Best Thread Potential setups

[simoncs]

Well, technically it would be 11355 because you enter on the BREAK of the pin but yes, you are right.

ok thanks

1 hr pin bar forming on GBP/USD low of 18647

 

[Stuart14]

I'm sure Trader Dante covered this before, but I wanted to ask again.

I use IG Charts which clearly display data differently to say ODL. For example (and this may simply be due to the price moving) but I get no pin on the 1 hr GBP/USD.

I find there are even bigger differences when viewing daily bars as well, I guess depending upon when in the day they start the candle from.

How do you determine which data is the most relevant?

 

[anddy26]

id like to add too...im using meta trader 4..how do we set it up the same as urs?..im not too sure if mine is 2 hrs out or not

 

[trader_dante]

The key is to trade what you see on your own screen.

If you are good at picking levels then you will know where the big players are watching. That is all that matters. If you have a strong level, which is a high probability turning point and the price rejects it and then you see a pin, trade it.

The big players are for the most part working areas not trading candlesticks.

It is and always has been the level that is important. The pin is only 1/4 of the setup, if that.

 

[simoncs]

I'm sure Trader Dante covered this before, but I wanted to ask again.

I use IG Charts which clearly display data differently to say ODL. For example (and this may simply be due to the price moving) but I get no pin on the 1 hr GBP/USD.

I find there are even bigger differences when viewing daily bars as well, I guess depending upon when in the day they start the candle from.

How do you determine which data is the most relevant?

no my bad - there was for a while but i guess calling a pin bar with 30 mins to go was a bit premature. Just got excited

 

[Stuart14]

Thanks TD.

Just to check, you don't look for trend changes do you. You wait for the price to reject the change of trend in a high probability area and then trade the rejection right?

Or am I being to narrow sighted?

 

[simoncs]

no my bad - there was for a while but i guess calling a pin bar with 30 mins to go was a bit premature. Just got excited

now seems to have formed an inside bar though and next bar has broken above. is that how you are supposed to play inside bars - similar to pin bars?

 

[Stuart14]

Again, I wouldn't go against the trend.

 

[lewtz]

I wouldn't even think about going long unless price was able to steam past this small resistance area you can see at 1.8790.

If price did break through, I would then wait for a pull back to see if it can manage to steam past the new highs created.

 

[grimweasel]

See next post:

 

[grimweasel]

Omni,

The Commitments of Traders (COT) reports provide a breakdown of each Tuesday’s open interest for market reports in which 20 or more traders hold positions equal to or above the reporting levels established by the CFTC (Commodity Futures Trading Commission) (Quoted against the $)

Commitments of Traders

This link gives you the raw data and the one below shows it in graph format each week.

COT Charts | Commitment Of Traders Charts | Free COT Data | Grace Cheng

By showing the non-commercial positions (the big traders) one can gauge the possible direction for the fx pair in the following week. It is a lagging report as the data comes some 3 days later but still an idea as to where the currency etc may go. The Commercial traders are usually the big hedgers for industrial users where they can protect the value of their assets should the $ go against their stocks (copper, lead etc)

I think I have the above right but there are loads of sites on the 'tinters that explain further!!
Happy trading.
What a trade on cable today! That made up for my small losses on other pairs.

Euro/$ looks undecided at the moment. There may be an up move? There was an inverted hammer then a pin then a doji on the daily charts so far? Could there be a small counter rally?? I'll be watching!

Happy trading
Grim

 

[omni]

Omni,

The Commitments of Traders (COT) reports provide a breakdown of each Tuesday’s open interest for market reports in which 20 or more traders hold positions equal to or above the reporting levels established by the CFTC (Commodity Futures Trading Commission) (Quoted against the $)

Commitments of Traders

This link gives you the raw data and the one below shows it in graph format each week.

COT Charts | Commitment Of Traders Charts | Free COT Data | Grace Cheng

By showing the non-commercial positions (the big traders) one can gauge the possible direction for the fx pair in the following week. It is a lagging report as the data comes some 3 days later but still an idea as to where the currency etc may go. The Commercial traders are usually the big hedgers for industrial users where they can protect the value of their assets should the $ go against their stocks (copper, lead etc)

I think I have the above right but there are loads of sites on the 'tinters that explain further!!
Happy trading.
What a trade on cable today! That made up for my small losses on other pairs.

Euro/$ looks undecided at the moment. There may be an up move? There was an inverted hammer then a pin then a doji on the daily charts so far? Could there be a small counter rally?? I'll be watching!

Happy trading
Grim

Grim,
Thanks so much for that.

 

[grimweasel]

Good daily pin on Silver. On SR and 61% fib. Wait for today's close for confirmation of entry.

Pin on gbp/jpy as well. Before Merv's news broke today I was long as we had a pin and doji that seemed to mark a turn?
Could this be the move that the news toaday stopped?
Grim

 

[Glenborrell]

Hi Glen,
Have attached a euraud chart as requested.
I took notice of it as it broke the white line (also circled). Then it formed 2 4hr inside bars before breaking upwards. I took it at that point. As i often get sucked into fake breakouts.

Omni,

Cheers for this. I've taken a look. All makes sense. I don't get 4 hour bars on my SB platform but can see where you would have entered.

What platform is that your using.

 

[portomar]

like your setup dante, but come back to me when you're SERIOUS about trading!

 

[Darren2903]

TD. As I said in my first post, like Paul, I am a complete novice. I have no dreams of a miracle trading system. I want to learn the skills to be able to trade competently over a period which I expect to be years NOT months. Your thread stands out amongst the rest that I have read (thank you for sharing) and this contnuation is very useful. I have been reticent to contribute for similar reasons to Paul so your words of encouragement are appreciated.

 

[ssangha84]

USD/JPY stop

I'm long USD/JPY and took it based on the two bar pin bar at the bottom of the attached hourly chart. Any suggestions to where I should move the stop? Right now I still have it at the bottom of the pinbar. Thanks in advance

 

[Glenborrell]

Chfjpy

Good pin on Daily chart.

Chart 1 shows the pin lines up with 38 fib from Aug 07 lows to Mid June 08 highs; also 50 fib from mid Jan 08 lows to mid june 08 highs; alos lines up with S/R which runs through 100, a clear round number. 130 pips of risk plus spread. Chart 2 shows pin up close.

Glen

 

[trader_dante]

like your setup dante, but come back to me when you're SERIOUS about trading!

LOL! WTF that's hardcore! A few months back I was looking to get an 8 screen setup for my home office and I rang a company that builds pro setups. I was chatting to the sales guy and he was very helpful and talkative so I asked him what was the biggest setup they had built and he told me that one guy had a 16 monitor setup built for him. But here is the funny part. Apparently he was a butcher by trade and wanted the huge number of screens so he could monitor his market positions in the back office while he was chopping meat and serving customers...I always found that story somewhat amusing.

 

[rags2riches]

Daily UK stock watchlist

Eyes on these 2 today.