Best Thread Potential setups

Status
Not open for further replies.
trader_dante said:
I already tried - apparently its "procedure".

I was long, looking for 958 and then right after I posted that I remembered something my boss once told me and suddenly starting feeling that we weren't going to make it so I went short.

Christ, Genics is going to have a field day with your post.
Click to expand...

i would but tbh im drunk and im not reallt making much sense out of all this!
 
trader_dante said:
This is how a lot of pros trade. Infact almost all of the pros I know. But it's not as easy as sell the level with a tight stop. Look at the majority of pins you see. Sometimes they occur before the level. Sometimes the nose potrudes well through it. How many hit it to the tick - or even within a few ticks? Certainly some. But they are zones remember. And the problem with this strategy (hitting the level with a tight stop) is, you really need to stick to one market and know it very, very well. Because different markets move in different ways and with different characteristics. To trade this way you need to know how your market reacts to levels and what "squeezes" look and feel like.

This is the other thing about a lot of the traders I worked with. They knew their markets very, very well. I was one of very few that traded multiple markets. The vast majority traded one. Our most consistent trader who hadn't had a single losing day in three years knew his market so well he could tell you who had accumulated what, from where, where they were feeling heat and would have to puke, who was spoofing, where and why and at what times etc.

These guys picked up on things from watching closely. I'm not talking about just levels. I'm talking about market action. Price action. The S&P and YM are selling off sharply into the close but someone is buying the Dax in large lot sizes at frequent intervals. Why? Some guys that noticed this made crazy amounts of money when they found out that someone was trying to artificially hold it up and that it would sell off every morning on the open without fail. It was a pattern that lasted for a few days and then disappeared.

So, yes, studying the market as it comes into high probability turning points and watching the price action and choosing your moment is the pinnacle and it's how the pros trade. But it is certainly not easy. It is very, very hard and if you want to trade like that, cut your markets right down. To one ideally (including its related) and work, work, work at it.
Click to expand...



Tom,

You've changed, mate. I like the way you come accross these days, there's a certain tone you have picked up that is more pleasing to read. Howz thingz mate? Hope you are doing ok.


Paul.
 
I'm not short yet but I have to say the Euro looks to me like it's really going to collapse big time.
 
1hr sucker pin on Usd/Jpy.

Looks poised for an upmove but this kind of pin, where it triggers right into daily resistance is extremely dangerous.
 
CORNY trading...

Hi Tom and others on the CORN long. I have to say that on the corn ETC it formed a big tall bearish pin yesterday, so this long is looking more unattractive by the minute. I have moved my stop to just under the low of that pin today, expecting it to do a significant correction before going up again. Timing is so important with these things... Looks like the right timing would have been around 18th May or 29th of May, not yesterday when I bought it. Todays low so far looks like it is hard up against the ascending trendline, so it could turn and go up, but I am expecting it to go down really. On second thoughts, I have moved my stop back to its original position (2 pips below last RBS) to allow a little more breathing space, but still expect it to stop out...

Regards, Chris
 

Attachments

  • CORN.GIF
    CORN.GIF
    120.5 KB · Views: 233
EUR USD short

Agree, looking for a good short entry. I have just gone short 3 lots at 1.4029 on the 30 minute pin and stop is at 1.4065 above the top of the last swing high. Where would you put your stop?

Regards Chris

Addendum 1: SR difficulties on the way down are 1.4000, 1.39820, and 1.39340. Would be good to crack the full height of the daily H&S pattern (neck to head) which is 540 pips high, giving a target of 1.6000-ish.


trader_dante said:
Look at the state of it. H&S on hourly, 4hr and Daily.

Watch that neckline.
Click to expand...
 

Attachments

  • EURUSD.GIF
    EURUSD.GIF
    113.5 KB · Views: 171
Last edited:
Well, that 1hr Euro/Usd pin showed the direction for the near term...

Guess the H&S break ain't happening...yet...
 
Status
Not open for further replies.

Similar threads

A
Natural Gas, associated equities, and ETF's setup similar to Crude in mid $30's last
Replies
0
Views
2K
Autobottrading
A
A
Scanning for Setups?
Replies
6
Views
2K
fibonelli
fibonelli
M
A simple method for buying stocks and ETFs on a pullback
Replies
0
Views
3K
morpheustrading
M
M
Dangers of "jumping the gun" in trading (market psychology)
Replies
0
Views
2K
morpheustrading
M
C
(i think ) i have a gap trading strategy but...(frontrunning?)
2 3
Replies
42
Views
7K
Chartsy
C
Top