Fail Better

Hi Guys,

There is a nice level on usdcad in my opinion, I'm going to take long from 0,9873. What makes this set-up even more attractive is 38.2 fib and trendline.

I wish you many pips today!

Cheers,

Chris

EDIT: Order was pulled when price missed it by 5 pips and went up

Hi all - pleased to meet you all and join in...

I've finally got through reading all Tom's threads on T2W (took me 3 months) and now this one (took me another week) so time to start contributing and getting involved I hope.

It looks like the better level on USDCAD was 0.9851 - please see my attached screenshot.

I read what people seem to think about indicators and automation but I have done a little customising of a modified version of the default ZigZag indicator in MT4 and optimised the settings to draw S/R lines from the highs/lows over the last X bars on each timeframe and these levels seem to work out pretty well for me for D1 and W1 levels shown on H1 chart. ALthough the same principles can apply to other timeframes I'm sure.

Please do feel free to try this for yourselves and let me know any feedback or suggested optimisations.

I set the colours to be quite light on a black background so that you can have them as feint guidelines for if you wish and draw your own in a stronger colour over the top.

I run two copies of the indicator on my charts. One with TimeFrame=1440 (D1 S/R levels) and one with TimeFrame=10080 (W1 S/R levels).

Then I add a third indicator, the default ZigZag.mql with the same settings as the ZigZagSupportResistance.mql Depth=3 Deviation=10 Backstep=3.

I fine tuned the settings based on a lot of chart watching time and they seem work well for me in tracking many more reversal points than can fit on the screen and show the proximity of the recent ones.

The attached screenshot of today's USDCAD call by Baniu and the touch of a level to the exact pip.

Tom - pleased to join in on your thread - I hope my posts can be useful but do let me know if this indicator is not appropriate here. Although it is not an indicator in the typical sense.

I'll pop you an email to join webinars if I may.

Cheers,

Marcus

EURUSD Anyone?

EP 1.4345, SL 1.4305, TP 1.4420

Im someone who reads forums but never posts in them. This is actually my first post to a forum ever. I really enjoyed this thread and have read it start to finish. So many threads are filled with one or two pages of useful information, then 3 to 4 thousand pages of people bickering. I just wanted to say thanks. This thread has put some tools in my toolbox. I would also like to throw my name in the hat for the webinar. my address is my name and then add "1955" to the end and its at hotmail.

My trade today

http://img689.imageshack.us/img689/9618/44870418.png

Edit: Didnt quiet work as expected

I like it.

Price came as close as 5 pips from my order @ 6620 before it dropped like a stone It's quite a good D1 level.

Lately I have missed a bunch of trades because I didn't have pending orders in. I prefer to watch whether price is accelerating into a level or not so that I can judge if it is a high probability trade. But that curiosity has made me miss many good trades when I was away from my desk or sleeping.

Tom, how do you balance the fact that you want to see if price is accelerating into a level and placing pending orders?

I have a new analogy for you Tom....

Remembering the quote of that guy that says his trading style is to wait and see money in the corner of a room then walk over and pick it up. Well...

The money is where the S/R lines are.

Moving averages are where price ought to be in a perfect market, and

Price Action is the path the Professional Hoovers take along the way to suck up the profits :o)

Look at today's EU chart attached and think of doing the Hoovering as each level is touched and reverses - spooky eh!?!

Opinions on the possible Swing Price Failure on Silver please?

classic.

first the stop and then the target

AUD/NZD short on deck for next week.

No fibs, just S&R + RN

1.28

Hello megel. First post on a forum ever!! I'm honoured. Thank you for posting and welcome aboard :-)

I've got you down for the webinar.

Tom

Price doesn't have to accelerate, it's just something that I like.

You have to be careful with acceleration though. I like to see acceleration over several bars not on the first bar out of a sideways range. I can go over this more in the webinar.

Best advice I can give you is leave limits in with attached stops and targets while you sleep.

I know some people are probably not comfortable with this but I don't see any other way to take advantage of some of the good levels that are hit during sessions when people are asleep.

You could try lowering your size significantly so at least you get some exposure to these trades but that you are not affecting your sleep and see how it works out for you.

Looks like the market answered that question for me.

And I overlooked the lack of space between the pins and the second bar didn't reach a higher high and fifth bar after closed above a significant S/R level - so not a swing failure.

If the markets don't absolutely shit themselves in the coming weeks I see HAL as a great opportunity. Be careful in this market however.

can someone explain fading? or fading a level?

figured it out

Its when you take a trade against general price movement. If the market move is up and you decide to short into it, you are 'fading' the market. Its a contrarian play.

In my very, very limited experience with these gaps (and the markets in general) it seems like price tends to move away from the gap for the first few bars before it turns around and trys to fill it. Just a thought for the journal - see how many times a better entry might be had by not jumping in right at the open.

Also, I came across a large stock pile of EA's. A couple of which are designed to play these weekend gaps. Now Tom has made it clear how he feels about EA's, but they might be an option for those that are busy during that time. Let me know if you are interested.

I spotted this sfp and wanted to take the trade but look at what fxpro says back to me "trade disabled"..how could this be?