Fail Better

Trade #1 : GBP/USD (cont).

Trade entry : I entered this short at 1.6284 (red marker) on the retracement of the BEOB as we came into previous support (green line).

Throughout the morning we went nowhere and then we broke lower taking me about 60 pips onside. However, at this point price came all the way back and created the swing failure (marked with the blue arrow).

At this point, I decided I was wrong on my short and scratched the trade and immediately began looking for a long entry.

Trade #2 :GBP/USD

Trade idea : Swing failure after the second attempt to actually break the lows at 1.6262 makes me think we are going to rally and punish the shorts.

Trade entry : As soon as the candle had finished printing and had created the SFP, I bid back at the support and got filled long at the blue marker.

This was similar to the last trade in that I got about 50 pips onside but price came back overnight and feeling that I can't actually get a hold on what it is doing at this level, I took just a few pips marginally ahead of my entry (see red marker).

You will note that I almost puke the low here and because of this, Cable is not on my radar for the next few days. I don't chase the market. When it has confounded my expectations and I can't get a handle on it, I move on.

There wasn't a shortage of opportunities the last time I looked :-)

Trade #3 : AUD/USD

Trade Idea : Nice and simple. Sell the rally into the hugely formidable level at 1.0789


Continued...

Trade # 3 AUD/USD (cont)

Trade entry : I entered a limit sell at the level and price didn't quite reach it so I watched the price action carefully and noticed the H1 pin which was forming just ahead of it. As soon as I saw that forming I sold 1.0765 at market with the intention of establishing an initial position. Then I continued to watch closely.

Two hours later, price came up for another go at the level and once again failed. I then entered in a stop sell beneath the initial H1 pin to bring me up to full size.

Trade exit was down at the blue marker as price accelerated into a previous low for +66 pips. I had an eye on the S&P with this one and that was also trading down into a significant D1 level which influenced my decision to exit the Aussie here.

Remember your correlations!

Every big FX trader I know watches the S&P like a hawk!

Trade #4 : USD/JPY

Trade idea : Step infront of intervention (which rarely works - especially if it is not co-ordinated) at the best level on the way up.

(I will tell you in the webinar why this was the best level and it has nothing to do with the number of touches)

Continued...

Trade #4 USD/JPY (cont)

Trade entry : Sold 79.98 with a limit order. Pity anyone that tried to sell the BRN at 80.00 because the high with almost all brokers was 79.99.

This was a very quick trade which I was out of on the next hour. I exited for +51 as we came off the H1 high marked on the chart with the red arrow.

Trade #5 : USD/JPY

Trade Idea : Try and buy the pullback. But we are only looking for a small bounce because we are expecting this whole up move to be undone - look back at previous intervention attempts...

Trade Entry : Bought this with a limit order at the former resistance and 38 fib confluence. Exited at the FTA for +27.

I also had a few 20/20 plays which worked pretty well.

I will go over these in more detail and a lot more besides in the webinar tomorrow.

See you then :-)

I would have had it all off by 1.56. Unfortunately, my limit was missed by a few points.

Please do include me in this list...I'm sad I missed the webinar on drawing s&r levels you did not long ago, I wish you can touch on it soon again...I will be in my first webinar session today!!! Can't wait for it to start!!!

Thank you so so much!!!

i was in the webinar then got closed out!!! now i cant get in!!!

me too ......

Same here

I still can't get in.

Says - Wrong session number or Sesion has not started yet..

'No such meeting. Please confirm the ID with the meeting organizer.'

this is the error I get all the time...

looks like we've crashed again!!

Yep me too...... bummer.
Was looking forward to this one.

I'll be all ears for your tweets next week Tom, thanks for your effort in all this, much appreciated.

Not able to get in with the new session id also..

Tom thank you so so much for today's webinar..was awesome!!!. If I have questions on things taught there can I ask here or mail them to you?

Got locked out of the webinar 40 mins into it...could someone do a recap or

at least mention the 20/20 trades

Thanks,

Bill