Best Thread Potential setups

[KillPhil08]

EURGBP, like other markets, often overshoots trendlines before the pullback.

I'm crap at making calls on this but it could be good. I like eurousd up a bit more thats the only problem (and gbpusd down). Gotta pay attention to TA though.

I'm also crap at longer term charts.

edit: theres also a channel - the upper trendline might form some res too. (kinda weird because the channel is almost exactly parallel to each other).#

2nd edit: i believe the same trade was posted a while ago and now its reached the same point again.

 

[minch]

EURGBP, like other markets, often overshoots trendlines before the pullback.

I'm crap at making calls on this but it could be good. I like eurousd up a bit more thats the only problem (and gbpusd down). Gotta pay attention to TA though.

I'm also crap at longer term charts.

edit: theres also a channel - the upper trendline might form some res too. (kinda weird because the channel is almost exactly parallel to each other).#

2nd edit: i believe the same trade was posted a while ago and now its reached the same point again.

edit: im looking for shorts lulz

Yes KP here we go again - I have been eyeing this one closely for another poss short entry - good confluence with the down sloping trendline - 50% fib and upper channel trendline as you point out.

Pause for thought - this upper channel trendline has been hit 5 times now and retraced - does this make this resistance level stronger or weaker. Lets see.

 

[KillPhil08]

That's why Im not sure, It might be worth 50 or so pips, not sure about hundreds. I still like sterling weaker but euro to hold or be a little stronger.

It's testing the upper now. A good signal I sometimes wait for is long tails on the extremes of eurgbp. Fingers crossed.

 

[JRP2891]

I "think" the usdyen will be moving down soon but I have a short term (next week) bias for usdyen to get around 100/101 once the price is around here I be waiting for the right set up to take a short position.

Happy Trading

I still don't see any reason to get out of longs on this pair at the moment, particularly if wall street can put in a little relief rally soon. Then again, it all depends on how long you hold positions.

 

[KillPhil08]

cad

 

[pogle]

cad

Bounder!

 

[trader_dante]

cad

I'm telling you this thing is going to go ballistic soon.

 

[rags2riches]

gold bounce off 933 pivot looks interesting...

 

[minch]

I'm telling you this thing is going to go ballistic soon.

Is it going to break the 1.3000 barrier - Gulp im long

 

[Technically Fundamental]

WHAT JUST HAPPENED?

dante you know everything. explain

 

[Technically Fundamental]

I predicted a drop in the dow and made nothing cos my trading program crashed. Lucky it's only a demo.

 

[firewalker99]

No reason to short crude...
[...] The line of least resistance is clearly upwards, with 48 potential resistance.

I think it will run out of legs today but if we break it tomorrow, 48 beckons and then you're looking at way beyond 50. Good call earlier.

And here we are, at 48. But I agree with Goose, there's still more potential in it.

 

[omni]

I predicted a drop in the dow and made nothing cos my trading program crashed. Lucky it's only a demo.

One thing i am noticing about people on here (trying to be helpful) is that there is a lack of a plan on most trades. People should focus a lot more on their exits, entries are a very small part of a "trade". Mr Dante and i have discussed that one could be profitable by entering trades on the toss of a coin (he was giong to do a thread on coin toss trades but hasnt got round to it) as this would have proved the fact that it is how you manage your trade after entry that really counts.

I have also noticed a lot of people having "targets" that are less pips away than the stop. If you have targets less pips away than stops..... unless you hit 80% or such. You arent going to make money in the long run.

Just some thoughts to you guys out there, but do try to approach your trading in a business fashion.......

Ie. if i sell X many sandwiches at A but throw away Y many sandwiches costing B....... will i make money??

ps. Dont try to be right all the time, not even 50% is required.... some of the best (most profitable) traders are only "right" 30% of the time.....

pps. But people are really getting good at calling good trades....... just make sure you TRADE them live, not in hindsight..... be brave, it pays off.

 

[elitejets]

Hotch has a thread he started a week ago doing exactly that and entering trades with a coin toss. He is profitable But he has a plan and he absolutely sticks to it.
There must be something to that discipline and money management mantra!

One thing i am noticing about people on here (trying to be helpful) is that there is a lack of a plan on most trades. People should focus a lot more on their exits, entries are a very small part of a "trade". Mr Dante and i have discussed that one could be profitable by entering trades on the toss of a coin (he was giong to do a thread on coin toss trades but hasnt got round to it) as this would have proved the fact that it is how you manage your trade after entry that really counts.

I have also noticed a lot of people having "targets" that are less pips away than the stop. If you have targets less pips away than stops..... unless you hit 80% or such. You arent going to make money in the long run.

Just some thoughts to you guys out there, but do try to approach your trading in a business fashion.......

Ie. if i sell X many sandwiches at A but throw away Y costing B....... will i make money??

ps. Dont try to be right all the time, not even 50% is required.... some of the best (most profitable) traders are only "right" 30% of the time.....

 

[foredog]

Also the problem with a target is that the market may hit your target and keep going another 100points..

Why restrict that profit to just the same as stop?

 

[KillPhil08]

Only one different is Hotch has % targets and rules, not real exit's due to TA if you get what I mean.

 

[elitejets]

True, his targets and R:R are crappy but just through discipline and MM he is profitable. That is something when so many who try this are not.

Only one different is Hotch has % targets and rules, not real exit's due to TA if you get what I mean.

 

[Technically Fundamental]

Thanks for the input Omni

Can I ask what factors in you guys(?) decisions when planning an exit?

I'm still learning you see. I can usually call a trade and it will be profitable (without stops lol) even those sometimes go bad before turning around which reduces profitability.

You need tech analysis to pick a target? I hear people on here say tech is bullsh*t? :-S

I tried to ride the wave earlier (as usual) after a decent entry and everything turned aroud when the dow exploded... I kind of get lost when a trade goes bad. I know I need to put more thought into my stops (I'm not sure how because in my opinion R:R doesnt mean anything if you lose the trade :-|) but now I've been trying to use failing markets as indicators to where I might find a profitable short in/out trades e.g. dow drops possibly profit in shorting $/HKD etc

Is this a legitimate method of trading or am I barking up the worng tree and just doing too many trades per day?

 

[foredog]

One option could be to close a % of the position once it reaches an equal target to your stop then trail the rest of the postion a few ticks above the previous high in the timeframe you're trading.

 

[Technically Fundamental]

Like possibly limiting % of your losses at stop or protecting % of profits? :-S