Best Thread Potential setups

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i,ve drew a line in the sand because im about to go to bed.ill give it another half hour.
 

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omni said:
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.
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Agreed, but defending a currency and weakening it are two different things.
 
omni said:
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.
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Best comment ever read on this board: "No offence to BoJ...they were muppets then and I am sure are muppets now..."

LOL
 
Ljr said:
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.
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This is good advice, taking a 'top down' approach. Even if trading off the hourly (or faster charts!) Zooming out to find major levels is important. Using confluence is good advice too (though this may actually compund the issue if it is a bit off) Scaling in is another possible solution (play each side of the 'zone') or even trying the trade more than once. Another thing is that a level that has been in force for a long time can creep over time if it is tested a lot. I tend to pay more attention to recent price action in that case.

I guess in short it is as much an art as a science.
 
The other thing that I am not sure if I mentioned on my original thread is that by looking at the daily TF (and sometimes the Weekly), I get a feel for which way I want to position myself on the hourly.

For example, right now I am leaning towards the short side of the Bund market. This means that regardless of the price action that indicates long positions, I will most likely abstain from this side of the market until I get a feeling that it wants to move higher.
 
chocolate13 said:
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.
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Thanks for the headsup. I have to say I tend to agree with Omni on that. Anyone remember Black Wednesday? Mind you it wasn't just the GBP that got pounded (if you pardon the pun). The mistake that Lamont (the then chancellor of the exchequer) made was spending the national reserve trying to prop the pound up. Tbh I am not really onside with all this stuff but guess I should pay a bit more attention if I am gonna trade currencies as well as index futures.

Cheers.
 
Ljr said:
EurUsd at an interesting level?


View attachment 42334
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ljr,just to clear up any confusion,the euro trade was not a pin setup,more a breakout and pullback setup.there was an article in the knowledge,lab many moons ago,about taking the first touch of the breakout line.with the euro very trending nicely yesterday,i thought it was a high probability trade to take.got 50 pips out of it before bed.
 
USD/JPY 98.30 area looks interesting in a minor way. Obviously need price to be rejected there.
 

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12804...

Any second...a sign to go long should appear...

EDIT: Changed the number, I was looking at the Futures.
 
Nice one dt. I got in this aswell, i was seeing 12816 mind you. not sure how many points to go for. 40 points in 1 second is pretty good though lol.
 
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