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Fail Better

  • #1,101
  • Jul 27, 2011 3:01am Jul 27, 2011 3:01am
Quoting Baniu
Hi Tom ,

I second that question. You have mentioned during the last webinar, for instance, that unless price action moves straight down with very high volatility to 1.0784 on aud/usd, you will be buying this level.

Is there any other specific PA , you don't like to see before setting limit order?

I know that it is a bit off topic but , for example, from VSA (volume spread analysis) perspective generally it would be good to see on retest either
1. extremely high volume (buying -selling climax, shakeout action )- bars are usually wide
or
2....
Hi Chris,

I do not look at volume at all. I will go through what I don't like to see in the webinar.

Tom
  • #1,102
  • Jul 27, 2011 3:02am Jul 27, 2011 3:02am
Quoting gc7
Hey Tom,
I see that you do not usually take a TT off s/r immediately after price has broken through (a.k.a. the butt kiss), but play the rounded retest. What are your reasons for skipping the butt kiss?

Grant
I have found it doesn't work as effectively.
  • #1,103
  • Jul 27, 2011 3:04am Jul 27, 2011 3:04am
Quoting cprao
Ok. Got it.

Interesting, now the spider could also become a retracement trade (buy at resistance) when the price finally broke through that level.
I use the spider to

a) alert me NOT to sell a resistance level or NOT to buy a support level

b) try to get in long or short prior to the breakout if the resistance has had a large number of touches
  • #1,104
  • Jul 27, 2011 3:09am Jul 27, 2011 3:09am
Tom, thank you very much for reply!
  • #1,105
  • Edited 9:18am Jul 27, 2011 5:42am | Edited 9:18am
I'm going to buy eddie at 1.4439 for short-term trade; exit full position at FTA. Anyone else watching this level?

EDIT: Trade wasn't triggered at first test (missed by 1 pip) of this level, then price went up 20+ pips so I have
cancelled the order
Trade what you see, not what you expect. BE LIKE WATER MY FRIEND.
  • #1,106
  • Jul 27, 2011 6:44am Jul 27, 2011 6:44am
long @ 1.44253
Attached Image (click to enlarge)
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  • #1,107
  • Jul 27, 2011 6:58am Jul 27, 2011 6:58am
anyone watching 1.1011 for entry on rounded retest. it was broken pretty swiftly
  • #1,108
  • Jul 27, 2011 7:04am Jul 27, 2011 7:04am
I think it would have been a higher quality setup if it acted more than once as resistance.

Quoting kimoh
anyone watching 1.1011 for entry on rounded retest. it was broken pretty swiftly
  • #1,109
  • Jul 27, 2011 7:22am Jul 27, 2011 7:22am
Quoting artov
I think it would have been a higher quality setup if it acted more than once as resistance.
i guess problem with aussie making new highs everytime, not easy to place the levels IMHO
  • #1,110
  • Jul 27, 2011 7:38am Jul 27, 2011 7:38am
Quoting the_wizard
I use the spider to

a) alert me NOT to sell a resistance level or NOT to buy a support level

b) try to get in long or short prior to the breakout if the resistance has had a large number of touches
Thank You Tom.
  • #1,111
  • Jul 27, 2011 12:28pm Jul 27, 2011 12:28pm
End of the uptrend? If the day closes out with this tweezer / raildroad candlestick formation, it could very well be. It would help if the longs at 1.5xxx have already begun closing their positions.

Any thoughts?
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  • #1,112
  • Jul 27, 2011 10:27pm Jul 27, 2011 10:27pm
Quoting Adilius07
Yeah, I think that is exaclty what Tom and others look for: spider has broken to the uspide then price makes a rounded retest to that level, where they buy.

I hope I got it right.

EDIT: lol. exactly like in the previos chart you posted "first time back"
Spider formation ?

Bounced from 1.4 four times.. Each bounce is lower is than the previous..
Attached Image (click to enlarge)
Click to Enlarge Name: Daily-EURUSD-Spider Analysis-7-27-2011 8-17-24 PM.jpg Size: 82 KB
  • #1,113
  • Jul 28, 2011 4:26am Jul 28, 2011 4:26am
Quoting cprao
First time back . Buy at resistance ?
Too bad it didn't make it down to my entry.

Attached Image


pat
  • #1,114
  • Jul 28, 2011 4:51am Jul 28, 2011 4:51am
Quoting plund
Too bad it didn't make it down to my entry.

Attachment

pat
wonderful move.
  • #1,115
  • Jul 28, 2011 5:16am Jul 28, 2011 5:16am
Quoting the_wizard
I'd like to share the way I make money trading.

I'm a discretionary trader that primarily uses support and resistance to define my entries and exits.

Throughout this thread I will share the setups I trade, my thought processes and some insights into the behaviour of both the markets and the traders that operate in them.

Thank you to the Wizard whoever you are...

I am relatively new to trading (and I havent read the whole of your thread yet) but it has certainly helped me a great deal so far.

Thanks again.
  • #1,116
  • Jul 28, 2011 7:37am Jul 28, 2011 7:37am
Quoting plund
Too bad it didn't make it down to my entry.

Attachment

pat
Yes. I had my buy limit at 77.07 which was never triggerred.
  • #1,117
  • Jul 28, 2011 7:52am Jul 28, 2011 7:52am
Price is in the box.
Attached Image (click to enlarge)
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  • #1,118
  • Jul 28, 2011 10:51am Jul 28, 2011 10:51am
Quoting cprao
Price is in the box.
Anyone thinking of Darvas here? ;-)
  • #1,119
  • Jul 28, 2011 10:52am Jul 28, 2011 10:52am
Quoting traderman100
Thank you to the Wizard whoever you are...

I am relatively new to trading (and I havent read the whole of your thread yet) but it has certainly helped me a great deal so far.

Thanks again.
You are most welcome. Glad you are finding the material helpful.

Best of luck to you, dude.

BTW, I'm Tom. Pleased to meet you! :-)
  • #1,120
  • Jul 28, 2011 10:53am Jul 28, 2011 10:53am
Quoting plund
Too bad it didn't make it down to my entry.

Attachment

pat
Pat!! You've done it again!! Killer area. LOL

Keep 'em coming.
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