Best Thread Potential setups

[N Rothschild]

according to who? i fail to see how you can use indicator readings from nearly a year apart

 

[rawrschach]

er, I'm slightly out of it toinight

it seemed a relevant post at the time, and I meant divergence in general...I use it on a 512 tick YM chart so...

I think someone mentioned something about lagging indicators

 

[firewalker99]

Today the EUR broke important resistance, time to head towards 1.43.

EUR up 500 pips already since I posted that signal, no reasons to exit longs yet...

 

[bbmac]

Bbmac: What timeframes do you tend to trade on?

Cheers,
Mike

Mike, I trade using a triple time frame approach - 1min trigger/5min intermediate/30min trend t/f and take entries with and against the prevailing trend on 5min and 30min via a 1min trigger. I use the 1hr t/f as a proxy for the 30min in respect of potential supp/res (prev swing hi/lo zones.) beacuse it is a more widely used t/f.

 

[bbmac]

Gbpusd

Cable's strong run up this morning so far just entered that previous swing hi=previous resistance=potential resistance zone on the daily 6387-6664 in which resides the 38.2% of 2.1162-1.3505 @ 6408 area. Higher up in the zone is 76.4% 7626-3505 @ 6646 area and the 61.8% of 8663-3505 @ 6683 area.

G/L

 

[GammaJammer]

So it's the underlying index that has had the weightings change; equity funds that aren't allowed to take on relative FX positions beyond those stipulated in the index have to "rebalance"(?) in order to keep to the agreements with the investors / the funds prospectus... they don't do it day by day because it is just too much effort and would cost too much in transaction fees - but some don't have to do it all immediately either, they are allowed a little room to breathe to get the trades off at the best prices they can, rather than dumping it all in one series of trades come the deadline no matter what.

Warmer?

Sorry mate just seen - yes, you're warmer. All more complicated than that but you're in the right ballpark for sure.

 

[Jason101]

I was long Eur/Gbp from 0.8730.

Scaled out 1/3 at 0.8761.

Another 1/3 at 0.8779.

Final 1/3 at 0.8795.

Hi Trader Dante,

To some degree I believe that exits need even more precision than the entry, in that once you have entered, a trade you no longer have any control and the market could go in your direction (or not) to a greater degree than you expected, i.e. you had a little bit of extra luck. Where as an exit is completely in our control and by its nature is finite.

With this in mind I would really appreciate it (and I am sure many others would too) if you could elaborate on you above post. Perhaps by commenting on my assumptions.

assumptions

1. This long trade was only ever short term for you due to the descending triangle above.

2. Because you had this in mind you were fine tuning exits at resistances based on 10 or 15min time frames, as chart below.

3. If the trade was in the direction of the daily trend you my have been happier to exit on the same time frame as your entry, or a little lower.



If this is in any way correct, would this transfer to a daily entry with say 4h to an hourly exit? Or am I completely wrong on my exits and need to re think what I am doing? Thank you in anticipation of a nudge in the right direction.

I am well aware that when someone chooses to teach it is something that is chosen to give, so forgive me for intruding by asking.

Kind Regards

Jason

P.s If you choose to reply to this, I am off camping for a week and will not be able to thank you straight away so do not think I am ungrateful.

Kind Regards

Jason

 

[bbmac]

Gbpusd

This is the Previous Daily swing hi=previous resistance=potential resistance zone where price is currently encoutering some offers. The zone is wide so difficult to pin down resistance very accurately. In a Daily potential resistance zone, a 4hr price action trigger -or- set-up-with entry timed on 1hr might be an option under those circumstances, for a short for those not involved with the trend.

G/L

 

[bbmac]

Gbpusd

Cable is trading off the current daily hi @ 6429 (within that Previous daily swing hi zone) after a sell off down to the 23.6% fib of the intraday move up/Dly R1 pivot where it has twice found support (visible on the lower t/f's.)

The chart below shows what I see-ing on the 1hr chart in respect of zones of obvious imblanaces of supply/demand or demand/supply, fibs and trend lines.

There is a pinbar on the 1hr that could get triggered.

 

[rags2riches]

decision time for gbpchf

I favour an upmove but we shall see...

 

[bbmac]

Gbpusd

Chart below is 5min, price has channelled off the current intraday hi (6429) and trades between that and 6370/75 area which is 23.6% of the intraday move up and Dly R1 pivot. Would be interested in buying/selling a thrust candle breakout or failing that a less convincing breakout followed by a pullback to the channel and a 2nd b/o with the channel acting as sbr/rbs.

]

 

[trader_dante]

Jason,

1. This long trade was only ever short term for you due to the descending triangle above.

I didn't even notice that descending TL.

2. Because you had this in mind you were fine tuning exits at resistances based on 10 or 15min time frames, as chart below.

No way. I never, ever, ever, ever, look below 1hr for entries or exits.

On the very few times I have been scalping, I also use the 1hr.

3. If the trade was in the direction of the daily trend you my have been happier to exit on the same time frame as your entry, or a little lower.

No, I never take the trend of the market into account. It doesn't matter to me whether I am with the trend or heavily against it. Although I prefer to be against it if that is the way I am placed.

The reason I exited in increments, was because I am very bearish the Euro. I think its doomed - particularly against, but not limited too, the Pound.

I decided it was a high probability trade for a "quick scalp" of 70 pips or so when the daily TF gave me a high probability long signal and I looked to the hourly and found one also with an enticing r:r.

If this is in any way correct, would this transfer to a daily entry with say 4h to an hourly exit?

No, never.

 

[vinicius]

USD/CAD

4HR Pin Bar from the ~1.0760 support. Looks interesting for a retracement..

 

[bbmac]

re post #7466

Chart below is 5min, price has channelled off the current intraday hi (6429) and trades between that and 6370/75 area which is 23.6% of the intraday move up and Dly R1 pivot. Would be interested in buying/selling a thrust candle breakout or failing that a less convincing breakout followed by a pullback to the channel and a 2nd b/o with the channel acting as sbr/rbs.

How did this work out (post #7466?) Well price broke the 5min channel/congestion to the downside but with no convincing thrust candle on 15min (next higher t/f to the channel,) it then found support at 6350 area (nothing identified here as to why it should other than previous offers on way up) pulling back into channel for a 2nd b/o (classic Congestion 2nd b/o technique.) On the 1min a hidden divergence based set-up appeared with the channel acting as sbr indicating a further opportunity to short after the pullback into the newly establshed as yet weak 5min downtrend with macd's pointing down to 1hr chart. Nice little pip gain.

 

[trader_dante]

The Cable 1hr pin was followed by two inside candles...if this was at any kind of s/r pivot I would be all over it...but since it's not, I wouldn't be surprised to see Cable do what it does best...trigger the shorts and then nail it to the upside

Having said that, it's a great R:R for any of you that simply have to trade The nearest s/r pivot I have to the downside is around 1.6065 providing an excellent r:r.

Just not high probability enough for me.

 

[N Rothschild]

The Cable 1hr pin was followed by two inside candles...if this was at any kind of s/r pivot I would be all over it...but since it's not, I wouldn't be surprised to see Cable do what it does best...trigger the shorts and then nail it to the upside

Having said that, it's a great R:R for any of you that simply have to trade The nearest s/r pivot I have to the downside is around 1.6065 providing an excellent r:r.

Just not high probability enough for me.

im having a cheeky wee punt

 

[montmorencyt2w]

USD/CHF Daily

USD/CHF Daily seems to be forming a pin at the moment.
The top is close to what I have as old support (mostly) and recent resistance 1.0696.

Looking at the hourly, that resistance has just been tested.

Just wondering if this is still a retrace or the beginning of a reversal.

EDIT: in fact there is now a nice pin the other way on the hourly, so perhaps it was just retracing.

 

[N Rothschild]

nice double top on gbp with some heavy volume

 

[bbmac]

The Cable 1hr pin was followed by two inside candles...if this was at any kind of s/r pivot I would be all over it...but since it's not, I wouldn't be surprised to see Cable do what it does best...trigger the shorts and then nail it to the upside

Having said that, it's a great R:R for any of you that simply have to trade The nearest s/r pivot I have to the downside is around 1.6065 providing an excellent r:r.

Just not high probability enough for me.

Lol your comments re cable, exactly what happened. There is a Daily prev swing hi zone there as pointed out in previous posts and Mni were bigging up the 38.2% of the 1162-3505 swing down at 6430 which was strange as I have it around 6410. (Good reversal set-ups on the first test of 6430 to 15min chart, but price has since rallyed to a new high in that prev daily sw hi zone off 63450/50 area and above even MNi's reading of that 38.2%fib.

 

[N Rothschild]

Lol your comments re cable, exactly what happened. There is a Daily prev swing hi zone there as pointed out in previous posts and Mni were bigging up the 38.2% of the 1162-3505 swing down at 6430 which was strange as I have it around 6410. (Good reversal set-ups on the first test of 6430 to 15min chart, but price has since rallyed to a new high in that prev daily sw hi zone off 63450/50 area and above even MNi's reading of that 38.2%fib.

lol the fade dante's "not going to take" calls failed this time...nevermind :clap: