Best Thread Potential setups

[mdsfxtrader]

hi all, fairly new to this, but quite like what ive read about pin bar setups, especially boucning off trend lines/ma's and so on.

Just a quickie - has anyone looked at Petrofac? seems to be in an uptend still, with a correction to 100 day ma with a pin bar formation as well.

Further - on the forex - i've tried it on the Euro/Swiss eurchf - it seems to be in a consolidation range, and has just hit the top of it with a sell pin bar at the top of the consolidation range.

Be interested in your comments to see if i've read this right, or whether there are other factors I've missed and should take account of.

(for ref - im long of petrofac, and short on the euro/swiss atm, and from the lloyds graph ive been watching as well, i expect to be short on lloyds too

Regards

M.

 

[mdsfxtrader]

actually - just spotted a bit of an error on my part - im using simple mas instead of ema's - makes things look a little diff on the euroswiss. I think maybe i should close it now instead of waiting it out lol..

anyways - your comments welcome

M

 

[Ljr]

actually - just spotted a bit of an error on my part - im using simple mas instead of ema's - makes things look a little diff on the euroswiss. I think maybe i should close it now instead of waiting it out lol..

anyways - your comments welcome

M

Could you post a chart and mention the timeframe you are looking at. All our charts don't look the same so it is not always easy to see what you are talking about.

BTW I have been looking at EurJpy on the 4 hour. This seems to be correlated quite closely to EurChf

 

[Ljr]

All,

I don't trade shares all that often but there often seems to be quite good Pins appearing on the Daily charts for example Lloyds that was posted earlier. How do you guys trade this as if you wait for the open there is normally quite a gap and then the ideal entry is missed.

Do you place an order just before the close of the daily, do you wait for a retrace, or go down to lower timeframes to get a better entry.

Any thoughts welcome.

(i'm spreadbetting, not sure if thats relevant though)

 

[superspurs]

ljr,that is very true about gaps,so you might not get the best entry price,but how i look at a pin is that it tells me where im wrong and therefore defines my risk and size.the only thing you can control is your risk so if its a really good pin just get in.imho

 

[barjon]

All,

I don't trade shares all that often but there often seems to be quite good Pins appearing on the Daily charts for example Lloyds that was posted earlier. How do you guys trade this as if you wait for the open there is normally quite a gap and then the ideal entry is missed.

Do you place an order just before the close of the daily, do you wait for a retrace, or go down to lower timeframes to get a better entry.

Any thoughts welcome.

(i'm spreadbetting, not sure if thats relevant though)

ljr

There are various alternatives.

1. You can, as you say, enter a small position before the close in anticipation with the intention of moving up to a full position after seeing what happens.

2. It is usually unwise to enter on the open after a gap since there is often an attempt to close it.

3. One way if it tries to close the gap is to enter when (if) it comes back beyond the opening price (assuming you r:r is still ok at this level).

4. If it just keeps moving in the direction of the gap you have to wait for a pullback.

good trading

jon

 

[superspurs]

i think we covered everything there jon

 

[Ljr]

Thanks SS & Jon, thats very useful

 

[trader_dante]

The squark just mentioned a large options barrier on the Eur/Jpy at 170.00 so I thought I would have a look at a chart.

LOL

 

[Ljr]

The squark just mentioned a large options barrier on the Eur/Jpy at 170.00 so I thought I would have a look at a chart.

LOL

TD excuse my ignorance but what do you mean by this? You have highlighted a Pin at the bottom of the chart. What relevance does the 170.00 area have?

 

[trader_dante]

TD excuse my ignorance but what do you mean by this? You have highlighted a Pin at the bottom of the chart. What relevance does the 170.00 area have?

It's not relevant to the 170.00 area - that was just what made me look at the chart. Just found it amusing, that as is so always the case, when you see a sharp move like this there is a pin at the bottom of it.

Shame I don't trade Eur/Jpy

 

[PitBull]

Fnm

A US stock that I have day traded for the past week or so, but now looking to swing trade off the daily as a nice set up, shooting star at key resistance.

 

[omni]

pitbull,
can you short this stock?
i dont think you will be allowed due to borrowing restrictions......?

 

[portomar]

pitbull,
can you short this stock?
i dont think you will be allowed due to borrowing restrictions......?

oh yea... anyone knbow if it affects spread betting? even if it doesnt affect spread betters, surely if the sahres cant be shorted, downside is limited for the time being?? although they can technically be shorted, just not naked shorted.

 

[portomar]

a good exercise



went through all the charts i look at today, and deleted all my lines, and redrew where i thought the important s/r lines are now. Definitely a good exercise, even if you draw lines in the same place, the s/r should be so obvious it doesnt take long anyway...

 

[omni]

went through all the charts i look at today, and deleted all my lines, and redrew where i thought the important s/r lines are now. Definitely a good exercise, even if you draw lines in the same place, the s/r should be so obvious it doesnt take long anyway...

I have been doing the same!! :smart:

 

[Spcboe]

A US stock that I have day traded for the past week or so, but now looking to swing trade off the daily as a nice set up, shooting star at key resistance.

nice now 12.98 -1.15

 

[Glenborrell]

All,

I don't trade shares all that often but there often seems to be quite good Pins appearing on the Daily charts for example Lloyds that was posted earlier. How do you guys trade this as if you wait for the open there is normally quite a gap and then the ideal entry is missed.

Do you place an order just before the close of the daily, do you wait for a retrace, or go down to lower timeframes to get a better entry.

Any thoughts welcome.

(i'm spreadbetting, not sure if thats relevant though)

Ljr,

I often miss a lot of these as if it's opened in the direction i want and gone beyond my entry i leave it.

Spurs and Jon nicely overed the other alternatives.

Glen

 

[mdsfxtrader]

Petrofac

hi folks this is the bitmap of the petrofac stock - on the ftse 100.
Actually -since drawing the chart, and making the mistake with the eurchf which i got stopped out of grr - my fault for putting the ma's in as simple rather than exponential, done the same with petrofac, so it's now broken the 100 ema, as opposed to sitting on the 100 simple ma.

Still - be interested in your thoughts. Not many stocks have maintained an uptrend in the last few months like this one has

Rgds
M

 

[mdsfxtrader]

and apologies for the tatty image - its lost something of its resolution from bmp to gif. Thats what you get for going from 3.75mb to 97.6k lol!!!