Best Thread Potential setups

[wasp]

At first I thought it was stops being hit but the moves are right across the board with the Dollar and Yen gaining strength. Looks like we are still getting some follow through as Euro and Cable in particular are not far off session lows. I've checked Bloomberg and Marketwatch and can't see any major news but I feel almost certain we will hear the reason behind this tomorrow. It is very unusual. I cannot remember the last time I saw the Euro drop 100 ticks in 10 minutes at 10pm at night - especially with NFP tomorrow.

I can't remember seeing action like this in the Yens at all..... Nothing compares to the action over the last 12 hours that I remember! 2/300 of something like GBPJPY is common enough but 600 straight like this is beautiful! I used to have to go to Scandics for this action!

Hope you guys caught plenty off these...

 

[eltrot1979]

I can't remember seeing action like this in the Yens at all..... Nothing compares to the action over the last 12 hours that I remember! 2/300 of something like GBPJPY is common enough but 600 straight like this is beautiful! I used to have to go to Scandics for this action!

Hope you guys caught plenty off these...

A number of hourly pins forming there... I think i'll just go to sleep though before i get tempted!

 

[grimweasel]

Hi Guys!
Well done to one and all for the big JPY move. Luckily I was still short USD/JPY from TD's initial call and the subsequent pin that I added to the position on at the SR level. I had a DOW short in today too. Seems all the chickens came home to roost all at once!!

LJR,
What an excellent post wrt the emotions and your candid and honest interpretation of the facts as you saw it. I really hope that you do go on to be a much better trader than I,as I believe that your post speaks volumes and is a great lesson to all the newbies on PA and emotion.

Has anyone fathomed the huge move in JPY yet? Was a huge bank order placed?
Great thread and long may it continue as I find it better than any books I have read!
Grim

 

[rider5]

Hi guys,

I need some advice please?

I'm short aud/usd since last night's bearish outside vertical bar on the 4h chart. It seems to be consolidating now at a level (0.8160) that has been support in February to September of 2007. But the major ppz (as seen on the weekly chart) is at around 0.8000.

With the strong momentum we've had I'm thinking that this might go down to 0.8000. But my main concern is NFP today, as I have no fundamental knowledge whatsoever.

So, where do I put the stop loss? Leave it at initial placement, move to break even, or just above this consolidation? I know this is discretionary and there is no one right way but some insight from the experts here would be great.

Thanks in advance and well done to all that bagged some profits last night.

 

[Glenborrell]

Mate, good call but to be perfectly honest I am almost 100% certain that this move has nothing to do with an inside bar. The dollar (and the Yen) have both just gained strength in the last hour right across the board. It's been a long while since I've seen moves like this. Euro/Usd has dropped over 100 ticks in 10 minutes. This is no doubt news related. I am considering going into the office now.

TD,

Fully agree with you re the news. Anyone know why? It was just the way it all unfolded in front of me that got me sitting up and paying attention! I've not been trading for long but i've only seen that happen on the dow when there have been interest rates annoucemnets.

Getting in an making money on that IB would have been luck for sure. I didn't chase the market but chose to sit and watch and learn.

Did you go into the office?

 

[skelly22]

Usd Cad H4

A couple 4hr pins have formed on the USD CAD this morning at the August high. Its looking like 3 decedning pins will beformed so might be worth a shot.

That was some crazy moves on the jpy last night!!

Shane

 

[trader_dante]

Did you go into the office?

No and after a long session chart watching, I woke up feeling awful this morning so I will be experiencing NFP from the comfort of my bed

 

[butidonot]

firmly believe that by being patient and waiting for the market to come to you and then only entering the market at these pivots a trader will put the odds significantly in their favour.

 

[omni]

A couple 4hr pins have formed on the USD CAD this morning at the August high. Its looking like 3 decedning pins will beformed so might be worth a shot.

That was some crazy moves on the jpy last night!!

Shane

Mornin Shane,
I dont see pins.
My chart looks like a tightening screw....... worth watching.

 

[trader_dante]

My chart looks like a tightening screw....... worth watching.

I love to watch a good screw

 

[Ljr]

LJR,
What an excellent post wrt the emotions and your candid and honest interpretation of the facts as you saw it. I really hope that you do go on to be a much better trader than I,as I believe that your post speaks volumes and is a great lesson to all the newbies on PA and emotion.

Thanks Grim,

That means a lot to me.

 

[simoncs]

thought this might amuse...

Now i know where i have been going wrong!!!
I just need to think of trading like American football!!!
April 2007

 

[omni]

Skelly22,
The usdcad short is looking better - it is breaking the lows.

 

[barryb]

Hi Guys, has anyone got any major s/r levels for AUD/EUR under 5700? The reason being, my historical data doesn't go back far enough. Is no one else in this short from 5800?

BB

 

[Paul71]

Skelly22,
The usdcad short is looking better - it is breaking the lows.

Hi omni,

10655? That's a 5 min view, i'd be looking at a drop below this for a pop at the shortside. 672 as a stop area. :idea: Any thoughts?

 

[skelly22]

Skelly22,
The usdcad short is looking better - it is breaking the lows.

Ya Omni I decided to give it a shot anyway. We'll see how the NFP affects it. Might help to give it a tip in the right direction.

Im also short in USDJPY from a 1h kinda pin that showed up on my charts this morning that bounced off 10697. Was in yesterdays pin also but very stupidly had left a take profit order which was hit at 10787. Having read all the posts over the last few days has reinforced in me the need to hold on to my positions.:idea:

Shane

 

[omni]

Guys,
Check attached chart... natural gas.
Big number, double pin.
I quite like but wont be taking.

 

[PaulKing]

Looking at the charts of cable I've felt a little silly having not been involved in such a move down. Every day I thought 'This must be the bottom, it can't sink further etc'. As you said, Trade what you see! The charts show everything that the markets know, or think they know, from every size and scale of trader; all the fear and greed etc. As I have not seen a solid reason to enter (under my current plan and r/r ratio) I have sat it out.
Grim

Hi Grim
Its nice to know I'm not alone. I have been watching cable (and indeed playing it with my 'trial account') but not seeing any good entry points for my 'real money' account.

Whilst I'm happy to risk £10k of my £100k 'virtual' account, and merely trade the levels as I see them, (I originally went short around 1.91 with a target of 1.86 - this took a week to hit, I then went in again at 1.80 with a target of 1.78 at the start of this week. In again this morning @ 1.76 looking for 1.71) I haven't seen any opportunities with a small enough risk to enter with real money. Because I would want a tight stop if I was risking real money I'd either get stopped out for a loss, or my order not get opened)

This is why I always ask what set ups others have used to get them into their trades as posted on here (1pipped in particular, is really good to learn from)

good trading, and thanks for sharing too
Paul

 

[trader_dante]

I haven't seen any opportunities with a small enough risk to enter with real money. Because I would want a tight stop if I was risking real money I'd either get stopped out for a loss, or my order not get opened)

Most of us are using pins, Paul. That means the stops are large but you are playing for a large gain too. Using a tight stop means you are more likely to be shaken out by noise unless you literally buy and sell at the levels and can use the order flow to see what the players are doing.

I would say you are much better off taking a setup with a large stop and then capitalising on the move.

 

[omni]

nzdgbp short

Hi guys,
I made the attached call a few days ago.
Did anyone follow me in?
The entry point was also snap bang on a 50 fib... top to bottom (not on graph, sorry).