Hi, new to these forums. Old hat at detecting. Looks like you're still picking up a lot of iron. That horse shoe looking thing probably put up a heck of a signal. Was it really deep? Not sure which model your using but on the Tracker IV I run tone mode with Sensitivity at max or close and Discrimination at about 8-9 o'clock. That gets rid of iron for me, but still puts me in foil (and gold) range. The only iron I hit are the very large targets.
When I get a tone that could be iron I start lifting the coil further and further from the ground while sweeping the target. If I'm still getting a strong signal when the coil is several inches from the ground I'll dig just a few inches to see if it's a large coin or something good close to the surface, otherwise I let it go. I pulled up a lot of iron getting to know the BH tones.
However, as a disclaimer, I'm not relic hunting. 99% of the large iron around here comes from industrial and shipping sources. Basically garbage. If I was hunting a 1650 farm site, I'd probably dig everything. Happy hunting! I can guarantee with more practice you'll nail what the machine is telling you.