Best Thread Potential setups

[Bloodhound]

Hi Trader_Dante
Love this thread and I am currently working through all your other threads and hoping to learn as much and as fast as possible.
I am in the cable trade...I think there has been a chart put up already but here is mine. The problem I have is I let my losers run and close out my winning trades too soon only to see them go ballistic!!
I have my stop loss set and my target for this trade is 1.4800.
Can you give me any tips on how not to do what i always bloody do!!!
Thanks I am pleased to be in such a nice trade just need to let it work for me!!

Hi there,
Hope T-D doesn't mind me answering this one but can I suggest you have a look at page 513 of this thread. This is the start of his explanation of an exit strategy - you will need to keep reading this thread from there as he expands on the subject. I have been following this religiously and it has turned my game around in terms of letting winners run and profitability. I'm sure it's one of many strats that people have but I personally can highly recommend this. The key is to walk away from the screen.....
Cheers
Rob

 

[supremegizmo]

eur and cad update

sorry traders had to post this

euro in good shape now .. a break of 1.3350 and euro will fly..



usd/cad traders 1h charts has set alarms ringing .. a possible double top in place with base at 1.2500

with the second test a shooting star .. . although will be closely watching equities and crude for directionall views


dante i sent you message on msn .. but i guess u must be busy mucnhing your spagettis

 

[haircut]

Hi there,
Hope T-D doesn't mind me answering this one but can I suggest you have a look at page 513 of this thread. This is the start of his explanation of an exit strategy - you will need to keep reading this thread from there as he expands on the subject. I have been following this religiously and it has turned my game around in terms of letting winners run and profitability. I'm sure it's one of many strats that people have but I personally can highly recommend this. The key is to walk away from the screen.....
Cheers
Rob

Hi Rob
Thanks mate will read through the thread from there there is so much stuff to get through to find out the things I still need to pick up
Cheers
Hair

 

[Black Swan]

I have tried a lot of different exits and the most profitable is trailing your stop above or below the candle that closes above or below the next pivot in the direction you took the trade.

This strategy serves two very good purposes:

1. It stops you getting out a target and then seeing the market continue on in the direction you anticipated

2. It allows you to stay in whilst the market is behaving correctly. E.g. breaking a level, coming back and retesting it before moving higher.

Don't pre-empt your exit either. Always exit when your stop is hit.

Stops on pins and inside bars are incredibly simple. They go the other side of the candle!

 

[webinvester]

Some people never learn (apparently), but novices should!

I'm not picking on you mate because I reckon 99.999% of traders do the same thing but ask yourself WHY you do this?

Of the 99.999% that are 'experienced' traders, they should know better, they must have been there before and probably been told before as well, so I have no answer for them.

So this is really for the 99.999% that are novices. Don't learn the hard way:

a) Becuase you like the excitement of watching the market move?
Its only exciting if the price moves in the direction you want. Either way, you should have a stop in place and a target in mind - keep your hands in your pockets if you must watch during the TF you trade, or go and do something that is exciting whatever the outcome.

b) Because you are bored and you don't have anything else to do?
Arguably, trading should be boring. Find a hobby that can fill the TF you're trading. Something exciting like 'stamp collecting' (No offence to philatelist's intended, just a joke!)

c) Because you are attached to your P&L and want to make money so you need to keep checking to see how much you are making?
You may win some pips/money. Novices should learn and understand that that's part of trading. Demo trade until this is understood.

d) Because you are attached to your P&L and are afraid to lose money so you need to keep checking to see if you are losing?
You may lose some pips/money. Novices should learn and understand that that's part of trading. Demo trade until this is understood.

P&L only exists when the trades are closed. Develop a strategy to close your trades, not emotions. Emotions will rarely make a profit!

 

[trader_dante]

Hi there,
Hope T-D doesn't mind me answering this one but can I suggest you have a look at page 513 of this thread. This is the start of his explanation of an exit strategy - you will need to keep reading this thread from there as he expands on the subject. I have been following this religiously and it has turned my game around in terms of letting winners run and profitability. I'm sure it's one of many strats that people have but I personally can highly recommend this. The key is to walk away from the screen.....
Cheers
Rob

Mate, I am so glad that the exit strategy is working for you. Entries are fairly easy but exits are always much harder. You always wonder whether you should take profit at a certain target and then when it gets there you wonder how much higher / lower it could go or whether it will reverse etc. Then, when you don't have a plan, you end up trading emotionally - e.g. based on P&L.

Now this is all done somewhat mechanically for me so that I don't have to worry.

The one negative aspect of this exit strategy is that sometimes if there is a lot of distance between the levels, you can give back quite a bit but you can feel free to adjust it slightly - e.g. if there is a big distance between the levels, when the next target is hit, take out 50% of your position and trail on the rest etc.

But on the whole, I have found that this keeps you in all those big moves which is what my intention is because it is capturing those few huge moves that makes me my big money. Especially when you pyramid too.

 

[Black Swan]

Mate, I am so glad that the exit strategy is working for you. Entries are fairly easy but exits are always much harder. You always wonder whether you should take profit at a certain target and then when it gets there you wonder how much higher / lower it could go or whether it will reverse etc. Then, when you don't have a plan, you end up trading emotionally - e.g. based on P&L.

Now this is all done somewhat mechanically for me so that I don't have to worry.

The one negative aspect of this exit strategy is that sometimes if there is a lot of distance between the levels, you can give back quite a bit but you can feel free to adjust it slightly - e.g. if there is a big distance between the levels, when the next target is hit, take out 50% of your position and trail on the rest etc.

But on the whole, I have found that this keeps you in all those big moves which is what my intention is because it is capturing those few huge moves that makes me my big money. Especially when you pyramid too.

May be a dumb question TD but stochastic chart any use for you on exits?

 

[trader_dante]

IB at a key s/r pivot that makes up the right shoulder of a HUGE head and shoulders pattern on the 1hr.

Two things to note from this.

1) DO NOT MOVE YOUR STOP TO BREAKEVEN WHEN YOU ARE UP. This would have taken you out before the HUGE move that resulted.

2) Successful pyramiding can turn a SMALL RISK into a VERY, VERY BIG PROFIT. If you are still in this, you will want to add on that h&s neckline break and retest.

 

[Bloodhound]

Mate, I am so glad that the exit strategy is working for you. Entries are fairly easy but exits are always much harder. You always wonder whether you should take profit at a certain target and then when it gets there you wonder how much higher / lower it could go or whether it will reverse etc. Then, when you don't have a plan, you end up trading emotionally - e.g. based on P&L.

Now this is all done somewhat mechanically for me so that I don't have to worry.

The one negative aspect of this exit strategy is that sometimes if there is a lot of distance between the levels, you can give back quite a bit but you can feel free to adjust it slightly - e.g. if there is a big distance between the levels, when the next target is hit, take out 50% of your position and trail on the rest etc.

But on the whole, I have found that this keeps you in all those big moves which is what my intention is because it is capturing those few huge moves that makes me my big money. Especially when you pyramid too.

As a complete beginner it has had a huge impact on my trading. Not only am I catching moves I genuinely had no idea I could, it is also making accepting losses much easier and, most importanly for me, there's no more 'look what I could had' type thinking. You have your pivots, get the entry, move the stop every now and again and eventually come back to the screen and the trade is over. At that point I move onto looking for the next one.
NO EMOTIONS!!
Cheers again Dante.
Rob
P.S. Next step is learning to add to a position

 

[whizpar]

Audcad

Keeping an eye on the AUDCAD on the daily and weely TF. Price has touched a resistance level (8824 - 8791) which has held since last september. The level is also confluent to a 61.8 Fib retracement.

I am looking for price to retest the level and or a IB.

Happy Trading to all.

 

[milford]

Newbie - How I setup for prize action

Hi,

I am newbie. Please let me know how to setup for price action. Thank you

 

[supremegizmo]

oh boy what is wrong with obama... his comments regarding GM weaigning heavily on loonie and other high yielders ..european markets may be set for a weak opening..

 

[MrGecko]

Bunds approaching 124.70 again

 

[supremegizmo]

euro

morning boys we will be watching euro cautiously.. have a look at the chart


i will be in toucg later till then will be concentrating on my desk boys

 

[Bloodhound]

Potential head and shoulders forming on EURGBP?

Rob

 

[bansir]

How about this one?

Best Regards,
Neil

 

[bansir]

How about this one?

Best Regards,
Neil

Maybe not then !
The pin has degraded rapidly....

 

[omni]

good pmi data for UK - sterling rallying

 

[darkswan]

E-mini Crude Oil 05-09 hourly TF

Hi all!

Am I right when I say that the enclosed one could be a nice long setup because of the pin that just formed on the hourly chart?!?

I really appreciate your comment...

 

[elitejets]

Hi all!

Am I right when I say that the enclosed one could be a nice long setup because of the pin that just formed on the hourly chart?!?

I really appreciate your comment...

It is not in the best location. to me it is stuck in congestion. The best ones stick out like a sore thumb and are really obvious, IMHO.
Nicola