Best Thread Potential setups

[Ljr]

Hi All

Below is just a reminder to always wait for the break of the Pin no matter how good it looks.
I know TD has discussed earlier entries before but they don't call him Super_Dante for nothing.

When starting out with this method ( I include myself here ) its best to wait for the break. It will save a lot of losses.



P.S. In case anyone is wondering I didn't trade it. (Still short from weekly)

 

[Ljr]

Hi Ljr

Nice spot. I think its counter the monthly up trend, but that may because its the first indication of the top!

If you get 1:1 form the whole pin (having taken a smaller stop loss) then that would be quite good, and if you have really identified the top you could be in for many 100's of points. Lets keep an eye on this one for the daily & weekly pins to close....

good luck
Paul

Hey Paul

I hear you about the trend but it looks like it has been stalling over the last couple of weeks. I have actually been looking to get short since last weeks Pin. I did mention in an earlier post that last weeks Pin was not stricktly at a swing high but I liked the level this occured at especially the weekly descending TL.

This weeks Pin is looking very good and I may add to this trade on the break. Will have a good look at it this weekend.

Anyhow currently up 160 pips on an initial risk of 55 pips or 25 pips as I did move the stop to above the eyes quite soon after the Pin triggered but to be fair it could have gone the other way so it will be documented as a risk of 55.

 

[PaulKing]

Hey Paul

Anyhow currently up 160 pips on an initial risk of 55 pips or 25 pips as I did move the stop to above the eyes quite soon after the Pin triggered but to be fair it could have gone the other way so it will be documented as a risk of 55.

Ljr
It's already already 1:3 reward then, and you could be adding to it off the weekly.
Congratulations

Paul

 

[Ljr]

Ljr
It's already already 1:3 reward then, and you could be adding to it off the weekly.
Congratulations

Paul

Thanks Paul

Although its not over until the trade is closed. I expect a bit of a retrace here. This is the hardest part of trading for me. Should I close and be happy with a good trade or do I go for the big moves. I do truely believe to make big money you have got to let the winners run ( as TD keeps telling us ) but easier said than done.

 

[grimweasel]

GBPCAD 4 hr Pin after recent rally.
Still in with USDJPY, odd that it rose while USD fell against other pairs!
Have a good weekend all.
Grim

 

[panache]

gold

1hr pin formed on gold. Minor H1 SR and 23% Fib from 1hr H/L

1hr pin formed on Euro/USD in between 61 and 50% Fibs

Grim

Hi Grim,

I took the trade on gold as it was a high probability trade but got taken out. Was someone here saying these 1hr pins aren't so reliable..

 

[grimweasel]

Hi Panache!
Sorry to hear about the gold loss.
I had an order in a few pips below the pin, so it was not filled. I've been a little chicken of late and with all the $ news I decided to set my stop fill around 3/4 pips below the pin high/low break!
Grim

 

[trader_dante]

Hi Grim,

I took the trade on gold as it was a high probability trade but got taken out. Was someone here saying these 1hr pins aren't so reliable..

You just have to pick them very carefully. I make my bread and butter off the PA on the 1hr TF.

 

[Ljr]

GBPCAD 4 hr Pin after recent rally.
Still in with USDJPY, odd that it rose while USD fell against other pairs!
Have a good weekend all.
Grim

Hi Grim

Just having a look at the GbpCad Pin. Visually it looks good, however on my charts it has formed from 20h00 - 22h00 on a Friday so is not a full 4 hours of trade and is in light trade at the end of the week.

I don't really see any S/R pivot so I would be cautious. If this rises more I would look for PA in the 19150 area ( minor support ) and then 19300 area as that has provided strong support on the Daily TF.

For me this doesn't look good enough at the moment but thanks for drawing attention to it. Will keep an eye on it.

 

[Ljr]

Hi Grim,

I took the trade on gold as it was a high probability trade but got taken out. Was someone here saying these 1hr pins aren't so reliable..

Hi Panache

I would be interested to hear why you say this was a high probability trade?

Your arguments could be there is a strong downtrend in place which is true for the last couple of weeks but sometimes you need to look for reasons to NOT take a trade:

For me the main reason to not take it would have been the Bullish Daily Pin ( on my charts ) which is comming off an area that provided resistance in mid May 2006 and if this is the bottom for Gold then will form a strong S/R pivot area. There is also an ascending TL from the Daily & Weekly charts.

IMHO I would have said this was not a high probability trade.

Please don't take this as criticism just trying to help and explain how I saw it. (obviously easier now after the fact)

 

[1Pipped]

I might join you on that short USDCAD Ljr, theres a quite good looking setup on my laptop chart if I remember rightly (I think 4h chart). Also I get the feeling it might be international dollar selling week next week? anyone else feel that or is it my imagination?!
Long nzdusd myself at the moment, so will see how that goes on Monday

 

[Ljr]

I might join you on that short USDCAD Ljr, theres a quite good looking setup on my laptop chart if I remember rightly (I think 4h chart). Also I get the feeling it might be international dollar selling week next week? anyone else feel that or is it my imagination?!
Long nzdusd myself at the moment, so will see how that goes on Monday

Yip its looking good so far. Been reading a bit on what the dollar may do next week and feeling is bearish. I'm tempted to add on the break of the weekly Pin but also shouldn't get too carried away will see how it goes at the start of the week.

I very nearly took the NzdUsd Daily Pin but I am already in EurGbp and UsdCad and didn't want more direct dollar exposure.

Hey who is going to take that HUGE EurJpy Weekly Pin?

Its only 1000 pip risk!!!

 

[chilltrader]

I might join you on that short USDCAD Ljr, theres a quite good looking setup on my laptop chart if I remember rightly (I think 4h chart). Also I get the feeling it might be international dollar selling week next week? anyone else feel that or is it my imagination?!
Long nzdusd myself at the moment, so will see how that goes on Monday

When do you plan to take the USD/CAD pin?

The height of the pin on my chart is ~1.0819
Current price is ~1.0599

Would it be worth waiting to let it go upto ~1.0700 before shorting?

 

[1Pipped]

Hi chilltrader, this is what I was thinking of.

Chart 1 shows some good divergence (excuse all the arrows + labels, I assure you it is usdcad and not a virgo galaxy starchart!).

Chart 2 is the entry I was thinking about. Not sure about it now, because its on the 1 hour not 4 like I thought, and with it being the last bar before wekend.... I think I might give that entry a miss and look out for something better.

 

[grimweasel]

Hi all,
LJR, noted on the GBPCAD pin. You could indeed be correct about the pin forming over less than 4hrs on low volume. One to watch I think.

For those of you on shares there is an interesting development in the mining sector. The sector chart on Sharescope is showing a weekly pin (for upside). Then looking at the companies there are pin lows on Xstrata, Rio, BHP, Fags and Anglo American on the weekly charts. BHP and Rio have the best fib and SR confluence. I may wait for a retracement back into the weekly pin and go long on one of them. With a $ weakness on the cards (maybe) then the resources that are priced in $ become better value and this may explain some of the pins forming across the sector?

Just a few thoughts, how about y'all?
Grim

 

[grimweasel]

Best weekly pin setups on Forex this week seem to be:
Long:

Cable, USDYEN, AUDUSD

Short:

USDCAD
Grim

Best pin goes to...

 

[superspurs]

excellent stuff grim,i to am looking at oil,miners and energy,my 3 favs at the moment are PMO, PFC and DNX.the energy sector in the US,XLE,posted a pin as well.

 

[grimweasel]

Great pins there Superspurs,
Another few on the weekly list this week include HSBC, Arm Holdings, easyjet (all short) and John Wood Group long.
I would post charts but sharescope doesn't seem to make it that easy, unless anyone knows how to save the charts to desktop easily?
I saw the petrofac one Spurs but I didn't like where the pin was so much; I prefer them at swing highs and lows rather than mid chart; still, one to watch!

There may be some big moves when the SB's open at 2100 this eve; Looks like Lehman's may go to the wall after Barclays pulled out of any takeover this eve!
Grim

 

[superspurs]

PFC might be in the middle but it has held up remarkably,considering the pullbacks in some of the sector.a bit discretionary,i know, but i feel this could be one of the leaders.in fact it never broke its up trend

 

[options]

Great pins there Superspurs,
Another few on the weekly list this week include HSBC, Arm Holdings, easyjet (all short) and John Wood Group long.
I would post charts but sharescope doesn't seem to make it that easy, unless anyone knows how to save the charts to desktop easily?
I saw the petrofac one Spurs but I didn't like where the pin was so much; I prefer them at swing highs and lows rather than mid chart; still, one to watch!

There may be some big moves when the SB's open at 2100 this eve; Looks like Lehman's may go to the wall after Barclays pulled out of any takeover this eve!
Grim

Grim. Try this for screen shots.

Chart on screen. Go. Ctrl/print screen sysFlq buttons together.
Then open up. Start, accessories, program, and into Paint.
Edit, then paste.
File. Save as jpeg, saved to your comp, then when on here. attach a file to your post!

Don't read too much into the Barclays pull out. This stuff always happens. Good excuse to move the market though.