Best Thread Potential setups

[trader_dante]

This was the only setup I took today.

In a somewhat ironic addition to this, all the Bund traders at our firm have abandoned it and switched to equities because apparently price action doesn't work and its incredibly hard to trade.

Just as the last one threw in the towel after over a year of trading it and left to enter the Eurostoxx, I've entered...ever the contrarian

Tom

 

[Ljr]

pins on lower timeframe, not hourly

Fine but why these cryptic clues? if you see a pin either post a chart or be specific. Must we all now check every timeframe under the hourly to find it??

 

[advfntrader]

posted 5 min chart. I'm new to this so not sure what timeframes we need to check ! I didn't trade this either.
from what I've seen bars can form on some timeframes and not others, its good to check all


ImageShack - Hosting :: dowpinmp6.jpg

 

[pelzar]

EURUSD hourly pin off a nice pivot!

 

[trader_dante]

Right ok, I've really had enough of listening about pinbars for a lifetime, is there not another thread their meaning can be discussed on (unless it's a valid set-up)? No offence meant here, but i think new traders should go and learn about candles and bars by themselves like most of us did, and come back once they've attained the technical basics to try and apply this knowledge to "potential set-ups". Don't mean to be overly harsh here.

This is how I originally intended the thread to be (see my first post) but it's gone way off track. I would much prefer if it people didn't mention pins but rather showed areas of importance on their charts. That way we can then all discuss them and look for our own favoured price action setups whether it be pin bars, inside bars, candles merged to create pins or even those that don't use candlesticks at all but enter at the level reading the order flow etc

Pin bar here, pin bar there helps nobody.

I see several pins every single day on the hourly timeframe and still only trade once or twice a week.

 

[trader_dante]

Infact, I am going to start another thread for just this...

 

[KillPhil08]

just charts no chat is kinda the same thing no?

http://www.trade2win.com/boards/just-charts-no-chat/41914-just-charts-no-chat-7.html#post544842

 

[Ljr]

Ljr...been watching USDJPY and that pin is a beauty!!

That didn't take very long to get busted!!!

 

[pelzar]

That didn't take very long to get busted!!!

Indeed...thank god I didn't take it!

 

[trader_dante]

just charts no chat is kinda the same thing no?

http://www.trade2win.com/boards/just-charts-no-chat/41914-just-charts-no-chat-7.html#post544842

I am sure Mr Gecko had the intention for it to be so but even on that there are people talking about "evening star" patterns and "head and shoulders" and where they got in and where they got out or where they are coming out etc.

 

[KillPhil08]

I see now. Going to be an interesting read to come

 

[barryb]

Infact, I am going to start another thread for just this...

Sounds good to me

 

[BrainStorm]

That didn't take very long to get busted!!!

I've been stalking this one too. Price is still in the 'zone'. Thats one trouble I sometimes have, if you scan back you will often get a couple of pivots or even a zone where price might react. In this case price did react to the first line however its pushing on through for now. Not sure what you can do about that tbh? Heres the JPY with the lines I am watching currently. Same chart just zoomed out a bit.

 

[Ljr]

I've been stalking this one too. Price is still in the 'zone'. Thats one trouble I sometimes have, if you scan back you will often get a couple of pivots or even a zone where price might react. In this case price did react to the first line however its pushing on through for now. Not sure what you can do about that tbh? Heres the JPY with the lines I am watching currently. Same chart just zoomed out a bit.

I usually draw my lines from the monthly, daily and 4 hour and then watch as price approaches. As the price was moving up quite quickly from late this afternoon I started looking at the hourly and then noticed the pivot area at around 9840. The pin then formed right at this area and also had fib confluence (draw from daily) as well as an ascending TL. I placed an order just below the pin which was triggered and then the price reversed quite strongly so I was stopped out. I still think this was a faily good setup but sometimes this just happens.

You are right about the 'zones' which I think is why one needs other confluence other than just a pin or IB, to add support to the trade othewise trading price action just anywhere will surely lead to more losses.

 

[rawrschach]

Bear in mind the BoJ has hinted in the last couple days that they will move to devalue the yen - you don't want to stand in front of that train.

 

[Ljr]

EurUsd at an interesting level?

 

[superspurs]

i got in the euro on that set up,resistance becomes support

 

[Ljr]

i got in the euro on that set up,resistance becomes support

SS at what price did you enter? I was waiting for the hourly candle to close but It moved up too quickly so I don't see an entry now.

 

[superspurs]

2734,right on the line with a 30 pip stop,stop now moved up to 2730

 

[omni]

Bear in mind the BoJ has hinted in the last couple days that they will move to devalue the yen - you don't want to stand in front of that train.

Regarding government intervention - i wouldnt take the side of the BoJ. They are notoriously bad at protecting the yen. The market will take it where it wants to take it. If you see yen trying to hold a level, it will more than likely be the BoJ but then they will run out of resources and it will fly to the next level. Happened about 3/4 years ago time and time again, exactly the same rhetoric and more and more massive numbers being released soon after showing how much they intervened and how little they could do to stop the market.

No offence to BoJ, or any government in fact, but if people have trades to unwind, you need a very deep bucket to offset it....... they were muppets then and i am sure are muppets now - dont fall for the rhetoric.