Best Thread Potential setups

[omni]

Grim,
I think you should see inside bars as more a way of adding to a position (or entry into a pre-known direction - if you missed the initial trade). Inside bars give you that pause in the market where you can enter with a reasonable risk level. They are not "buy here" signals in my opinion.

But do watch out for the ones that wind up, like a spring (ie. several inside bars).... they can be great for risk/reward.

Be warned tho of fake breaks, i see time and time again, an initial break followed by a reversal and dump........ similar to how markets v.often take out highs by 20pips then tank.

 

[Glenborrell]

Heinz

Spurs & others,

not sure if you're had time to check to US markets yet but i spied this setup on heinz daily last night.

Pin comes off a S/R, 38 fib and 4 pips from the 50 ema. The S/R and 38 fib line up almost exactly. Good confluence in my opinion. 51 points of risk plus your spread.

Charts attached (hope they ok as they are attached via word as it's the only way i know). First 1 is zoomed out view, 2nd showing the detail.

Glen

 

[trader_dante]

it takes time to mark up the charts,but when done you can easily flick thru a few charts in the evening for uk shares and in the morning for us shares,using prorealtime
here is a daily,i didn,t play it,basically im more comfortable with these tf

superspurs is doing this the right way. Mark your charts up first. Don't wait for a pin or an inside bar or any other kind of setup and then look for where it appears. Get in the habit of doing things the other way round. It will help you massively.

 

[trader_dante]

Btw, do you trade on D1 TF's dante?

Yes I do.

 

[trader_dante]

TD
I'm interested on learning more about trading the inside bars. What would be a good set up for an inside bar trade? Is it similar to pins on good fib and S/R or do I look for market tops/bottoms or is it a true 'feel' of the market that is required to trade them effectivley?
Grim

Grim, I play them just like pins. I look for good levels with several elements of support and then trade them by buying the break of the high/low.

I usually play them counter trend. That is to say that if a price falls a good distance and then forms an inside bar, I would rather play it on the break higher e.g the reversal rather than continue with the trend but that's just me.

I actually make more money trading IBs than I do pin bars but remember it's not the bar that makes the money it's where it appears that is so vital.

Omni is right too. Look for those IBs that appear within each other. They show the price is winding up tight. Here is an excellent example in GBP/JPY. (chart 1) Price breaks out of the resistance and consolidates just above it on the daily TF with the price making a narrower range each day.

 

[superspurs]

nice setup glen,i haven,t got that on any of my lists,but good luck if you play it.

btw,has anyone got any open positions on here

 

[1Pipped]

Hi spurs, Im still short audjpy off the weekly chart... its at about b/e. eurjpy short got stopped out by 18pips
Ive been spreadbetting the ftse with tiny stops, ODLs 0pt spread ends on Friday though and Ive got some work coming in next week so I will probably not bother carrying on with this, and back to the 4hr/daily fx charts

 

[omni]

You mean, open positions on heinz?
Or open positions in general?

 

[superspurs]

in general omni,hey 1 pipped i still look at barc charts and think cheers bud

 

[omni]

Ow ok SuperSpurs,

I am.....>

Short ftse (5 days)
Short $ (cable, eurusd & usdchf mainly) (7 days) ****edit.... gradually coming out of this one****
Short gbpjpy (from late yest)
Short Eur/aud & eur/chf (2or3 days)
Long gold (7 days) ****edit.... gradually coming out of this one****
Building positions in euro$, euribor and short sterling (probably been in these nearly 2weeks, added to short sterling this AM).
Short brazil index (about 1 month) ****edit.... gradually coming out of this one****
Short glaxo (4 days or something)

Got whipped out of gbpcad & usdjpy & eurnok over last 3 days or so,.

 

[portomar]

im still in paper land myself spurs, will be for a long time yet.

someone posted on this or T_D's original thread before an anecdote from a book about i think the pound against the Deuthcmark before the interest rate crisis, basically how a ceiling developed in these two currencies, then got busted and kept going. think it was T_D who posted...

i thought of that when im looking at eur/gbp at the moment. it really looks like this ceiling has been hit enough to be busted some time soon. thoughts anyone?

 

[grimweasel]

Grim, I play them just like pins. I look for good levels with several elements of support and then trade them by buying the break of the high/low.

I usually play them counter trend. That is to say that if a price falls a good distance and then forms an inside bar, I would rather play it on the break higher e.g the reversal rather than continue with the trend but that's just me.

I actually make more money trading IBs than I do pin bars but remember it's not the bar that makes the money it's where it appears that is so vital.

Omni is right too. Look for those IBs that appear within each other. They show the price is winding up tight. Here is an excellent example in GBP/JPY. (chart 1) Price breaks out of the resistance and consolidates just above it on the daily TF with the price making a narrower range each day.

Thanks TD,
I have seen it a few times where the price winds up over a few bars giving us patterns (wedge etc) usually with a false break (as omni said) with reak in the opposite direction to the F Break.
Looking at your example I would take it that the large OB at the top of that move would signal the end of that rally?
Is there an indicator that you use to confirm the action or do you just absorb the market and become one with it kinda knowing what action will play out.

Work had got in the way over the past few days and I have missed some big moves. I see the Yen has had a few strong days now?
Grim

 

[omni]

Portomar,
Totally agree with you on eurgbp... just pick your entry.
Gbp is in big trouble (in my view).

 

[superspurs]

wow omni,i,m humbled what a portfolio

im short gb cad
short wsm
long gold

 

[grimweasel]

Omni,
What package do you use for your daily scans?
I'm thinking of buying Sharescope Gold with EOD data only. There is another provider called simplycharts charging £10 pm but I dindn't like the functionality so much.
Grim

 

[omni]

Hey Grim,
I have meta, IT-Charts (my preferred) and bloomberg.

 

[lewtz]

Double top?

Looking at the EUR/USD Daily TF, it looks like a double top has formed. The second poke at it looks like a poor pin bar relative to the other bars.

I'm not sure where it's gonna go, but from the look of the trend lines, the time of reckoning is soon! Chart attached.



BTW: Thanks TD for sharing your knowledge. It's really opened my eyes in regards to forex and price action.

 

[Glenborrell]

Eur/gbp

I went short Eur/GBP off 2 bar pin that formed a couple of days ago. Got rejected off decending trendline. See attached. Have the stop at BE now so it's in free trade teritory. Figured it was a slight risk but worth a crack. Bit of a differing view from a number of you from reading the posts above.

Also
am long Heinz (got the entry i mentioned earlier), off daily pin today.
long DSG (uk listed), off daily pin 2 days ago.

Glen

 

[Ljr]

Daily pin on Barclays. My charts don't go back far enough so can't see any S/R pivots.

 

[portomar]

daily pins on most majos paired with USD, yen looks good.