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Fail Better

  • #681
  • Jun 17, 2011 2:39am Jun 17, 2011 2:39am
Quoting squeezy
rounded retest on uchf

yeah i liked that one also..

jon
PATIENCE... DISCIPLINE
  • #682
  • Jun 17, 2011 4:23am Jun 17, 2011 4:23am
Entered long here at 92.39, first target 93.99, may stall at 93.63
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  • #683
  • Jun 17, 2011 4:45am Jun 17, 2011 4:45am
Quoting pipz4me
Entered long here at 92.39, first target 93.99, may stall at 93.63
This is simply beautiful.
  • #684
  • Jun 17, 2011 5:07am Jun 17, 2011 5:07am
Crude's at a nice level.

Doh! Should have refreshed before posting!
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  • #685
  • Jun 17, 2011 8:41am Jun 17, 2011 8:41am
I was watching this area but didnt put an order in. But my question is where should i put the stop? I was searching for the post explaining this but couldnt find it. Tom where do you put stops in such cases of big candles going through our level?

I know its not exactly the prime example of this method but we can stil use it for learning purposes

Thank you
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  • #686
  • Jun 17, 2011 8:58am Jun 17, 2011 8:58am
Quoting fxlan
I was watching this area but didnt put an order in. But my question is where should i put the stop? I was searching for the post explaining this but couldnt find it. Tom where do you put stops in such cases of big candles going through our level?

I know its not exactly the prime example of this method but we can stil use it for learning purposes

Thank you
I think you should be able to evolve your stop depending on the probability of the trade. I know this only works once you have a record which tells you what sort of stops you need for certian setups. Also you should consider your R/R as well.
  • #687
  • Jun 17, 2011 9:03am Jun 17, 2011 9:03am
Tom i just wanted to let you know i love washing i just brought some DAZ washing up powder and those stains are coming right off! Its amazing what you can see once its off!
  • #688
  • Jun 17, 2011 9:07am Jun 17, 2011 9:07am
Lets see what this one does. My first attempt at averaging in...the top order didnt get filled. That was where my original order was but i saw the price started falling and reduced position size of the pending order to 1/3 and enter other 2 positons 1/3 each.
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  • #689
  • Jun 17, 2011 9:25am Jun 17, 2011 9:25am
Got filled NZD/USD @ 0.8110 and 0.8115. First target for me is 0.8082
  • #690
  • Jun 17, 2011 9:33am Jun 17, 2011 9:33am
Quoting saulynas
Got filled NZD/USD @ 0.8110 and 0.8115. First target for me is 0.8082
Looks very good. I dont trade nzd/usd but i like the looks of it. And your first target seems logical also.
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  • #691
  • Jun 17, 2011 10:17am Jun 17, 2011 10:17am
Quoting fxlan
Lets see what this one does. My first attempt at averaging in...the top order didnt get filled. That was where my original order was but i saw the price started falling and reduced position size of the pending order to 1/3 and enter other 2 positons 1/3 each.
Nice Level liking the trade
  • #692
  • Jun 17, 2011 11:38am Jun 17, 2011 11:38am
Was thinking as i have mentioned this in the webinar before, if anyone wants to chat during the day about tradng in between trades etc Looking for to create a little trading group! PM me if anyone is interested due to the spam you might get if you post your IM details here, lets stick with Skype for now unless anyone else can make any other suggestions?
  • #693
  • Edited 5:29pm Jun 17, 2011 4:27pm | Edited 5:29pm
Quoting simplebeans
Was thinking as i have mentioned this in the webinar before, if anyone wants to chat during the day about tradng in between trades etc Looking for to create a little trading group! PM me if anyone is interested due to the spam you might get if you post your IM details here, lets stick with Skype for now unless anyone else can make any other suggestions?
Simple, I'd be interested. Let me know

Also, please add me to the webinar list, the_Wizard.

[email protected] *this is my spam email address that I use for things like this, so I dont mind putting it out there. I will delete it after I get notification from the wizard that he has received it*

I appreciate your thread and have read it back to back three times already. Its a shame I didnt get in on the action earlier when you started the webinars.
________________________________________________________________
Since this is my first post I should introduce myself. But I will wait until my email is edited from this post to post my introduction.
  • #694
  • Jun 18, 2011 2:37pm Jun 18, 2011 2:37pm
Attached is a chart of GU H1. From the looks of it the big money is long since yesterday and GU shud look to move higher as the week opens tomorrow. I would be wary of selling at the marked levels, and will instead look to get long after the levels get retested after initial breakout.

The London and NY open bars are marked.
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  • #695
  • Jun 18, 2011 3:08pm Jun 18, 2011 3:08pm
Quoting August
Simple, I'd be interested. Let me know

Also, please add me to the webinar list, the_Wizard.

- xxxxx - *this is my spam email address that I use for things like this, so I dont mind putting it out there. I will delete it after I get notification from the wizard that he has received it*

I appreciate your thread and have read it back to back three times already. Its a shame I didnt get in on the action earlier when you started the webinars.
________________________________________________________________
Since...
Got it August.

Thanks, dude.

Tom
  • #696
  • Jun 18, 2011 3:19pm Jun 18, 2011 3:19pm
The EJ is in a similar situation. What do u think Tom?
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  • #697
  • Jun 18, 2011 4:31pm Jun 18, 2011 4:31pm
Tom's gap strategy.

Hi all,

I have done a tiny bit of backtesting on Tom's opening gap strategy and the results are very interesting! Especially compared to Tom's figures.

The only reason for the differences has GOT to be down to the data feeds.

I strongly suggest you do your own backtesting [I will be doing MUCH more], because your broker/data feed will determine the outcome of this strategy.

I have only done a VERY small sample - from Jan 3rd 2011 to the present - but I will be looking at a much larger sample, as well as other pairs.

Results:

10 trades since 3rd Jan 2011.

SL @ 1/2 the gap = 2 winners, 8 losers, 20% strike rate, nett -80 pips.

SL @ 1 x the gap = 6 winners, 2 losers, 60% strike rate, nett +43 pips.

SL @ 2 x the gap = 8 winners, 2 losers, 80% strike rate, nett +200 pips.

These deals are based on Tom's rules with NO INTERVENTION!! ;-)

Just thought I'd post this up, as I found it interesting!!

Cheers,

GT3RS
  • #698
  • Jun 18, 2011 9:58pm Jun 18, 2011 9:58pm
Broker data determines the outcome of every strategy. Traders love the quote "price is price" and thats all good and well, however because many brokers start different candles at different times of the day, methods have different results across the board. Some brokers draw the H4 candle GMT, then others are 01.00, 02.00 etc. Some brokers even have a ten minute difference which is enough to throw a system out completely also.
  • #699
  • Jun 19, 2011 9:06am Jun 19, 2011 9:06am
Quoting Gt3rs
Tom's gap strategy.

Hi all,

I have done a tiny bit of backtesting on Tom's opening gap strategy and the results are very interesting! Especially compared to Tom's figures.

The only reason for the differences has GOT to be down to the data feeds.

I strongly suggest you do your own backtesting [I will be doing MUCH more], because your broker/data feed will determine the outcome of this strategy.

I have only done a VERY small sample - from Jan 3rd 2011 to the present - but I will be looking at a much larger sample, as well as other pairs....
It's not a result of the broker it's a result of the time.

I took it from 10pm BST as this is when the liquidity starts to pick up.

Also, I would suggest against presenting results in terms of pips won or lost. This is largely irrelevant. You need to look at R.
  • #700
  • Edited 10:11am Jun 19, 2011 9:58am | Edited 10:11am
Ok, thanks Tom.

As promised, here is my introduction:

I am a college student who has loved the markets all my life (started reading every stock book I could get at 13) and recently took a liking to Forex. Price action trading has recently appealed to me in the past two years (over indicator analysis). I grew up a Buffet kid (I own The Intelligent Investor....but couldn't get through it. Try reading it as a 14 year old ) but had an epiphany and have since been in the TA school for the past five years.

I have about 10k$ saved up from working through high school and college (havent graduated yet) but haven't done anything more than paper trading (parents, rightfully so, don't want me trading my savings away. When I get out of school I hope to have done enough demoing by then).

Anyways, hopefully I'll get to know you all better and learn some things.
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