Best Thread Potential setups

[Bloodhound]

Eurgbp

EURGBP possibly retracing before continuing south? 8850 looks like the level to watch out for....

 

[glyder]

OK, I'm fairly new to trading, and I think I've made a rookie mistake. I shorted 200 shares of ADY at $25.25 after it gapped up from $18.50 to $24 and change the other day. I expected people to sell off since 24-ish is close to the all time high historical resistance level. They didn't! So, I bought 100 long at 27.26 as upside protection as it began to race up later that morning, but when I tried to sell the long position at $28-ish, my platform informed me that I had to exit the short position first. I soon learned the hard way what a box position was. My (obvious) question is, now that it is at 30 and change, what do I do?!?! I humbly seek superior (non-noob) wisdom! Thanks in advance for for any help you can offer.

I think you've come up against one of the US's wonderful rules to help their 'free' market .
I've never heard of it before.

 

[dpotter]

Yes, neither had I. Not that it matters, but I have a graduate degree in finance, passed the Series 7 (about 10 years ago), etc...I would think that I would have come across something like this by now!

Anyway, I really hate to take such a huge loss, especially when ADY keeps establishing a new resistance level every day...I keep waiting for some type of pull-back. Still not sure what to do here. Any advice, anyone?

 

[trader_dante]

Yes, neither had I. Not that it matters, but I have a graduate degree in finance, passed the Series 7 (about 10 years ago), etc...I would think that I would have come across something like this by now!

Anyway, I really hate to take such a huge loss, especially when ADY keeps establishing a new resistance level every day...I keep waiting for some type of pull-back. Still not sure what to do here. Any advice, anyone?

Close both postions and take the $500 loss?

That's a relatively cheap lesson.

If you decide to tamper with the position e.g. add to one side of the box hoping for a run in that direction to get flat or in profit...please come back and tell us how much you lose (that is the likely scenario)...it will be a good lesson for us all

My last mistake along those same lines eventually cost me over $4500.

 

[tradedays]

Yes, neither had I. Not that it matters, but I have a graduate degree in finance, passed the Series 7 (about 10 years ago), etc...I would think that I would have come across something like this by now!

Anyway, I really hate to take such a huge loss, especially when ADY keeps establishing a new resistance level every day...I keep waiting for some type of pull-back. Still not sure what to do here. Any advice, anyone?

IMHO close the position, take the hit, take a deep breath, learn the lesson and move on - next trade.

 

[fifty2aces]

Agree with both the above posts, and would recommend that in the future you decide how much you're going to risk before entering the trade - once it's running and you're watching PNL fluctuate in real-time, it's much easier to fall into the trap of making emotional (and usually bad) decisions.

 

[CTGCollins]

Eur Usd

OK, bad news now. I left my original short from 1.3642 until 1.35600 before pulling out. I had the mistaken notion that this was a short having a 61% retracement, so tried scaling in again to increase the short at around 1.356 and 1.357... Well, all those lots stopped out and now it has shot up to 1.3650 making what looks like the makings of a 1 Hr pinbar to reverse back down again!!!! So glad this isn't real money of mine, but it still hurts the ego !!

Maybe I will have to learn to quickly reverse my trade if my trend lines are broken...

Regards, Chris.

So how did you get on with this?

I wasn't watching this earlier, but later thought this was going to turn after the doji at about 1.3471. I didn't get in, and it didn't turn.

2nd pin (after doji) may now be forming around 1.3496 (1HR). Didn't look like a pin earlier May not look like one later ...


Edit: p.s. I have a level drawn at 1.3526, previous support. This has not been tested yet, but it's not far from 38 Fib from swing high on the 14th, which has been, which was also a support on 15th.

 

[dpotter]

Thank you gentlemen, I suppose I tend to rely on what I think the market 'should' do (based upon the technicals) and wait for it to line up with my assumptions. I've learned a lot from reading your posts, by the way. I need to start setting stops...ugh, trading 101.

 

[jaswells]

So the BUND is finally tanking after last weeks fiasco with T_D getting some grief. Did anyone manage to time this trade well in the end?

 

[trader_dante]

So the BUND is finally tanking after last weeks fiasco with T_D getting some grief. Did anyone manage to time this trade well in the end?

Hey dude,

I'm not in this but still have a target of 118.00 - 55. The entry I would be looking for would be one coming around 121.00 which would give you a third touch of the descending TL, a s/r pivot and a possible right shoulder of a H&S.

The thick black line on the chart is how I would like to see it play out.

 

[oiltanker]

some of the bond traders called the bonds sell the retirement trade

 

[trader_dante]

some of the bond traders called the bonds sell the retirement trade

I'm not saying its been easy to trade but it has been to me one of the most obvious sells I have ever seen.

 

[Bloodhound]

Audcad

AUDCAD update from the last week. A week on and it's now broken through the 8900-8925 level. I'm watching to see if it now comes back to retrace this level from the other side and offers some price action to go long.....

 

[oiltanker]

I'm not saying its been easy to trade but it has been to me one of the most obvious sells I have ever seen.

yes like most things its easy in hindsight.
like the stock rally etc

so respect to anyone who got it.

 

[minch]

Eur/Gbp testing daily support.

 

[Jason101]

GBPSGD Potential Ascending Triangle Breakout-Daily

First Attempt to post a chart, so if it does not work see above title.

 

[bfd]

Aud Usd

Aud Usd on a weekly chart...looks like price is reaching an important level?

 

[montmorencyt2w]

OK, bad news now. I left my original short from 1.3642 until 1.35600 before pulling out. I had the mistaken notion that this was a short having a 61% retracement, so tried scaling in again to increase the short at around 1.356 and 1.357... Well, all those lots stopped out and now it has shot up to 1.3650 making what looks like the makings of a 1 Hr pinbar to reverse back down again!!!! So glad this isn't real money of mine, but it still hurts the ego !!

Maybe I will have to learn to quickly reverse my trade if my trend lines are broken...

Regards, Chris.

Hey ho Chris; you lose some, you lose some.

I made a mistake on a short trade on this yesterday, but got out before my (probably too wide) stop got hit, minimising the damage (real money, but theirs not mine as I'm on a promotion ). And an overnight sell order I left didn't trigger. Meanwhile, I missed that nice move upwards I wasn't convinced that this was a bullish phase, but seems that it was/is.

Can't decide now whether it's going to continue down having turned, or resume upwards:
The bearish moves are now looking distinctly unconvincing.

 

[foredog]

Hourly IB in EURUSD 13627-59

Would look to play this if breaks higher

BUT (Isn't there always)

That would mean taking out the days high and there is resistance around here recently.

So if i were to take this i would be very aware that any retrace into the channel would probably invalidate a break on a choppy day. So i'd be inclined to take a quick cut.

 

[montmorencyt2w]

Hourly IB in EURUSD 13627-59

Would look to play this if breaks higher

BUT (Isn't there always)

That would mean taking out the days high and there is resistance around here recently.

So if i were to take this i would be very aware that any retrace into the channel would probably invalidate a break on a choppy day. So i'd be inclined to take a quick cut.

Interesting. I was thinking of playing it short because of that resistance, although there is not much potential for movement, seemingly.(support "zone" between 1.3621 and 1.3585).