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  • #141
  • Apr 26, 2011 6:58am Apr 26, 2011 6:58am
Quoting the_wizard
Squeezy,

I never use arbitrary stops - they mean nothing to the market.

The only time an abritrary stop could be useful would be if you have thoroughly documented average drawdown on your level plays. E.g. If you know statistically that when you trade a D1 level you never go more than 15 pips offside, it makes sense to use a 16 pip stop.

This of course can change in different periods of volatility though.

I think stop placement on that trade is a tricky one. Point 1 is more the kind of stop I would associate with a short term trader...
I hear u Tom, I normally watch price behavior when it moves towards area of interest and this one wld hav made me use tight stops but I see what u mean.
Thnx
Simplicity is the key to success
  • #142
  • Apr 26, 2011 7:01am Apr 26, 2011 7:01am
Continuing on with squeezy's chart above as an example.....the_wiz, is there any reason you would have entered before the level based on the PA into that low?

With kind regards,
MK
  • #143
  • Apr 26, 2011 9:59am Apr 26, 2011 9:59am
Guys what do you think of a TT at 0.89 on E/G with a TP at 0.8979 ?


Os
Trade Smart
  • #144
  • Edited 11:16am Apr 26, 2011 10:58am | Edited 11:16am
Quoting Osman
Guys what do you think of a TT at 0.89 on E/G with a TP at 0.8979 ?


Os
It would had hit tp ...

Os.
Trade Smart
  • #145
  • Apr 26, 2011 11:35am Apr 26, 2011 11:35am
Hi Tom,guys,it seems that there are some buyers around 1.6430-40 but do they have the power to get out from this flag?The level was touched twice today,should that be a concern?
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  • #146
  • Apr 26, 2011 11:49am Apr 26, 2011 11:49am
PPZ plus trendline,nice confluence but not so convincing in this case,if it tries to scare me I'll move my stop to be.
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  • #147
  • Apr 26, 2011 1:11pm Apr 26, 2011 1:11pm
Quoting madboy
PPZ plus trendline,nice confluence but not so convincing in this case,if it tries to scare me I'll move my stop to be.
Hey Madboy,

Nice trade !!

I was looking at it but we had a previous move up till 1.2865, 3 pips shy from my ppz (1.2868) thats why I passed on this trade...

I prefer to take touch trades on the first touch and if it come quite close to ppz and comes down.. for me that ppz is touched.

Would love to know what Tom thinks about this..

Os.
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Trade Smart
  • #148
  • Apr 26, 2011 2:05pm Apr 26, 2011 2:05pm
Quoting Osman
Hey Madboy,

Nice trade !!

I was looking at it but we had a previous move up till 1.2865, 3 pips shy from my ppz (1.2868) thats why I passed on this trade...

I prefer to take touch trades on the first touch and if it come quite close to ppz and comes down.. for me that ppz is touched.

Would love to know what Tom thinks about this..

Os.
Thanks,price is trapped in this triangle and usually when this happens,some opportunities will occur at the break,let's see which way.
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  • #149
  • Apr 27, 2011 3:13am Apr 27, 2011 3:13am
Hey Tom, great thread and a great webinar buddy, thanx for havin me

you have talked about the importance of how price moves into s/r, could you expand on that a little?

jon
PATIENCE... DISCIPLINE
  • #150
  • Apr 27, 2011 3:29am Apr 27, 2011 3:29am
Quoting Adilius07


LOL, ok I got the point!

I am thinking about this after I spent some time yesterday reading Trader_Dante's Making Money thread on T2W

So I see J16 style entries with less PPZ (which I like as I always had a headache with dozens of lines on my chart) and without Breakeven which I am now carefully backtesting...

Thinking about trailing it after the close above/below the significant level as it is explained there, or maybe even more subjectively behing "important" swing level...

May I please ask how do you deal with...
hey Adi, ows tricks??
this is something iv been wrestling with for a while now and what im doing now is to generally close 2/3rds of my position at the FTA and leave my stop alone. this locks in some profit and allows the trade the freedom to run. it makes it much easier for me psychologically to hold knowing i cant loose and gives the market time to give you a new level to hide beind..seems to be workin ok for me. BUT i need to be very careful with my trades as i trade a larger % this way to make it viable.
just an idea to add to your testing

jon
PATIENCE... DISCIPLINE
  • #151
  • Apr 27, 2011 9:49am Apr 27, 2011 9:49am
did you get your fill in crude, Tom? Looks like it reacted exactly as you predicted in the webinar!
  • #152
  • Apr 27, 2011 10:02am Apr 27, 2011 10:02am
Quoting eltrot1979
did you get your fill in crude, Tom? Looks like it reacted exactly as you predicted in the webinar!
No, I was out of the office all day and I didn't leave any orders in.

Just got back and seeing the markets for the first time now.
  • #153
  • Apr 27, 2011 11:55am Apr 27, 2011 11:55am
Hi guys,

Took at TT on G/CHF today.

Entry 1.4565
Had my TP at 1.4505+spread = 1.4510 due to the news we had a sharp move down to 1.45 and up again to 1.4540 but the broker didnt close my position .. due to this issue I closed my order manually at 1.4625 although price after came down again to the 1.45 area.


Comments are welcomed.
Os.
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Trade Smart
  • #154
  • Apr 27, 2011 12:21pm Apr 27, 2011 12:21pm
Quoting madboy
Hi Tom,guys,it seems that there are some buyers around 1.6430-40 but do they have the power to get out from this flag?The level was touched twice today,should that be a concern?
Cable pulls back in the last hour too;

i) H1 s/r at 1.6501

ii) The retest of the flag break

Now it's going to get interesting ;-)

Incidentally, PA traders on the H1 see a BUOB print but going back to the first page of this thread, you're either in at the source or you're paying up for the privilege of your "confirmation"...and 54 pips higher is a steep price to me.
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  • #155
  • Apr 27, 2011 12:55pm Apr 27, 2011 12:55pm
My guess is that cable will reach for the highs from 2009 at around 1.6700-1.6770 or even 1.6900 where the 365 ema is,so I will look to buy on hourly and 4h.Let's see how this historical press conference will unfold.I don't have any order open,too risky.
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  • #156
  • Apr 27, 2011 2:09pm Apr 27, 2011 2:09pm
Quoting the_wizard
Cable pulls back in the last hour too;

i) H1 s/r at 1.6501

ii) The retest of the flag break

Now it's going to get interesting ;-)

Incidentally, PA traders on the H1 see a BUOB print but going back to the first page of this thread, you're either in at the source or you're paying up for the privilege of your "confirmation"...and 54 pips higher is a steep price to me.
Evening Guys

Just getting up to date with this great thread after the webinar on Monday - really good Tom, loved the spider analogy (thought you'd lost the plot for a mo when i first heard it lol) - many thanks for doing these sessions and sharing with us.

Can I just ask guys how you monitor these set ups - ie do you have your charts set on daily and when price is approaching an area of interest do you then switch to monitoring hourly and adding your hourly s/r levels ?

I ask because I am struggling a bit with switching time frames from daily to hourly, - a lot of the time I see you guys post a set/up or trade and realise that I have missed the boat !.

Also, do you use any reference to EMA's or not ?

I really want to try and get to grips with this as I can see the great advantage of getting in before PA has formed - this delay in reaction has been something I had been mulling over recently - particularly PA on Daily/4Hrly set ups.

Thanks again and look forward to next weeks webinar.
  • #157
  • Apr 27, 2011 2:39pm Apr 27, 2011 2:39pm
Quoting Malarky
Evening Guys

Just getting up to date with this great thread after the webinar on Monday - really good Tom, loved the spider analogy (thought you'd lost the plot for a mo when i first heard it lol) - many thanks for doing these sessions and sharing with us.

Can I just ask guys how you monitor these set ups - ie do you have your charts set on daily and when price is approaching an area of interest do you then switch to monitoring hourly and adding your hourly s/r levels ?

I ask because I am struggling a bit with switching time frames from daily...
Hi Malarky...

I think you don't have to worry....I'm having the same problem...many times I can't see good setups until they are gone...but I think it's only a matter of experience and time dedication...
I mark the levels on Daily timeframe then I have my chart on 1H...and wait for the price to go there....
The difficult part is choosing the best levels...but again...it will go better with experience...
Market is like a puzzle, YOU have to fit the pieces!!
  • #158
  • Apr 27, 2011 2:53pm Apr 27, 2011 2:53pm
Quoting Chris_B
Hi Malarky...

I think you don't have to worry....I'm having the same problem...many times I can't see good setups until they are gone...but I think it's only a matter of experience and time dedication...
I mark the levels on Daily timeframe then I have my chart on 1H...and wait for the price to go there....
The difficult part is choosing the best levels...but again...it will go better with experience...
Hi Chris
I appreciate your reply.
I guess it comes down to me doing a lot more screen watching !
Many thanks
  • #159
  • Apr 27, 2011 4:52pm Apr 27, 2011 4:52pm
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-04-27_GBPUSD.png Size: 80 KB


This is how I was looking at GBP today. News, specifically gdp figure, sent it flying..... or maybe it's the wedding lol!

Thanks again for taking the time to do your webinars, count me in for the next one.
  • #160
  • Apr 27, 2011 5:00pm Apr 27, 2011 5:00pm
Quoting Malarky
Evening Guys

Just getting up to date with this great thread after the webinar on Monday - really good Tom, loved the spider analogy (thought you'd lost the plot for a mo when i first heard it lol) - many thanks for doing these sessions and sharing with us.

Can I just ask guys how you monitor these set ups - ie do you have your charts set on daily and when price is approaching an area of interest do you then switch to monitoring hourly and adding your hourly s/r levels ?

I ask because I am struggling a bit with switching time frames from daily...
Excellent question and I've got loads to say on this so that is going to be the key topic of the next webinar.

See you Sunday!

And keep watching for those spiders ;-)
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