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Fail Better

  • #941
  • Jul 14, 2011 6:20am Jul 14, 2011 6:20am
Some great questions over the last few days. I've not disappeared. I was ill for a few days and now I'm back to my desk and it's all eyes (hands on deck) to try and make a comeback after the gap failed this week which is the only thing I have done so far!!

High probability plays to look out for in my opinion are:

USD/JPY short at 0.7997

EUR/JPY short at 113.51

SILVER Long at 36.89

AUD/USD : Eyeing up a break of 1.0787 with (of course) the rounded retest for a long position

I'll get those questions answered in the webinar. If you can't make it, let me know and I will post a reply in this thread. Love Miko1's question particularly.
  • #942
  • Jul 14, 2011 6:52am Jul 14, 2011 6:52am
Quoting the_wizard
Some great questions over the last few days. I've not disappeared. I was ill for a few days and now I'm back to my desk and it's all eyes (hands on deck) to try and make a comeback after the gap failed this week which is the only thing I have done so far!!

High probability plays to look out for in my opinion are:

USD/JPY short at 0.7997

EUR/JPY short at 113.51

SILVER Long at 36.89

AUD/USD : Eyeing up a break of 1.0787 with (of course) the rounded retest for a long position

I'll get those questions answered in the webinar. If you can't...
Tom all these levels are pretty amazing especially the EUR/JPY and UR/JPY one im watching that one like a hawk! I didnt even have these currencies on in my postfolio. I have now! :-)
  • #943
  • Jul 14, 2011 8:27am Jul 14, 2011 8:27am
Quoting simplebeans
Tom all these levels are pretty amazing especially the EUR/JPY and UR/JPY one im watching that one like a hawk! I didnt even have these currencies on in my postfolio. I have now! :-)
Look also at AUDNZD 1.2800

1.3196 on this pair gave me nice profit in April. It was after the first webinar
  • #944
  • Jul 14, 2011 12:59pm Jul 14, 2011 12:59pm
http://screencast.com/t/mfrhcrRxmbn another one

USDCHF


Just look at this

http://screencast.com/t/cKPqjb4Pm beautiful
  • #945
  • Jul 15, 2011 2:03am Jul 15, 2011 2:03am
Quoting the_wizard
High probability plays to look out for in my opinion are:

USD/JPY short at 0.7997

EUR/JPY short at 113.51

SILVER Long at 36.89

AUD/USD : Eyeing up a break of 1.0787 with (of course) the rounded retest for a long position
Hi Tom,

Are these levels at the mean? For example, the level I have for USDJPY is at 79.68. And my level for EURJPY is at 113.76.

Maybe the mean level is something for a future webinar as well!?
  • #946
  • Jul 15, 2011 2:42am Jul 15, 2011 2:42am
Quoting Gt3rs
Hi Tom,
Are these levels at the mean? For example, the level I have for USDJPY is at 79.68.
For the USDJPY, I am thinking that maybe Tom is just wanting to enter a few pips before the BRN 80.
“Make everything as simple as possible, but no simpler.” – Albert Einstein
  • #947
  • Jul 15, 2011 2:51am Jul 15, 2011 2:51am
Quoting gc7
For the USDJPY, I am thinking that maybe Tom is just wanting to enter a few pips before the BRN 80.
Cheers dude, but if that IS the case, it will only be because the figure is also the level..............
  • #948
  • Jul 15, 2011 3:13am Jul 15, 2011 3:13am
AUDCHF 0.8678 and a round retest from below

Have a nice weekend
kpt
  • #949
  • Jul 15, 2011 8:25am Jul 15, 2011 8:25am
nz/us, .8382
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PATIENCE... DISCIPLINE
  • #950
  • Jul 15, 2011 12:51pm Jul 15, 2011 12:51pm
I didn't take these two ....worked well....i had a few reasons to stay on the bench....just looking to get your view....if you could be so kind...or maybe you could discuss them in the next webinar

In appreciation,

Bill
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  • #951
  • Jul 15, 2011 9:17pm Jul 15, 2011 9:17pm
I shorted EURCAD at support y'day and closed today at 1.35.
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  • #952
  • Jul 16, 2011 7:59am Jul 16, 2011 7:59am
Quoting g_j_hook@yah
nz/us, .8382
Hi Jon, was that nzdusd a touch trade on the 1H? I assume a strong PPZ and trendline for confluence (like the chart you posted) validated an entry?

I'm basing this on Tom's rounded retest theory.

Thanks Tomek

Edit: As always, beautiful charts.
  • #953
  • Jul 16, 2011 1:43pm Jul 16, 2011 1:43pm
Quoting Gt3rs
Cheers dude, but if that IS the case, it will only be because the figure is also the level..............
Also keep this in mind.....
These areas are that.. they are areas or zones.. dont get held up on a specific number.. This is why new traders trying this get frustrated when they miss an entry. Its a zone... sure sometimes you will nail it to the pip... but other times you need to be looking at a 50 -100pip zone depending on the pair..
Yes you will get better with practise.. & yes then you will stay away from the more wider zones then the easier to see narower zones...
It does get easier with time. I promise.....
Check the arrows on the chart...
The bounce could be anywhere between them. but if your not a day trader & are not watching your screen all the time then where do you enter??? well its where ever you want... just use MM to determine your risk & be happy.. Its still a good probability trade depending on your time frame.
The zone to me is anywhere between 79.80-80.00
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  • #954
  • Jul 16, 2011 3:17pm Jul 16, 2011 3:17pm
Rustyjeff, what in the case if you miss the entry by couple of pips(e.g your limit order is at 79,90 and price goes just to 80) and trade goes in your direction. Will u take thre trade at the same zone, if price comes back ?
  • #955
  • Jul 16, 2011 3:20pm Jul 16, 2011 3:20pm
Is there a Skype group available for members in this thread ?
Hmmm just to bounce ideas

Looking forward to the webinar tomorrow if it happens .

It will be first webinar hoping to add some knowledge to my tool box
  • #956
  • Jul 16, 2011 3:47pm Jul 16, 2011 3:47pm
Quoting alter
Rustyjeff, what in the case if you miss the entry by couple of pips(e.g your limit order is at 79,90 and price goes just to 80) and trade goes in your direction. Will u take thre trade at the same zone, if price comes back ?
I'm not sure I understand your question. If I have a limit sell @ 7990 & price passes that higher to 80 then I got filled @ 7990 assuming it will now fall below then I am happy

If you mean price comes from below up to meet my limit sell order @ 7990 & price then falls @ 7988 to a new low then tough.... you missed it...
As I said, if you sant be in front of the monitor to see price move then dont worry about it. Just set your trades & walk away. I know it will be frustrating for a few years but thats what will happen.. Just being honest..
So yes, you just need to let it go... watch it fly away without you.. BUT Know this.... you know know that youy can do this & another trade will come by any momemnt now.. so then stake your house on it......
NO Just kidding, but thats how many do it.. Keep you MM rules right & just take the next trade... EASY.....
  • #957
  • Jul 17, 2011 4:03am Jul 17, 2011 4:03am
Quoting 5.25
Hi Jon, was that nzdusd a touch trade on the 1H? I assume a strong PPZ and trendline for confluence (like the chart you posted) validated an entry?

I'm basing this on Tom's rounded retest theory.

Thanks Tomek

Edit: As always, beautiful charts.
hey 5.25, yeah exactly, i missed it :/ but thought i would post it as it was a very nice clear level, the trade worked out nicely but doesnt look like we will get a RR from below just yet....


cheers


jon
PATIENCE... DISCIPLINE
  • #958
  • Jul 17, 2011 4:46am Jul 17, 2011 4:46am
aud/cad...
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PATIENCE... DISCIPLINE
  • #959
  • Jul 17, 2011 5:26am Jul 17, 2011 5:26am
Hi Traders,

The webinar will be taking place tonight at 18:00 BST. I've chosen a handful of questions from the thread over the last few weeks and have also had a few requests via email for topics to discuss which include: where to draw levels, how to determine targets for trades and the information to include in a trading record. So we have a lot to go through!

See you all this evening :-)
  • #960
  • Jul 17, 2011 8:10am Jul 17, 2011 8:10am
I am looking forward to it

in the mean time I am going looking at "charts that matter next week " by goldman sachs http://www.scribd.com/doc/60119238/C...at-Matter-7-15
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