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Fail Better

  • #1,481
  • Aug 17, 2011 9:05pm Aug 17, 2011 9:05pm
Quoting MidKnight
Hiya cprao,

I hear ya on this short...With regards to identifying S/R, I've always been a highs and lows type of guy. Then one day I read some stuff by Jaroo (sorry if his name isn't exact, it is something similar though) in the J16 thread and he seems to put a lot more emphasis on the closes. I studied my entire data bank of daily, weekly and 4 hour data across the majors and much to my surprise he is onto something with that....I did not play your short, but to be honest I probably would have entered similarly to you but given it a wider stop...
Your point is taken.. It is Jarroo. I follow J16 too. I know he talks a lot about LCS and HCS in relation to closes.

In fact, my initial SL was = 1.621. Had I not closed the trade manually, It would have hit my TP..

I closed the trade since I did not like H1 bar closing above my level.

Hence I closed it at :1.058.. for a 30 pip loss.

Overall, I guess it is not a bad trade..
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  • #1,482
  • Aug 17, 2011 9:07pm Aug 17, 2011 9:07pm
Quoting kravmaga39
Hi Cprao,
I think that was tricky one.There is two levels(apr.25pips each)First react and bounce price back.When price got betwen this two basicly price get bounce but didn't have enough space go lower b/c lower was close resistance so bounce up and break.On 1 hr TF u can see below price was much stronger Resistance for itntraday trading.
P.s.heheh maybe I funny decribe but if u look on your 1 TF u will see.
Happy trading .
KM
Thank you for the response. Sorry.. Idid not get where are two levels 25 pips apart ?
  • #1,483
  • Aug 17, 2011 9:09pm Aug 17, 2011 9:09pm
Quoting the_wizard
I don't think this was a bad trade - the level was good but I pulled it when price came only 5 pips from it and then pulled back almost to the FTA before having another go at the highs.

Someone did ask me on Twitter whether I would take this when it came right into it and I said the same thing. If you require a prompt response to a question, that might be the best way to get hold of me.

-Tom
Thank you Tom.. At least it was not a terrible trade..
  • #1,484
  • Edited 6:24am Aug 18, 2011 6:01am | Edited 6:24am
Price seems bent on retesting this level. would you still consider taking a trade there or is it 'spent' already please? This is because levels always get tested soon again from my observation and wish to know your input on such retests.
Quoting the_wizard
Chart of my Eur/Usd long entry at 29's this morning.

Chart 1 shows significant S/R pivot on the H1 (resistance last)
.....
  • #1,485
  • Aug 18, 2011 6:08am Aug 18, 2011 6:08am
Quoting fosters
Price seems bent on retesting this level. would you still conisder taking a trade there or is it 'spent' already please?
That level is done and dusted for me.

I've got three orders in right now ;

AUD/USD long at 1.0349

USD/CHF long at 0.7741

NZD/USD long at 0.8241

Cable long order has been pulled. The number of up days was a concern - but the fact we have bounced too close to the level means I am now pasing on it.
  • #1,486
  • Aug 18, 2011 6:08am Aug 18, 2011 6:08am
Quoting MidKnight
Hiya cprao,

I hear ya on this short...With regards to identifying S/R, I've always been a highs and lows type of guy. Then one day I read some stuff by Jaroo (sorry if his name isn't exact, it is something similar though) in the J16 thread and he seems to put a lot more emphasis on the closes. I studied my entire data bank of daily, weekly and 4 hour data across the majors and much to my surprise he is onto something with that....I did not play your short, but to be honest I probably would have entered similarly to you but given it a wider stop...
Quoting cprao
Your point is taken.. It is Jarroo. I follow J16 too. I know he talks a lot about LCS and HCS in relation to closes.

In fact, my initial SL was = 1.621. Had I not closed the trade manually, It would have hit my TP..

I closed the trade since I did not like H1 bar closing above my level.

Hence I closed it at :1.058.. for a 30 pip loss.

Overall, I guess it is not a bad trade..

Just for clarity . .its the Lowest Close of Support and Highest Close of Resistance levels. I use the Close of Price not only for my levels but to confirm the transition from Support to Resistance and vice versa. (Price Breaks Through and Closes Above or Below)

I do use the these Higher TF levels (Daily / Weekly) on the Lower TF. . (4 Hour and Hourly)

On the Aud/Usd, the Daily LCS levels of 1.0595 / 1.0605 were great entry levels on the Hourly.

Notice that the Hourly bar did not Close above these level(s). .good indication that the setup is valid and to keep you in. . .a Hourly close above these levels would have got you out.

If this post is a problem I can delete or Tom can delete it.

I'm a big fan of Tom's . . . I've been to almost every one of his webinars . .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #1,487
  • Aug 18, 2011 6:10am Aug 18, 2011 6:10am
Quoting jarroo
Just for clarity . .its the Lowest Close of Support and Highest Close of Resistance levels. I use the Close of Price not only for my levels but to confirm the transition from Support to Resistance and vice versa. (Price Breaks Through and Closes Above or Below)

I do use the these Higher TF levels on the Lower TF. . (4 Hour and Hourly)

On the Aud/Usd, the Daily LCS levels of 1.0595 / 1.0605 were great entry levels on the Hourly.

Notice that the Hourly bar did not Close above these level(s). .good indication that the setup is valid and to keep...
Hey Jim!

Don't even THINK about your post being a problem.

You use closes, I use highs/lows.

It's all good.

Plenty of ways to skin a cat.

The important thing is that the cat gets skinned.



P.S. I don't condone animal cruelty :-)
  • #1,488
  • Aug 18, 2011 6:14am Aug 18, 2011 6:14am
Quoting the_wizard
Hey Jim!

Don't even THINK about your post being a problem.

You use closes, I use highs/lows.

It's all good.

Plenty of ways to skin a cat.

The important thing is that the cat gets skinned.



P.S. I don't condone animal cruelty :-)
lol . . . Thanks Tom . .I didn't want to take away from what you teach here.

Its all good stuff .. .

I'm looking forward to Sunday . .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #1,489
  • Aug 18, 2011 6:18am Aug 18, 2011 6:18am
Wow. 100 pages already.

Just wanted to say thank you to all those that are contributing. I'm seeing some fantastic setups and trades on here.

And everyone else that is lurking, get involved! Feel free to ask a question. That is how you learn!

We all have to start somewhere. You should see some of my early posts on these boards. I thought I was never going to make it. I really did.
  • #1,490
  • Aug 18, 2011 7:27am Aug 18, 2011 7:27am
SFP
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  • #1,491
  • Aug 18, 2011 7:27am Aug 18, 2011 7:27am
  •  zykas
  • | Joined Oct 2008 | Status: ... measure thrice, but cut once | 196 Posts
This is a great one ...
I like the Big Dogs because I trade like them
  • #1,492
  • Aug 18, 2011 8:15am Aug 18, 2011 8:15am
Quoting Atc
SFP
Tread lightly here. FTSE's getting the boot.
  • #1,493
  • Aug 18, 2011 8:28am Aug 18, 2011 8:28am
Quoting simplebeans
Tread lightly here. FTSE's getting the boot.
I'm going to take that FTSE long if it comes off some more.

Speaking of catching a falling knife, no time for a chart as I've got my hands full here but I'm all in long if Barclays trades 120.
  • #1,494
  • Aug 18, 2011 8:41am Aug 18, 2011 8:41am
Quoting the_wizard
I'm going to take that FTSE long if it comes off some more.

Speaking of catching a falling knife, no time for a chart as I've got my hands full here but I'm all in long if Barclays trades 120.
Not already in no pension funds then ;-)
  • #1,495
  • Aug 18, 2011 8:59am Aug 18, 2011 8:59am
Quoting simplebeans
Not already in no pension funds then ;-)
I'm self employed. I will just get the state pension. If I even live that long :-)
  • #1,496
  • Aug 18, 2011 9:15am Aug 18, 2011 9:15am
Quoting the_wizard
That level is done and dusted for me.

I've got three orders in right now ;

AUD/USD long at 1.0349

USD/CHF long at 0.7741

NZD/USD long at 0.8241

Cable long order has been pulled. The number of up days was a concern - but the fact we have bounced too close to the level means I am now pasing on it.
Good call on Cable..
  • #1,497
  • Aug 18, 2011 9:39am Aug 18, 2011 9:39am
thanks for your response and call. guess will have to work on the fear of catching the falling knife.... or better identifying best turning points.
Quoting the_wizard
That level is done and dusted for me.

I've got three orders in right now
....
  • #1,498
  • Edited 11:42am Aug 18, 2011 10:39am | Edited 11:42am
Quoting the_wizard
I'm self employed. I will just get the state pension. If I even live that long :-)
Who else is going to carry on propping up and down the tradable markets and teaching us to trade eh, that enough to see you through life right there. Coming from one of your protege's... :-)
  • #1,499
  • Aug 18, 2011 1:06pm Aug 18, 2011 1:06pm
Tom,
do you have daily time limits for taking trades? I mean, do you enter in the evening too, like 20:00 or 22:00 BST?
  • #1,500
  • Aug 18, 2011 1:12pm Aug 18, 2011 1:12pm
Quoting canados
Tom,
do you have daily time limits for taking trades? I mean, do you enter in the evening too, like 20:00 or 22:00 BST?
I don't like entering in the dead zone which is usually 17:00 - 00:00 BST.

That is not to say I won't do it but you have to be aware that if you enter it in that time frame, you are not likely to be getting much movement until we move into the Asian session. If you buy around 17:00 you can be waiting up to 7 hours before things kick off again.
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