Best Thread Potential setups

[newyork1]

great stuff! Glad to hear it.


Watch resistance from previous high

 

[oz_kano]

new to this longer term trading action - but Spooze has bounced off its 61.8% fib for whole of bull run, (1159)...could potentially form a pin bar?

 

[barryb]

Multiple IB's+OB's 1hr Eur/gbp at 7980 resistance and descending t-line.

 

[rags2riches]

Multiple IB's+OB's 1hr Eur/gbp at 7980 resistance and descending t-line.

Nice call BarryB!

 

[grimweasel]

Silly me! Forgot to check the forex calander today. I wondered why gold seemed so range bound? I guess it may have something to do with the FOMC announcement at 1915 this evening!
Grim

 

[jev]

Hi TD
Potential pin bar forming in todays daily DOW chart...does this qualify as bounced of long term support?

 

[grimweasel]

Hi Jev
There is an inside bar currently forming on DJI H1, as I guess traders wait for the Fed's rate decision at 1915. I expect the bar will get broken one way or the other at around that time. Only a hunch. I won't be trading it as I always mis-time news events and most brokers use it as an excuse to skin the retail clients with slipped/wide prices and fills; they know its easy money time.

I wait for the PA to calm down and assess some 30m-1hr after the event. Not gospel to all, just my rules as I have been burnt badly before around news events! Look for the price being driven to an SR level and bouncing off it.

15m and 30m Pins on USDJPY for those who like the lower TFs.

Grim

 

[jev]

Hi Jev
There is an inside bar currently forming on DJI H1, as I guess traders wait for the Fed's rate decision at 1915. I expect the bar will get broken one way or the other at around that time. Only a hunch. I won't be trading it as I always mis-time news events and most brokers use it as an excuse to skin the retail clients with slipped/wide prices and fills; they know its easy money time.

I wait for the PA to calm down and assess some 30m-1hr after the event. Not gospel to all, just my rules as I have been burnt badly before around news events! Look for the price being driven to an SR level and bouncing off it.

15m and 30m Pins on USDJPY for those who like the lower TFs.

Grim

Hi Grim
If this was a normal trading day ie with major news out of the way...how would you trade this IB...the previous bar is a down bar and this IB could form as an up bar...does that make your decision on how to trade it ie go long/short and where would you put your stop?
Jeev

 

[rags2riches]

gbpchf is forming a nice daily pinbar. Dropped 125 points because I am crap at stop or target grrr....

 

[grimweasel]

I canx the gold short on account of me not checking the forex calander.
If you look at gold there appears to be a cup and saucer pattern that has 2 handles. Could this give rise to an explosive move upward? The SR level at 786 combined with the upward trenline from the bottoms of the candles on the 1hr chart make a kind of ascending triangle pattern. Looking at the volume, the small PA spread and low volumes at the 786 level give rise to the big money not being interested in selling at this level. The volume then rises again on the moves up.

All will be revealed; live by the sword, die by the sword and all that. I have a position in long at 790 at the highs of the 4hr TF with 805 as the target.

Came across this site (free to join) with loads of good trading books to download free of charge!
Trading in the Zone, etc,

Trading in the Zone by Mark Douglas

 

[grimweasel]

Jev,
I have not mastered the IB wrt targets etc yet. Hopefully TD will enlighten us!
In short I'd play the break of the bar and look to target the nearest SR level then get out. I believe that's what TD did with last night's E/U IB that broke to the upside!
Grim

 

[Glenborrell]

Good chat on the gold front today guys. Thanks for your thoughts. Some of you like long and others short. I guess that how the markets are made. Bulls and bears fighting it out for dominance at one time or another.

I've not managed to take a look till now. Think that reinforces my need to trade just daily and weekly timeframes at the moment.

Anyway of to watch the Champs league.

G

 

[grimweasel]

Well, old MP1040's news trading works. I waited until the price was driven to the SR levels and went against the initial move. Up 70 pips on DJI after bounce off the 10775 level and up 65 pips of the reverse bounce on cable off the 17765 level. It pays to sit out the initial moves and wait for the market to show it's hand. I was only trading with small amount (£1 pp) to try the stratergy under live conditions so that I could try and understand the emotions. As I said, I don't normally trade the news as I get burnt. So this may be down to luck. I wouldn't all try it!!

Saying that though I had a crap fill on the sell of the DJI position from CMC and was requoted as the price began to fall again, losing some 30 pips the charlatans!! (As I said in a previous post, one has to accept these bad fills etc!)

 

[grimweasel]

Pin on Euro/USD H1 chart. on SR level and 61.8% Fib level. Not really at a big swing low, but it is after a down move, albeit, news related.
Inside bar within bar currently, with 30 mins to go till bar end.

2100.. Now a pin within a pin!

 

[Glenborrell]

Nzd/jpy

Got a daily pin here. 300 pips of risk.

No confirmation as my charts don't go back that far. Sorry

G

 

[grimweasel]

Pin bar on Daily FTSE Long (Long off daily pin above 5122)

Pin bar on Daily GBPCHF Long (I'm long here)

Pin on 1hr E/USD & GBPUSD both live. (long euro/usd)

Good trading
Grim

 

[grimweasel]

Stopped out on gbpchf when I saw it taking an enexlained dive. Seems someone set a rumour off that HBOS was about to fail sending the FTSE /Euro/GBP rocketing down! Shoddy reporting or rumour mongering by someone who must have had an HBOS short in the market and cleaned up!

 

[jev]

Jev,
I have not mastered the IB wrt targets etc yet. Hopefully TD will enlighten us!
In short I'd play the break of the bar and look to target the nearest SR level then get out. I believe that's what TD did with last night's E/U IB that broke to the upside!
Grim

Hi Grim
I take it that it is irelvant whether the IB is an positive/negative bar...just trade the break in either direction?

One other thing I struggle with is Stop losses...maybe you or TD can help on this one....

Say one enters a trade on a daily time frame lets take the DOW on the daily chart shows a bounch up of a key sr etc...now lets say you go long the next day...
you then put your stop(mental stop not placed stop) at a certain level...say the market starts up then goes down thru your stop but later in the day comes back above your entry point to put you into profit...based on this scenario would you have closed your position at the stop or wait till you had end of day data to decide the next course of action.

I have found that this happened to me alot especially when trading volatile markets like crude in July, that can be up $3 one hour then down $3 the next...becomes very difficult to know whether to exit the trade i.e to stop the loss getting worse or to wait to see if the market corrects later in trading.

Again this can be applied to taking a trade on the hourly/weekly/monthly time frame...do you wait for the closing data on the time frame you entered the trade to decide your exit strategy.

Sorry if this question has been answered before but I am still trying to get thru TD's post from last year.

Jev

 

[trader_dante]

Hi Grim
I take it that it is irelvant whether the IB is an positive/negative bar...just trade the break in either direction?

One other thing I struggle with is Stop losses...maybe you or TD can help on this one....

Say one enters a trade on a daily time frame lets take the DOW on the daily chart shows a bounch up of a key sr etc...now lets say you go long the next day...
you then put your stop(mental stop not placed stop) at a certain level...say the market starts up then goes down thru your stop but later in the day comes back above your entry point to put you into profit...based on this scenario would you have closed your position at the stop or wait till you had end of day data to decide the next course of action.

I have found that this happened to me alot especially when trading volatile markets like crude in July, that can be up $3 one hour then down $3 the next...becomes very difficult to know whether to exit the trade i.e to stop the loss getting worse or to wait to see if the market corrects later in trading.

Again this can be applied to taking a trade on the hourly/weekly/monthly time frame...do you wait for the closing data on the time frame you entered the trade to decide your exit strategy.

Sorry if this question has been answered before but I am still trying to get thru TD's post from last year.

Jev

The stop is always placed where the idea behind the trade is wrong. If you buy because of a pin bar you are WRONG when the low of the pin is taken out. It does not matter what the market does after.

 

[Ljr]

Hi Grim
I take it that it is irelvant whether the IB is an positive/negative bar...just trade the break in either direction?

One other thing I struggle with is Stop losses...maybe you or TD can help on this one....

Say one enters a trade on a daily time frame lets take the DOW on the daily chart shows a bounch up of a key sr etc...now lets say you go long the next day...
you then put your stop(mental stop not placed stop) at a certain level...say the market starts up then goes down thru your stop but later in the day comes back above your entry point to put you into profit...based on this scenario would you have closed your position at the stop or wait till you had end of day data to decide the next course of action.

I don't use mental stops. The stop is decided (low/high of Pin/IB) before taking the trade and placed at the same time as entering the trade. If the stop is hit then yes the trade would be closed automatically

I have found that this happened to me alot especially when trading volatile markets like crude in July, that can be up $3 one hour then down $3 the next...becomes very difficult to know whether to exit the trade i.e to stop the loss getting worse or to wait to see if the market corrects later in trading.

If this is happening a lot then it sounds like you are not taking Pins or IB at extremes. ie: Important Support or Resistance levels

Again this can be applied to taking a trade on the hourly/weekly/monthly time frame...do you wait for the closing data on the time frame you entered the trade to decide your exit strategy.

Yes wait for the closing data on the TF you entered on but this is more applicable to managing the trade once it gets going. You should only move your stop from the initial place once you see price action that suggest the price won't break back through that level for example another Pin bar at a good level.

Sorry if this question has been answered before but I am still trying to get thru TD's post from last year.

This will all become more clear once you progress further through TDs thread but it may help to post an example so others can give their thoughts too.