Best Thread Potential setups

[Bloodhound]

wtf!
I thought this was a game show!!
I'm in the wrong place

Have you thought of going on Britain's got talent????

 

[Claudia123]

No you're not - GAAAAMMMMMMBBBBBBBLLLLLLLEEEEEEEEEE!!!!!!!!!!!

Whats difference between a gambler and a trader?

 

[Bloodhound]

Nzdjpy

On the daily this has formed 2 matching highs at a retest of a key resistance level following a strong uptrend. On the hourly an inside bar formed on Friday with support below and resistance above.

From my understanding 2 matching highs signals a trend continuation so I am thinking to play this as a break to the upside. Next major level I can see if 63, so potentially a lot of upside for the risk. I'm inclined to buy above the top of the outside bar to eliminate minimise risk of a fakeout followed by a pullback to the trend line...

Alternatively I might just toss a coin.

Would welcome comments

 

[trader_dante]

On the daily this has formed 2 matching highs at a retest of a key resistance level following a strong uptrend. On the hourly an inside bar formed on Friday with support below and resistance above.

From my understanding 2 matching highs signals a trend continuation so I am thinking to play this as a break to the upside. Next major level I can see if 63, so potentially a lot of upside for the risk. I'm inclined to buy above the top of the outside bar to eliminate minimise risk of a fakeout followed by a pullback to the trend line...

Alternatively I might just toss a coin.

Would welcome comments

Hello dude,

That looks to me like it could go. Nice setup.

Someone asked me today about the last hourly candle on Friday e.g. If it's a pin or an IB at a level, should I take a position on the Sunday open?

My thought is that what happens in the last hour of Friday's trading is relatively insignificant as I imagine volume will be pretty low. In addition, rather than a continous flow from one candle to the next, you will have had 48 hours in between which gives plenty of time for potentially market moving news to occur but also market players time to rethink or plan positions. I never play the last hourly candle on Friday on the Sunday open.

Doesn't mean it won't work - just something I don't really look at.

-Tom

 

[pelzar]

Depthtrade you cu nt!

 

[vinicius]

On the daily this has formed 2 matching highs at a retest of a key resistance level following a strong uptrend. On the hourly an inside bar formed on Friday with support below and resistance above.

From my understanding 2 matching highs signals a trend continuation so I am thinking to play this as a break to the upside. Next major level I can see if 63, so potentially a lot of upside for the risk. I'm inclined to buy above the top of the outside bar to eliminate minimise risk of a fakeout followed by a pullback to the trend line...

Alternatively I might just toss a coin.

Would welcome comments

Mate,

I think it is a good set-up, in the short time view.. Depends what are you looking for..

It is a strong up trend and if it keeps doing the HHs and LHs, we probably are going to see the pull back at 62.00..!

In the short term 4hr and 1hr TF looks very bulllish and I think the level is ready to be taken!

Take a look at my daily chart and tell what do you think.. Pretty simple, sorry!

 

[Bloodhound]

Hello dude,

That looks to me like it could go. Nice setup.

Someone asked me today about the last hourly candle on Friday e.g. If it's a pin or an IB at a level, should I take a position on the Sunday open?

My thought is that what happens in the last hour of Friday's trading is relatively insignificant as I imagine volume will be pretty low. In addition, rather than a continous flow from one candle to the next, you will have had 48 hours in between which gives plenty of time for potentially market moving news to occur but also market players time to rethink or plan positions. I never play the last hourly candle on Friday on the Sunday open.

Doesn't mean it won't work - just something I don't really look at.

-Tom

Hi Tom,

Thanks for the feedback and, before I go any further, I've just got back from the pub so I hope this makes sense and apologies if I'm rambling....

The reason I got into your MMT thread originally was because I read a book written by a good friend of mine on trading which introduced the concept of market profile and, more importantly, Minus Development - effectively 'pins'. My understanding and belief of trading is that, whilst one's own psychology is important, having a grasp of the 'market's' psychology is crucial as well. A pin or inside bar (or any other price action) gives a clue as to how the market is thinking and what you've just said about taking a view on price action going into the weekend has given me a great wake up call to the fact that, as far as I understand the rules, one would never trade minus development at the end of the day as it is not indicative of market psychology, hence there is probably even greater risk in trading price action derived from the close on a Friday. In a strange way that's probably why, subconciously, my initial view was to place a buy order above the resistance level rather than above the IB.

Hope that makes sense!!

Anyway, as always, thank you for your comments and teachings.

Cheers

Rob

P.S. Depth Trade - I assume you are a sensient human being? If that is the case please understand that you add nothing to this thread or T2W in general IMO so **** off.

 

[candles]

I dont see why some of the guys like to try Tom look bad.. This is nonsense..

Tom is a nice guy, I dont know if he does good trades or not, if he is making money or not, if he follows what he says or not, and I DONT want to know.. The reason I like him is because he likes to HELP people and he gives a lot of attention, some times to people who is lazy to find out the questions.. Because of that I think he is a good person, with good caracter if you know what I mean..

Indeed....and he's also openly gay.

 

[sighthound]

OMG, so all this getting in at the bottom has nothing to do with trading

 

[webinvester]

A gambler vs a trader

Whats difference between a gambler and a trader?

A gambler trades with the 'house'. If he 'knows' his business, he'll take home more than he
started with, if not he'll give what he has to the 'house'.

A trader gambles with the Markets. If a trader 'knows' his business, he'll increase his fund,
if not he'll give what he has to the Market.

So the difference is who gets to keep the money!

Webinvester

 

[sighthound]

A gambler trades with the 'house'. If he 'knows' his business, he'll take home more than he
started with, if not he'll give what he has to the 'house'.

A trader gambles with the Markets. If a trader 'knows' his business, he'll increase his fund,
if not he'll give what he has to the Market.

Webinvester

I find this a 50/50 question as I used to be a croupier and deal blackjack and roulette.In a traders favour you can limit your losses with discipline and risk management thereby having more control over the outcome where once a bet is placed it is subject to the turn of a card or spin of the wheel and all control is lost.Although between the two it seems like a fine line I feel trading is not subjected to as much chance.

 

[sighthound]

Just a quick question without going to far off thread,if given say £50,000 free would you use it to trade or head for the nearest casino,racecourse etc ?

 

[Bloodhound]

Mate,

I think it is a good set-up, in the short time view.. Depends what are you looking for..

It is a strong up trend and if it keeps doing the HHs and LHs, we probably are going to see the pull back at 62.00..!

In the short term 4hr and 1hr TF looks very bulllish and I think the level is ready to be taken!

Take a look at my daily chart and tell what do you think.. Pretty simple, sorry!

I can see what you're saying and, if price breaks through the current level, it will probably retrace but I wouldn't see a retrace further than the exisisting level as it has offered powerful resistance to date, which I would expect to mean it will offer powerful resistance in the future. Depending on how you draw your pivots I can see resistance at 61,62 and 63 (roughly) and am expecting price to pullback at these levels.

 

[grimweasel]

Contrarian Traders - must be time to short the FTSE - the media is advising the 'public at large' what funds etc to buy now that the FTSE has undergone a V-shape recovery. There are a few though, who reckon it's a Fools' Rally!

http://www.telegraph.co.uk/finance/...d-and-share-tips-from-the-experts-part-I.html

:cheesy:

 

[grimweasel]

...and in the interests of balance and fair reporting:

<b>Enjoy the rally while it lasts - but expect to take a sucker punch</b> - Telegraph

Good article highlighting some key concerns wrt the spring rally.

 

[ratttyo]

Does anyone here know a MT4 broker that has decent history for the Indices charts DOW etc.
Using ODL and click on a 4h chart or daily and you get about a months worth of history. not any good.

 

[bbmac]

Xe.com data (correct at time of posting) suggesting gap down in gbpusd and eurusd at new open.

 

[elitejets]

Does anyone here know a MT4 broker that has decent history for the Indices charts DOW etc.
Using ODL and click on a 4h chart or daily and you get about a months worth of history. not any good.

On ODL metatrader under the tools tabe. look for F2 - history center. You can download/import the history.

 

[vinicius]

Xe.com data (correct at time of posting) suggesting gap down in gbpusd and eurusd at new open.

bbmac,

Is this site trustfull?

GBP/JPY is showing a huge gap down as well .. At 148.527!

I`m short in both.. GBP/JPY I did get sttoped for 10pips or so.. Let`s see..

 

[Bloodhound]

Usdzar

Here's an interesting one.....