Fail Better | Page 19 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

A better Editor for mql is available. 100x better than MetaEditor 20 replies

Broker needs to do better, much better 4 replies

Better momentum and better Sine wave indicator 0 replies

Mathematical reasons why MOST DayTraders & scalpers fail? 197 replies

Is Better still better? 1 reply

Attachments: Fail Better
Exit Attachments

Fail Better

  • #361
  • May 10, 2011 6:40am May 10, 2011 6:40am
Quoting the_wizard
I don't think that's a big enough level. Don't be fooled just because it's a BRN.

Watch 6079 though.
Ok, got it - thanks a lot Tom
  • #362
  • May 10, 2011 6:54am May 10, 2011 6:54am
Quoting the_wizard
The "rounded retest" only comes into play for me after a level is broken. This level has never been broken.

I am not keen on this trade because I don't like trading levels that have been tested multiple times in a relatively short space of time AND also in this example you are buying a level that has only been support.

As I said in the webinar, I would prefer to buy resistance and there is none down here.

It is an option to wait for any break lower and play the retest but I would be wary of the extent of the decline and that would...

Great stuff! Thank you.
  • #363
  • May 10, 2011 4:44pm May 10, 2011 4:44pm
Quoting Atc
Thought I'ld update this from the weekend. For what it's worth. I believe it is what Tom looks for. Correct me if I'm wrong.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 68 KB
  • #364
  • May 10, 2011 4:49pm May 10, 2011 4:49pm
Looks spot on, atc!
  • #365
  • May 10, 2011 5:07pm May 10, 2011 5:07pm
Pardon my oversight if this has been covered, don't remember seeing it but...

Where and when are the webinars? I would definitely like to be in on the next viewing.

Thank you.
  • #366
  • Edited 1:23am May 11, 2011 1:21am | Edited 1:23am
Quoting daft
Pardon my oversight if this has been covered, don't remember seeing it but...

Where and when are the webinars? I would definitely like to be in on the next viewing.

Thank you.
Hey Daft,

just send Wizard a private message with your email and he will include you to his mailing list.
The webinars are usually on Sundays 18:00 GMT.

Regards
kpt
  • #367
  • Edited 6:30am May 11, 2011 6:13am | Edited 6:30am
Quoting the_wizard
I am not keen on this trade because I don't like trading levels that have been tested multiple times in a relatively short space of time AND also in this example you are buying a level that has only been support.

As I said in the webinar, I would prefer to buy resistance and there is none down here.

If in doubt, wait. The market will almost always tip its hand.
Hi Wiz,

Did not get to see the seminar the other day, but your quote about wanting to buy resistance rather than just a support level has tweaked my interest and I suspect there is quite a bit of "meat" there. Could you expand on that just a little for me as to where the strength in that lies.

Cheers
  • #368
  • May 11, 2011 8:47am May 11, 2011 8:47am
FTB to 0.8650 since 22/3 - with momentum but would be buying support not resistance - any thoughts ?
Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.gif Size: 24 KB
  • #369
  • May 11, 2011 11:21am May 11, 2011 11:21am
Quoting kptMisiu
Hey Daft,

just send Wizard a private message with your email and he will include you to his mailing list.
The webinars are usually on Sundays 18:00 GMT.

Regards
kpt
Thank you KM.
  • #370
  • May 11, 2011 12:58pm May 11, 2011 12:58pm
Hi Wiz,

I took this trade today off a recently formed daily S/R. Saw this as a counter trend trade so took full profits at the first area of trouble ... LOL which is pretty much where the bottom fell out and it dropped another 150 pips.

Out of a matter of interest is this a trade you would have considered taking yourself?

Attached Image (click to enlarge)
Click to Enlarge Name: 2011-05-11_0722_AU.png Size: 47 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 2011-05-11_1847_AU2.png Size: 41 KB


Thx
Dave
  • #371
  • May 11, 2011 3:48pm May 11, 2011 3:48pm
Tom, what you said in your previous webinar about finding the previous level of support when your looking for resistance and vice verser in key PPZ, is genious! I'm seeing it everywhere now!
  • #372
  • May 11, 2011 4:32pm May 11, 2011 4:32pm
Here's a chart I'm posting to see if I understand your trading method correctly Tom.

I know you don't trade after a certain time, but I'm entering this with a few units and see what the Asian markets bring us.

Touch trade at 0.86575 first time back after a good few days. I'm looking to take full profits at 0.87200 given the strong move down.

Tomek
Attached Image (click to enlarge)
Click to Enlarge Name: 28_eurgbp d.jpg Size: 92 KB
  • #373
  • May 11, 2011 5:24pm May 11, 2011 5:24pm
Quoting 5.25
Here's a chart I'm posting to see if I understand your trading method correctly Tom.

I know you don't trade after a certain time, but I'm entering this with a few units and see what the Asian markets bring us.

Touch trade at 0.86575 first time back after a good few days. I'm looking to take full profits at 0.87200 given the strong move down.

Tomek
Good level but don't forget it was SUPPORT last...
  • #374
  • May 11, 2011 5:26pm May 11, 2011 5:26pm
Quoting 5.25
Tom, what you said in your previous webinar about finding the previous level of support when your looking for resistance and vice verser in key PPZ, is genious! I'm seeing it everywhere now!
I am glad you like it :-)

PPZ's are the most important part of my trading but that little trick increases the accuracy of defining the exact turning point.
  • #375
  • May 11, 2011 5:31pm May 11, 2011 5:31pm
Quoting the_wizard
I am glad you like it :-)

PPZ's are the most important part of my trading but that little trick increases the accuracy of defining the exact turning point.
It was my lack of those 'little tricks' that tore my demo trades apart!
  • #376
  • May 11, 2011 5:38pm May 11, 2011 5:38pm
Quoting the_wizard
Good level but don't forget it was SUPPORT last...
Now RESISTANCE?
Attached Image (click to enlarge)
Click to Enlarge Name: 1b_audusd d.jpg Size: 100 KB
  • #377
  • May 11, 2011 6:47pm May 11, 2011 6:47pm
Quoting the_wizard
I am glad you like it :-)

PPZ's are the most important part of my trading but that little trick increases the accuracy of defining the exact turning point.
PPZ's ?
  • #378
  • May 11, 2011 7:20pm May 11, 2011 7:20pm
Quoting daft
PPZ's ?
Price Pivot Zones is a term used in the James16 Chart thread. Basically zones/areas where price flips between being support and resistance. If I've got it correct, Wizard is saying that he prefers short entries where the PPZ was last acting as support and long entries where the PPZ was last acting as resistance.
Cheers
  • #379
  • May 11, 2011 7:55pm May 11, 2011 7:55pm
Quoting johoma
Price Pivot Zones is a term used in the James16 Chart thread. Basically zones/areas where price flips between being support and resistance. If I've got it correct, Wizard is saying that he prefers short entries where the PPZ was last acting as support and long entries where the PPZ was last acting as resistance.
Cheers
Aha. thank you. and from what I gather he waits for price to break thru and come back in a rounded P/A to retest the PPZ then goes short or long respectively.
  • #380
  • May 12, 2011 2:18am May 12, 2011 2:18am
Quoting 5.25
Now RESISTANCE?
I'm confused. What do you mean "now resistance"?

From the look of your chart, the last time it interacted with that level it became support there.
2 traders viewing now