Best Thread Potential setups

[Joey25]

And USDJPY daily:

Pin combined with the first touch of a trendline and what looks like an inside bar fakeout.

 

[grimweasel]

hi everyone ,talkin of the eu/gb heres my take on the charts.
great short opp. ??

Jonj
Not sure on this one?
Bounce off the weekly 20EMA and the 50% fib from the daily low high? 2 strong areas of confluence? Also at the 23% Fib from monthly L/H
1hr e/usd pin too so the euro may take some strength from this??

I'm thinking long??

 

[trader_dante]

And USDJPY daily:

Pin combined with the first touch of a trendline and what looks like an inside bar fakeout.

Hi Joey,

Just some input (not that you asked for it, lol)

I don't think the market has had enough of a swing down to make that pin significant - for me to take at least.

Also, I don't put much importance on DeMark TL's. I prefer to draw them from the big lows...

Finally, I feel, beyond all shadow of a doubt, that equities are heading lower this week and there is, as we know, a significant correlation between them and the USD/JPY.

As an aside (kind of) it has been passed on to me by a bigger and better trader in his infinite wisdom that the markets love to test the rhetoric of central banks.

Now you've got the BOJ hinting that they might intervene if the USD/JPY falls low enough...so maybe, just maybe, all the traders are going to play the game of "let's see how low is low enough"...

 

[grimweasel]

Hi Joey,

Just some input (not that you asked for it, lol)

I don't think the market has had enough of a swing down to make that pin significant - for me to take at least.

Also, I don't put much importance on DeMark TL's. I prefer to draw them from the big lows...

Finally, I feel, beyond all shadow of a doubt, that equities are heading lower this week and there is, as we know, a significant correlation between them and the USD/JPY.

As an aside (kind of) it has been passed on to me by a bigger and better trader in his infinite wisdom that the markets love to test the rhetoric of central banks.

Now you've got the BOJ hinting that they might intervene if the USD/JPY falls low enough...so maybe, just maybe, all the traders are going to play the game of "let's see how low is low enough"...

LOL TOM
I like that last line....chicken and egg almost!
I'm thinking like you that the USD/YEN pin is not after a significant down move - it's like Omni told me a few months ago - The pin bar is only 5% of the strategy; the other 95% is where it has formed and why! The small pin however could be at a re-trace of the pin on the 21st Jan??
Now I have 5 weeks off to fill my time - pin hunting (on dlys only for me) is in order!
Good trading all.
Grim

 

[teojh]

yes that usdjpy pin bar doesn't seem confident. Y not use the weekly inside bar.

 

[yts_forex]

Hi to all am new to this forum,
I agree with you all, and I think the 88.67 to 87.180 area will play an important role in the coming day or 2, then we could see a stronger reversal sign.

 

[teojh]

still in my eurgbp long. shifted my stop to a better place at 0.8820, reducing my risk even further. Once it breaks this its no return.
But once it blazes 0.8870, feel free to long it. (inside bars on 1HR n 4 HR time frame)

i may be wrong so take this with a pinch of salted salty salt.

 

[Joey25]

Hi Joey,

Just some input (not that you asked for it, lol)

I don't think the market has had enough of a swing down to make that pin significant - for me to take at least.

Also, I don't put much importance on DeMark TL's. I prefer to draw them from the big lows...

Finally, I feel, beyond all shadow of a doubt, that equities are heading lower this week and there is, as we know, a significant correlation between them and the USD/JPY.

As an aside (kind of) it has been passed on to me by a bigger and better trader in his infinite wisdom that the markets love to test the rhetoric of central banks.

Now you've got the BOJ hinting that they might intervene if the USD/JPY falls low enough...so maybe, just maybe, all the traders are going to play the game of "let's see how low is low enough"...

Thanks for the input - much appreciated.

Also, for anyone who might be interested in those lines - it hasn't even formed yet (needs a second swing low).

I'm doing an awful lot of anticipating (buy limit on the demand line), which isn't to everyone's taste!

 

[KillPhil08]

EUROGBP broken first downtrend line - Will it whiplash?

 

[KillPhil08]

Looking at cable the most today, been making some odosh on that , eurgbp is going to be on my sidelines. (cash 8943) .

How was your w/e joeyboy.

 

[Joey25]

Looking at cable the most today, been making some odosh on that , eurgbp is going to be on my sidelines. (cash 8943) .

How was your w/e joeyboy.

Alright, mate. Golf in sub-zero temperatures

You living up to your signature?

 

[KillPhil08]

Yes, Yes I am . Last winter I used to play golf at long-niddry up near Edinburgh at 6:30 in the morning. Coastal breezes are a b!tch! - useful for long drives though.

 

[grimweasel]

I have a daily pin with SR and 61% Fib conf' on USDCHF back on 23 Jan. PA fell away but has now retraced to within a few pips of the old pin high. Could this be a good chance to get back in for a larger move south? (Pin is better on NF MT4 than ODL)

 

[candles]

Looks good to me personally Grim. Im already in it based on my own short setup. Also shorted the GBP/JPY and have started scailing out this morning for good points (green dots are profit takes)

 

[grimweasel]

Cheers Candles - I may just wait for the spt at 1.1608 to go first as I'd not want to short into that.

 

[grimweasel]

Closed my eur/gbp long for 100 pips profit. Long term daily uptrend line now looking like resistance - PA rejected that; looks like the big boys may have caught a few people waiting for the double top neck line to break. Expect a larger move down again now after rejection of the 1hr 50ema. Depends on the up TL holding / breaking too.

GOLD is getting squeezed on the 15m chart between the MAs, needs to break the 1hr 20ema for up move to continue I think.

 

[Joey25]

Pending sell limit orders in GBPUSD and USDJPY

 

[teojh]

still in my eurgbp long. shifted my stop to a better place at 0.8820, reducing my risk even further. Once it breaks this its no return.
But once it blazes 0.8870, feel free to long it. (inside bars on 1HR n 4 HR time frame)

i may be wrong so take this with a pinch of salted salty salt.

woohoo. 0.9050 now. still in it and had another entry at 0.8948
abt 300 pips now :cheesy: in pounds!! double of my currency:clap:

 

[bertie123]

woohoo. 0.9050 now. still in it and had another entry at 0.8948
abt 300 pips now :cheesy: in pounds!! double of my currency:clap:

Well done man

I am riding this one also, have taken some profit off the table and letting second lot go!!
Nice trade.

 

[trader_dante]

Eur/Gbp broke the daily TL (see chart 1) which it is now re-testing from beneath.

The re-test coincides with the 38 fib of the last swing down on the daily and a descending TL.

If anyone wants to get short, this is, imo, the best place.