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  • #461
  • May 18, 2011 7:07am May 18, 2011 7:07am
Quoting g_j_hook@yah
it may be worth looking to see how many times you could have kept the trade open after the gap has closed when you do your testing.
(just looking for someyone to do it for me really... ) lol

jon

p.s. if you do i would look to see what kind of stop size is nesesary to reach the us open time without getting stpped out???
just an idea..
Hi Jon,

Yes, that is actually the first thing that I noticed. The gap is filled and then some! But I really need to do some kind of backtest to have any worth reviewing statistical info.

Do you know which platform can I use to make such a backtest? My Oanda shows only a few days of info, the others like fxpro and alpari are still closed and that time, no?
  • #462
  • May 18, 2011 7:14am May 18, 2011 7:14am
Quoting Adilius07
Hi Jon,

Yes, that is actually the first thing that I noticed. The gap is filled and then some! But I really need to do some kind of backtest to have any worth reviewing statistical info.

Do you know which platform can I use to make such a backtest? My Oanda shows only a few days of info, the others like fxpro and alpari are still closed and that time, no?
so far as i know only oanda shows price before 10 pm. maybe some of the paid ones do though like trade station?? aks mike or wiz they will know better.
but i dont think you need it??as wiz's method calls for the trade to be entered at 10 brit time. Quite often when the gap has closed price will reverse,as im sure you know, so it may make a difference if the trade is with the trend or not??
maybe wiz can enlighten us a little or add a few ideas to check out. would do so myself but leaving for england in a couple of days to visit friends n fam. will help out when im sorted again though. keep us posted buddy.

jon
PATIENCE... DISCIPLINE
  • #463
  • May 18, 2011 7:19am May 18, 2011 7:19am
Quoting g_j_hook@yah
so far as i know only oanda shows price before 10 pm. maybe some of the paid ones do though like trade station?? aks mike or wiz they will know better.
but i dont think you need it??as wiz's method calls for the trade to be entered at 10 brit time. Quite often when the gap has closed price will reverse,as im sure you know, so it may make a difference if the trade is with the trend or not??
maybe wiz can enlighten us a little or add a few ideas to check out. would do so myself but leaving for england in a couple of days to visit friends n fam. will...
ok, thanks Jon! will work on this one.
  • #464
  • May 18, 2011 7:58am May 18, 2011 7:58am
Hi Malark, I'm not so fond on this one as you are dealing with 3 levels of interest which makes it more of a zone than one clear level where to keep the eye on.

You might want to average into it if you decide to trade it. I won't as I prefer clear levels of interest a lot more.

Quoting Malarky
Morning
Interesting test on E/G - (Spider ?) , Break through, await rounded retest.
Any thoughts ?
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  • #465
  • May 18, 2011 8:19am May 18, 2011 8:19am
Quoting artov
Hi Malark, I'm not so fond on this one as you are dealing with 3 levels of interest which makes it more of a zone than one clear level where to keep the eye on.

You might want to average into it if you decide to trade it. I won't as I prefer clear levels of interest a lot more.
Hi Artov

Many thanks for your reply - You make a good point. I find it is a bit more difficult for me to isolate one clear, precise level rather than a PPZ zone in some of these cases. More practice required I think.

Thanks again for your help
Cheers
  • #466
  • May 18, 2011 1:32pm May 18, 2011 1:32pm
hey wiz, just wondeing, say we get a break of a decent area and then a retest very quickly on say a 5min chart then price breaks away further. would you still wait for another retest after some space has built up??

e.g. this eu/gb chart is the situation im thinking of....

cheers

job
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PATIENCE... DISCIPLINE
  • #467
  • May 19, 2011 3:06am May 19, 2011 3:06am
Shorting yesterday's break retracement
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  • #468
  • May 20, 2011 1:49am May 20, 2011 1:49am
This was a nice level but I didnt like it as it was approaching fast. I took it, moved my SL to BE (See you next Tuesday Tom?) and got stopped out

What is the smallest SL you would use on a setup like this?
I initially had 20pip SL and insteaad of moving to BE I should move 10 pips away from BE or above previous hourly high?

Topics I need to study more:

1) when or if to move to BE
2) Initial SL
3) when to get out
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  • #469
  • May 20, 2011 3:08am May 20, 2011 3:08am
hai Tom,
based on your experience how long to become finally make profit consistenly?
  • #470
  • May 20, 2011 3:15am May 20, 2011 3:15am
Quoting Scotty2Cues
This was a nice level but I didnt like it as it was approaching fast.
These is exactly what you want to see because the weak hands will be scared to step infront of it.

Quoting Scotty2Cues
I took it, moved my SL to BE (See you next Tuesday Tom?) and got stopped out
Scott : You are not learning.

You wrote this well over a year ago now: http://www.trade2win.com/boards/fore...g-me-alot.html

Remember: If you do what you have always done, you will get what you have always got.

Stop moving to break even. It is a technique that a professional will never do.

Quoting Scotty2Cues
What is the smallest SL you would use on a setup like this?
I initially had 20pip SL and insteaad of moving to BE I should move 10 pips away from BE or above previous hourly high?

Topics I need to study more:

1) when or if to move to BE
2) Initial SL
3) when to get out
I always place the stop where I believe I am wrong and it will be affected by the volatility of the market. I woud very rarely go as tight as 20 pips unless I was trading the Bund or maybe the USD/JPY. If you can pull winners off consistently (that have a good R) with this stop size, then you are incredibly good.

My attitude towards moving a stop is going to have to be another one for the webinar. In general, I don't like moving stops and if I do, my thought process is always about trying to find a place where I no longer feels right in terms of how it is moving and NEVER about where I can lock in some profits.
  • #471
  • Edited 6:39am May 20, 2011 6:21am | Edited 6:39am
Quoting the_wizard
These is exactly what you want to see because the weak hands will be scared to step infront of it.



Scott : You are not learning.

You wrote this well over a year ago now: http://www.trade2win.com/boards/fore...g-me-alot.html

Remember: If you do what you have always done, you will get what you have always got.

Stop moving to break even. It is a technique that a professional will never do.
thanks and well remembered! I havent looked but guess it was my second demo trade on usd/jpy Buob or something.

I feel sick if I lose because I didnt go to BE. Im still looking to move it quickly but with more thought of where I move it to. Just bought usd/jpy 81.50 , 25pip SL and moved SL to 81.45 so its below key support with idea if it goes much below 81.50, my position is likely to lose ?

I can always change my mind when price comes back down
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  • #472
  • May 20, 2011 6:27am May 20, 2011 6:27am
Quoting the_wizard
These is exactly what you want to see because the weak hands will be scared to step infront of it.
Not sure if you mean sellers will be scared to step in so its good for me, but isn't that bad for me?
  • #473
  • May 20, 2011 7:45am May 20, 2011 7:45am
Quoting Scotty2Cues
Not sure if you mean sellers will be scared to step in so its good for me, but isn't that bad for me?
sellers include weak hands and smart money. So the weak hands will be reluctant to sell but that is the exact point where the pro's will be selling (the market movers). And since the weak hands are not in the game at that specific point price will plummet.

We'll that's my understanding.
  • #474
  • May 20, 2011 8:11am May 20, 2011 8:11am
Quoting vasmiza
sellers include weak hands and smart money. So the weak hands will be reluctant to sell but that is the exact point where the pro's will be selling (the market movers). And since the weak hands are not in the game at that specific point price will plummet.

We'll that's my understanding.
Isnt it better for me to see the weak hands selling too as more supply = lower price or am I missing something basic.

I thought when price rushes up like that its because
demand >> supply
  • #475
  • May 20, 2011 8:37am May 20, 2011 8:37am
Spider forming on GBPJPY 1H??
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Market is like a puzzle, YOU have to fit the pieces!!
  • #476
  • May 20, 2011 9:12am May 20, 2011 9:12am
Quoting Chris_B
Spider forming on GBPJPY 1H??
Hi Chris

I was looking at this one too but price did'nt approach the level with any momentum (Price still looks scared of the level if I understand Toms idea ?)
Cheers
  • #477
  • May 20, 2011 9:55am May 20, 2011 9:55am
Quoting Scotty2Cues
Isnt it better for me to see the weak hands selling too as more supply = lower price or am I missing something basic.

I thought when price rushes up like that its because
demand >> supply
When price rushes up it is because demand is > supply but this is a theoretical concept.

It does not mean there are MORE buyers than sellers.

It simply means buyers are more aggressive than sellers.

It means that sellers are demanding a premium and buyers are prepared to pay it.
  • #478
  • May 20, 2011 12:45pm May 20, 2011 12:45pm
Tom was right again....perfect bounce on EURCHF...
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Market is like a puzzle, YOU have to fit the pieces!!
  • #479
  • May 20, 2011 10:40pm May 20, 2011 10:40pm
Quoting Chris_B
Tom was right again....perfect bounce on EURCHF...
I could be wrong.. But TOM will not buy here .. he will sell once it broke through 1.24.

Sell at the support and buy at the resistance - Is this right ?, Tom.

This is the the third time price was bouncing on 1.24..
  • #480
  • May 21, 2011 4:58am May 21, 2011 4:58am
Quoting Pc1
I could be wrong.. But TOM will not buy here .. he will sell once it broke through 1.24.

Sell at the support and buy at the resistance - Is this right ?, Tom.

This is the the third time price was bouncing on 1.24..
I was bidding to buy that as it broke the lows for a classic fade.

But you are right; normally I would look for this area to break and trade a rounded retest.
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