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Fail Better

  • #281
  • May 5, 2011 12:21pm May 5, 2011 12:21pm
Hi Tom,

I got a question for you how many trades you take aprox a week?

And what are your main 1s you take them on regarding support and ressitance levels -dailly levels? -1h? -weekly?

I know patience can be really a thing to stay of the buttons then from my own experience. but how you handle that you do research inbetween (fundamental).

Or you go away using pending orders? setting alerts? just curious how you handle that i find myself having some problems with that talking myself in to trades sometimes.

Thanks Ingmar..
  • #282
  • May 5, 2011 12:50pm May 5, 2011 12:50pm
Are you guys cancelling your buy limits on au because of the retrace that happened or are you leaving them as is?

pat
  • #283
  • May 5, 2011 1:08pm May 5, 2011 1:08pm
Quoting plund
Are you guys cancelling your buy limits on au because of the retrace that happened or are you leaving them as is?

pat
I'll leave it there until the close of the day....then I'll cancel it I think...
Market is like a puzzle, YOU have to fit the pieces!!
  • #284
  • May 5, 2011 1:35pm May 5, 2011 1:35pm
Quoting plund
Are you guys cancelling your buy limits on au because of the retrace that happened or are you leaving them as is?

pat
As long as the market doesn't bounce a long way I'll keep it. For example AUDUSD didn't bounce too much (on H4 which I'm watching anyway) so for now I'm keeping the order.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #285
  • May 5, 2011 2:06pm May 5, 2011 2:06pm
Quoting soso
As long as the market doesn't bounce a long way I'll keep it. For example AUDUSD didn't bounce too much (on H4 which I'm watching anyway) so for now I'm keeping the order.
And here we go there was a simillar set up on fiber allso...
  • #286
  • May 5, 2011 2:24pm May 5, 2011 2:24pm
Quoting PutaMadre
And here we go there was a simillar set up on fiber allso...
Yes...but the AUDUSD level is washed....
Market is like a puzzle, YOU have to fit the pieces!!
  • #287
  • May 5, 2011 2:39pm May 5, 2011 2:39pm
Quoting Chris_B
Yes...but the AUDUSD level is washed....
Seems like it...
  • #288
  • May 5, 2011 4:30pm May 5, 2011 4:30pm
Quoting plund
Are you guys cancelling your buy limits on au because of the retrace that happened or are you leaving them as is?

pat
What level are you looking to get in at? I had my buy limit in at 1.0578 and was taken out in the next H1 bar!
  • #289
  • May 5, 2011 6:33pm May 5, 2011 6:33pm
Wiz,

Wow. did you ever call the top in silver. That was an invaluable lesson in chart reading. Thanks!!

Sheldon
  • #290
  • May 5, 2011 7:54pm May 5, 2011 7:54pm
Quoting eltrot1979
What level are you looking to get in at? I had my buy limit in at 1.0578 and was taken out in the next H1 bar!
I bought it at 1.0581.

Just closed at 1.0644 (+63) ahead of the event risk of the RBA rate decision.
  • #291
  • May 5, 2011 9:22pm May 5, 2011 9:22pm
Quoting Zoomie
Wiz,

Wow. did you ever call the top in silver. That was an invaluable lesson in chart reading. Thanks!!

Sheldon
That was a classic, ill never forget this one. Good one wiz
  • #292
  • May 6, 2011 12:42am May 6, 2011 12:42am
Quoting eltrot1979
What level are you looking to get in at? I had my buy limit in at 1.0578 and was taken out in the next H1 bar!
Well, I chickened out. Had my buy limit at 1.0582 but cancelled it. This would have made money. I had my stop at 1.0524. Aaargghhh!!
  • #293
  • May 6, 2011 1:05am May 6, 2011 1:05am
Quoting the_wizard
I bought it at 1.0581.

Just closed at 1.0644 (+63) ahead of the event risk of the RBA rate decision.
Hey Wiz,

Did you have a buy limit at 1.0581 or did you watch how price reacted to this area last night and after it broke below and came back up did you take a market order?

Just curious as I was looking to buy around 1.0580 but didn't pull the trigger

Thanks
Dave
  • #294
  • May 6, 2011 1:17am May 6, 2011 1:17am
Missed this one .......

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  • #295
  • May 6, 2011 1:53am May 6, 2011 1:53am
Quoting the_wizard
I bought it at 1.0581.

Just closed at 1.0644 (+63) ahead of the event risk of the RBA rate decision.
hi Tom, just wondering where you placed your SL for that aussie trade? i noticed (on my feed) we didnt get a nice thrusting candle to hide it behind.

cheers in advance


jon
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PATIENCE... DISCIPLINE
  • #296
  • May 6, 2011 1:55am May 6, 2011 1:55am
Quoting the_wizard
I bought it at 1.0581.

Just closed at 1.0644 (+63) ahead of the event risk of the RBA rate decision.
evidently my stop placement was incorrect, which is something I really need to work on if I'm to make a success of this method. Would you mind explaining where you put your stop, Tom?
  • #297
  • May 6, 2011 2:24am May 6, 2011 2:24am
Congratulations Tom...I've been stopped out on Audusd...but I know why...I'm just demoing and trying to use tight stops (25 pips) in order to have a greater R...

But...as you said...the tighter the stop...the higher the R...the lowest is the win rate....

I'm also writing down all in an Excel spreadsheet....and at the moment it seems that my stops are too tight...the ideal stop at the moment seems to be around 50 pips...
Market is like a puzzle, YOU have to fit the pieces!!
  • #298
  • May 6, 2011 2:32am May 6, 2011 2:32am
Quoting the_wizard
I bought it at 1.0581.

Just closed at 1.0644 (+63) ahead of the event risk of the RBA rate decision.
1hr PA trade oldschool style, perhaps. Good catch Tom.
  • #299
  • May 6, 2011 3:21am May 6, 2011 3:21am
Quoting Chris_B
Congratulations Tom...I've been stopped out on Audusd...but I know why...I'm just demoing and trying to use tight stops (25 pips) in order to have a greater R...

But...as you said...the tighter the stop...the higher the R...the lowest is the win rate....

I'm also writing down all in an Excel spreadsheet....and at the moment it seems that my stops are too tight...the ideal stop at the moment seems to be around 50 pips...
Hi Chris,

Good work on keeping a record!

The other thing to remember when you are placing your stop is market volatility. When volatility is on the increase, your stops will need to be far wider than they are in times of low volatility.

Since volatility moves in cycles, you need to know what cycle you are in.

The other thing to note is market sentiment. What is driving the market? It is hard to get to the root of this if you are not watching it all day but it is something I try to do.

For example, it was clear that there was extreme risk aversion yesterday. The journalists go on about growth fears but the fact of the matter is, for whatever reason, everyone was ditching everything.

Crude fell almost 10%, Silver and Gold nosedived and then the S&P collapsed all while the Dollar got markedly stronger. These were outside moves - their violence and their relenetlessness causes a raised eyebrow, even to an experienced trader. When you not only see the market (as a collective) going one way like this but you also know that volatility is high, you have to really know your stuff if you want to step infront of it at levels.
  • #300
  • May 6, 2011 3:23am May 6, 2011 3:23am
Quoting eltrot1979
evidently my stop placement was incorrect, which is something I really need to work on if I'm to make a success of this method. Would you mind explaining where you put your stop, Tom?
I erred on the side of caution with this one put a stop at 1.0499. I will talk over the reason in the webinar.

I don't usually go this wide in an FX pair but see post above.
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