Best Thread Potential setups

[omni]

Hey all,
There is a triple daily top on usd/jpy @ 11040.
I will be watching this one super careful tomorrow.

Yen is busting some ranks.
Usdyen itself, now 70ish ticks onside since post.

 

[lewtz]

Yen is busting some ranks.
Usdyen itself, now 70ish ticks onside since post.

Looks like the 109.00 area support is holding up. Could be a reversal towards 110.40, as the usd/jpy has been bouncing around there for a couple of days now.

edit: Wow what a drop.

 

[rags2riches]

For your consideration

Just some ideas for swing traders out there.....
Anyone like these?

 

[simoncs]

Just some ideas for swing traders out there.....
Anyone like these?

Hi rags2riches,

Do you use a scanner of some kind to identify setups on your stocks? I use a system called Profitsource to look for daily setups in stocks, as there are so many of them. It has a decent scanning tool that you can add indicators and price action too. I ignore most of them though as the risk and comm is too high for me unless the setup is perfect.

 

[rags2riches]

Hi rags2riches,

Do you use a scanner of some kind to identify setups on your stocks? I use a system called Profitsource to look for daily setups in stocks, as there are so many of them. It has a decent scanning tool that you can add indicators and price action too. I ignore most of them though as the risk and comm is too high for me unless the setup is perfect.

IG index allows me to create my own custom indicators and screeners for free (Proscreener/Probuilder part of Prorealtime). It is far from perfect but is sufficient so far. I have been playing about with it for a while now but after some serious thinking in the last week or so, things might be beginning to click....

 

[Stuart14]

I need to really explore some of the IG functionality, seems you've got it working for you. Did you figure it out yourself, or call them for a run-through?

 

[rags2riches]

I need to really explore some of the IG functionality, seems you've got it working for you. Did you figure it out yourself, or call them for a run-through?

Stumbled across it and started playing around with it. I think there is a rudimentary manual (written in English by the French) for prorealtime somewhere (either on IG index website or the prorealtime website). It helps a lot if you have some basic understanding of programming.

 

[Stuart14]

No programming exp at all. Counts me out then!!!

 

[grimweasel]

As an update for the longer term guys (probably only a couple as it seems everyone is on 1hr / 4hr timeframes).
These pairs served good moves.
Obviously top 4 are correlated but i was so convinced by price action that i took a chunk on each.

Still riding eurjpy, audjpy and took half off the others on monday at the major levels.

EURAUD (long)......... now +600
GBPAUD (long)...........now +700
AUDUSD (short)............ now +700
AUDJPY (short)...........now +600
EURNOK (short)..... i never took
EURUSD (short)............now +600
EURJPY (short)...........now +500

Anyone else out there on longer term moves hiding behind the scenes?

ps. And yup, i went against the grain of this thread and bought gold at 814 today....... (backed up by the above call on silver, cheers )

Hi Omni!
Some really good pips there! Good trading.
Did you use the COT report for your 'thesis' or just the PA on the longer TFs (Wkly/Mnthly)?

I've been looking into the COT reports and there are free charts each week of all the charts on gracecheng.com. The only trouble is the deciphering of the info into meaningful trade directions for the next week. I think we are supposed to look for extremes in the PA, namely if the chart looks oversold (near bottoms) then there is a likleyhood the fx pair will rise the next week as everyone who wants to be short is short and there would be no sellers left??

Grim

 

[trader_dante]

I think we are supposed to look for extremes in the PA, namely if the chart looks oversold (near bottoms) then there is a likleyhood the fx pair will rise the next week as everyone who wants to be short is short and there would be no sellers left??

Hi Grim, it's not so much that there are no new sellers but the fact that they are going to have to go into the market to buy back their shorts.

 

[Stuart14]

I'd definitely like to be a longer term guy. They were some seriously nice moves. I've taken 300 pips so far short NZD/USD. Tempted to close it now though. I missed the rest, damn shame too!

 

[omni]

Hi Omni!
Some really good pips there! Good trading.
Did you use the COT report for your 'thesis' or just the PA on the longer TFs (Wkly/Mnthly)?

I've been looking into the COT reports and there are free charts each week of all the charts on gracecheng.com. The only trouble is the deciphering of the info into meaningful trade directions for the next week. I think we are supposed to look for extremes in the PA, namely if the chart looks oversold (near bottoms) then there is a likleyhood the fx pair will rise the next week as everyone who wants to be short is short and there would be no sellers left??

Grim

Hey Grim,
I have never heard of the COT report, what is it? .....all the trades were based on price action (as i see it).

 

[simoncs]

USD strength

GBP/USD just sh*t itself.
Had gone short on the 8am pin bar but lost my nerve after 110 points. Now wish I had held, but i think because i have managed to destroy my account recently - anything over 50 i just want to bank. I don't think this approach is going to help me though.

Anybody got any ideas on why the USD is strengthening so much?

 

[trader_dante]

GBP/USD just sh*t itself.
Had gone short on the 8am pin bar but lost my nerve after 110 points. Now wish I had held, but i think because i have managed to destroy my account recently - anything over 50 i just want to bank. I don't think this approach is going to help me though.

Anybody got any ideas on why the USD is strengthening so much?

I will be looking for buying opportunities in Cable between 18500 and 186.50. Any PA that indicates a bottom in that area should be considered carefully.

 

[simoncs]

I will be looking for buying opportunities in Cable between 18500 and 186.50. Any PA that indicates a bottom in that area should be considered carefully.

is that based on the S/R on the weekly chart from apr 06 and oct 06 ?

 

[omni]

GBP/USD just sh*t itself.
Had gone short on the 8am pin bar but lost my nerve after 110 points. Now wish I had held, but i think because i have managed to destroy my account recently - anything over 50 i just want to bank. I don't think this approach is going to help me though.

Anybody got any ideas on why the USD is strengthening so much?

Simon,
$ hasnt strengthened, gbp has weakened (because mervin king has been chattering about inflation).

 

[simoncs]

Simon,
$ hasnt strengthened, gbp has weakened (because mervin king has been chattering about inflation).

thanks for that - now checked the other crosses and can see that is the case
should have checked before i jumped to conclusions

 

[trader_dante]

Simon,
$ hasnt strengthened, gbp has weakened (because mervin king has been chattering about inflation).

$ hasn't strengthened? Dollar/Yen is heading up. Euro/Dollar is heading down...

 

[omni]

thanks for that - now checked the other crosses and can see that is the case
should have checked before i jumped to conclusions

Simon,
No worries dude
I would have jumped to the same conclusion.

Mr. Dante,
I really dont think it has "strengthened", we are still inside yesterdays ranges..... but yeah, it has "strengthened" a little teeny weeny bit... all i know is that gbpcrosses have moved -0.6% to -1.2% while $crosses have moved only 0.2% - 0.5%..... ya get me blud?

Ps. Congrats on your thread breaking the +100 page barrier. High fives all round??

 

[trader_dante]

all i know is that gbpcrosses have moved -0.6% to -1.2% while $crosses have moved only 0.2% - 0.5%..... ya get me blud

Put your bloomberg away..."blud".