Best Thread Potential setups

Status
Not open for further replies.
chilltrader said:
Not so sure..... just when we think we have read the market, it turns around and hands you your ****!
Click to expand...

lol speak for yourself mate. There is only one way this is going. And it's down. Might not be tonight as expected but we are sure as hell going down.
 
nearly closed bellow 8000 :) well the futures will close below.. hit my target at 8055 aswell.

edit: sorry if that seems confusing the futures were still above 8k on the close of the cash, no idea what the cash closed at as dont look at it!
 
Joey25 said:
C O C K
Click to expand...

Come on Joey, I know how it sounds but don't hate the player. It's not that being consistent is easy but there are some trades that are so blindingly obvious and you have to take advantage of that easy money...
 
trader_dante said:
I firmly believe that by being patient and waiting for the market to come to you and then only entering the market at these pivots a trader will put the odds significantly in their favour.
Click to expand...

trader_dante, looks like you are on the right path. I use the same methods and my strategies are based on levels breakouts/reversals, and it's very similar to the chart you provided in 1-st post! The patience is really great here, I'm 100% sure it should be profitable, if it's not then you are not paticient.

BTW, here's free site that can help you to recognize events that you (and me) are waiting so long ;)
 
Last edited by a moderator:
Something which has been bugging me, why would the pinbar in the attached screenshot be less valid that a pinbar which has it's open/close within the range of the preceeding bar?

Apologies about the equity, they are my only option due to work/time contraints.
 

Attachments

  • Gap Pinbar.png
    Gap Pinbar.png
    248.9 KB · Views: 210
Hi guys, it's going to be a busy week this week as earnings season gets underway. Best play I can see this week is to get short equities but remember it's going to get very volatile. Several people are asking me about the GBP daily setup. It's a difficult one. Usually I don't regard fundamentals but I am very certain equities are going to leg lower and that will probably provide some strength to the dollar. Trade with caution.
 
Setup on USDJPY Daily

Any comments on a possible setup on the Daily USDJPY? Two inside bars against a Pin Bar that's touched a Support line and the CCI showing oversold? Go long on the break above the Pin Bar?

SpotFXUSD_JPY23-JAN-09.png
 
Second income trader said:
Any comments on a possible setup on the Daily USDJPY? Two inside bars against a Pin Bar that's touched a Support line and the CCI showing oversold? Go long on the break above the Pin Bar?

SpotFXUSD_JPY23-JAN-09.png
Click to expand...

That's not the best looking pin bar plus Friday's session is not an inside bar...also, I would ignore what the CCI says - the fact that it is oversold means literally nothing as it can stay in oversold territory for a long time...but it is a good support. Still, not one for me. Particularly because I expect equities to drop this week. The best play in USD/JPY was buying it as it made the double bottom. Risk reward was incredible and made for a very profitable trade. I know Omni caught it...I wonder if anyone else did.

I actually favour the Pound which has formed daily pin bars at a long term support level. We are looking at a 200 pip gap down on the open so I may buy and play for a gap fill.
 
Thanks for the prompt feedback TD :) So how do you play buying the double bottom? Is it a case of buying as it hits the actual bottom, or do you wait for a move back up from the bottom to confirm the bounce and avoid any move straight through the S/R?



trader_dante said:
That's not the best looking pin bar plus Friday's session is not an inside bar...also, I would ignore what the CCI says - the fact that it is oversold means literally nothing as it can stay in oversold territory for a long time...but it is a good support. Still, not one for me. Particularly because I expect equities to drop this week. The best play in USD/JPY was buying it as it made the double bottom. Risk reward was incredible and made for a very profitable trade. I know Omni caught it...I wonder if anyone else did.

I actually favour the Pound which has formed daily pin bars at a long term support level. We are looking at a 200 pip gap down on the open so I may buy and play for a gap fill.
Click to expand...
 
Second income trader said:
Thanks for the prompt feedback TD :) So how do you play buying the double bottom? Is it a case of buying as it hits the actual bottom, or do you wait for a move back up from the bottom to confirm the bounce and avoid any move straight through the S/R?
Click to expand...

Hey dude, with a double bottom like that, what I like to do is trail a buy entry say 10 pips above the price when it gets say 5-10 pips from the double bottom and as soon as I am in, put my stop below the lowest point price reached. Sometimes you need a few goes to get it.

If it goes through the double bottom, I put my buy entry say 1 pip above what should have been support and will keep it there unless we break it significantly. That way you are in on the right side if price comes back and the short term breakout traders need to cover giving it some momentum back to the upside. You have to be pretty agile and make sure you do more than 1 unit so you can get some out quickly to cover the risk and leave the rest on incase you really have caught a low for the next 10 years :)
 
Sounds good to me! Thanks again :D

trader_dante said:
Hey dude, with a double bottom like that, what I like to do is trail a buy entry say 10 pips above the price when it gets say 5-10 pips from the double bottom and as soon as I am in, put my stop below the lowest point price reached. Sometimes you need a few goes to get it.

If it goes through the double bottom, I put my buy entry say 1 pip above what should have been support and will keep it there unless we break it significantly. That way you are in on the right side if price comes back and the short term breakout traders need to cover giving it some momentum back to the upside. You have to be pretty agile and make sure you do more than 1 unit so you can get some out quickly to cover the risk and leave the rest on incase you really have caught a low for the next 10 years :)
Click to expand...
 
Dow

trader_dante said:
Hi guys, it's going to be a busy week this week as earnings season gets underway. Best play I can see this week is to get short equities but remember it's going to get very volatile. Several people are asking me about the GBP daily setup. It's a difficult one. Usually I don't regard fundamentals but I am very certain equities are going to leg lower and that will probably provide some strength to the dollar. Trade with caution.
Click to expand...



The time in London is 23: 15 Sunday 25th Jan
The DOW futures just opened 15 minutes ago.
 

Attachments

  • DOW 1hr.JPG
    DOW 1hr.JPG
    90.7 KB · Views: 176
Status
Not open for further replies.

Similar threads

A
Natural Gas, associated equities, and ETF's setup similar to Crude in mid $30's last
Replies
0
Views
2K
Autobottrading
A
A
Scanning for Setups?
Replies
6
Views
2K
fibonelli
fibonelli
M
A simple method for buying stocks and ETFs on a pullback
Replies
0
Views
3K
morpheustrading
M
M
Dangers of "jumping the gun" in trading (market psychology)
Replies
0
Views
2K
morpheustrading
M
C
(i think ) i have a gap trading strategy but...(frontrunning?)
2 3
Replies
42
Views
7K
Chartsy
C
Top