Best Thread Potential setups

[firewalker99]

It was...

As an aside: a big trader told me always to be ready to sell a new high! lol

The exact opposite to the trading books I read voraciously.

Ask that big trader how many new highs he's been shorting on the EUR this week!

As for the DOW, one small bump on the road doesn't deviate a car from it's destination

 

[supremegizmo]

any more traders here think euro is going to parity? if you think so then as i said couple ofmonths ago
"IN YOUR DREAMS"
CHAPTER CLOSED:

 

[trader_dante]

any more traders here think euro is going to parity? if you think so then as i said couple ofmonths ago
"IN YOUR DREAMS"
CHAPTER CLOSED:

Yes I still do.

I also think the Dow will take out the March low.

Let's see.

 

[pelzar]

Yes I still do.

I also think the Dow will take out the March low.

Let's see.

dont know about the dow but sterlingeuros going to 1.30!

 

[supremegizmo]

Yes I still do.

I also think the Dow will take out the March low.

Let's see.

that message was forpoker legend by the way ... if dow takes out that march low then
i will be more than happy to buy commos and equities for long term investment

 

[firewalker99]

any more traders here think euro is going to parity? if you think so then as i said couple ofmonths ago

Only the ones who held their chart upside down when doing the analysis

 

[trader_dante]

that message was forpoker legend by the way ... if dow takes out that march low then
i will be more than happy to buy commos and equities for long term investment

Yeah well he doesn't read this thread as far as I am aware but he has royally done his cheeks, there is no doubt about that.

 

[bfd]

Hi all,

It seems that the most common way to trade in this thread is to look for pin bars to form at important pivot levels on the charts and wait for price to reverse.

After drawing these pivot lines on the charts it would be great to have an indicator that set off an alarm everytime a pin bar formed at one of these levels.

Does anyone know if anything like this exists? I have seen a metatrader indicator which sounds an alarm everytime a pin bar is formed, but I'm only interested in pin bars when they form at one of these important levels.

It would be great for people with full time jobs who don't have time to scan the charts every hour, its really annoying to miss out on setups!

Thanks alot.

 

[montmorencyt2w]

Well if no one else is going to answer: the emphasis of this thread is not to use indicators, which is not to say that people who post here never use them, but I believe it's not something normally discussed here.

You might try asking the question in the software thread(s).

I seem to remember they discussed something like this in the "James16 Chart Thread" at FF, but I have not looked closely at that in a while.

 

[mb325]

Pin bar indicator - Forex Factory there are a few different attempts on there.

If they don't work too well I'm sure if you just google it you'll eventually find something useful.

IMO this thread is about using price action @ areas of previous areas of S/R to enter and exit trades. A pin bar is probably the most easy to recognise and understand PA 'setup' so it stands to reason that they are discussed the most.

 

[paulb]

IMO this thread is about using price action @ areas of previous areas of S/R to enter and exit trades. A pin bar is probably the most easy to recognise and understand PA 'setup' so it stands to reason that they are discussed the most.

I saw some examples of past classic set-ups with pin bars on another forum, and checked them on my charts. One was not there at all as I was in a different time zone from the person who posted the pin bars. There has been a little past discussion here too about the fact that not everyone's charts give the same information, e.g. do they include the couple of hours late Sunday evening trading (UK time) which can affect where you draw your trendlines?

When I joined this thread I did not understand this, so it seemed more like we were discussing pin bars that had some sort of objective existence for everyone, and similarly trendlines. Now I realise that areas of support and resistance tend to sometimes be zones rather than specific levels, and that as the above quote implies, the price action is the key. The pinbar is only one manifestation of this.

The next step is to actually be able to trade on that basis - I did manage my first proper unaided trade off S&R using trendlines which I drew myself a few weeks back, on AUD/USD, but got out a bit too early. I still often go in at a key level on a shorter time-frame and closer stop, with no clear idea of which way the trade is likely to run, instead of looking at longer time-frames and risking more outlay on a decent stop.

Anyway, thanks to all who have helped clue me up on these technicals.

 

[bbmac]

price pivots

As far as Previous Price pivots go (ie previous obvious Swing Hi/Lo's) they of course represent previous imbalances of supply over demand (eg point A on chart below) or demand over supply (eg point B.) In respect of their potential for providing future near-term resistance/rbs or support/sbr the most obvious zone to look for a set-up/trigger on a lower time frame (howsoever you define that) is, using the previous Swing Hi at point A below as an example, the area between the highest candle close of the Swing and highest Hi of the Swing (shown inbetween the 2 red dotted lines.) Conversely the area between the lowest candle close of a Swing Lo and lowest Lo of the obvious Swing would be the most obvious area at which to seek a set-up/trigger for entry should you be convinced that the zone has potential for support/sbr, a thought perhaps in both examples that may be re-inforced by the confluence of other tech reasons like a fib or trendline?

In the example below the previous swing Hi at point A resulted from a large imbalance of supply/demand, hence price fell. This was a big swing down as prices fell past the potential support of the previous (minor) swing Lo at point B, despite some support there at point C.) Price fell because after the small/limited demand was absorbed at point C, there were insufficient buyers/demand to force prices back up.

G/L

 

[bfd]

Pin bar indicator - Forex Factory there are a few different attempts on there.

If they don't work too well I'm sure if you just google it you'll eventually find something useful.

IMO this thread is about using price action @ areas of previous areas of S/R to enter and exit trades. A pin bar is probably the most easy to recognise and understand PA 'setup' so it stands to reason that they are discussed the most.

Cheers, I searched on there and google and there are a few but they all seem to just flag up pin bars and thats it...it would be good if it only flagged them up when they are intesecting a line drawn on the chart(or within a certain distance of the line). I don't know if thats possible though as I don't know anything about programming unfortunately.

 

[fifty2aces]

If you look at the terminal in MT4, and click alerts, you might be able to sort something out. Most likely it will just signal when price is near a level which you've specified, but this should save you some time if you've got no intention of taking trades in other areas.

 

[teojh]

i like to ask something from those experienced ones. for instance on holidays where volume is low, we know its risky to take trades. Usually we will tend to avoid taking trades on USA or major holidays and its a gd chance to do other things as well. What if you have an existing trade, will u close it or just let it ride with a stop.
sometimes it pays to leave the trade on.
Sometimes the direction changes quite drastically or volatility is erratic and ur stop gets run. So would u just ignore ur potential losses or close out early?

 

[trader_dante]

i like to ask something from those experienced ones. for instance on holidays where volume is low, we know its risky to take trades. Usually we will tend to avoid taking trades on USA or major holidays and its a gd chance to do other things as well. What if you have an existing trade, will u close it or just let it ride with a stop.
sometimes it pays to leave the trade on.
Sometimes the direction changes quite drastically or volatility is erratic and ur stop gets run. So would u just ignore ur potential losses or close out early?

I treat it the same as any other day but look forward to them as the moves are often exaggerated meaning you make more if you get the direction right.

 

[supremegizmo]

you should never trade a 3 day holiday especially when holiday in europe and US . volumes are exceptionally low and small order move prices quite a bit. So yes if you see 3 days holiday like sat-sun-mon coming up book your profits.

if you knew that the price action is erratic and you wait foryourstops then its upto you but i never trade 3 day holidays and book profits before that as pre/post marker reversals are aggrissive

 

[teojh]

ok. that's food for thought. what u say abt 3 day holidays really makes sense. something that needs more caution.
and i find what dante said is usually true too especially for stand alone holidays.

it was only this recent 3 day holiday that made me uncomfortable.

 

[trader_dante]

you should never trade a 3 day holiday especially when holiday in europe and US . volumes are exceptionally low and small order move prices quite a bit. So yes if you see 3 days holiday like sat-sun-mon coming up book your profits.

if you knew that the price action is erratic and you wait foryourstops then its upto you but i never trade 3 day holidays and book profits before that as pre/post marker reversals are aggrissive

Yes, on a three day holiday I usually like to take my private rail car down to the Florida keys for some fishing and but sometimes I find myself sauntering into the local bucket shop (there is one on the boardwalk) to check the ticker.

 

[Vaco]

Yes, on a three day holiday I usually like to take my private rail car down to the Florida keys for some fishing and but sometimes I find myself sauntering into the local bucket shop (there is one on the boardwalk) to check the ticker.

That sounds like an extract from a book I once read:whistling