Fail Better | Page 47 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

A better Editor for mql is available. 100x better than MetaEditor 20 replies

Broker needs to do better, much better 4 replies

Better momentum and better Sine wave indicator 0 replies

Mathematical reasons why MOST DayTraders & scalpers fail? 197 replies

Is Better still better? 1 reply

Attachments: Fail Better
Exit Attachments

Fail Better

  • #921
  • Jul 11, 2011 7:01am Jul 11, 2011 7:01am
Quoting fxpink
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!

Apparently wasn't a good level - got stopped
  • #922
  • Jul 11, 2011 1:14pm Jul 11, 2011 1:14pm
So today I was just observing the 1317.30 level. Clearly there was some reaction on the level in the past. But Tom has noted that we should watch how significant that reaction in the past was. As you can see there were minor reactions which might have contributed that today price went through it easily, despite being a rounded retest. Just one of those small things which might save you from a loss.
Attached Image (click to enlarge)
Click to Enlarge Name: emini.png Size: 39 KB
  • #923
  • Jul 12, 2011 4:13am Jul 12, 2011 4:13am
Quoting artov
So today I was just observing the 1317.30 level. Clearly there was some reaction on the level in the past. But Tom has noted that we should watch how significant that reaction in the past was. As you can see there were minor reactions which might have contributed that today price went through it easily, despite being a rounded retest. Just one of those small things which might save you from a loss.
Was it only previously resistance ONLY before it broke through dude? Or a S/R pivot level as such?
  • #924
  • Jul 12, 2011 5:07am Jul 12, 2011 5:07am
Hi Tom,
Hope your internet woes are resolved lol

Had a question about backtesting.
How do you do it and also how does one hone a system out of all the different setups that are avalable?
Do you use a specific program or simply excel?
Also, can I pm you or something?

Cheers

Pf
Searching for a cure...:nerd:
  • #925
  • Jul 12, 2011 7:17am Jul 12, 2011 7:17am
Just wanted to say thanks Tom for your instruction!






sorry posted two of the same charts---oops
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.gif Size: 18 KB
Click to Enlarge Name: 1a.gif Size: 18 KB
  • #926
  • Jul 12, 2011 7:45am Jul 12, 2011 7:45am
Zoom out on your chart and you'll see

Quoting simplebeans
Was it only previously resistance ONLY before it broke through dude? Or a S/R pivot level as such?
  • #927
  • Jul 12, 2011 8:26am Jul 12, 2011 8:26am
not to shabby ----huh ------i missed it
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 27 KB
  • #928
  • Jul 12, 2011 8:32am Jul 12, 2011 8:32am
missed another...asleep at the wheel
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 23 KB
  • #929
  • Edited 6:15am Jul 13, 2011 5:39am | Edited 6:15am
I was studying SFP setup.
Looks very good!!! even for stocks on the Daily charts!
Not yet sure if I understand everything correctly, but this is what I am looking for:

1. Significant swing high or low
2. The SFP Bar must peirce through the level and close back (leaving a tail)
3. Put order above that bar.
4. Sl is behind the bar.
5. TP is always a problem for me, but looks like it could be 1:1 easily...

Any suggestions please on how to improve this? Looks to me that I can trade just this as a stand alone method. Why not?

Here is the chart


EDIT: Also do you think that could also work for Weekly charts? If so I got me a super strong weapon now Should study this backtest a lot...but looks really promising for now!
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-07-13_163448.jpg Size: 123 KB
  • #930
  • Jul 13, 2011 6:03am Jul 13, 2011 6:03am
I may need to start from the beginning, I am a little behind, but searching this thread, or going through Wiz's post don't really explain what is a Rounded Retest but seems as everyone here know what is it!

I first thought it was a test to the round number, but no...

Can someplease point me to the post explaining it?
Thank you very much in advance!!!

Adi
  • #931
  • Jul 13, 2011 6:30am Jul 13, 2011 6:30am
Here is one example of rounded retest of a great level.

Attached Image (click to enlarge)
Click to Enlarge Name: axp.gif Size: 25 KB


pat
  • #932
  • Jul 13, 2011 6:35am Jul 13, 2011 6:35am
Quoting plund
Here is one example of rounded retest of a great level.

Attachment

pat
Hi Pat, oh that's all? Price must be coming back from a significant distance in a rounded way. That's all?
Thank you very much!
  • #933
  • Jul 13, 2011 6:38am Jul 13, 2011 6:38am
If you're looking to buy, then price should not have acted previously as support.

If you're looking to sell, then price should not have acted previously as resistance.

Quoting Adilius07
Hi Pat, oh that's all? Price must be coming back from a significant distance in a rounded way. That's all?
  • #934
  • Jul 13, 2011 6:40am Jul 13, 2011 6:40am
Quoting artov
If you're looking to buy, then price should not have acted previously as support.

If you're looking to sell, then price should not have acted previously as resistance.
So is like FIRST rounded retest right? Because on that chart right after the breakout this level already acted as support for a few bars...
  • #935
  • Jul 13, 2011 6:43am Jul 13, 2011 6:43am
Thanks Pat and Artov, I think it's clear now.
Still very scary just to put a touch trade order on the level. But good to know about possible bounce off those levels! So I learned a good lesson, thank you!
  • #936
  • Jul 13, 2011 6:48am Jul 13, 2011 6:48am
Quoting Adilius07
Thanks Pat and Artov, I think it's clear now.
Still very scary just to put a touch trade order on the level. But good to know about possible bounce off those levels! So I learned a good lesson, thank you!
I would say it is likely that price will bounce if you find a really good level. If you combine the good level with an overextended ATR I have found it to be very likely it will bounce. It gives you a good r:r as well.

pat
  • #937
  • Jul 13, 2011 11:22am Jul 13, 2011 11:22am
Hello Wizzard,

I have a question I have been giving some thought and encountered that a lot of beginners are struggling with that.

In the morning I make the tradeplans and set up the scenarios for the upcoming day. Then I set an alarm and wait if price comes closer to my levels.

What do you do in the meantime or what can beginners do in the meantime to sharpen their skills.

Comparing it to the athletes it is easy to see. The swimmers swim, the Boxers work on their power or endurance, the pro Golfers work on their swing but what do the Traders do?

I would love to hear your opion on that topic and your advice for people new to forex or new to the way of naked trading.

Regards
Mik
  • #938
  • Jul 14, 2011 1:54am Jul 14, 2011 1:54am
When is the next webinar? I have read some of the thread, I find it's working around support and resistance points like James16, am I right here?
  • #939
  • Jul 14, 2011 3:55am Jul 14, 2011 3:55am
Quoting Adilius07
I was studying SFP setup.
Looks very good!!! even for stocks on the Daily charts!
Not yet sure if I understand everything correctly, but this is what I am looking for:

1. Significant swing high or low
2. The SFP Bar must peirce through the level and close back (leaving a tail)
3. Put order above that bar.
4. Sl is behind the bar.
5. TP is always a problem for me, but looks like it could be 1:1 easily...

Any suggestions please on how to improve this? Looks to me that I can trade just this as a stand alone method. Why not?

Here is the chart


EDIT:...
That looks about right dude, in some cases look for a bit more tail on the second swing candlestick, and as far as im aware Tom only uses this pattern for market bias as opposed to actual set up/entry so in this case with the chart you posted it would be a bearish sentiment. Hope that makes sense :-)
  • #940
  • Jul 14, 2011 5:48am Jul 14, 2011 5:48am
Quoting the_wizard
LOL, go Osman! Faking the breakouts like a pro ;-)

Osman and Wiz any chance we can go into these setup's at some point, i see Osman had the intention of getting filled on this setup. Tom do is this another pattern you look to play or only for bias? And whats points do you consider when trying to recognise them? I just seen one play through on the EUR/USD and i remember the post Osman made some time back!
0 traders viewing now