DislikedHi All,
New to the thread, some material is familiar some not. Anyone seen the possible SFP on GBPCAD?Ignored
Technically yes. But not very convincing since 1) tail is not long - does not represnt clear support 2) all the previous strong beraish bars indicates the momentum to south.
The above are only my thoughts.
But keep in mind what Tom said. Price accelerating into a level is not necessarily a reason that it will not bounce. Weak hands will be scared to step in front of several candles going down and buy that thing. Big players are aware of that and "make it look like it will go down further". In the meantime they are loading the boats to finally make it turn around completely.
But just a "SFP" by itself is too weak in my eyes as well. Confluence as always will shift the probabilities even more in your favour.
Just my thoughts
First. Thanks Tom for that great knowledge and insights you are sharing here. I am following your webinars since the start and reading here for months as well.
I can say the ideas in here is what made me consistent profitable so far and cannot thank you enough
For today that is what I am watching:
http://img839.imageshack.us/img839/4061/euraudl.png
Uploaded with ImageShack.us
As the €uro is getting a beating across the board I am not really convincend in buying that thing at 1.33 but I will observe closely how this unfolds :nerd:
I can say the ideas in here is what made me consistent profitable so far and cannot thank you enough
For today that is what I am watching:
http://img839.imageshack.us/img839/4061/euraudl.png
Uploaded with ImageShack.us
As the €uro is getting a beating across the board I am not really convincend in buying that thing at 1.33 but I will observe closely how this unfolds :nerd:
Thanks for the reply. I only just read about the SFP so was scanning the charts looking for possibilities to see how they played out. I don't think that was the best example I posted. I will do some back testing and see how it stands up as a setup, but although the SFP is easily defined the swing points are some what discretionary I think.
It is an interesting observation though
It is an interesting observation though
That is technically an SFP in my book although I don't trade the crosses and I still only use these SFP's for bias rather than for entry as I haven't tested it as thoroughly as I would like yet.
What I usually do in these circumstances is come down to the H1 and see if I can find a good level of resistance and wait and see if price breaks it and I can get my retest. If I can't find a good level, I pass.
The other thing that SFP would tell me (combined with the fact it's had 8 days down in a row) is I would not go short no matter what...
- #1,612
- Sep 1, 2011 6:19am Sep 1, 2011 6:19am
- | Commercial User | Joined Jan 2007 | 1,442 Posts
First. Thanks Tom for that great knowledge and insights you are sharing here. I am following your webinars since the start and reading here for months as well.
I can say the ideas in here is what made me consistent profitable so far and cannot thank you enough
For today that is what I am watching:
http://img839.imageshack.us/img839/4061/euraudl.png
Uploaded with ImageShack.us
As the €uro is getting a beating across the...
I am really happy that you are finding this useful and it is helping you become profitable.
Keep up the good work.
It's all about the A grade setups. If people take only the best they will not lose money overtime (providing they don't make other mistakes like over leverage etc)
It is as simple as that.
One thing that always kept me out of poor trades that I would like to share with you is this simple idea. Find a trade that you think was an A grade setup ; that had everything going for it. It might be a trade you did, it might be a trade you missed. It doesn't matter. Just find it, mark up what made it A grade and then print it out.
It should be a trade that basically sums up your strategy in one go. Just like the USDCHF long trade yesterday (see a few posts back)
Now keep this close at hand - either attach it to a monitor or if you are at work all day, fold it up and put it in your wallet and carry it around with you everywhere.
When you see the next setup you are interested in, pull out your A grade chart and ask yourself ; is this next trade as good as this one?
It's a simple exercise but it can be really useful. It helped me immensely.
Perfect
One thing that always kept me out of poor trades that I would like to share with you is this simple idea. Find a trade that you think was an A grade setup ; that had everything going for it. It might be a trade you did, it might be a trade you missed. It doesn't matter. Just find it, mark up what made it A grade and then print it out.
It should be a trade that basically sums up your strategy in one go. Just like the USDCHF long trade yesterday (see a few posts back)
Now keep this close at hand - either attach it to a monitor or if you are at...
