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Fail Better

  • #761
  • Jun 22, 2011 7:09pm Jun 22, 2011 7:09pm
Quoting the_wizard
Got some time available today - hence the number of posts :-)

Here are a few of the potential setups I am currently looking at.

GOLD : I am looking for a break above 1550 with a retest for a long.

Note that this is simply horizontal resistance and is not a polarity flip which actually increases the chance of this working.
Tom you trading other time frames - H4, as well as the D1 and H1?
  • #762
  • Jun 22, 2011 8:48pm Jun 22, 2011 8:48pm
Quoting the_wizard
The Close has to be ABOVE the previous swings LOW (not close).

I generally look for it with reference to the LAST swing point (look left).

So, in my example, it was a SPF with regards to the previous swing low.

In your example, it is actually another SPF with regards to the swing low just three candles before.

It's a bit tricky to explain but hopefully you have it now. Still, if anyone is in any doubt, we'll cover it again on Sunday.
I think, I am ok on this.. Now is Gold SPF ?
Attached Image (click to enlarge)
Click to Enlarge Name: daily-6-22-2011-gold-spf-analysis.jpg Size: 91 KB
  • #763
  • Edited 10:06pm Jun 22, 2011 8:49pm | Edited 10:06pm
Quoting Pc1
I think, I am ok on this.. Now is Gold SPF ?
I don't think so. Notice how the second swing up closes above the first swing up (barely, but you want to have a close BELOW on a swing up and a close ABOVE on a swing down)

This is a quick q:

I've been searching everywhere and I can't find a way to take half profit (I know how to close a position but I can't be at my computer 24/7 and I want to know how to set a half profit limit. I've tried setting a new order for the other direction but I'd rather not hedge; I'd rather just get out of half of the position once a limit is reached)

I've tried two different orders (each half my desired size) but when I try to edit the SL and TP it changes both of them to the same level no matter what I do.

Anyone have a solution or fix to this? I'm usually pretty good at finding stuff on the net but I'd rather not wade through thousands of MT4 scripts just to find what should be already in the program.
  • #764
  • Jun 22, 2011 10:54pm Jun 22, 2011 10:54pm
Quoting August
I don't think so. Notice how the second swing up closes above the first swing up (barely, but you want to have a close BELOW on a swing up and a close ABOVE on a swing down)

This is a quick q:

I've been searching everywhere and I can't find a way to take half profit (I know how to close a position but I can't be at my computer 24/7 and I want to know how to set a half profit limit. I've tried setting a new order for the other direction but I'd rather not hedge; I'd rather just get out of half of the position once a limit is reached)

I've...
Hi there,
try this one http://www.forexfactory.com/showthre...95#post3219195
i dont use it much myself, so dont forget to test it before going live.
hope that helps.
Anything can happen - You never know
  • #765
  • Jun 23, 2011 12:10am Jun 23, 2011 12:10am
Quoting August
I don't think so. Notice how the second swing up closes above the first swing up (barely, but you want to have a close BELOW on a swing up and a close ABOVE on a swing down)

This is a quick q:

I've been searching everywhere and I can't find a way to take half profit (I know how to close a position but I can't be at my computer 24/7 and I want to know how to set a half profit limit. I've tried setting a new order for the other direction but I'd rather not hedge; I'd rather just get out of half of the position once a limit is reached)

I've tried...
I think the close has to be below the previous swing high. So in this case, the previous swing high was at - 1553.530 and the current swing or failed swing was closed at 1546.640. Hence it was closed below the high, I would think it is SPF.

Tom and/or any other trader, any comments ?
  • #766
  • Jun 23, 2011 1:59am Jun 23, 2011 1:59am
Quoting Pc1
I think the close has to be below the previous swing high. So in this case, the previous swing high was at - 1553.530 and the current swing or failed swing was closed at 1546.640. Hence it was closed below the high, I would think it is SPF.

Tom and/or any other trader, any comments ?
I think this is correct. Refer to Tom's previous post on this:

http://www.forexfactory.com/showthre...07#post4715807
  • #767
  • Jun 23, 2011 2:09am Jun 23, 2011 2:09am
Quoting Pc1
I think, I am ok on this.. Now is Gold SPF ?
Yes - this is a Swing Failure Pattern.

The second swing peaked above the first swing high, but closed lower than the first swing high.

Perfect SFP.
  • #768
  • Jun 23, 2011 3:00am Jun 23, 2011 3:00am
Quoting eltrot1979
Tom,

Perhaps I've misunderstood the concepts, but I'm looking at Gold on the hourly now and the possibility of a long on the retest of 1550, but I'm concerned that on the daily we could be seeing a SPF setup forming, which would indicate the following day being bearish. How do you decide the best course of action in such a situation? Does the time of day come into play?

Thanks

Rob
The later in the day (e.g after 5pm BST), the more I lean on the D1 print which, in this case, is a SPF. So, yes, I would pass on the retest of $1550 for a long.
  • #769
  • Jun 23, 2011 3:03am Jun 23, 2011 3:03am
Quoting Pc1
I think, I am ok on this.. Now is Gold SPF ?
Yes, Gold is most definetly an SPF.
  • #770
  • Jun 23, 2011 3:04am Jun 23, 2011 3:04am
Quoting Gt3rs
Also looking to see how this pans out:

Possible swing failure pattern on EU H4.
Worked like a dream...down it goes in the notebook...

:-)
  • #771
  • Jun 23, 2011 3:05am Jun 23, 2011 3:05am
Quoting simplebeans
Tom you trading other time frames - H4, as well as the D1 and H1?
No. Just D1 for bias and H1 for entry.

Re: your other question on how to trade the spider. I'm going to have to cover that in the webinar or I will be here all day!

Tom
  • #772
  • Jun 23, 2011 3:33am Jun 23, 2011 3:33am
Just thought I'd post up a pic to show the Swing Pattern Failure. Or is it Swing Failure Pattern!!?? lol!!

Anyway, hopefully, this should clear it up for everyone!
Attached Image (click to enlarge)
Click to Enlarge Name: swing failure.jpg Size: 93 KB
  • #773
  • Jun 23, 2011 3:52am Jun 23, 2011 3:52am
Quoting Gt3rs
Just thought I'd post up a pic to show the Swing Pattern Failure. Or is it Swing Failure Pattern!!?? lol!!

Anyway, hopefully, this should clear it up for everyone!
Thanks for this.

Good example.
  • #774
  • Jun 23, 2011 4:56am Jun 23, 2011 4:56am
Simple S/R missed entry by couple of pips....just wanted to buy what appeared to be a strong level.

Where do you think the target should be?
Attached Image (click to enlarge)
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  • #775
  • Jun 23, 2011 5:09am Jun 23, 2011 5:09am
Quoting Atc
Simple S/R missed entry by couple of pips....just wanted to buy what appeared to be a strong level.

Where do you think the target should be?
Hi Atc,

I bought that level bit higher after seeing buyers on lower tf. I will take some of the table at 1.6055 (last lows) if price will make it there.

GH
  • #776
  • Jun 23, 2011 5:14am Jun 23, 2011 5:14am
Thanks Green

Quoting Greenhaze
Hi Atc,

I bought that level bit higher after seeing buyers on lower tf. I will take some of the table at 1.6055 (last lows) if price will make it there.

GH
  • #777
  • Jun 23, 2011 5:43am Jun 23, 2011 5:43am
Quoting Atc
Simple S/R missed entry by couple of pips....just wanted to buy what appeared to be a strong level.

Where do you think the target should be?
I prefer to wait for the short entry if price falls further and then retests 1.599.

Otherwise I am looking to short at 1.6076.

Dont fancy going long of this pair anytime soon
  • #778
  • Jun 23, 2011 5:56am Jun 23, 2011 5:56am
Quoting Gt3rs
Just thought I'd post up a pic to show the Swing Pattern Failure. Or is it Swing Failure Pattern!!?? lol!!

Anyway, hopefully, this should clear it up for everyone!
Shouldnt both candles on a SPF be bullish? Or is it ok as it is, one closing bullish the other bearish as long as its breaks and closes below the last swing?
  • #779
  • Jun 23, 2011 5:56am Jun 23, 2011 5:56am
Quoting kwikwis
Hi there,
try this one http://www.forexfactory.com/showthre...95#post3219195
i dont use it much myself, so dont forget to test it before going live.
hope that helps.
Is this the only way to do it?
  • #780
  • Jun 23, 2011 6:02am Jun 23, 2011 6:02am
Quoting simplebeans
Shouldnt both candles on a SPF be bullish? Or is it ok as it is, one closing bullish the other bearish as long as its breaks and closes below the last swing?
Doesn't matter what colour the candles are. It's the swing levels and the close you are interested in!
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