Best Thread Potential setups
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grimweasel
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trader_dante
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Hi Grim,
Flags are great. I never used to use them but some of the pros here at my firm use them regularly. Like anything though, you have to get an edge in playing them
grimweasel
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Hi Grim,
Flags are great. I never used to use them but some of the pros here at my firm use them regularly. Like anything though, you have to get an edge in playing them
Hi TD,
Agreed - the key is spotting them and playing them well as you say - I always seem to think they will be faded these days for some reason? I seem to spot a pattern and only think of fading it as opposed to playing it! I paper traded the second flag - not long till I get to resume trading properly again.
The break has been really good and has allowed me to monitor and learn from the markets without being emotionally involved; I've now internalised some of my previous flaws and I'm looking forward to getting back trading. The secret for me will be following the trend on the larger TFs and playing the pullbacks on the lower TFs, pins and patterns too!
Good trading all!
trader_dante
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Cool - glad to hear you are getting back on form
I rarely trade the trend anymore and now trade almost exclusively counter trend. There is a lot of money to be made trying to pick the highs and lows.
I was thinking only yesterday about how all the books tend to tell you to trade with the trend. I often see something written along the lines of "if you trade with the trend, the market will often bail you out if you mistime your entry"...LOL...what this means is that trading with the trend is less likely to result in your account destruction when you make the amateur mistakes like running your stops and averaging because eventually the market will come back if the longer term trend is with you.
But I find that the the counter trend moves are the most violent so I try and take these. You have to be willing to be wrong more though
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grimweasel
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Ha, Thanks for the update TD - glad to see you are trading well old chap! I think to counter-trend you need full market exposure all the time, staying in tune with your chosen market. Feeling the market is important but us 'part-timers' need to tread with care I think!!
My only counter trends are solid patterns and pins but only on the 1hr and above. I have reminded myself of your earliest mantra of 'let the market come to you'.
I've been teaching another chap out here and it's helped me a great deal in understanding where I may have been going wrong before. It's reminded me of the value of the basics. This chap has picked it up well, quite early on too. Using SR and MAs (thanks to FXMonkey) and the CCI I've been a lot more successful (on paper) than before and this chap has seen the basics, working in action; it's a rewarding experience all round!
My only counter trends are solid patterns and pins but only on the 1hr and above. I have reminded myself of your earliest mantra of 'let the market come to you'.
I've been teaching another chap out here and it's helped me a great deal in understanding where I may have been going wrong before. It's reminded me of the value of the basics. This chap has picked it up well, quite early on too. Using SR and MAs (thanks to FXMonkey) and the CCI I've been a lot more successful (on paper) than before and this chap has seen the basics, working in action; it's a rewarding experience all round!
therooster
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Grim, Have you been reading Elder on your travels by any chance
Whereabouts are you at the moment? Cold and wet here in London and so dreaming of sunnier climes
grimweasel
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Hi Rooster, yes I have read Dr Elder, some 9 months back tho!
I've just read 2 trading psychology books; quite good, some good tips like reading out your trades aloud before entry - all to do with the different parts of the brain computing data in different ways. By reading out aloud you are able to reason better and maybe pick up any flaws that the conscious mind (thinking) may have missed!!
Currently I'm out in the middle east - due to return at end of Jan after Xmas away - can't wait!!
I've just read 2 trading psychology books; quite good, some good tips like reading out your trades aloud before entry - all to do with the different parts of the brain computing data in different ways. By reading out aloud you are able to reason better and maybe pick up any flaws that the conscious mind (thinking) may have missed!!
Currently I'm out in the middle east - due to return at end of Jan after Xmas away - can't wait!!
Cheers Grim,
All ok thanks, just got too busy with all the violent moves that were going on, had to concentrate!
Good luck for 2009.
grimweasel
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So, this morning on GBPUSD we have a triangle forming rather than a bull flag? Anyone looking to get short or is this folly in the face of NFPs later on today? Me thinks GBP may be due a correction back to 50% fib at 1.48 region?
BrainStorm
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Just to be clear no one is calling trades. This thread is about potential setups. I am pretty sure no one is giving trading advice, chances are that would be illegal and result in the very least a ban.
Even if people agree on the setup everyone will trade it differently according to their own plan. The setup is just one small element of a trade. Having said that there are people I always pay attention to and am grateful for 'alerts' on a chart that is worthy of a look at.
Also it can be useful to talk about how someone else might manage a trade but just following blindly is going to be a recipe for disaster
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2 pins in 3 days!
Has anyone seen this before?
Both conform to fib levels. I would tend to say that the high dominates since there are 2 untested breakout levels from the wide-range bar in the middle, and the high looks like it is potentially a more significant swing point as it has >=5 bars with lower highs to the left of it.
The chart is ES March 09 (Daily)
P.S Look at that lovely bullish pin at the end of December!
Has anyone seen this before?
Both conform to fib levels. I would tend to say that the high dominates since there are 2 untested breakout levels from the wide-range bar in the middle, and the high looks like it is potentially a more significant swing point as it has >=5 bars with lower highs to the left of it.
The chart is ES March 09 (Daily)
P.S Look at that lovely bullish pin at the end of December!
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trader_dante
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Yes, all the time. I see two back to back fairly often.
Aren't there higher lows to the left of it, also?
At any rate, I personally don't like it.
Plus, today is all about the GBP/JPY.
You have to get on what's HOT
trader_dante
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This is the situation going into U.s NFP re Gbpusd....anyone take the 1hr pin at prev support?? Price currently see-ing some resistance at the prev swing hi.
It's NFP so anything can happen. G/l, lol.
My plan for NFP is bid Gbp/Jpy hard on any sign of strength above 1.3940.
bbmac
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G/L -524k, est -525k, manuf -149k, prev revisied down from -533k to -548k, un-emp rate 7.2% from 6.7% est 7.0%
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