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Fail Better

  • #21
  • Apr 12, 2011 4:13am Apr 12, 2011 4:13am
Missed it by a pip!

Oh 4FXsake!

Wiz -thanks for webinar! Look forward to more.

BTW, the sharing of your knowledge is most generous! Thank you.
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  • #22
  • Apr 12, 2011 4:20am Apr 12, 2011 4:20am
Hi Wizard

Just to say I really liked your webinar, sorry I had to leave part the way through, but very interesting. Very nice of you to share your method and insights.
  • #23
  • Apr 12, 2011 4:42am Apr 12, 2011 4:42am
Quoting 4FXsake
Missed it by a pip!

Oh 4FXsake!

Wiz -thanks for webinar! Look forward to more.

BTW, the sharing of your knowledge is most generous! Thank you.
Shame. Never mind. That will happen from time to time. Next trade.
  • #24
  • Apr 12, 2011 9:04am Apr 12, 2011 9:04am
Quoting the_wizard
I'd like to share the way I make money trading.

I'm a discretionary trader that primarily uses support and resistance to define my entries and exits.

Throughout this thread I will share the setups I trade, my thought processes and some insights into the behaviour of both the markets and the traders that operate in them.

Hey Wiz,

Good to see you contributing more regularly on FF again. Your words of wisdom are always welcome here and we really appreciate the thought and time you put into your posts.

Subscribed to this thread and looking forward to more.

Cheers
Dave
  • #25
  • Apr 12, 2011 2:55pm Apr 12, 2011 2:55pm
Hey Wiz, I'd love to attend your webinar. How can I join in?
  • #26
  • Apr 12, 2011 11:22pm Apr 12, 2011 11:22pm
Quoting eltrot1979
Hey Wiz, I'd love to attend your webinar. How can I join in?
Hi Eltrot,

You just need to send me a pm with your email address and I will put you on the list :-)

Tom
  • #27
  • Apr 12, 2011 11:52pm Apr 12, 2011 11:52pm
Hey Wiz,

In post 7 above you mentioned you draw your S/R lines based on the mean point of the highs that made up the consolidation. Is the mean point drawn in consideration of the previous lows as well as the highs or when looking for shorts are you more likely to focus on the highs at a S/R zone. Hope that makes sense ..... I realise it sounds like a trivial question but thought it was worth asking since if we are looking for the area of where price is likely to turn the more accurate the better.

Is the below setup something you would have considered? There has not mean much action in this area in terms of resistance but there has been plenty of prior support.

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  • #28
  • Apr 13, 2011 1:11am Apr 13, 2011 1:11am
Quoting MinceMeat
Hey Wiz,

In post 7 above you mentioned you draw your S/R lines based on the mean point of the highs that made up the consolidation. Is the mean point drawn in consideration of the previous lows as well as the highs or when looking for shorts are you more likely to focus on the highs at a S/R zone. Hope that makes sense ..... I realise it sounds like a trivial question but thought it was worth asking since if we are looking for the area of where price is likely to turn the more accurate the better.

Is the below setup something you would have...
Hi MinceMeat,

Good question. Yes it is drawn in consideration of the previous lows AND the highs.

Regarding the GBP/CHF, the area is a good one to look for sellers but the retracement "appears" a little too shallow to look for a swing short here. We're already down five days in a row so it "feels" a bit over eager to be selling the first bounce on the hourly.

I think it's the kind of area you will get offers coming in but I would be prepared for them to be short lived and in mind of this, I would get out quicker.

Infact I would have looked to target 1.4590, the minor s/r pivot on the hourly but no prizes for hindsight trading :-)

One of the hardest parts of trading is knowing how far the market is going to travel in the direction you anticipate. Knowing when to go for a short term move and when to try and hold for a swing or even a position requires a huge degree of experience and a flexible mindset.

There are plenty of professional traders that do one style of trading, whether that be scalping or swing trading and they keep to that and they make money with it and that is hard enough in itself but the two biggest traders I ever saw were able to switch between styles effortlessly. They would sit there scalping and then suddenly, get a position on and leave the office to let it run overnight.

That is an incredibly hard skill to acquire.
  • #29
  • Apr 13, 2011 1:34am Apr 13, 2011 1:34am
Just caught this blog and I totally long it. Your statement about records is almost word for word what I heard from a guy who runs a hedge fund at the weekend. Ignore at your peril!
  • #30
  • Apr 13, 2011 5:50am Apr 13, 2011 5:50am
nice thread Tom, hope you keep it going
  • #31
  • Apr 13, 2011 8:02am Apr 13, 2011 8:02am
Quoting the_wizard
Regarding the GBP/CHF, the area is a good one to look for sellers but the retracement "appears" a little too shallow to look for a swing short here. We're already down five days in a row so it "feels" a bit over eager to be selling the first bounce on the hourly.
Thanks for the feedback Wiz.
I'm out of this trade for BE+2. Moved my SL shortly after it hit the 1st area of minor support and since taking me out it's been trading in that small range for the last couple of hours. Will take note of the depth of the retracement going forward.
My initial target was the recent lows around the 1.4550 area, may have been a bit optimistic. Had a chance to take profits at the 1.4590 area after your post but decided to stick with my conviction as I am definitely guilty of changing my plans on a whim and I want to learn to at least stick with the initial plan. As per your well informed posts above, I'm going to try harder to keep a record of my trades. I have done this on and off in the past but have not really taken the time to actually analyse each of my trades to understand what could have been done better. Thanks for the advice!

Quoting the_wizard
I think it's the kind of area you will get offers coming in but I would be prepared for them to be short lived and in mind of this, I would get out quicker.
Infact I would have looked to target 1.4590, the minor s/r pivot on the hourly but no prizes for hindsight trading :-)
Ha ha, yeah may have been in hindsight but you were spot on in terms of possible interference .... price has been hanging around this area for quite some time now ....... as I type this I see it has just broken down further south ... lol.

Quoting the_wizard
One of the hardest parts of trading is knowing how far the market is going to travel in the direction you anticipate. Knowing when to go for a short term move and when to try and hold for a swing or even a position requires a huge degree of experience and a flexible mindset.
I hear you and this is something I have always struggled with. It's a bit of a catch 22, as I would like to be more consistent with my trading and how I enter, manage and exit trades but at the same time know when to be flexible with your rules. Guess it all comes down to experience.

Quoting the_wizard
There are plenty of professional traders that do one style of trading, whether that be scalping or swing trading and they keep to that and they make money with it and that is hard enough in itself but the two biggest traders I ever saw were able to switch between styles effortlessly. They would sit there scalping and then suddenly, get a position on and leave the office to let it run overnight.
That is an incredibly hard skill to acquire.
Lol, I'll just focus on conquering one style for now

Thanks again for your time. I hope you don't mind if I post the odd setup here every now and again.

Cheers
Dave
  • #32
  • Edited 8:47am Apr 13, 2011 8:03am | Edited 8:47am
edit: email address deleted

thanks
  • #33
  • Edited Apr 14, 2011 1:49am Apr 13, 2011 8:45am | Edited Apr 14, 2011 1:49am
Quoting Rich_Hemp
Hi the_wizard, can you sign me for the webinar, I cant pm, my email is...

Sure thing. Now I've got you down, you should delete your post and I will delete this reply shortly...you don't want all and sundry having your email add. Especially the bots that trawl the web looking for email adds to spam.
  • #34
  • Apr 14, 2011 1:12am Apr 14, 2011 1:12am
Hi Wizard...

Great thread.

Just heard about it from someone who was at the webinar.

I would love to join ur next one.

My email is [email protected]

Tx for the great thread.
  • #35
  • Apr 15, 2011 7:59am Apr 15, 2011 7:59am
No probs MadMig - don't forget to edit your post and remove your email address so privacy reasons :-)

Also, just wanted to say thank you to those of you that attended the webinar last weekend. I enjoyed talking to you all.

I've decided to make them a regular occurence so... Same time (6pm BST), same place :-)

Can I please ask that people do not record these. We are going to be covering some sensitive material. I don't want these being re-posted or forwarded. Just bring a notepad and pencil.

If you want to join, just pm me your email add.

Wiz
  • #36
  • Apr 15, 2011 10:13am Apr 15, 2011 10:13am
Can't wait for the new webinar Wiz...

I'm demoing with level touch trading...trying to be selective...
Market is like a puzzle, YOU have to fit the pieces!!
  • #37
  • Apr 16, 2011 5:31am Apr 16, 2011 5:31am
Quoting the_wizard
No probs MadMig - don't forget to edit your post and remove your email address so privacy reasons :-)

Also, just wanted to say thank you to those of you that attended the webinar last weekend. I enjoyed talking to you all.

I've decided to make them a regular occurence so... Same time (6pm BST), same place :-)

Can I please ask that people do not record these. We are going to be covering some sensitive material. I don't want these being re-posted or forwarded. Just bring a notepad and pencil.

If you want to join, just pm me your email add....
Hi Wizard
It would be nice to join but that time is 3am here in australia sleep time for me. So I will just have to catch what I can here. Thanks Add.
  • #38
  • Apr 16, 2011 6:33am Apr 16, 2011 6:33am
Quoting Chris_B
Can't wait for the new webinar Wiz...

I'm demoing with level touch trading...trying to be selective...

Being selective is the key. Here are a couple of levels that are high probability turning points. You have to watch how price trades into these areas though.
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  • #39
  • Apr 17, 2011 5:01am Apr 17, 2011 5:01am
Great thread, Wiz will be looking forward to seeing how this one evolves.
  • #40
  • Apr 18, 2011 5:03am Apr 18, 2011 5:03am
Lately NZD has made a very good bounce...in my demo I have been stopped out right at the turning pip :-)
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Market is like a puzzle, YOU have to fit the pieces!!
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