Best Thread Potential setups

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trader_dante said:
Speaking of orders, I now have the dubious privilege of being the ONLY trader at my firm to have to execute with a broker over the telephone rather than directly off of TT or a similar order entry system. It's been decided that for my style of trading it is simply not necessary to have order entry infront of me but I won't lie, it's going to be challenging. :)
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I'd call that one HECK of a nightmare...

They must be joking ?!?

No way would I accept that !!!

Don't you pay desk fees that cover a proper infrastructure ?!?

Honestly, saving on a decent order entry system is the biggest joke I've ever heard when it comes to trading !!!
 
trader_dante said:
Speaking of orders, I now have the dubious privilege of being the ONLY trader at my firm to have to execute with a broker over the telephone rather than directly off of TT or a similar order entry system. It's been decided that for my style of trading it is simply not necessary to have order entry infront of me but I won't lie, it's going to be challenging. :)
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hi T_D can you explain this again?? sorry but dont understand,does this mean you dont wait to get filled???
 
I can understand using a ticket system like J-Trader, but having to ring some bloke up - horrible.
 
Erm guys........... i believe most hedge funds / banks / whatever / deal 95% of trades over the phone.
Dealing platforms do exist for fx / futures, but most markets / trades are still done via broker / interbank broker.
 
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Ah, omni, good point that.

Kinda funny though why it's still done that way I think.

Or is it because you guys like having some personal contact, maybe hearing sthg through the grapevine etc ?
 
BSD said:
I'd call that one HECK of a nightmare...

They must be joking ?!?

No way would I accept that !!!

Don't you pay desk fees that cover a proper infrastructure ?!?

Honestly, saving on a decent order entry system is the biggest joke I've ever heard when it comes to trading !!!
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Hey BSD,

There is a bit of a story behind it. When I went live here I found out that I was being "scared" out of the market by watching the live ladder which is designed in such a way to make you active. It moves quickly, scaling up and down which "exaggerates" the move (this is hard to explain unless you have traded via a ladder), it is so quick and easy to get in and out: it is there to increase round trips.

Anyway, I was also nervous because my profile had changed. I was no longer trading my own money - I was trading someone elses. And so I was making all kinds of mistakes that I have taught everyone to avoid including: failing to pull the trigger, pulling the trigger but using 1 lots so I have no flexibility, being lured in by the ladder and so getting involved in less than average setups and the most devastating which was getting in profit by anywhere upwards of 20 ticks and then being unable to see it turn to a loss and moving my stop to breakeven which resulted in the outcome of almost every trade being zero profit when the actual move would then go onto be hundreds of ticks.

This happened for some time and the trainers asked me to start calling out the trades that I wanted to take so that they could make sure I executed in accordance with my careful planning.

However, I continued to make the same mistakes.

I think what has kept me here at all is the fact that almost all the calls I make go the distance.

So they decided that a) since I wasn't very active with on average one or two trades per day and b) since I needed to try and stay in moves and not be scared out, that I should execute via a broker.

So this is what I am now doing.

Only problem is that I am still second guessing myself to some extent because rather than take a position to test the water like I would if I had TT infront of me, I feel like trading with a broker is somehow more concrete and that the flexibility to get in and out is limited. My recent calls to the trainers here were long the US indices (from last night shortly before the Dow gained almost 1,000 ticks and long Cable from this mornings inside bar which is now up almost 350 pips. And neither of them I took, which in turn makes them angrier.
 
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jonj said:
hi T_D can you explain this again?? sorry but dont understand,does this mean you dont wait to get filled???
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It means if I want to get in the market, I need to pick up the phone and ring a broker, telling him what I want to be in, from where, with what stops and what targets, if any. As far as exits, the broker leaves early in the afternoon so all orders have to be pulled and then re-inserted on another traders machine here with all the trades being matched up later...somewhat complex lol.
 
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Well that makes sense Tom.

Besides, you get the added bonus of practising your phone order entry skills for when you go join a hedge fund.

:)
 
Just back from work.
Gold looks like it's setting up for a move. I'm thinking down. Pin forming on e/usd as well on the H1.
Descending resistance on 5m and 15m. Pin forming on 4hr Gold . Divergance with base of price and base of force index. Not sure about this late Fri trading though. I'm gonna just watch this one.

Could see a repeat of yesterdays move. A move down, rebound to test the SR at 867 area then back down?
Grim
 
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Pursuant to the trade TD made over in his journal, I am highlighting the price action of Soybeans.

** before you all atart giving me grief, I'm not taking any credit for this at all. This is the first time i've looked at a soy chart this year**

anyway, i mention it to highlight some chart patterns that dont get much mention; namely Diamond patterns and broadening megaphones (pretty self explanatory).

Not sure the pattern I've drawn here counts as either, strictly speaking, looks more like a good old fashioned pentagon rather than anything else. Still, the point is this; TD got stopped out from an IB setup; the whole PA is interesting here, from the dailies (both inside and outside bars), the 240min pattern shown, and the hourlies too.



FWIW, if I was going to trade this (which I'm not, not my market), I would be looking for a long on abreak @ retest - or a test of R2S if it trades straight through - of the pivot in at 1150 ish.

All credit goes to TD for spotting it, and my disclaimer is that I'm not calling a trade; rather a "potential potential setups".

p.s. if you are really interested, look up something called "harmonic" patterns,like ABC or Gartley, which I think this may be, though I can't test it for sure. Also, think about Cup and Handle or crown patterns. NOTE, i dont use any of these at all, they are just educated guesses.

the point is, there is lots going on here.
 

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That's the 4hr pin on gold formed Troops!
I'm unsure as it's Friday, but a pin's a pin! So, stop sell in at 849 for me. I know, I said I was having a day off! Just this one set up today for me.

Nice analysis there too Gecko. Not come across those patterns before.

Nice 1hr Pin too on Oct Gas contract (NGV8) that I missed. Worked out too.
Grim
 
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grimweasel said:
Weekly pin on:
USD/CHF. Could be a short $ week?
Grim
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Grim,

I hope not as i'm long from thursday's pin. Might not be a good start to the week for me :(. I don't think there are to many factors pointing for a long trade. TD highlighted a weekly pin that was in play on his charts. I don't have this on mine. And then friday get a reversal pin on hourly and then a daily pin forms.

Oh well let see where it opens.

G
 
trader_dante said:
Hey Glen,

Actually the 2 bar pin bar did trigger but it did it in electronic trading. (see the first chart attached below) Your spreadbet company won't register it because it only trades the pit hours and by the time the pits opened it was already lower (i.e. within the range of the 2 bar pin)

If you look at the second chart you will see its no surprise where we are having huge difficulties. Long term support has now become serious resistance.

I think this market is about to drop quite hard but as usual, I'll be on the sidelines until I've defined my entry (risk, target etc)

Safe trading everyone! :)
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TD,

No doubt you have seen the weekly pin that has formed on the wheat we discussed last week. I've not a got a great chart for those of you at home but take a look at post 1819 from TD which gives a better view. if the pin triggers it will have found it's way out of the range marked on the chart between 690 and 732 (kindly pointed out by TD on post 1819). Entry on my chart would be at 740 stop 686, 54 points of risk.

One to watch this week.

Glen
 

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superspurs said:
closed it this am on the gap up for 19%,might be early but well pleased with that.
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Thanks for the update...it's good to know the outcome of all trades. 19% is a great return.

Don't make the mistake of getting out too early though. The risk on some of the pins is high and the only way to pay for them in the long run is let 'em go the distance :)
 
Great Trade Spurs!

Glen,
Looks like USCHF is on SR now. If it breaks down below 1.0976 then I may go short. There is a small 1 hr pin formed now too. On the Daily's there are 2 opposing pins, so there must be some indecision out there? I'm looking at the MACD and there was divergance there pointing to a short too.

I canx my gold short on account of the 4hr pin high breaking.
 
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