2008
Didnt follow up the break with any movement.

 

[jonj]

inside bar on 4h gold just broken,against the trend.one to watch on monday

 

[Aspire]

Considerable support was evident from the tails of the candles and this was confirmed by studying the bids and offers on the ladder. .

Hi TD,

Don't want to (And couldn't) tell you how to trade as I know you specialise in the longer term trades (Well, longer than scalping) which I have a lot yet to learn about, but I stare at the ladder like my life depends on it and thought my 2 cents may be useful here.

On the whole looking at the bids and offers on the ladder to confirm support and resistance won't really help you as they are a poor indicator of what business people actually want to do at each price.

When the price gets close enough to a support level that the ladder shows all the bids down to your level make a note of what the bids are. Then when it has traded down through the level look at how much volume actually traded at each price.

Don't worry about getting long just because there are a load of offers above you, and don't think a load of bids underneath you will be of much help.

 

[superspurs]

What do you think to this now omni? didnt move much did it...

How I see it:
+
Monday was a very strong bullish outside bar.
Its broken above resistance, consolidated, and stayed up.
Yesterday was an inside bar and an nr4.

-
Its by a 50% retracement level from 01-11-2007 - 17-03-2008
Didnt follow up the break with any movement.

alright 1,ive got you in my sights now,regarding the GJ trade,its moving in the right direction so sit on your hands and let it do its work,it really has great potential,above the pivot,above the 150 ma and in a rising channel,good luck

 

[trader_dante]

Hi TD,

Don't want to (And couldn't) tell you how to trade as I know you specialise in the longer term trades (Well, longer than scalping) which I have a lot yet to learn about, but I stare at the ladder like my life depends on it and thought my 2 cents may be useful here.

On the whole looking at the bids and offers on the ladder to confirm support and resistance won't really help you as they are a poor indicator of what business people actually want to do at each price.

When the price gets close enough to a support level that the ladder shows all the bids down to your level make a note of what the bids are. Then when it has traded down through the level look at how much volume actually traded at each price.

Don't worry about getting long just because there are a load of offers above you, and don't think a load of bids underneath you will be of much help.

Hi Aspire,

When I say I study the ladder I don't mean the actual size on the bid and the offer or how much volume is going through - I do not pay any attention to either of these things - but rather how the price moves. Where each transaction occurs, how much time between each transaction, the range of prices between the majority of transactions and how many transactions occur at the same price etc. You can get a feel for what I call the invisible support and resistance levels - i.e. those that are not immediately evident on the charts. I know the places at which I want to be a longer term buyer or seller (i.e. to hold for hours minimum and hopefully days and weeks) and right now I am getting better and better at identifying where I can take that position with as low a stop as possible. Yesterday on the Euro stops on my intended long position were coming in at 11 ticks which for me is insanely tight.

 

[1Pipped]

alright 1,ive got you in my sights now,regarding the GJ trade,its moving in the right direction so sit on your hands and let it do its work,it really has great potential,above the pivot,above the 150 ma and in a rising channel,good luck

Good call spurs, thanks. Im probably being a bit impatient and doubting because from the last four trades two were stopped out just under 1:1, one was a loss and one (usdcad) looks like a probable loss. I shall just let it play out as normal

 

[Aspire]

Hi Aspire,

When I say I study the ladder I don't mean the actual size on the bid and the offer or how much volume is going through - I do not pay any attention to either of these things - but rather how the price moves. Where each transaction occurs, how much time between each transaction, the range of prices between the majority of transactions and how many transactions occur at the same price etc. You can get a feel for what I call the invisible support and resistance levels - i.e. those that are not immediately evident on the charts. I know the places at which I want to be a longer term buyer or seller (i.e. to hold for hours minimum and hopefully days and weeks) and right now I am getting better and better at identifying where I can take that position with as low a stop as possible. Yesterday on the Euro stops on my intended long position were coming in at 11 ticks which for me is insanely tight.

Oh, right, sorry.. Granny and eggs spring to mind!

Assumed as most of your trading career has been spreadbetting and your relatively new to the ladder-centric prop environment you were falling into the classic trap of "lots of bids - it's got to go up..."

Won't underestimate you again!