Best Thread Potential setups

[trader_dante]

I made the attached call a few days ago.
Did anyone follow me in?

NZD/GBP! What's with all these random pairings?!

And the question is Omni, are you going to follow ME into the December Wheat?

I've never seen a market so on the edge. I can't sleep thinking about it.

 

[omni]

NZD/GBP! What's with all these random pairings?!

And the question is Omni, are you going to follow ME into the December Wheat?

I've never seen a market so on the edge. I can't sleep thinking about it.

TD,
Regarding wheat...... being a farmers son, i should really have an edge in this market...... haha

 

[Paul71]

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.

Agreed, TD. There is a whole load of chat on spotting the trade the trend, this is the easy bit. As you quite rightly say it's about getting the most out of what you see. Order entry strats and money management techniques can sometimes work on one market but not on another, so i suppose it's either a case of being flexible OE and MM, or hunt down specific action.

Here's a quick question, to anybody...

Is it right to trade just one market, or this debilitating on occasions? It's not a trick question, personally i think there are pro's and cons for each side.

 

[trader_dante]

TD,
Regarding wheat...... being a farmers son, i should really have an edge in this market...... haha

19 minutes till the open...cannot believe that my SB company have a 16 tick spread for Wheat...that's 15 times more than it should be...and criminal behaviour.

WTF and the maximum size you can do is only £30 a tick!

They must have tightened up after I spanked them last year in the Wheat.

I think I am going to have to take them to the cleaners again.

These SB firms must be punished for taking peoples money.

 

[omni]

Agreed, TD. There is a whole load of chat on spotting the trade the trend, this is the easy bit. As you quite rightly say it's about getting the most out of what you see. Order entry strats and money management techniques can sometimes work on one market but not on another, so i suppose it's either a case of being flexible OE and MM, or hunt down specific action.

Here's a quick question, to anybody...

Is it right to trade just one market, or this debilitating on occasions? It's not a trick question, personally i think there are pro's and cons for each side.

Paul71,
Surely it depends on trading style / timeframe and so on.......?

 

[trader_dante]

P.S Eur/Gbp looks like it is about to sh*t itself.

Please excuse me.

I really have become rather foul mouthed after being surrounded by traders all day long.

Uncouth bunch.

 

[rags2riches]

Here's a quick question, to anybody...

Is it right to trade just one market, or this debilitating on occasions? It's not a trick question, personally i think there are pro's and cons for each side.

My performance has improved since I stopped restricting myself to just eur/usd, gbp/usd and usd/jpy. The urge to overtrade and the pressure to look for a trade every day in just those 3 markets when perhaps there is no opportunity, is greatly reduced.

I am looking for a good setup and my chances of finding one every day are greater if I expose myself to more markets.

On the downside, the key S+R levels and past behaviour etc. won't be burned into my brain.

Thanks to Naz for making me think.

Just my opinion.

 

[barryb]

Gold

 

[trader_dante]

Gold

Thanks! A bit late notice though!

 

[barryb]

Sorry got in it late myself.

 

[superspurs]

hello,i see you guys are having a great time,what with me playing long TF i thought id take a job on to keep me active,what a plum,im gonna have to come down in TF and join in again soon.TD you must be well proud of your pupils,this is indeed a cracking thread,hope to be a bit more active on it soon.keep up the good work fellas.

stu

 

[skelly22]

hello,i see you guys are having a great time,what with me playing long TF i thought id take a job on to keep me active,what a plum,im gonna have to come down in TF and join in again soon.TD you must be well proud of your pupils,this is indeed a cracking thread,hope to be a bit more active on it soon.keep up the good work fellas.

stu

Couldnt agree more!

 

[Paul71]

Paul71,
Surely it depends on trading style / timeframe and so on.......?

Certainly, it's a personal issue. What works for one doesn't for another, this itself can be for various reasons, set-up, money, ability, time in the day (other commitments)...whatever. The good thing about the markets is that they can accomodate most and are pretty flexible in terms of usage.

 

[eltrot1979]

NZD/GBP! What's with all these random pairings?!

And the question is Omni, are you going to follow ME into the December Wheat?

I've never seen a market so on the edge. I can't sleep thinking about it.

Are you in this yet TD? I'm seeing a hourly pin going with the trend but I'm half expecting a bounce at around 735-740.

 

[Paul71]

My performance has improved since I stopped restricting myself to just eur/usd, gbp/usd and usd/jpy. The urge to overtrade and the pressure to look for a trade every day in just those 3 markets when perhaps there is no opportunity, is greatly reduced.

I am looking for a good setup and my chances of finding one every day are greater if I expose myself to more markets.

On the downside, the key S+R levels and past behaviour etc. won't be burned into my brain.

Thanks to Naz for making me think.

Just my opinion.

Sure. Take this as a thought though, this weeks usd/cad has had an overall range of 200 pips, using a 50 pip stop as 1% risk, how much could be realistically taken off the table, think about the ratios.

Now use 25 pips or less as 1%.

Do you see what i'm getting at? Before anyone starts jumping the gun i'm not saying what's right or wrong here, but do you see the theory?

Just some thoughts.

 

[fibbinstarchi]

Sure. Take this as a thought though, this weeks usd/cad has had an overall range of 200 pips, using a 50 pip stop as 1% risk, how much could be realistically taken off the table, think about the ratios.

Now use 25 pips or less as 1%.

Do you see what i'm getting at? Before anyone starts jumping the gun i'm not saying what's right or wrong here, but do you see the theory?

Just some thoughts.

Keep up the good work TD and all others, you're helping a lot of people.

 

[grimweasel]

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

Hi Paul,
Having just read Elders book I realise that I could have got in on this trade ages ago.

Go to the weekly and wait for the ema of your choice (i'm using 26 EMA) to turn down/up. Go with the longer trend. Then go to the dailys and look for an up/down day (against the wkly trend) to look for a shorting opportunity. Use an oscillator such as stochastics to fine tune entry on the 4hr. If I'd used the 10 EMA as the stop then the trade would have kept me in all the way down. I know, all good in hindsight, but it just shows another entry method. I commend everyone to read his books for a good insight. Easy to read and not overly technical and keeps you in the bigger picture so you remain strategicaly aware.

Really good trade on Gold after the NFPs today. Using MP1040s News trading method, look for the resistance level that the price is driven to (816 for me) then go short. It hit my SR exactly then reversed. We now have a nice 1hr pin but there seems to be major support at 790, so could be a problem area. I'll just keep the stop close if the price retests that area/consolidates.

Wkly pin forming on EURGBP as well. Will have to have a look on Mon for confirmation!
Daily pin forming on GBPJPY too on a strong monthly support at 189.
Huge pin on USDJPY daily but I think the spread is too large for my account R/R ratio!
Good trading and good weekend's rest to all!

 

[newyork1]

GBPNZD-Rolling Spot looks good short at the minute. Bounced off resistance around 2.6635. Looks great on 4hr TF. ?? I'm short from 2.6422. Have a stop at 2.6531.

 

[1Pipped]

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

Hi Paul, dont learn from me (save your cash for Christs sake! ). Seriously though, I cant tell you enough to do what TD says and use the bigger stops, especially at first. If you start off with small stops you will frustrate yourself half to death with the constant getting stopped out and maybe give up.

If the stop is too big for your risk, and you cant make your trade smaller because of your brokers minimum size, I can recommend one of these brokers Forex trading with Alpari. Real time foreign exchange trading services. Free forex news, forex charts, analysis. and OANDA, The Currency Site: Foreign Exchange Services and Trading Ive never had any problems with either of them infact just the opposite. You can make your trades pretty much whatever size you want.

Also remember if you do use smaller stops you have to risk smaller % amounts than usual, because of the much more likely longer losing run, so its probably not the solution you are thinking it might be!

I dont even know if the small stop way of trading changes much profit/loss wise in the long run, it could just skew the risk/reward differently for the individual trades, and leave the p/l the same over time...

Anyway good trading, use the big stops!!!

 

[Ljr]

Omni,

I got stopped out of the Gold trade today.

I had added to the trade based on the 4H Pin on Thursday and moved both stops to $816.50 Prior to this my stop was at $821.50 which was above a consolidation area on the 4H.

I have been having a good look at the charts to see if I did anything wrong or what I could have done differently. I think I was correct in moving the stop to above the 4H Pin as I believed this was quite a strong retrace followed by a strong rejection of the $815 area.

Where I think i went wrong was adding at that position in the first place. As TD mentioned a couple of pages back you should only add at a place where you would take a new trade and while I still think that wasn't a bad place to add, it is probably not a place I would have started a new trade.

If I had not been at work I would probably have got back in on the hourly Pin as that looks like a better place with S/R pivot and descending trendline.

Not really sure where Gold is going now. Looking at the Daily there is strong support around $790 and there have been higher highs over the last 3 days.

I bet you are still in so would be interested to hear your views