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  • #901
  • Jul 7, 2011 9:01am Jul 7, 2011 9:01am
CAD looking like it might form Swing Failure on daily................
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  • #902
  • Jul 8, 2011 1:04am Jul 8, 2011 1:04am
Quoting cprao
Thoughts ?
Fantastic setup but the greater zone of support and therefore the area to think about selling was down at 0.9670 in my opinion.
  • #903
  • Jul 8, 2011 1:06am Jul 8, 2011 1:06am
Quoting Gt3rs
EURUSD short anyone?

Be interested to hear Tom's input as to whether this level has been washed. My feeling is that no, it hasn't, because the area where it looks like it was washed was due to news about the Greek rescue package.

Tom?

:-)
Hi Gt3rs, I feel that the level has been washed way too much for me.
  • #904
  • Jul 8, 2011 1:20am Jul 8, 2011 1:20am
Quoting simplebeans
Tom any response on this post i made a little while ago?
I tend to update my W1 and D1 levels once each week but I never rub all my lines off.

I just go through the chart and update them, looking at the price action of the last week - seeing how it has reacted to the levels I have on the chart and whether new ones have been created by the price structure.

During the week - often in the evenings when I am looking at the market close and planning the next session activity I tend to look at the H1 levels. You might find one that needs to go in or one that has become redundant due to way too much washing. I often do this first thing in the morning too as I am looking at what price has done overnight...

It is also important to remember to prune levels on the H1 charts. As time goes by, you can get levels that are no longer relevant (in fact, they often disappear, moving off the top and bottom of the screen if price has made a sharp move in one direction)

So, to answer your question in short: It is a constant process throughout the trading week with a key session for the bigger levels every Sunday.
  • #905
  • Jul 8, 2011 3:02am Jul 8, 2011 3:02am
Hello wizard,

Did you get an e mail from me regards your webinar?
  • #906
  • Jul 8, 2011 3:24am Jul 8, 2011 3:24am
Quoting tradercnx
Hello wizard,

Did you get an e mail from me regards your webinar?
Sure did. I've put you down for it.
  • #907
  • Jul 8, 2011 3:43am Jul 8, 2011 3:43am
Quoting the_wizard
Hi Gt3rs, I feel that the level has been washed way too much for me.
Thanks Tom.

Appreciate the input!
  • #908
  • Jul 8, 2011 4:42am Jul 8, 2011 4:42am
Quoting the_wizard
Sure did. I've put you down for it.

Thanks, any idea when it will be held and what do I need to do to attend?
  • #909
  • Jul 8, 2011 4:54am Jul 8, 2011 4:54am
Quoting tradercnx
Thanks, any idea when it will be held and what do I need to do to attend?
General time: Sunday , 10 AM PST (Pacific Standard time) -
  • #910
  • Jul 8, 2011 6:21am Jul 8, 2011 6:21am
Quoting the_wizard
I tend to update my W1 and D1 levels once each week but I never rub all my lines off.

I just go through the chart and update them, looking at the price action of the last week - seeing how it has reacted to the levels I have on the chart and whether new ones have been created by the price structure.

During the week - often in the evenings when I am looking at the market close and planning the next session activity I tend to look at the H1 levels. You might find one that needs to go in or one that has become redundant due to way too much washing....
Thanks for that Tom, so when you say update them do you in any instances move already drawn lines up or down to accomodate the way price seems to be acting differently to a level? Or because you have drawn on a mean level this is the absolute position for the S/R line?

Adding S/R lines don't you find that you end up with too many of them over time?
  • #911
  • Jul 8, 2011 2:32pm Jul 8, 2011 2:32pm
Hi there Wizard

Some good support and resistance tips, put me down for the webinar can you PM me the link I can't PM anyone yet, I'm new here.
  • #912
  • Jul 9, 2011 1:03am Jul 9, 2011 1:03am
Quoting the_wizard
Sure did. I've put you down for it.
my email too? Thanks
  • #913
  • Jul 9, 2011 1:34am Jul 9, 2011 1:34am
What's this webinar that everyone's talking about and how do I get on it?
  • #914
  • Jul 9, 2011 11:19am Jul 9, 2011 11:19am
Yeah, I'd like to get in on the webinars, too. Please put me down. Let me know how I would send my e-mail address to you, the_wizard. Thanks.
  • #915
  • Jul 9, 2011 2:21pm Jul 9, 2011 2:21pm

hi wizz
what do you think about this level?
thnx
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  • #916
  • Jul 10, 2011 4:55am Jul 10, 2011 4:55am
waiting
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  • #917
  • Jul 10, 2011 5:13am Jul 10, 2011 5:13am
I'm watching this zone on eurgbp 1h - 0.8842 - 0.8853 for a bounce up. I think Fib levels are not widely used in this thread but I like the confluence between fibs and the S/R levels so I've put a pending buy at 0.8850

PS: Tom, I had the pleasure to take part in one of your webinars and I really like it. Thank you!
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  • #918
  • Jul 10, 2011 12:37pm Jul 10, 2011 12:37pm
Quoting the_wizard
Hi Gt3rs, I feel that the level has been washed way too much for me.
What you mean it was washed? The price bounced 20 pips below the level, does it mean it is not good level anymore?
  • #919
  • Jul 10, 2011 2:05pm Jul 10, 2011 2:05pm
Quoting the_wizard
Adilius,

RE: The swing pattern failure.

Here is an example of swing pattern failure that is bullish.

Price makes a swing low at the circled area on the chart.

Price then rallies away from this swing low.

It returns on the day marked by the blue arrow and breaks the swing low intraday but closes above it.

Once you see this, I have found it to be high probability that the next day will be a positive one. From time to time, this can also mark the beginning of a trend reversal.

This pattern would naturally be in reverse for bearish...

Hi Tom, thank you very much for the explanation! Makes perfect sense to me and I will be trying to see similar patterns in my trading. Thank you!
  • #920
  • Jul 10, 2011 2:18pm Jul 10, 2011 2:18pm
Quoting kptMisiu
Hey Tom,

I have backtested the SPF on EURUSD daily. Entry on Close. Stop 1 pip below/above the bars low/high. TP at 1R or 2R.

1R TP would give 69% winners
2R TP would give 31% winners

See the trades as per my subjective criteria attached. Maybe someone finds it helpful.

Thanks for the webinars. See you there...
kpt
This is awesome! Thank you!
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