Best Thread Potential setups

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Genics said:
imo this is a total layup for a short, rallied to the 21 on light volume but as i said lets see what the fed says
Click to expand...

For what its worth I was looking at the exact same chart, lol. Nearly even posted it on my journal, but i haven't updated that for a few weeks. we'll see, anyway.
 
i am currently short from the 21 tbh, only small size. *if* we are trading near to my entry or stop i will exit it before the announcement to avoid possible epic slippage against me
 
i will be playing the ussual 3 wave move for the fed announcement those unfamiliar with this concept now probably isnt the time to learn it lol


edit : currently short from 8291 open target
 
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Daily double top on the Dow...S&P has reached 50% fib of the last swing down...is this the top?

I think it's down from here...

At least to 8200 minimum.
 
i concur im gona run over night

edit: actually gona hold this for a retest of the recent lows and try to add to it on any pull backs
 
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Genics said:
i concur im gona run over night

edit: actually gona hold this for a retest of the recent lows and try to add to it on any pull backs
Click to expand...

So, you think we are going to take out the lows too? 😉

Good stuff! It seemed to me like all the bears had disappeared.
 
firewalker99 said:
8357 but +/- 8340 was/is resistance so that's not too bad.

@those trading the YM and thinking of staying with the short bias (despite PA this week saying something else): might be worth having a look at the mighty ES...
Click to expand...

Good call.

I think the only thing that has stopped me losing money is that I can seperate opinion from an objective reading of price action.

It wasn't easy to learn that but something I have had to pick up over time.

As in, I have a short bias, but I'm still long (see screenshot and earlier post today).

So, you might ask, why the hell am I saying I think it will go down and still holding longs? Because when price reacts to a high probability turning point - i.e. when it hit the double top (S&P at 50% fib) and started coming off, my opinion kicks in and I think we are going to fall further and resume the longer term trend.

But my stops to get out and go short are in places that the price cannot easily reach i.e. where for me the price is now fully confirming that a new move (reaction or trend) is underway.
 

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rikrok said:
I'm watching a pin bar develop on GBP/JPY 4 hour.
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Just a question, but why you would want to wait 4 hours if you could've already entered around 129.10? There was clearly a rejection of some sort and the resistance from the second week of January around this level could make life difficult for those holding long positions. But that R is there on each timeframe and each bar interval. The advantage of entering early is a very tight stop, and by now it could already be break-even...
 
firewalker99 said:
Just a question, but why you would want to wait 4 hours if you could've already entered around 129.10? There was clearly a rejection of some sort and the resistance from the second week of January around this level could make life difficult for those holding long positions. But that R is there on each timeframe and each bar interval. The advantage of entering early is a very tight stop, and by now it could already be break-even...
Click to expand...

I agree with FW but the advantage of pins for new traders are:

a) price often reacts to an area. If you short at a resistance or go long at a support area you may need multiple goes before you catch the move. Waiting for and trading the pin allows you to see the exact rejection point and stops you falling victim to squeezes or needing several attempts and giving up in the process.

b) the bigger stop encourages you to have the discipline to play for a bigger move - the real key to making huge profits in the markets. Don't underestimate the importance of this point. Of course if you enter with a tight stop you can trade larger size and still catch the same move but this can come later. Work on the basics first.

c) it encourages a systematic approach to trading.

d) it makes for easy scanning of setups for people that are not glued to the charts all day long.

I don't use pins that much anymore but I still wholeheartedly believe that understanding what they mean and how they work and trading them systematically in the way I have shown will not only help you build your account up rapidly but also give you a basis to work on and improve your entries with time.

But good point FW.

🙂
 
firewalker99 said:
Just a question, but why you would want to wait 4 hours if you could've already entered around 129.10? There was clearly a rejection of some sort and the resistance from the second week of January around this level could make life difficult for those holding long positions. But that R is there on each timeframe and each bar interval. The advantage of entering early is a very tight stop, and by now it could already be break-even...
Click to expand...

Hi Firewalker --- I am still very much trading with L plates on so did not spot it at that time. (prob was occupied elsewhere, away from screen anyway) Nevertheless I take your point..another lesson learnt, esp on the tight stops.


TD - the fib from the lower peak is near to 61.8, however its begining to lok less like a pin bar at the moment. The other is nearer 50%, but not near enough I would say.

I'll see how it looks at 10.00.
 

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trader_dante said:
I agree with FW but the advantage of pins for new traders are:

a) price often reacts to an area. If you short at a resistance or go long at a support area you may need multiple goes before you catch the move. Waiting for and trading the pin allows you to see the exact rejection point and stops you falling victim to squeezes or needing several attempts and giving up in the process.

b) the bigger stop encourages you to have the discipline to play for a bigger move - the real key to making huge profits in the markets. Don't underestimate the importance of this point. Of course if you enter with a tight stop you can trade larger size and still catch the same move but this can come later. Work on the basics first.

c) it encourages a systematic approach to trading.

d) it makes for easy scanning of setups for people that are not glued to the charts all day long.

I don't use pins that much anymore but I still wholeheartedly believe that understanding what they mean and how they work and trading them systematically in the way I have shown will not only help you build your account up rapidly but also give you a basis to work on and improve your entries with time.

But good point FW.

🙂
Click to expand...
TD,many thanks for more good advice, I've read through your 'making money trading' thread,( thanks very much for all the effort you put in with that its extremely helpful, and not info that can be obtained from a book or anywhere else) and I'm looking at J16 too to use in conjunction and ultimately get to grips with this elusive price action business. I try to pick up on longer time frame trades..but as yet I'm often too quick to take profits or cut a loss...
As for the GBP/JPY trade, although it looks less certain now I've a gut feeling on it....

edit... but can't trade on a gut feeling and should only take A class set ups. so its a no go.
 
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