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Fail Better

  • #701
  • Jun 20, 2011 7:43am Jun 20, 2011 7:43am
Quoting August
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...
August thanks for sharing and nice to meet you :-) Good to see someone start off so young in this business, in hindsight your position is definitly where i would have wanted to be in my early years but we live and learn! :-)
  • #702
  • Edited 11:46am Jun 20, 2011 11:14am | Edited 11:46am
Well, had a couple trades. My worst fears happened when I got stopped out on CHF/JPY and NZD/USD only to see them a few hours later go exactly to the levels I predicted (but they both bounced off resistance levels I had already marked on my charts.)

Well, you live and learn. I had a few good trades too so I'm about break even.

Thanks again for the webinar Tom. Very insightful and I'm glad to have met you all (you too Simplebeans!)

But, what happened was I got a terrible fill and I shouldn't have put in an order on Sunday opening :/
  • #703
  • Jun 20, 2011 5:27pm Jun 20, 2011 5:27pm
Quoting August
Well, had a couple trades. My worst fears happened when I got stopped out on CHF/JPY and NZD/USD only to see them a few hours later go exactly to the levels I predicted (but they both bounced off resistance levels I had already marked on my charts.)

Well, you live and learn. I had a few good trades too so I'm about break even.

Thanks again for the webinar Tom. Very insightful and I'm glad to have met you all (you too Simplebeans!)

But, what happened was I got a terrible fill and I shouldn't have put in an order on Sunday opening :/
Not to worry i hope that you are keeping a record August, next time you will know exactly what to do and where to get filled. Don't worry i had one of those trades last week where i got filled at the wrong time. But its down to lack of respect to levels if anything for me. But as with anything i recorded it and there wont be a next time :-)
  • #704
  • Jun 21, 2011 5:56am Jun 21, 2011 5:56am
Quoting plund
Here is one I am keeping my eye on.
Attachment

pat
Worked nicely!

Attached Image (click to enlarge)
Click to Enlarge Name: axp.gif Size: 23 KB
  • #705
  • Jun 21, 2011 6:29am Jun 21, 2011 6:29am
Quoting the_wizard
This is the pattern we discussed in yesterdays webinar - calling for a push higher today.

Thanks to Atc for spotting it.
Hello! Is there a way to download the Webinar? There's no way for me to attend as it is too late in night where I live

I would like (if possible) to learn more about this pattern, I can intuitively say it has something to do with price not being able to close below/above privious hi/lo... but that could be all wrong...
  • #706
  • Jun 21, 2011 7:20am Jun 21, 2011 7:20am
Quoting plund
Worked nicely!

Attachment
Beautiful.
  • #707
  • Jun 21, 2011 7:34am Jun 21, 2011 7:34am
Quoting plund
Worked nicely!

Attachment
What a nice trade..............if only ll trades were as nice and clearly defined as this!! Well done man and, good on the Wiz for sharing this with us!!

kal
  • #708
  • Jun 21, 2011 8:15am Jun 21, 2011 8:15am
Is it just me, or is everyone else struggling to find nice clean levels today?
  • #709
  • Jun 21, 2011 8:42am Jun 21, 2011 8:42am
Quoting Gt3rs
Is it just me, or is everyone else struggling to find nice clean levels today?
I have not seen any nice levels today, though following are in my watch list.. for break and retest..
USDJPY - 80 -
AUJPY - 84.39
GBPCHF - 1.3936
GBPNZD - 1.9879
  • #710
  • Jun 21, 2011 8:44am Jun 21, 2011 8:44am
Quoting Pc1
I have not seen any nice levels today, though following are in my watch list.. for break and retest..
USDJPY - 80 -
AUJPY - 84.39
GBPCHF - 1.3936
GBPNZD - 1.9879
LOL! All pairs I don't watch!!!
  • #711
  • Jun 21, 2011 8:51am Jun 21, 2011 8:51am
Quoting Gt3rs
Is it just me, or is everyone else struggling to find nice clean levels today?
No, you are not alone!! Have not seen much in the markets these last 2 days so its a case of sitting tight and being patient. Capital preservation!
  • #712
  • Jun 21, 2011 10:20am Jun 21, 2011 10:20am
Quoting plund
Worked nicely!

Attachment
Absolutly beautiful. There all over the place lol. :-)
  • #713
  • Jun 21, 2011 10:23am Jun 21, 2011 10:23am
Quoting Kalbar
No, you are not alone!! Have not seen much in the markets these last 2 days so its a case of sitting tight and being patient. Capital preservation!
Remember what Tom says just sit on the sidelines and something which Jim B Rogers qoutes or there abouts, "i just wait till theres money there and go and pick it up!"
  • #714
  • Jun 21, 2011 4:30pm Jun 21, 2011 4:30pm
Seems like everyone's waiting for the Greek vote tonight. I don't see any clean levels on the majors yet, fingers crossed...
  • #715
  • Jun 21, 2011 6:58pm Jun 21, 2011 6:58pm
Potential EUR/CHF spider forming?
Attached Image (click to enlarge)
Click to Enlarge Name: eurchfspider.jpg Size: 227 KB
  • #716
  • Jun 22, 2011 2:38am Jun 22, 2011 2:38am
Quoting August
Potential EUR/CHF spider forming?
I'm going to be long that all the way if we take out 1.2138 and come back for the retest.
  • #717
  • Jun 22, 2011 3:12am Jun 22, 2011 3:12am
Quoting Adilius07
Hello! Is there a way to download the Webinar? There's no way for me to attend as it is too late in night where I live
Hi Adilius,

Tom's not going to do that. I too am in a timezone that is not conducive to participate (it would start at about 5am local time) and had asked him about this previously to which he replied no. He has an agenda with the webinar (and with this thread), so keep that in mind going forward. IMO, Tom should have posted his agenda right from the start in the first post of this thread.

With kind regards,
MK
  • #718
  • Jun 22, 2011 3:53am Jun 22, 2011 3:53am
Quoting August
Well, had a couple trades. My worst fears happened when I got stopped out on CHF/JPY and NZD/USD only to see them a few hours later go exactly to the levels I predicted (but they both bounced off resistance levels I had already marked on my charts.)

Well, you live and learn. I had a few good trades too so I'm about break even.

Thanks again for the webinar Tom. Very insightful and I'm glad to have met you all (you too Simplebeans!)

But, what happened was I got a terrible fill and I shouldn't have put in an order on Sunday opening :/
Hi August,

Simplebeans is right - make sure you record the fact that these went onto the areas you predicted and note the extent of the drawdown that occured before this happened and how it played out.

This will help you understand what it is that you need to do in future trades.

Good luck :-)
  • #719
  • Jun 22, 2011 4:05am Jun 22, 2011 4:05am
Quoting Adilius07
Hello! Is there a way to download the Webinar? There's no way for me to attend as it is too late in night where I live

I would like (if possible) to learn more about this pattern, I can intuitively say it has something to do with price not being able to close below/above privious hi/lo... but that could be all wrong...
Hi Adilius,

Currently, the webinars are not recorded. There are two reasons for this ;

Mainly it is because I talk about personal experiences including that of some huge traders I worked with and the strategies and techniques they employed and I don't want that information "recorded".

However, I've had a lot of the work that I've put time and effort into providing for free in the past, ripped off by others who are making money off it, so I'm naturally a little cautious about allowing people to freely share something with as much info in it as the webinars have.
  • #720
  • Jun 22, 2011 4:05am Jun 22, 2011 4:05am
Hi Guys,

Anyone watching GbpChf?... Support just busted after MPC minutes. In my book that is the most interesting setup at the moment. I've split my orders and have sell limits in 1.361-1.364 area. Additionaly there is BEOB on some H4 feeds Cheers and good luck with Your trading.
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