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Fail Better

  • #1,401
  • Aug 16, 2011 2:29pm Aug 16, 2011 2:29pm
Quoting kptMisiu
Pex, have you caught the gbpusd long?
no, I wasn`t at home....
  • #1,402
  • Aug 16, 2011 2:36pm Aug 16, 2011 2:36pm
Sure I don't have to tell anyone I'm going to be hammering Cable long at 1.6467 on a rounded retest.
  • #1,403
  • Aug 16, 2011 3:18pm Aug 16, 2011 3:18pm
.
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  • #1,404
  • Aug 16, 2011 3:29pm Aug 16, 2011 3:29pm
tom, zebra?
thanx
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  • #1,405
  • Aug 16, 2011 3:37pm Aug 16, 2011 3:37pm
Hi The wizard, Everybody,

I read about 90 posts but was just wondering if there's a summary of this strategy? I think and assume most of it is summarized and mentioned on the first page. Right? I'm also asking as there are some reference to abbreviations which I'm not sure of and would assume is based on info that was shared on previous webinars. Hope I don't ask something obvious but was just wondering.

If it's a matter of just reading the whole thread please let me know.

Thanks!
  • #1,406
  • Aug 16, 2011 3:42pm Aug 16, 2011 3:42pm
Quoting Alush
If it's a matter of just reading the whole thread please let me know.

Thanks!
I'm saying nothing!!! Welcome to the thread!
  • #1,407
  • Edited Aug 17, 2011 3:18am Aug 16, 2011 3:51pm | Edited Aug 17, 2011 3:18am
Quoting the_wizard
Sure I don't have to tell anyone I'm going to be hammering Cable long at 1.6467 on a rounded retest.
Tom, I'm sorry I don't understand...is the post a mistake? Can you please shed a little light on the above post as I can't see the set up on my chart.
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  • #1,408
  • Aug 16, 2011 4:04pm Aug 16, 2011 4:04pm
Quoting Alush
Hi The wizard, Everybody,

I read about 90 posts but was just wondering if there's a summary of this strategy? I think and assume most of it is summarized and mentioned on the first page. Right? I'm also asking as there are some reference to abbreviations which I'm not sure of and would assume is based on info that was shared on previous webinars. Hope I don't ask something obvious but was just wondering.

If it's a matter of just reading the whole thread please let me know.

Thanks!
I hope Tom doesn't mind me jumping in here. You've probably picked up the basics already, which are pretty simple:

- Find strong areas of S/R (PPZs) on D1 chart with multiple touches; position S/R lines in between intersecting highs/lows; work from right to left and favour recent action over older action. You can also use fibs for extra confluence when considering trading those levels
- Wait for price to break your S/R line and move away from the S/R line to form a rounded retest on the H1 chart ideally in an arc thereby creating space between the breakout point and the retest (temporal space) and space for your trade to run (price space)
- Watch price move into the S/R level: you want a sharp acceleration into the level. Tom also watches the 20 day ATR and likes to see price extended at the end of its ATR for that day. You want to consider passing on the trade if price consolidates close to your level or if price bounces just before your level
- Enter at the S/R level with stop behind the H1 breakout/thrust bar -- I also like to use a swing point or S/R level to hide my stop behind
- TP at the FTA or 50% off at FTA then all out at second trouble area
- Use D1 PA, including SFP, to give you a bias for the next day - if Tom has a bias then he will consider scaling out of the trade 50% @ FTA and 50% @ second trouble area. If not, then he's all out at the FTA
- Price's reaction to news items: if good news comes out but your trade doesn't react positively then consider bailing. Vice-versa for bad news

KEY POINT: TRADE THE FIRST TIME BACK ONLY i.e. only take long trades when your S/R level was support last and only take short trades when the level was resistance last.

Hope this helps! But this in in no way a substitute for reading the thread and studying the charts of course.

Cheers
Simon
  • #1,409
  • Aug 16, 2011 4:08pm Aug 16, 2011 4:08pm
Quoting jeffokes
Tom, I'm sorry I understand...is the post a mistake? Can you please shed a little light on the above post as I can't see the set up on my chart.
The setup's not there yet. This is a strong level of resistance. Tom's waiting for the breakout and rounded retest of that level to go long.

Simon
  • #1,410
  • Aug 16, 2011 4:18pm Aug 16, 2011 4:18pm
Quoting jeffokes
Tom, I'm sorry I understand...is the post a mistake? Can you please shed a little light on the above post as I can't see the set up on my chart.
D1, dude.
  • #1,411
  • Aug 16, 2011 4:21pm Aug 16, 2011 4:21pm
Quoting AnimalHungry
I hope Tom doesn't mind me jumping in here. You've probably picked up the basics already, which are pretty simple:

- Find strong areas of S/R (PPZs) on D1 chart with multiple touches; position S/R lines in between intersecting highs/lows; work from right to left and favour recent action over older action. You can also use fibs for extra confluence when considering trading those levels
- Wait for price to break your S/R line and move away from the S/R line to form a rounded retest on the H1 chart ideally in an arc thereby creating space between...
Nothing like summarising 11 years of hard work in a few lines - LOL
  • #1,412
  • Aug 16, 2011 4:34pm Aug 16, 2011 4:34pm
Excellent, thanks Simon!
  • #1,413
  • Aug 16, 2011 4:52pm Aug 16, 2011 4:52pm
Quoting the_wizard
Nothing like summarising 11 years of hard work in a few lines - LOL
That is true. But you know and I know that you can give people a trading method/system and only the ones who can trade will actually make any money. Like you said in the last webinar, most of us know what a good trade is so why do we take bad trades? Until a trader stops taking shitty trades it'll be hard to grow an account. I swear that some people just like to take the shitty trades just to be in the market. I don't mind that though because we get to take their money

Simon
  • #1,414
  • Aug 16, 2011 6:53pm Aug 16, 2011 6:53pm
Quoting AnimalHungry
I hope Tom doesn't mind me jumping in here. You've probably picked up the basics already, which are pretty simple:

- Find strong areas of S/R (PPZs) on D1 chart with multiple touches; position S/R lines in between intersecting highs/lows; work from right to left and favour recent action over older action. You can also use fibs for extra confluence when considering trading those levels
- Wait for price to break your S/R line and move away from the S/R line to form a rounded retest on the H1 chart ideally in an arc thereby creating space between...
Hi Simon,
Great post but here :
KEY POINT: TRADE THE FIRST TIME BACK ONLY i.e. only take long trades when your S/R level was no support but RESISTANCE last and only take short trades when the level was no resistance but SUPPORT last.
Well that's how I understand and I trade Tom's way.
PS:
If I did mistake I apologize in advance and will deleted this post.
KM
  • #1,415
  • Aug 16, 2011 7:01pm Aug 16, 2011 7:01pm
ahh edited because my bold lines did not show up.....basically here are points one and two....and point three is what it looks like krav brought up as well

1- Wait for price to break your S/R line and move away from the S/R line to form a rounded retest on the H1 chart ideally in an arc thereby creating space between the breakout point and the retest (temporal space) and space for your trade to run (price space)
2- Watch price move into the S/R level: you want a sharp acceleration into the level. Tom also watches the 20 day ATR and likes to see price extended at the end of its ATR for that day. You want to consider passing on the trade if price consolidates close to your level or if price bounces just before your level

I'm sorry just a little confused on the lines I made bold. I have been a silent reader here and very appreciative of all Toms work here, as well as everyones chart/written contributions are truly gold nuggets here too. I'm a little confused by the bold points...

1st one and second one, I take it these are two different types of trades right?

I think I get the third one to mean don't try and sell a break of s/r if its been support buy if res sell?

Keep up the good work!
  • #1,416
  • Aug 16, 2011 7:11pm Aug 16, 2011 7:11pm
Quoting inks2002
ahh edited because my bold lines did not show up.....basically here are points one and two....and point three is what it looks like krav brought up as well

1- Wait for price to break your S/R line and move away from the S/R line to form a rounded retest on the H1 chart ideally in an arc thereby creating space between the breakout point and the retest (temporal space) and space for your trade to run (price space)
2- Watch price move into the S/R level: you want a sharp acceleration into the level. Tom also watches the 20 day ATR and likes...
Hi,
Nope, You should buy resistance and sell support.
KM
  • #1,417
  • Aug 16, 2011 7:11pm Aug 16, 2011 7:11pm
Quoting MidKnight
Quoting the_wizard
I have attached a chart - if there is anyone that has attended the webinars or read the thread and does not immediately know from looking at this chart why 96.32 was the best level to buy out of all those significant s/r pivots marked, you have missed something VERY, VERY important.
Hi wiz,

I have read the thread from the start but not attended the webinars due to my timezone and I cannot see why you would omit the daily level at 97.74 to instead take 96.32. Maybe you could elaborate for me

With kind regards,
MK
Does anyone know?
  • #1,418
  • Aug 16, 2011 7:14pm Aug 16, 2011 7:14pm
Quoting kravmaga39
Hi,
Nope, You should buy resistance and sell support.
KM
you mean sell what used to be support, and buy what used to be resistance right?
  • #1,419
  • Aug 16, 2011 7:17pm Aug 16, 2011 7:17pm
Quoting inks2002
ahh edited because my bold lines did not show up.....basically here are points one and two....and point three is what it looks like krav brought up as well

1- Wait for price to break your S/R line and move away from the S/R line to form a rounded retest on the H1 chart ideally in an arc thereby creating space between the breakout point and the retest (temporal space) and space for your trade to run (price space)
2- Watch price move into the S/R level: you want a sharp acceleration into the level. Tom also watches the 20 day ATR and likes...
It's 1 trade. I've just described the process that Tom goes through and teaches in this thread. Read the thread and you'll get it.

Simon
  • #1,420
  • Aug 16, 2011 7:19pm Aug 16, 2011 7:19pm
Quoting MidKnight
Hi wiz,

I have read the thread from the start but not attended the webinars due to my timezone and I cannot see why you would omit the daily level at 97.74 to instead take 96.32. Maybe you could elaborate for me

With kind regards,
MK
97.74 was support last. 96.32 was resistance last. Buy resistance. Sell support.

Simon
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