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  • #221
  • May 2, 2011 12:40pm May 2, 2011 12:40pm
Quoting soso
Beautiful setup, completely missed it as I don't watch this pair very often. On H4 is visible how fast it fell in the SR. Closed the last day of the week hard down - who would have thought to buy it?
Hi soso,

I had my order at 1.3990, price went down till 1.3985+7spread = 1.3992, missed my entry by 2 pips., I liked the way price accelerated on Friday

Os.
Trade Smart
  • #222
  • May 2, 2011 1:47pm May 2, 2011 1:47pm
Quoting the_wizard
When I was a prop trader, I sat next to another trader who made a great deal of money trading S/R and nothing else in the EuroStoxx. (a stock index)

His stops were around 8 - 10 ticks. They were what I would call, tight.

His stops were always the same and were placed in no area that made any technical sense to me.

One day I thought I would question him on this arbitrary stop placement so I said to him: "Can you explain the reasoning behind your stop placement?"

And he replied: "Sure, it's simple. If I am right on...
Makes perfect sense to me. At the end of the year I will review my touch trades at key levels to see what stats I am getting myself. Thank you for a straightforward answer. Cheers mate.)
  • #223
  • May 2, 2011 2:06pm May 2, 2011 2:06pm
Hi Tom

Did you trade Silver today? I see price blasted through 46.21 but where would you stop have been? around 48.20? the bar that opened above your level and closed below. This is quite a large stop so would be interested to hear how/if you traded this.

Leon
  • #224
  • May 2, 2011 7:14pm May 2, 2011 7:14pm
Tom, my first thought is, price has washed the level. Had the amount of space something to do with the fact that you might have reconsidered this level?

Quoting the_wizard
Chart 1 is the S&P at the aforementioned 1371 level which is a fantastic S/R pivot.

Chart 2 clearly shows the acceleration into the level on the news and the subsequent reaction. This is exactly what I look for.
  • #225
  • May 2, 2011 7:56pm May 2, 2011 7:56pm
Quoting soso
Beautiful setup, completely missed it as I don't watch this pair very often. On H4 is visible how fast it fell in the SR. Closed the last day of the week hard down - who would have thought to buy it?
Hey,

I was looking to buy into that area as discussed in the webinar, but that BEOB from friday put me off. That area is a very strong area, it is weekly level. A clear example of weekly S&R trumping over a daily candlestick confirmation.

I seem to be having problems with my entry. I place my S&R lines at the right places but it somehow manages to miss my entries by a few pips every time. Need to place a buffer.

Cheers,
  • #226
  • May 2, 2011 8:17pm May 2, 2011 8:17pm
Quoting the_wizard
My level is at 119.83.

I usually wait and re-assess after the open.

very nice entry call Tom
Attached Image (click to enlarge)
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  • #227
  • Edited 1:35am May 3, 2011 12:54am | Edited 1:35am
Gold had a killer entry of the level that I've discussed about with one of our fellow traders...that happened during my sleep time ofc. Placing limit orders at key levels before going to bed comes to my mind...Lots of homework for the weekend already there and quite a big to-do list...But oh bwoy what a bounce
  • #228
  • May 3, 2011 1:50am May 3, 2011 1:50am
While I was sleeping once of my levels triggered...GBPUSD...in and out in about 3 hours...this worked perfectly...with 3 pips drawdown...

What do you think Tom?
Attached Image (click to enlarge)
Click to Enlarge Name: touch_gbpusd.jpg Size: 62 KB
Market is like a puzzle, YOU have to fit the pieces!!
  • #229
  • May 3, 2011 4:06am May 3, 2011 4:06am
Quoting denonline
Hi Tom,

Good webinar yesterday, thanks.
Could you review please how you are using ATR indicator?

Thanks
Den
Hi Den,

I use a 20 period ATR. I don't keep this on the charts all the time but I will check it when I can see that price is likely to be reaching it.

Mnay of the guys I worked with in prop used this to take profits or enter counter trend moves when the ATR provides confluence with a significant S/R pivot.

I usually do the same.

Tom
  • #230
  • May 3, 2011 4:09am May 3, 2011 4:09am
Quoting ljr
Hi Tom

Did you trade Silver today? I see price blasted through 46.21 but where would you stop have been? around 48.20? the bar that opened above your level and closed below. This is quite a large stop so would be interested to hear how/if you traded this.

Leon
Hi Leon,

I passed on this but I know a few that managed to enter it at 46.21 with a stop in the area you mentioned (which is where I would have had mine) and still managed to get over a 1:1 out of it!

That's volatility for you ;-)

Tom
  • #231
  • May 3, 2011 4:14am May 3, 2011 4:14am
Quoting artov
Tom, my first thought is, price has washed the level. Had the amount of space something to do with the fact that you might have reconsidered this level?
Yes, the time that has passed is a consideration here but I think, despite some "washing" that the level is also very significant.
  • #232
  • May 3, 2011 4:25am May 3, 2011 4:25am
It seems that the spider on EURGBP broke out...
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp_spider.jpg Size: 58 KB
Market is like a puzzle, YOU have to fit the pieces!!
  • #233
  • May 3, 2011 5:06am May 3, 2011 5:06am
Thanks for heads up on upcoming trades in the webinar on sunday.
I am watching to take a trade on GBP/USD off 164.30 (previous resist. and supp.) as price is accelerating into the level very fast. It also has space around it? any ideas.

Sorry no chart as I am at work
  • #234
  • May 3, 2011 5:11am May 3, 2011 5:11am
Waiting.....
Attached Image (click to enlarge)
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  • #235
  • May 3, 2011 5:30am May 3, 2011 5:30am
Quoting FXRoo
Thanks for heads up on upcoming trades in the webinar on sunday.
I am watching to take a trade on GBP/USD off 164.30 (previous resist. and supp.) as price is accelerating into the level very fast. It also has space around it? any ideas.

Sorry no chart as I am at work
It's had a few too many tests for me to look for a swing there but I would expect a short term bounce (since there are a lot of lows there you may get a squeeze).
  • #236
  • May 3, 2011 11:05am May 3, 2011 11:05am
aud/usd entry 1.0855, exit at minor ppz.
gbp/jpy entry 133, exit at 133.95.

Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbpjpy.png Size: 40 KB
  • #237
  • May 3, 2011 11:07am May 3, 2011 11:07am
Quoting 4FXsake
Waiting.....
Cable got hung up on the 365
Attached Image (click to enlarge)
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  • #238
  • May 3, 2011 11:15am May 3, 2011 11:15am
Quoting Malarky
Cable got hung up on the 365
Closed the gap from 04.27 visible on 30min chart.
  • #239
  • May 3, 2011 11:24am May 3, 2011 11:24am
Quoting artov
aud/usd entry 1.0855, exit at minor ppz.
gbp/jpy entry 133, exit at 133.95.

Good!

I had my GBPJPY at 132.46...I tought it could reach that level...but nothing....trade canceled...

And I had my GBPUSD at 1.64300 ...trade canceled...
Market is like a puzzle, YOU have to fit the pieces!!
  • #240
  • May 3, 2011 11:32am May 3, 2011 11:32am
Quoting belekas
Closed the gap from 04.27 visible on 30min chart.
Yep back to where we were.
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