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  • #261
  • May 4, 2011 11:18am May 4, 2011 11:18am
Quoting the_wizard
Trade update:

Just closed the remaining 50% of DuPont for 129 ticks. It was an earlier exit than intended but it has sold off hard into the ascending TL and the S&P is reaching significant support at 1335 where I am intending to get long.
Very nicely played ....thanks for showing
  • #262
  • May 4, 2011 11:36am May 4, 2011 11:36am
Wanted to say that you also made a nice call on silver which you explained a few days back....great job
  • #263
  • May 4, 2011 11:58am May 4, 2011 11:58am
Quoting the_wizard
Trade update:

Just closed the remaining 50% of DuPont for 129 ticks. It was an earlier exit than intended but it has sold off hard into the ascending TL and the S&P is reaching significant support at 1335 where I am intending to get long.
Nice catch Wiz. I am looking to long around 1336, so basically the same level we are hunting. Daily and Weekly ranges have been filled so price exhausted. Lets see if we get a fill. Target FTA or higher?
  • #264
  • May 4, 2011 1:05pm May 4, 2011 1:05pm
Quoting belekas
Nice catch Wiz. I am looking to long around 1336, so basically the same level we are hunting. Daily and Weekly ranges have been filled so price exhausted. Lets see if we get a fill. Target FTA or higher?
I've been watching this area too .... hopefully have not missed it

Wiz,

If price comes this close to your area and then bounces and comes back to your exact area at a later stage, would you still take the trade assuming there has not been any hectic consolidation build up just above your entry.

Thx
Dave

Attached Image (click to enlarge)
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  • #265
  • May 4, 2011 4:38pm May 4, 2011 4:38pm
Hey Wiz,

Do you have a minimum number of bars and distance moved you would want to see forming the rounded retest on the 1 hour for example before you would consider taking the trade. I'm assuming the below would not be enough of a move away from the S/R area for you to take the trade?

Attached Image (click to enlarge)
Click to Enlarge Name: 2011-05-04_2230_FTSE.png Size: 37 KB


Thx
Dave
  • #266
  • May 5, 2011 12:41am May 5, 2011 12:41am
NZD/USD 0.7973/70 level looks interesting. Wizard, any comment would be appreciated. Thanks.
Attached Image (click to enlarge)
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  • #267
  • May 5, 2011 2:13am May 5, 2011 2:13am
Is this something to consider. I'm too chicken to take it, as wiz once said in his webinar, "does price look scared when approaching the level", to me it doesn't. But I might be wrong.

Attached Image (click to enlarge)
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pat
  • #268
  • May 5, 2011 2:58am May 5, 2011 2:58am
Quoting MinceMeat
Hey Wiz,

Do you have a minimum number of bars and distance moved you would want to see forming the rounded retest on the 1 hour for example before you would consider taking the trade. I'm assuming the below would not be enough of a move away from the S/R area for you to take the trade?

Attachment

Thx
Dave
Mincemeat,

I make my decision based on how it looks so I don't have a number in my head in terms of bars or distance.

That looks fine to me.
  • #269
  • May 5, 2011 2:59am May 5, 2011 2:59am
Quoting MinceMeat
I've been watching this area too .... hopefully have not missed it

Wiz,

If price comes this close to your area and then bounces and comes back to your exact area at a later stage, would you still take the trade assuming there has not been any hectic consolidation build up just above your entry.

Thx
Dave

Attachment
Usually not but, as I said in the webinar, I am not a rules based trader. So it will be very rare that I give a definitive answer in terms of "yes, always or no, never" to any question.

In this case there will be exceptions where I will although I would prefer to point these out live rather than list them ahead of time.
  • #270
  • May 5, 2011 3:01am May 5, 2011 3:01am
Quoting belekas
NZD/USD 0.7973/70 level looks interesting. Wizard, any comment would be appreciated. Thanks.
Agreed, it looks like offers will come back into the market there.
  • #271
  • May 5, 2011 3:09am May 5, 2011 3:09am
Quoting plund
Is this something to consider. I'm too chicken to take it, as wiz once said in his webinar, "does price look scared when approaching the level", to me it doesn't. But I might be wrong.

Attachment

pat
There are too many touches of that level for me to want to sell it.

Also, when you guys are trying to sell the market as it is rallying, you ideally want to sell into lows not highs in terms of the most recent price structure.

The opposite goes for when you are buying. Ideally I want to buy a falling market into areas that were recently resistance rather than support.

There is a good reason for this and I will go over it Sunday.
  • #272
  • May 5, 2011 3:39am May 5, 2011 3:39am
Quoting the_wizard
Usually not but, as I said in the webinar, I am not a rules based trader. So it will be very rare that I give a definitive answer in terms of "yes, always or no, never" to any question.

In this case there will be exceptions where I will although I would prefer to point these out live rather than list them ahead of time.
Thanks for the feedback Wiz. Looking forward to the next webinar!
  • #273
  • May 5, 2011 4:08am May 5, 2011 4:08am
Quoting the_wizard
Agreed, it looks like offers will come back into the market there.
Thanks mate. Lets see what today brings us. Cheers!
  • #274
  • May 5, 2011 5:11am May 5, 2011 5:11am
Quoting the_wizard
There are too many touches of that level for me to want to sell it.

Also, when you guys are trying to sell the market as it is rallying, you ideally want to sell into lows not highs in terms of the most recent price structure.

The opposite goes for when you are buying. Ideally I want to buy a falling market into areas that were recently resistance rather than support.

There is a good reason for this and I will go over it Sunday.

Thanks wiz. Makes a lot of sense.

pat
  • #275
  • May 5, 2011 5:48am May 5, 2011 5:48am
Hello Wizard!

First of all many thanks for our webinars, i fuond them very helpfull!

Posting here aussie h4 chart (sorry if it was allready posted here). We have now price approaching to previuos resistance to 5790 + todays daly range looks over extended. Would you pros take the setup to fade the level as a legit one ?

Thanks!
Attached Image (click to enlarge)
Click to Enlarge Name: Chart_AUD_USD_4 Hours_snapshot.png Size: 32 KB
  • #276
  • May 5, 2011 9:00am May 5, 2011 9:00am
Quoting PutaMadre
Hello Wizard!

First of all many thanks for our webinars, i fuond them very helpfull!

Posting here aussie h4 chart (sorry if it was allready posted here). We have now price approaching to previuos resistance to 5790 + todays daly range looks over extended. Would you pros take the setup to fade the level as a legit one ?

Thanks!
Definetly.
  • #277
  • May 5, 2011 10:53am May 5, 2011 10:53am
Ouch...again...AUDUSD missed by a few pips.....

And I've been burned out on my demo touch trade on EURGBP....really a tought pair to trade...
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Market is like a puzzle, YOU have to fit the pieces!!
  • #278
  • May 5, 2011 10:57am May 5, 2011 10:57am
Quoting Chris_B
Ouch...again...AUDUSD missed by a few pips.....

And I've been burned out on my demo touch trade on EURGBP....really a tought pair to trade...
Exactly same here. Missed AUDUSD and burned on EURGBP...
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #279
  • May 5, 2011 11:06am May 5, 2011 11:06am
Tom, can you comment please on EURGBP today's setup? I wonder if it was a good setup in your books, or not, and why?

0.893 looked good to me for a few reasons:
* old good level (high of previous 12 montsh)
* it broke out with speed
* it came back with speed (today)

Thanks.
Attached Image (click to enlarge)
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Trading = a mirror to your human flaws. Fix them or be fixed.
  • #280
  • May 5, 2011 12:10pm May 5, 2011 12:10pm
Evening guys

I'd be interested to know about EUR/GBP because I bombed there as well today - seems like a few of us did.

Also missed A/U - had my line at 1.0581 - was this way out ?

Did have a bit of luck on the DAX though - using the ATR's is really helping me with targets.

(All demo trades so I'm not too worried about over-trading, trying to get as much practice as I can !)

Cheers
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