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Fail Better

  • #541
  • Jun 1, 2011 11:38am Jun 1, 2011 11:38am
I hope dreams come true.....
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  • #542
  • Jun 1, 2011 11:40am Jun 1, 2011 11:40am
Quoting the_wizard
This was beautiful coinciding as it did with the S&P retesting the back of the TL it broke out of.

It appeared u/cad was also approaching ATR....wouldn't you say?
  • #543
  • Jun 1, 2011 11:49am Jun 1, 2011 11:49am
I only caught a tiny bit of this move but it turned out to be a beautiful rounded retest,wouldn't you say Tom?
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  • #544
  • Jun 1, 2011 12:07pm Jun 1, 2011 12:07pm
Quoting Atc
touch trade short entry at .9745
Nice!

Took the exact same trade. Short at 0.9749 out at 0.9728.

pat
  • #545
  • Jun 1, 2011 1:20pm Jun 1, 2011 1:20pm
Quoting Atc
touch trade short entry at .9745
What is the size of that monitor Atc?

Nice trade btw...
  • #546
  • Jun 1, 2011 1:59pm Jun 1, 2011 1:59pm
Quoting plund
Nice!

Took the exact same trade. Short at 0.9749 out at 0.9728.

pat
nice one

I had my pending order hanging at 0.9752 with TP at 0.9730. Cancelled it after the first bounce

kpt
  • #547
  • Jun 1, 2011 2:09pm Jun 1, 2011 2:09pm
Quoting Atc
Hey Tom,

This looks like the pattern you discussed....interesting that PB got stopped at a ppz ...Let's see if we get an up day. Already, 90 mins. from 5pm est we get a move up.
Looks good, Tom....Also....that ATR was hit....learning to incorporate more in my trading.

Thanks,

Bill
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  • #548
  • Jun 1, 2011 3:04pm Jun 1, 2011 3:04pm
Cable looks juicy here...
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  • #549
  • Jun 1, 2011 5:16pm Jun 1, 2011 5:16pm
and also coincidently the fib extension of the bear flag giving more confluence!
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  • #550
  • Jun 2, 2011 12:06am Jun 2, 2011 12:06am
Quoting 4FXsake
and also coincidently the fib extension of the bear flag giving more confluence!
Also got a weekly buob for those who care.

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pat
  • #551
  • Jun 2, 2011 1:58am Jun 2, 2011 1:58am
us/chf. nice clean level for the rounded retest
with the current sentiment in the swissy a fill there would be nice...???



jon
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PATIENCE... DISCIPLINE
  • #552
  • Jun 2, 2011 3:11am Jun 2, 2011 3:11am
Quoting vasmiza
Long @ 1.43225. waiting for the rounded retests. thoughts?

Harry
Offside for about 8 pips and then we get the bounce Gotta love the rounded retest.
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  • #553
  • Jun 2, 2011 3:43am Jun 2, 2011 3:43am
Quoting the_wizard
No Gregg,

It is when the market makes a swing HIGH or LOW.

It then pulls away from this over the course of a few bars and then comes back up to challenge it.

If it BREAKS the swing HIGH but fails to CLOSE ABOVE it, it is a signal that the market is likely to turn down.

If it BREAKS the swing LOW but fails to CLOSE BELOW it, it is a signal that the market is likely to turn up.

I look for this pattern on the D1 timeframe.
does "that pattern discussed in the webinar" have a name. Maybe you should coin a new name for "that pattern" wiz.....
  • #554
  • Jun 2, 2011 4:18am Jun 2, 2011 4:18am
Quoting vasmiza
does "that pattern discussed in the webinar" have a name. Maybe you should coin a new name for "that pattern" wiz.....
I've started referring to it as the "swing failure pattern". Nice and simple :-)
  • #555
  • Jun 2, 2011 5:12am Jun 2, 2011 5:12am
Quoting the_wizard
I've started referring to it as the "swing failure pattern". Nice and simple :-)
like it
PATIENCE... DISCIPLINE
  • #556
  • Jun 2, 2011 5:31am Jun 2, 2011 5:31am
Hi Tom,

If you would have conidered a trade at that ~1.6305 level, would you have cancelled it because of the consolidation on 1 hour just above?

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pat
  • #557
  • Jun 2, 2011 9:46am Jun 2, 2011 9:46am
Quoting plund
Hi Tom,

If you would have conidered a trade at that ~1.6305 level, would you have cancelled it because of the consolidation on 1 hour just above?

Attachment

pat
No I wouldn't but funnily enough another reader was asking about this Cable on Skype last night and I told him that I saw it as a short term bounce only rather than a swing bounce because of the weight that we saw in the pair yesterday.
  • #558
  • Jun 2, 2011 11:46am Jun 2, 2011 11:46am
Quoting the_wizard
No I wouldn't but funnily enough another reader was asking about this Cable on Skype last night and I told him that I saw it as a short term bounce only rather than a swing bounce because of the weight that we saw in the pair yesterday.
This is actually something that I would like to ask you Tom,let's say you have a ppz and you wait for the price to reach it.What are the criteria that make you think that there will be a short term bounce or a swing bounce.Do you take in consideration the news that might be released soon or the fact mentioned above with the previous day being strong bearish or bullish,the significance of the ppz?
  • #559
  • Jun 2, 2011 12:53pm Jun 2, 2011 12:53pm
Quoting g_j_hook@yah
us/chf. nice clean level for the rounded retest
with the current sentiment in the swissy a fill there would be nice...???



jon

Tom I have a question about this potential trade. In this example only support has shown to be broken....do you ever look for this? Meaning looking for rounded retests of a single area or are you exclusively looking for rounded retests that have been both S AND R in the recent past....or PPZ's I guess.
  • #560
  • Jun 2, 2011 1:34pm Jun 2, 2011 1:34pm
Hey Tom, is this something you would trade??
i would have considered this strongly had i been watching and it fits loosly with your rounded retest approach.
a break through a good level and we had the TL confluence on the retest.
your view on this would be greatly appreciated.
cheers

jon
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