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Fail Better

  • #821
  • Jun 24, 2011 5:03am Jun 24, 2011 5:03am
Quoting the_wizard
Another great way to trade pins is to get out on the first sharp move in your favour into an FTA and then get back in again when it returns to your original entry.

That will mean that you are getting in just as those that moved to breakeven are stopping out which is a great trade.
Which was what I was trying to do
  • #822
  • Jun 24, 2011 5:05am Jun 24, 2011 5:05am
Quoting fxlan
You really despise breakeven trades dont you
It's not that I despise moving to breakeven. I just consider it a waste of time and money.

I originally thought, like most, that breakeven was a great way to protect my downside - the "risk free" trade. My experience with it was that all it did was bleed my account away.

If someone has a great record moving to BE then I am all for it but I find that most people don't. They keep using it because it feels good as an emotional crutch but it almost always doesn't help their bottom line.

If there is one quote I have heard more than any other from newer traders it is : "I moved to BE and now look at it..."

:-)
  • #823
  • Jun 24, 2011 3:15pm Jun 24, 2011 3:15pm
Quoting the_wizard
It's not that I despise moving to breakeven. I just consider it a waste of time and money.

I originally thought, like most, that breakeven was a great way to protect my downside - the "risk free" trade. My experience with it was that all it did was bleed my account away.

If someone has a great record moving to BE then I am all for it but I find that most people don't. They keep using it because it feels good as an emotional crutch but it almost always doesn't help their bottom line.

If there is one quote I have heard more than any other...
Tom atleast its fortunate for us mere mortals that people as yourself are around to let us know to stay away from BE. If not i would still be trading your old methods from the PB thread way back
  • #824
  • Jun 24, 2011 4:14pm Jun 24, 2011 4:14pm
Tom, the 114.84 level on the EJ looked pretty good yesterday and had the rounded retest. However you advised against it can you please go over your thought process for this trade, if u would hav entered it and on what conditions? Thanks.
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  • #825
  • Edited 10:10am Jun 25, 2011 9:55am | Edited 10:10am
3 rounded retest on swissie which all worked on initial retest

edit: forgot to mention the spf, price tested current lows and closed above, acc to rules next day shld be bullish
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Simplicity is the key to success
  • #826
  • Jun 25, 2011 10:19am Jun 25, 2011 10:19am
hope everyone's having a good wkend
still on chf pairs, watching these 2 for rounded retest plays
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Simplicity is the key to success
  • #827
  • Jun 26, 2011 3:01pm Jun 26, 2011 3:01pm
i am very interested in this post... because of the trading system that resolves around the supoort and resistance key level...
an intersting thread will be following now
  • #828
  • Edited 2:02am Jun 27, 2011 12:25am | Edited 2:02am
Short on GBPCAD with stop above 1.5820, thoughts??


Edit: Out of this trade at -15 at London open, wasn't looking right for a short.
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  • #829
  • Jun 27, 2011 3:34am Jun 27, 2011 3:34am
I really like this thread, started reading it yesterday and will try to join with some charts soon too, would like to see if I get things correct
  • #830
  • Edited 3:57am Jun 27, 2011 3:45am | Edited 3:57am
I'm actually focused on gbpusd 1,5910 level this morning. Hope I'm getting the rules right and i can expect nice bounce off it. Please correct me if you see something I'm missing.
Thanks
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  • #831
  • Jun 27, 2011 7:03am Jun 27, 2011 7:03am
Quoting fxpink
I'm actually focused on gbpusd 1,5910 level this morning. Hope I'm getting the rules right and i can expect nice bounce off it. Please correct me if you see something I'm missing.
Thanks
I wouldnt look to be going long for to long, the sentiment looks the inverse as it looks like there was a head and shoulders formed prior. So look for the shorts here! :-)

Not saying nothing can be made on the longs here if you know what i mean! ;-)
  • #832
  • Jun 27, 2011 12:35pm Jun 27, 2011 12:35pm
Is it valid SPF? AUD/CHF Daily
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Anything can happen - You never know
  • #833
  • Jun 28, 2011 2:20am Jun 28, 2011 2:20am
Quoting simplebeans
I wouldnt look to be going long for to long, the sentiment looks the inverse as it looks like there was a head and shoulders formed prior. So look for the shorts here! :-)

Not saying nothing can be made on the longs here if you know what i mean! ;-)
There is SFP on Cable.
  • #834
  • Jun 28, 2011 9:19am Jun 28, 2011 9:19am
Tom i noticed that over the course of a few weeks levels sometimes become undefined and washed etc etc. How often do you suggest in terms of time rubbing all the levels off your charts and starting again?
  • #835
  • Jun 28, 2011 9:41am Jun 28, 2011 9:41am
Quoting the_wizard
There is SFP on Cable.
This has worked great. Part of the reason I didn't like the short side, simplebeans.
  • #836
  • Jun 28, 2011 9:27pm Jun 28, 2011 9:27pm
Guys we currently have a skype group with like-minded traders who trade levels and PA according to Tom's teachings. If you are an active trader, are online during Euro-NY sessions and would like to join please let us know.

Tom I wanted to ask for your permission, we are trying to start a blog/thread with daily chart/level analysis and things to watch type stuff. We wanted to know if you'd be ok with that. Either we can start a separate thread on FF or a blogpost.com site.

Thanks.
  • #837
  • Jun 29, 2011 3:03am Jun 29, 2011 3:03am
Quoting the_wizard
This has worked great. Part of the reason I didn't like the short side, simplebeans.
Hey Tom...

there was an SPF also on USDCAD 2 days ago...worked perfectly...
Market is like a puzzle, YOU have to fit the pieces!!
  • #838
  • Jun 29, 2011 5:01am Jun 29, 2011 5:01am
Quoting the_wizard
This has worked great. Part of the reason I didn't like the short side, simplebeans.
Tom you were right! I couldnt pin point the swing pattern failure on the chart can you post it up please?

I was only talking about the sentiment in the long run however your view certainly showed its colours on cable dude.
  • #839
  • Jun 29, 2011 7:34am Jun 29, 2011 7:34am
I see BARC is coming back for a weekly butt kiss
  • #840
  • Jun 29, 2011 7:44am Jun 29, 2011 7:44am
hi everyone, I am glad that I have found this thread. I started trading BRV style and this is very similar.
By the way nice rounded retest in progress on some CHF pairs after spider formation. EUR/CHF is the most promising in my opinion.http://www.forexfactory.com/images/icons/icon7.gif
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