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Fail Better

  • #1,161
  • Aug 1, 2011 2:38pm Aug 1, 2011 2:38pm
awesome level plund . What broker do you use for trading these instruments ?
  • #1,162
  • Aug 1, 2011 2:39pm Aug 1, 2011 2:39pm
Quoting trader8080
awesome level plund . What broker do you use for trading these instruments ?
Interactive brokers for stocks.

pat
  • #1,163
  • Aug 1, 2011 5:23pm Aug 1, 2011 5:23pm
I wanted to sell at 4437, but didn't pull the trigger as I wanted to see a stronger acceleration into that level.
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  • #1,164
  • Aug 1, 2011 7:36pm Aug 1, 2011 7:36pm
.
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  • #1,165
  • Aug 2, 2011 4:43am Aug 2, 2011 4:43am
Tom another question for you or anyone else on the RR's i understand we should look for some Space Time after the break but what sort of duration does it take in terms of days before you could say the setup was invalidated, lets say if you have been waiting for a level for 10 days and it just hasnt happened! At what point does it stop being the level you can play, if so.
  • #1,166
  • Aug 2, 2011 5:03am Aug 2, 2011 5:03am
Quoting simplebeans
Tom another question for you or anyone else on the RR's i understand we should look for some Space Time after the break but what sort of duration does it take in terms of days before you could say the setup was invalidated, lets say if you have been waiting for a level for 10 days and it just hasnt happened! At what point does it stop being the level you can play, if so.
It doesn't. If it is a formidable support or resistance on the D1 and it hasn't been tested from the other side, you simply wait until it is!

I've waited 7 - 8 weeks for a retest before, sometimes even longer.
  • #1,167
  • Edited 8:41am Aug 2, 2011 8:23am | Edited 8:41am
Quoting the_wizard
It doesn't. If it is a formidable support or resistance on the D1 and it hasn't been tested from the other side, you simply wait until it is!

I've waited 7 - 8 weeks for a retest before, sometimes even longer.
Thank you how about on the H1 do the same rules apply? I have been backtesting and seeing some levels being tested yonks after the initial break!

Also another question that just arose when you have a winner whats the best way to add to your position? Do you just open another order? Bearing in mind i am Spreadbetting!
  • #1,168
  • Aug 2, 2011 10:29am Aug 2, 2011 10:29am
Quoting simplebeans
Thank you how about on the H1 do the same rules apply? I have been backtesting and seeing some levels being tested yonks after the initial break!

Also another question that just arose when you have a winner whats the best way to add to your position? Do you just open another order? Bearing in mind i am Spreadbetting!
Yes, you just open another position.

But be very careful. Successful stacking is very hard.

Let's go over this in the next webinar.
  • #1,169
  • Aug 2, 2011 2:21pm Aug 2, 2011 2:21pm
Quoting the_wizard
Yes, you just open another position.

But be very careful. Successful stacking is very hard.

Let's go over this in the next webinar.
LOL thats why i asked i couldnt work it out myself even after having a general idea in my head about it. Ive been backtesting this week and last week, have got high strike rate and now was thinking how i could eat like a pig on the winners which would definitly ensure the growth of my account was sufficient enough to my own expectations.
  • #1,170
  • Aug 3, 2011 1:56am Aug 3, 2011 1:56am
Gold long
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  • #1,171
  • Aug 3, 2011 2:00am Aug 3, 2011 2:00am
Hi all,

I've been following this thread for about a couple of weeks and now and like what I'm reading! (Thank you Wizard/Tom). I've been 'playing' around with demo accounts for about 6 months now with limited success using MA crossovers etc. Written some EAs that blow up accounts trading MA crosses etc.

But I've found that this S/R stuff seems to work better (for me) but I'm still not very successful. Making the odd 50 pip days but generally between minus 50 and zero at the end of the week. Anyway this isn't biography

I also found the screencast on ATR very helpful - thank you again! (about N hundred posts ago).

I have a couple questions.
1. Could I please be apart of the audience for the next webinar?
2. Are there any "rules" (use the term loosely) for drawing S/R lines?
3. What books for S&R trading could you recommend?

Thank you,
9047
  • #1,172
  • Aug 3, 2011 3:08am Aug 3, 2011 3:08am
Quoting 9047
Hi all,

I've been following this thread for about a couple of weeks and now and like what I'm reading! (Thank you Wizard/Tom). I've been 'playing' around with demo accounts for about 6 months now with limited success using MA crossovers etc. Written some EAs that blow up accounts trading MA crosses etc.

But I've found that this S/R stuff seems to work better (for me) but I'm still not very successful. Making the odd 50 pip days but generally between minus 50 and zero at the end of the week. Anyway this isn't biography

I also found the...
Welcome aboard. Be interesting to see some of your trades - feel free to post them and I will give you feedback.

You are most certainly welcome in the webinar. Just drop me a pm / email if you can and I will add you to the list. If you can't pm as you are a new member, click on my twitter link and go to my website address which is listed at the top of the page and mail me through that...sorry if its a bit long winded....

I'm going to send out an email to the list about S/R soon.

Tom
  • #1,173
  • Aug 3, 2011 2:01pm Aug 3, 2011 2:01pm
Quoting plund
I'm in this. I like the falling volume as well.

Attachment

pat
Well, that was a loser.
  • #1,174
  • Aug 3, 2011 10:00pm Aug 3, 2011 10:00pm
Quoting plund
Well, that was a loser.
I guess it was due to fundamentals. The setup was very much technical.

On the same day, I took MDCA instead of DF since MDCA has a strong uptrend on weekly in relation to DF.

Regardless, it tanked yesteray but today there is a big PB.. I probably take this tomorrow.
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  • #1,175
  • Aug 3, 2011 10:07pm Aug 3, 2011 10:07pm
The BOJ is intervening right now. Tom, you mentioned in the thread that you did some study on interventions. Can you share the important findings on that subject? And do you pull back orders for the jpy pairs during/after an intervention or leave them as they are?
  • #1,176
  • Aug 3, 2011 11:12pm Aug 3, 2011 11:12pm
Hey Tom,
Would you consider the recent AUDUSD highs of 1.0784 as close enough to remove a 1.0789 order? I was thinking that even if price now goes to 1.0789, would it now be considered a third time back, and should not be taken as price came so close before?

Grant
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“Make everything as simple as possible, but no simpler.” – Albert Einstein
  • #1,177
  • Aug 4, 2011 1:45am Aug 4, 2011 1:45am
Quoting gc7
Hey Tom,
Would you consider the recent AUDUSD highs of 1.0784 as close enough to remove a 1.0789 order? I was thinking that even if price now goes to 1.0789, would it now be considered a third time back, and should not be taken as price came so close before?

Grant
I think you're right Grant. I was watching that level too, and I think it's "done" now.............. for a short at least!
  • #1,178
  • Aug 4, 2011 2:42am Aug 4, 2011 2:42am
Quoting artov
The BOJ is intervening right now. Tom, you mentioned in the thread that you did some study on interventions. Can you share the important findings on that subject? And do you pull back orders for the jpy pairs during/after an intervention or leave them as they are?
Artov it depends on the type of intervention. From what I have seen, it is rarely effective other than in the very short term.

Co-ordinated intervention like we saw in March in the Yen manges to reverse the trend for a little longer.

I'm offering 79.97 in the USD/JPY.
  • #1,179
  • Aug 4, 2011 2:43am Aug 4, 2011 2:43am
Quoting gc7
Hey Tom,
Would you consider the recent AUDUSD highs of 1.0784 as close enough to remove a 1.0789 order? I was thinking that even if price now goes to 1.0789, would it now be considered a third time back, and should not be taken as price came so close before?

Grant
Yes, that was too close and I would now remove the order.
  • #1,180
  • Edited 3:12am Aug 4, 2011 3:07am | Edited 3:12am
We could be seeing a continuation.... watch and wait to enter shorts on strong surges below below 1.06480? (thoughts?)

I did manage to get the two previous swings. First time I've made over 100 pips in a day. Using PA I am becoming consistent on a week-to-week basis.
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