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Fail Better

  • #581
  • Edited 5:55am Jun 6, 2011 5:23am | Edited 5:55am
Saw this and thought of you Tom. Lol

Inserted Video



Go back to the first vid and look at the reaction of the other traders.

This is a better one.
Remember folks - know what your doing.

Inserted Video
Searching for a cure...:nerd:
  • #582
  • Jun 6, 2011 5:27am Jun 6, 2011 5:27am
hi, does anyone see a rounded retest on cable hourly at 1.64?
  • #583
  • Edited 5:34am Jun 6, 2011 5:32am | Edited 5:34am
To me the 1.64 doesnt mean much. In the first blue rectangle the level was choped to death and now i think it will be again. My line is at 1.63. Break of that and a rounded retest is what i will be looking for.
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  • #584
  • Jun 6, 2011 5:37am Jun 6, 2011 5:37am
Quoting funlovinj
This is a better one.
Remember folks - know what your doing.

http://www.youtube.com/watch?v=vIMwM...eature=related
Ouch!

That must have been a good and expensive lesson for him
  • #585
  • Jun 6, 2011 5:39am Jun 6, 2011 5:39am
1.63 has been tested as support on 4 occassions, so if it goes down there i expect it to break thru and cable to drop....right now im looking at 1.6380 as minor support, then 1.63...
  • #586
  • Jun 6, 2011 5:47am Jun 6, 2011 5:47am
Quoting monkey@forex
1.63 has been tested as support on 4 occassions, so if it goes down there i expect it to break thru and cable to drop....right now im looking at 1.6380 as minor support, then 1.63...
Thats what i am saying monkeyforex...break of the 1.63 and then rounded retest of the level. There are lots of minor areas so watch out.
  • #587
  • Jun 6, 2011 5:53am Jun 6, 2011 5:53am
Quoting Greenhaze
Ouch!

That must have been a good and expensive lesson for him
Exactly, demo till you know your stuff. If you dont know what youre doing, go home.

If you wanna gamble go try your hand at the horses.


Heres a way to releive your stress:

Inserted Video


please note, illicit drugs are not recommended whilst trading.
Searching for a cure...:nerd:
  • #588
  • Jun 6, 2011 6:59am Jun 6, 2011 6:59am
Quoting g_j_hook@yah
the AU/NZ missed my entry by about 6 pips today :/
pulling my order off for the weekend.
Wiz, what size buffer do you use for your orders?? i had my level at 1.3200, if you had the same price where would your sell order have been placed??
i had mine at 1.3180 which covers the 4 pip spread also.

cheers

jon

BTW do you pull any unfilled orders at the weekends??
got my fill today, hit my price almost to the pip so im thinkin i must be on the right track ...
any thought Tom?

jon
PATIENCE... DISCIPLINE
  • #589
  • Jun 7, 2011 5:06am Jun 7, 2011 5:06am
Cable has done its ATR,and printed a false break,as spoke about in the webinar.
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  • #590
  • Jun 7, 2011 5:17am Jun 7, 2011 5:17am
Quoting stuart1967
Cable has done its ATR,and printed a false break,as spoke about in the webinar.
Saw that earlier - well spotted.

It's the Swing Failure pattern, only this time on the H1 rather than the D1.
  • #591
  • Jun 7, 2011 6:04am Jun 7, 2011 6:04am
A juicy breakout is on the way,if that happens I'll wait for a retest of those highs at 117.71,that area should work as support.
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  • #592
  • Jun 7, 2011 6:43am Jun 7, 2011 6:43am
Quoting madboy
A juicy breakout is on the way,if that happens I'll wait for a retest of those highs at 117.71,that area should work as support.
I'm all over that too. Good trade.
  • #593
  • Jun 7, 2011 7:15am Jun 7, 2011 7:15am
In at 117.74
Searching for a cure...:nerd:
  • #594
  • Jun 7, 2011 7:34am Jun 7, 2011 7:34am
Quoting funlovinj
In at 117.74
i think they were talking about a rounded retest it it breaks ABOVE that level....

jon
PATIENCE... DISCIPLINE
  • #595
  • Jun 7, 2011 7:51am Jun 7, 2011 7:51am
Oh I see, I was in for the breakout
Searching for a cure...:nerd:
  • #596
  • Jun 7, 2011 8:26am Jun 7, 2011 8:26am
It seems that bulls took over,let's see for how long...
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  • #597
  • Edited Jun 8, 2011 4:51am Jun 7, 2011 5:47pm | Edited Jun 8, 2011 4:51am
Quoting the_wizard
Saw that earlier - well spotted.

It's the Swing Failure pattern, only this time on the H1 rather than the D1.
I saw this two and had it marked on my chart i just didnt relize it was a swing failure pattern, not sure i was there for that webinar. What do we do in this instance still take the trade as a normal rounded retest? Is it a swing failure patern becuase it broke down futher before going up?
  • #598
  • Jun 7, 2011 6:29pm Jun 7, 2011 6:29pm
Quoting the_wizard
Aha. Now it's getting interesting.

One thing I like about J16 is he doesn't go on about needing a 1:2 (or higher), in terms of R, all day long.

If the probability of the trade is high enough, the R is largely irrelevant.

That's not to say one should start risking 100 pips to make 10 or anything silly like that but you do need to balance R with your strike rate.

They have an intricate relationship and their love child is called your EDGE :-)

For example the Sunday night gap. My R is 0.5. That means I risk 2 pips for every 1 that I make...
Had to ask what did you use to develop that graph Tom? Also i know you have talked about other indicators you use now to help you. Do you still use the market average?
  • #599
  • Jun 8, 2011 12:11am Jun 8, 2011 12:11am
Here is one I am keeping my eye on.
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pat
  • #600
  • Jun 8, 2011 2:19am Jun 8, 2011 2:19am
Quoting simplebeans
Had to ask what did you use to develop that graph Tom? Also i know you have talked about other indicators you use now to help you. Do you still use the market average?
Hi simplebeans,

Tom uses the following web page to generate the graph:
http://www.hquotes.com/tradehard/simulator.html

Just put in your win/loss rate, win probability and number of lines / paths and hit the generate button.

Cheers
MM
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