Best Thread Potential setups

[trader_dante]

Will trail my stop and see what happens. It's tempting to get out right now with all this $ but will let PA take me out.

Good call.

I never take profits at targets because you never know when a move is going to go parabolic.

No point taking profits on the Euro now and coming back next week to find it at 1.6000.

I always used to take profits as soon as momentum stalled - looking for a reason to come out - but once you've seen a 100 pip profit turn into what could have been 1,000 pips + enough times as I have done, you soon learn to hold tight.

If you give a bit back, so what?

If you are with the trend and price stalls, look to ADD MORE if you can (as long as good risk management entails it).

This is how you make big money, very quickly.

 

[rawrschach]

I seem to be focussing on inside bars the most, so maybe that's the reason?

I love IBs too. A slightly retarded monkey could make a fortune on 5M IBs on the FTSE.

So long as you don't get 'stopped out' for hitting your target.

 

[trader_dante]

I love IBs too. A slightly retarded monkey could make a fortune on 5M IBs on the FTSE.

So long as you don't get 'stopped out' for hitting your target.

Just for laughs, Choc, I marked every single pin and IB REGARDLESS OF LEVELS on the 5m FTSE today.

Ones marked with an arrow would have gone enough to profit from....x's were losers...

Actually, I've noticed this phenomenon before...

Combine levels and...now you really see why it's psychological reasons why most people lose money and nothing to do with it being hard to find a strategy.

Either that or the FTSE is the easiest market to trade in the world...

And you know my thoughts on that one since I've been pretty vocal on it 😉

 

[Bloodhound]

Good call.

I never take profits at targets because you never know when a move is going to go parabolic.

No point taking profits on the Euro now and coming back next week to find it at 1.6000.

I always used to take profits as soon as momentum stalled - looking for a reason to come out - but once you've seen a 100 pip profit turn into what could have been 1,000 pips + enough times as I have done, you soon learn to hold tight.

If you give a bit back, so what?

If you are with the trend and price stalls, look to ADD MORE if you can (as long as good risk management entails it).

This is how you make big money, very quickly.

Hi T-D,
I'm still trying to get my head round when is a good area to add to a trade. Looking at this chart of the FTSE today am I right in thinking that 3820ish would have been a point to add?



Cheers
Rob
P.S. Your trade management strat works very well IMO - thank you. I'm still in this trade which, a fortnight ago, I would have long been out of!! Sadly it stopped me out for the S&P at 792 but I may have moved my stop too soon....

 

[rawrschach]

BTW that x-ed IB at the top has a BEOB next to it ^^, the 3 of them were a 15M pin.

Dude, using your method of trailing stops, and adding to your position on breaks of subsequent IBs, you could've made 400 ish ticks pyramiding from 2-6 on this afternoon's sell off, starting off with a 7 or so tick stop on that BEOB and getting back in on the IB on the top of the right shoulder.

 

[trader_dante]

Hi T-D,
I'm still trying to get my head round when is a good area to add to a trade. Looking at this chart of the FTSE today am I right in thinking that 3820ish would have been a point to add?

View attachment 51650

Cheers
Rob
P.S. Your trade management strat works very well IMO. I'm still in this trade which, a fortnight ago, I would have long been out of!! Sadly it stopped me out for the S&P at 792 but I may have moved my stop too soon....

Rob, adding is hard as you bring your average price down a lot...the best way to do it, in my opinion, is e.g. if you are short (and you have a stop above the last pivot as my trade management strategy suggests), then look for a rally into that same level that culminates in either a pin or an IB. Then sell more on the breakdown and make sure the stops on both positions are where the second is wrong.

When adding, add less than 50% each time so your average price doesn't suffer too much.

Thanks for the comments on the stop strategy - it really is the best way I have found of staying in and catching the whole move.

P.S - something I would add is that if there is a MASSIVE distance between the levels (massive is discretionary but for me it would be say more than 150 ticks/pips) then you could scale some out at the next level if it hits it and then keep the other half all the way back.

Play around with it. Make it your own.

 

[Joey25]

BTW that x-ed IB at the top has a BEOB next to it ^^, the 3 of them were a 15M pin.

Dude, using your method of trailing stops, and adding to your position on breaks of subsequent IBs, you could've made 400+ ticks pyramiding from 2-6 on this afternoon's sell off, starting off with a 7 or so tick stop on that BEOB and getting back in on the IB on the top of the right shoulder.

I like that idea of merging bars to form a combined bar. Been looking at stuff like Monday and Tuesday combined, although haven't had the confidence to put it into practice yet...

 

[bbmac]

Gbpusd

The areas circled in red are the confluence of Fibs and previous swing highs=previous resistance=potential RBS,...on any extended pullback/reversal from today's current 4595high. The yellow circles are potential fib clusters...well 2 anyway

G/L

 

[trader_dante]

BTW that x-ed IB at the top has a BEOB next to it ^^, the 3 of them were a 15M pin.

Dude, using your method of trailing stops, and adding to your position on breaks of subsequent IBs, you could've made 400 ish ticks pyramiding from 2-6 on this afternoon's sell off, starting off with a 7 or so tick stop on that BEOB and getting back in on the IB on the top of the right shoulder.

Just make sure you mention me to management when you kill it, haha!

M was asking people why they were talking to me when they could be talking to D or P etc 😉 Don't think he can understand what's going on from my P&L. lol

 

[patw]

dante

4h pin on wall st,double top just below 61% fib,price at 50%,downward TL@ 50% fib

Whats your views mate?

 

[chilltrader]

T_D any thoughts on DOW?

 

[Joey25]

GBPJPY weekly

Inside bar followed by a pin (rejecting the lower end of the outside bar).

Conservative entry at the top of the outside bar - has the added bonus of going with the short term trend and 50%-ish retrace.

 

[rawrschach]

lol

given everyone wants your setups they shouldn't be surprised

 

[Blue Ruin]

Good call.

I never take profits at targets because you never know when a move is going to go parabolic.

No point taking profits on the Euro now and coming back next week to find it at 1.6000.

I always used to take profits as soon as momentum stalled - looking for a reason to come out - but once you've seen a 100 pip profit turn into what could have been 1,000 pips + enough times as I have done, you soon learn to hold tight.

If you give a bit back, so what?

If you are with the trend and price stalls, look to ADD MORE if you can (as long as good risk management entails it).

This is how you make big money, very quickly.

Totally agree.

When I realised the importance of exit management my trading lept ahead in leaps and bounds. My policy is never, ever, under any circumstances, actively close an entire trade. Closing part of it is fine (though I'm not into that). If things are looking dodgy I'll tighten the stop, but I'll always let it run until it stops out. Sure, this means I'll never get out at the exact top, but it also means I'll catch the big moves and that's what it's all about (for me).

For instance, I've been long EUR/JPY since about 12300. In order to still be in the trade my stop has at times been well over 200 pips away. On Tuesday and Wednesday it watched through binoculars from 127695 as the price gently fondled the 12850 region. When the faeces hit the fan yesterday I tightened the stop to just under the whiplash bar of the first hour of turmoil just in case things went pear. And the trade is still going. If the stop gets hit, fine, still a good trade. If not, I'll move the stop under the next pivot.

A couple of months ago, through ill discipline and boredom, I overtaded badly and had a win/loss of 20%. Because I let the winners run, I still finished the month ahead.

 

[Headless Chook]

dante

4h pin on wall st,double top just below 61% fib,price at 50%,downward TL@ 50% fib

Whats your views mate?

I'm no Dante but I don't like the look of the trend-line - flipped from resistance to support...

 

[rawrschach]

Speaking of IBs

Not quite an IB, still nice on the ES

 

[patw]

Speaking of IBs

Not quite an IB, still nice on the ES

Looks like a short choc??

 

[rawrschach]

yep

 

[patw]

choc

liking the daily pin on the dax overhead res on 50 fib swing high to low worth a shot too at least test the lows or beyond (i hope!!):clap:

 

[Bloodhound]

Rob, adding is hard as you bring your average price down a lot...the best way to do it, in my opinion, is e.g. if you are short (and you have a stop above the last pivot as my trade management strategy suggests), then look for a rally into that same level that culminates in either a pin or an IB. Then sell more on the breakdown and make sure the stops on both positions are where the second is wrong.

When adding, add less than 50% each time so your average price doesn't suffer too much.

Thanks for the comments on the stop strategy - it really is the best way I have found of staying in and catching the whole move.

P.S - something I would add is that if there is a MASSIVE distance between the levels (massive is discretionary but for me it would be say more than 150 ticks/pips) then you could scale some out at the next level if it hits it and then keep the other half all the way back.

Play around with it. Make it your own.

Can't rep you but thank you!! I'm still very new (only been trading since Nov) and I am very aware that adding to positions is something for the future, probably not for now, but what you say makes total sense 🙂

Glad to see the Dow and S&P have finally broken the trend line. Although new to this game, every time I've traded a failed retest or double top / bottom it's been the lowest risk / highest reward trade I've done... Providing it's in the right place...