Best Thread Potential setups

[bbmac]

Anyone else out there lurking around that wants to tell us what trades they are proud of?
Any lessons learnt? Any trading methods proving successful?
It's friday afternoon........ zzzzzzzzzzz
Anything to keep me roused.

To me, it's all about supply and demand and confluence, looking for areas where there was a recent imbalance of supply over demand or demand over supply (ie previous swing hi (supply=resistance)/lo (demand=support) area or price pivots as others call them.) When you add fibs and trend lines you can see where the possible confluence is with these other 2 factors historically proven to figure in support/resistance. After you have completed this analysis on say your main and longer time frame it is important then to guauge the overall price action conditions on those 2 t/f's, ie are they trending or ranging? If they are trending, is that trend co-existent or contra any trend on times above your longer t/f?

Knowing where the potential support/resistance/sbr/rbs is (and it's potential strength)and what the overall price action conditions are on the main time frames you look at gives you a clear trading plan. Thereafter it is a case of deciding the trigger with which you will enter trades that set-up at potential support/resistance and crucially see-ing if the time frames above your own trigger t/f confirm your decision.

Keeping abreast of current market conditions re overall price action on your main and longer t/f and potential support/resistance in the way described is critical to making the most informed trading decisions during your trading sessions.

The greatest confluence of technical reasons be them support/resistance factors, price action triggers, [oscillator extremes or divergences, price band deviation/extreme deviation patterns-indicator techniques] as well as the confluence derived from a multi time frame approach is where the highest probability trading opportunities lie.

 

[Bloodhound]

Anyone else out there lurking around that wants to tell us what trades they are proud of?
Any lessons learnt? Any trading methods proving successful?
It's friday afternoon........ zzzzzzzzzzz
Anything to keep me roused.

BT - up until last night I was quite pleased with this. Now I'm now so sure...... Using T-D's trade management strat so stop is at b/e and I'm still in (just!)

ATTACH]55100[/ATTACH]

 

[Blue Ruin]

Nothing special this week. Took an uninspiring 100 out of GBPJPY today. Was going to let half run but ended up taking profits which I rarely do.

I still think X marks the spot (see chart) and I think the price is waiting for that area. Top of the channel is well over a thousand pips away so could be a good ride.

I'd be interested to hear Nicola's thoughts on this as I think she knows this pair intimately.

UPDATE: Just looked at that first chart and saw that the support line was in a dodgy spot. Fixed now

 

[1Pipped]

Anyone else out there lurking around that wants to tell us what trades they are proud of?
Any lessons learnt? Any trading methods proving successful?
It's friday afternoon........ zzzzzzzzzzz
Anything to keep me roused.

How do omni hows it going.
Not posted anything on this thread for a while. This is what Ive learnt:

============================================================
1Pipped's trading plan, chapter one.
page 1
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If its going up, buy it.
If its going down, sell it.

THE END.
=============================================================

!

 

[teojh]

Anyone else out there lurking around that wants to tell us what trades they are proud of?
Any lessons learnt? Any trading methods proving successful?
It's friday afternoon........ zzzzzzzzzzz
Anything to keep me roused.

i learnt that i really shld sit back n do nth. since i use 4hr time frame i shldnt second guess my trades esp on 1hr charts.
i shorted usd/sgd and usd/cad both would have become massive winners but i got out with small profits just coz i was watching eur/usd and suddenly thought it was going to tank.

i shld have trusted my method also. just coz there were discrepancies between somewhat correlated pairs i tried to act smart and whenever i act smart i always close the eventual winning trades and end up with losing trades.

 

[KillPhil08]

The lesson I learnt was not to drink while trading. Or at least log out of the platform. Cya sunday night.

 

[elitejets]

Nothing special this week. Took an uninspiring 100 out of GBPJPY today. Was going to let half run but ended up taking profits which I rarely do.

I still think X marks the spot (see chart) and I think the price is waiting for that area. Top of the channel is well over a thousand pips away so could be a good ride.

I'd be interested to hear Nicola's thoughts on this as I think she knows this pair intimately.

UPDATE: Just looked at that first chart and saw that the support line was in a dodgy spot. Fixed now

I'm not sure anyone should listen to me but FWIW I'm looking at the big picture and also what influences GBPJPY ...

USDJPY hit a big a big pivot level at 1.0150, shown on chart here before it turned:
http://www.trade2win.com/boards/725218-post132.html
and looks to be in a bearish momentum cycle. The weekly is very bearish and the daily looks to be forming a head and shoulders.

GBPUSD. On the weekly the bearish shooting star of last week is not cancelled out yet although this week looks to finish more bullish. Cable has rejected 1.5050 and looks to be forming the right shoulder of a head and shoulders to me on the daily. Looks like we will finish today with a long legged doji and will have to wait and see if that works and we turn the bus around.

Big picture GBPJPY looks to have bounced off a key pivot level, also the lows of 92/94 and 2000 and seems to be about to turn into a bearish momentum but not confirmed yet. Weekly is very bearish, and the daily is making a lower high.
I agree about the key level and support line for GBPJPY. To me this long ascending trend looks just like the one that GBPJPY did when it climbed up from March to August 08 and when that broke it fell off a cliff.
http://www.trade2win.com/boards/attachment.php?attachmentid=54716&d=1240273315
I think we might go back up to to 1.4470 first and the daily 20ema but a breach of the area you identified sends us back to the lows of January.
If the indices turn south again and fear returns then yens will gain some popularity and help us down.

Thats my long term view.
Short term, as in for Sunday night / Monday ... we are putting in higher lows on the 4hrly and hourly, we have bounced off the 50fib level last night, and I'm short right now.

Have a great weekend
Nic

 

[2Tall]

Anyone else out there lurking around that wants to tell us what trades they are proud of?
Any lessons learnt? Any trading methods proving successful?
It's friday afternoon........ zzzzzzzzzzz
Anything to keep me roused.

Nothing much to talk about here, bit of a struggle of a week, as work interfered with one or two good entries

Been watching the USDJPY today. The daily chart was coming into the ascending TL with 61% fib confluence. The hourly has been trending down since the 6 April, with the descending hourly TL meeting the ascending daily TL at 8am today. There was a nice double pin bar at 9am (which I didn't take due to work) which triggered, but hasn't moved much; but the hourly chart shows lower lows since then.

I think that the daily TL will probably hold, but I have tried to force myself to only trade if hourly and higher TF are pointing in the same direction (this was the main reason for failed trades when I started with price action). Another reason I don't want to trade this, is because it's coming into Friday evening, and I don't like starting trades at this time of the week.

Fundamentally, equities have rallied a bit the last few weeks, and I don't believe that we have turned the corner just yet (if we had then there would be no need for quantitative easing in the trillions). If I am correct, then we could see a sell off in equities and another rush into bonds and cash. I also believe that investors have not quite comprehended the fact, and discounted for it, that the US motor industry could actually be bankrupted.

This could be a significant turning point on the hourly, and the retracement bus is there at the moment. As I am still a bit inexperienced I will demo trade this.

Have a nice weekend everyone and thanks for sharing allyour ideas,

Chris

 

[trader_dante]

1 short on break of daily pin, scaled out 1/2 for risk free trade.

Why do you find it so important to get a risk free trade?

 

[N Rothschild]

anyone got a news feed the **** just happend in the dow, was away taking a sh1t

 

[N Rothschild]

nevermind, bank stress tests

 

[brutusdog]

Anyone else out there lurking around that wants to tell us what trades they are proud of?
Any lessons learnt? Any trading methods proving successful?
It's friday afternoon........ zzzzzzzzzzz
Anything to keep me roused.

taken a shade over 400 pips from 3 trades

long gold (closed too early!) +102
short usd / cad ( just closed ) +200
long eur / jpy (just closed) +103

thats it this week.

gonna blow a wild monkey this weekend.

 

[ian]

gonna blow a wild monkey this weekend.

LOL... Really?

 

[trader_dante]

short usd / cad ( just closed ) +200

And four people repped you?

 

[webinvester]

Still in, but will prolly close this afternoon because Im wondering about the effect of a possible Chrysler bankruptcy announcement on the CAD. They make a lot of Chryslers here.
I would not take my advice tho

Wouldn't this affect the dollar as well?

I presume they make a lot of Chryslers in the US too, so they could both drop together.

 

[tradedays]

And four people repped you?

Nothing like blowing monkeys to get yourself noticed lol

 

[rags2riches]

Why do you find it so important to get a risk free trade?

Because I consistently find myself moving the stop to breakeven on a retrace, getting stopped out and then watching as price takes off again. The EJ short call I made a few weeks ago was a classic example - I deviated from my usual policy of cutting 1/2 and made nothing when over 200 pts was available.

Anything can happen in the markets so I am taking profits as they become available to me. I am not advocating this as the best way to manage a trade but it helps me psychologically.

Taking partial profits allows me to ride retraces. I don't yet have the mentality to go all in. I might develop this mentality when I start to become consistently profitable - perhaps in another 100 trades time. I am considering starting a journal in a week or 2 to document my journey to consistent profits.

 

[webinvester]

And four people repped you?

I'm still learning, so 400 seems good to me.

Obviously there was/is more on the table for at least 2 of these trades. Whilst you do have a strategy (and mindset) that allows the market to retrace against your trades, for some, this can be hard to swallow.

Perhaps you would say that this means that this would then be the wrong business to be in.

But if your points target was 100, 200 or 400, wouldn't it be acceptable to take your profit.

If your business was selling a product/service and your business plan set a price of X, even if the price could be Y selling at X would not be wrong. Of course it doesn't directly correlate, but trying to sell at Y might significantly reduce the income.

All I can say is that for me, at this time, I would be happy to get 100 a week consistently, I could then build on that.

 

[Blue Ruin]

And four people repped you?

Us mere mortals are quite pleased with 400 pips. We can only aspire to your greatness.

 

[trader_dante]

Guys, I was only kidding

I think that USD/CAD was exited a little early since the stop (if put above the pin) was 173 pips without spread so a yield of 200 makes it only just over a 1:1. I also think that this might go lower.

Still - good trades and I hope no one thinks I am being an ar*ehole (not too much anyway)

Just making sure no one gets complacent as we all know what happens to our accounts when that happens