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Fail Better

  • #621
  • Jun 10, 2011 2:19pm Jun 10, 2011 2:19pm
I am following this thread with keen interest, this method of trading very much appeals to me and I've been trying to develop a similar method for a few months now.

Thank you the_wizard for sharing your experience.
  • #622
  • Jun 12, 2011 5:33pm Jun 12, 2011 5:33pm
Tom,
Do you look at session open bars as in London open (3 am NY time) and NY open (10 am) bars of the previous day to anticipate potential market direction. I've found that S/R levels combined with previous day's London and NY open bars can be quite powerful. I will post some charts later to illustrate.

By observing them you can make one of two decisions, that either today's open would be a continuation of previous day or a reversal.
  • #623
  • Jun 13, 2011 3:55am Jun 13, 2011 3:55am
Quoting 4FXsake
Tight stop on this one!
Out for a small loss. Next trade.
  • #624
  • Jun 13, 2011 9:56am Jun 13, 2011 9:56am
Tom,

Apart from ATR, Fibonacci Retracement, MACD are there any other indicators you use when deciding for confluence?

Thanks
  • #625
  • Jun 13, 2011 10:00am Jun 13, 2011 10:00am
Tom or anyone else watching this level on the AUD/CAD (big red arrow showing my short position if reached). It seems this has had a really nice run on the way down prior to $$$. :-)

Attached Image (click to enlarge)
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  • #626
  • Jun 13, 2011 10:11am Jun 13, 2011 10:11am
Looks to me like on the 10th of June there was some washing of the level which makes it a not so high quality setup to me.

Quoting simplebeans
Tom or anyone else watching this level on the AUD/CAD (big red arrow showing my short position if reached). It seems this has had a really nice run on the way down prior to $$$. :-)

Attachment
  • #627
  • Jun 13, 2011 10:47am Jun 13, 2011 10:47am
Quoting artov
Looks to me like on the 10th of June there was some washing of the level which makes it a not so high quality setup to me.
I can see the area you mean where price reached and consolidated in a sideways movement. Care to ellaberate what you mean by washing in this instance?
  • #628
  • Jun 13, 2011 11:00am Jun 13, 2011 11:00am
That's a term which Tom has been using to describe a situation where price is chopping around a level, thus not respecting the level completely.

What I've understood is that in some cases it does not matter so much. For example when it was a very long time ago when price was washing a certain level or when on the daily you have a nice level but on the hourly a bit of washing. Please correct me Tom if I'm wrong.

Quoting simplebeans
I can see the area you mean where price reached and consolidated in a sideways movement. Care to ellaberate what you mean by washing in this instance?
  • #629
  • Jun 13, 2011 11:16am Jun 13, 2011 11:16am
Quoting artov
That's a term which Tom has been using to describe a situation where price is chopping around a level, thus not respecting the level completely.

What I've understood is that in some cases it does not matter so much. For example when it was a very long time ago when price was washing a certain level or when on the daily you have a nice level but on the hourly a bit of washing. Please correct me Tom if I'm wrong.
So because there is not such a definitive swing pattern at that level and more of a sideways consolidation/washing its not such a reliable level. I think i get that maybe Tom can verse in and let us know the ground rules for this. Although im still thinking its a good level as i have seen in the past from my memory analysis very good bounces at these points with washing going on. Need to get the DAZ out and read the box again
  • #630
  • Jun 13, 2011 1:26pm Jun 13, 2011 1:26pm
caught a few on this today...
i actually traded the IB


jon
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PATIENCE... DISCIPLINE
  • #631
  • Jun 13, 2011 1:27pm Jun 13, 2011 1:27pm
and this...

jon
Attached Image (click to enlarge)
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PATIENCE... DISCIPLINE
  • #632
  • Jun 13, 2011 2:36pm Jun 13, 2011 2:36pm
Quoting artov
That's a term which Tom has been using to describe a situation where price is chopping around a level, thus not respecting the level completely.

What I've understood is that in some cases it does not matter so much. For example when it was a very long time ago when price was washing a certain level or when on the daily you have a nice level but on the hourly a bit of washing. Please correct me Tom if I'm wrong.
Looks like you was right it breached straight through the level :-(
  • #633
  • Jun 14, 2011 8:01am Jun 14, 2011 8:01am
Quoting g_j_hook@yah
and this...

jon
Nice Level although didn't you think after the initial thrusting bar down their were bars there after that came very close to the level?
  • #634
  • Jun 14, 2011 8:05am Jun 14, 2011 8:05am
This one slipped through my fingers:
Attached Image
  • #635
  • Jun 14, 2011 8:28am Jun 14, 2011 8:28am
short 1.22---looks like a good ppz and fib conflunced, above ATR
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  • #636
  • Jun 14, 2011 8:29am Jun 14, 2011 8:29am
gbpchf rounded retest coming up
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Simplicity is the key to success
  • #637
  • Jun 14, 2011 8:56am Jun 14, 2011 8:56am
Quoting simplebeans
Nice Level although didn't you think after the initial thrusting bar down their were bars there after that came very close to the level?
not sure what you mean but if your talking about the bars imidietly after the break down i personalt wouldnt worry too much about this. you see that happen on at least half the break outs, at least on some TF. )Its as if price has forgot its bag..lol)My view on this would be that a "proper" retrace needs to have had some time and space first.??
Toms view on this would be interesting.

jon
PATIENCE... DISCIPLINE
  • #638
  • Jun 14, 2011 8:59am Jun 14, 2011 8:59am
Quoting squeezy
gbpchf rounded retest coming up
how about this level..??
maybe we will get a bounce between them!!



jon
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PATIENCE... DISCIPLINE
  • #639
  • Jun 14, 2011 9:46am Jun 14, 2011 9:46am
Hi Wizard,

Could you add me to your webminar invite when you have the next one?
My email is [email protected]

Thanks

Celina
  • #640
  • Jun 14, 2011 10:46am Jun 14, 2011 10:46am
Quoting g_j_hook@yah
how about this level..??
maybe we will get a bounce between them!!



jon

yup very possible Jon, i wld be looking @ 1.378ish though
cheers
SQ
Simplicity is the key to success
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