Best Thread Potential setups

[vinicius]

Out of Cad!

USD still weak..

 

[bbmac]

Gbpusd

The screenshot below shows the hidden divergence set-up and pinbar on 1hr cable and the second pic is the local resistance zone that it is encountering atm.

G/L

 

[Technically Fundamental]

If you think that pin is a good entry long, then you have a lot to learn.

I was short from 424 but I closed. Scared.

 

[darkswan]

I don't have resistance there. I have it at 443 and 470 and then 490.

Corn 07-09 chart taken from ProRealTime with last bar as of yesterday...
Am I on a wrong chart?!?

 

[bbmac]

what are those bottom two indicators you use?

The oscillators shown in decsending order are Osma, the Macd signal line as a histogram, and at the bottom a CCi plotted around a 20bol.

 

[trader_dante]

Corn 07-09 chart taken from ProRealTime with last bar as of yesterday...
Am I on a wrong chart?!?

Yes - something is wrong with your chart. It's probably not a daily continuation adjusted for the futures price.

Here is what I am looking at.

 

[bbmac]

If you think that pin is a good entry long, then you have a lot to learn.

I have to agree there was no previous price pivot at the 1hr cable pin, only a fib and an already broken calculated pivot that failed to offer resistance on the way up. All in all a weak set-up re the pinbar alone.

 

[Technically Fundamental]

Trade type - Scalp
Indicators - Bollinger, MACD
Basis - Minor support and no retest of support from previous night support.
Trading at lower range of hourly pin quickly rejected and trading pushed back above prev minor supp - see short t/fs and FTSE recovery.



Think we've hit the top now.

 

[darkswan]

Yes - something is wrong with your chart. It's probably not a daily continuation adjusted for the futures price.

Here is what I am looking at.

That's right! It was not the adjusted one...
May I ask you what you would use as a trigger to enter a long?!?
In cases like this I'm always struggled between:

1) waiting for a pullback even if it may happen far above the actual level or it may not happen at all
2) jump on the train before it leaves the station without me

It is the same old story...

 

[trader_dante]

That's right! It was not the adjusted one...
May I ask you what you would use as a trigger to enter a long?!?
In cases like this I'm always struggled between:

1) waiting for a pullback even if it may happen far above the actual level or it may not happen at all
2) jump on the train before it leaves the station without me

It is the same old story...

Personally, I would normally always wait for a pullback and retest of the 435 area.

 

[Technically Fundamental]

You think I got lucky TD?

 

[price777999]

Cheers Vinicius ,this is my take on the weekly but im no expert .

 

[vinicius]

Personally, I would normally always wait for a pullback and retest of the 435 area.

I have heard that you got long because FW was very bullish on corn!

 

[bbmac]

Gbpusd

This is what I have on 1hr cable now in respect of prev near/term imbalances of supply/demand or demand/supply, fibs and trend lines (for set-ups/price action entries on lower t/f's.) Price is currently restrained at the 76.4% fib of the 6496-6322 fall....a break through here opens up yesterday's hi.

G/L

 

[LeoE]

4hr pinbar on the ftse, through an S/R level around 4475.

Bearing in mind the heavy resistance around 4500 I guess it wouldn't be a good idea to trade it? I won't be trading it anyway as I'm short from 4500, but I'd be interested to hear other opinions on it.

 

[vinicius]

Cheers Vinicius ,this is my take on the weekly but im no expert .

Your possible LH makes much more sense than mine!

 

[trader_dante]

That's right! It was not the adjusted one...
May I ask you what you would use as a trigger to enter a long?!?
In cases like this I'm always struggled between:

1) waiting for a pullback even if it may happen far above the actual level or it may not happen at all
2) jump on the train before it leaves the station without me

It is the same old story...

darkswan,

Whatever happens, the most important thing is that you remain completely emotionally detached if you realise you made the wrong decision or if what you expected doesn't happen.

I once waited 2 months for a setup in Crude Oil. I literally watched it every day waiting for one of my candlestick setups at a high probability turning point that price was working its way towards. When it got there, the market didn't setup right.

I also waited 10 months for a daily setup in Usd/Cad. And when it happened I missed it. But chasing is never good.

I've learnt quite a few things in my time trading and one of them is that you can go on a massive winning streak (whether through luck or skill - usually the trader believes its skill when infact its luck) but all it takes is for you to drop the ball once and before you know it, you will get carried out.

It's happened to me many times.

And it almost always comes when you least expect it otherwise you would be guarding against it.

 

[montmorencyt2w]

Note how the market came and closed below this level on the hourly.

Then it rallied back above.

Then it has another go but fails to make a new low.

The market pushes up once more and makes a new high.

Finally, we have one more push down resulting in an inside candle with the close well off the low of that period.

It was at this point that I took my position. (see arrow and green price marker indicating price I was filled at).

I closed out 1/2 just ahead of the first target (1st red price marker). (+75 pips)

I got the exact high (fortunately) which was then followed by a pullback overnight before we had another go this morning.

At this point, I moved my stop on the second half to the low of the candle that closed through the target level. I was then stopped out for +57 pips.

+ note: I am fully aware that there was a daily pin but as I have said before - I exit on the timeframe I enter on. I entered on the hourly and I chose to exit on that. +

Many thanks Tom, and also Vinicius.

Exit on the timeframe you enter on. I think I can see the sense in that.
If one had entered on the break of daily pin, it would either be at a loss or stopped out perhaps by now depending on individual stop strategy. (Daily low is 10838 as I type) Does this argue for waiting for 2nd "eye" to close (or near close) before playing dailies? I guess it depends how conservative/aggressive/competent one is.

Regards,
Mike

 

[trader_dante]

Many thanks Tom, and also Vinicius.

Exit on the timeframe you enter on. I think I can see the sense in that.
If one had entered on the break of daily pin, it would either be at a loss or stopped out perhaps by now depending on individual stop strategy. (Daily low is 10838 as I type) Does this argue for waiting for 2nd "eye" to close (or near close) before playing dailies? I guess it depends how conservative/aggressive/competent one is.

Regards,
Mike

Mike,

If I was playing the daily, I would already be in that - I wouldn't be waiting for the second eye to close.

And I certainly wouldn't have a stop anywhere but underneath the pin as that is asking to get stopped out.

If he took that, I reckon J16 would have had his stop at breakeven and be out for a scratch (since it went 28 pips into profit and he moves stops damn quick imo).

Stop movement is one of the main differences between the way I play the market and him (and many of his followers do). Apart from that its very similar. If you read his thread, look for someone called Mike (mbq11 I believe). He is one of my favourite traders out there and I learnt alot from him.

I don't trade the dailies too much anymore as I've really found my feet on the hourly and I find it the easiest TF to trade.

For the others that were talking about J16 - it is one of the best resources out there. I got up to page 500 odd and then went out on my own. But I sent J16 a food hamper for Christmas, lol and still stop by from time to time.

 

[vinicius]

GBP/JPY

Nice 4hr/1hr bull flag ..