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Fail Better

  • #2,141
  • Dec 11, 2011 11:37pm Dec 11, 2011 11:37pm
Hey thanks for the speedy response razor. How are you guys making out with this trading method and how has trader donte taught you guys how to draw your pivot levels and what exactly do you look for @ these levels
  • #2,142
  • Dec 12, 2011 6:53am Dec 12, 2011 6:53am
Looking at 0.9286 for a bounce on USDCHF.

Couple of questions about trading this way in general. I live in the UK and work in a 9-5 so can't be staring at the charts all day. I am in IT so will be at the PC all day and can probably check the charts from time to time. Anyone else in this position? I will make use of alerts and pending orders but it seems this method you need to be watching how price comes into a level?

Mark
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Economists have forecast 9 out of the last 5 recessions
  • #2,143
  • Dec 12, 2011 9:26am Dec 12, 2011 9:26am
Looks like a good level, let's see..

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  • #2,144
  • Dec 13, 2011 6:21am Dec 13, 2011 6:21am
Quoting 96flavors
Looks like a good level, let's see..

Attachment

I see the level in Gold at $1703 which is where I currently have an offer in.
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  • #2,145
  • Dec 13, 2011 9:58am Dec 13, 2011 9:58am
Quoting the_wizard
I see the level in Gold at $1703 which is where I currently have an offer in.
Nice level, Tom. I have the same level marked at 1707.5 for Gold futures. The 1630 level is for a long entry. Whether I'll take it depends on how price gets there, of course. It's also a monthly close (July).

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  • #2,146
  • Dec 13, 2011 1:36pm Dec 13, 2011 1:36pm
Signing up.
  • #2,147
  • Dec 13, 2011 11:24pm Dec 13, 2011 11:24pm
Tom, do you have a period over the Dec/Jan holidays where FX liquidity thins out enough to sit out?

Also, what is it about the price action of stocks that makes you trade them more frequently than the crosses? Isn't the liquidity of the crosses better than stocks, or is there a different reason.

Grant
“Make everything as simple as possible, but no simpler.” – Albert Einstein
  • #2,148
  • Dec 14, 2011 6:00am Dec 14, 2011 6:00am
Some levels I'll be watching.

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  • #2,149
  • Dec 14, 2011 9:08am Dec 14, 2011 9:08am
so interesting thread thanks for sharing !!!
+ I like the tittle !! it attracted me ! and I thank all the participants in this thread because I have read some very interesting discussions ... you rock guyz !
  • #2,150
  • Dec 14, 2011 1:25pm Dec 14, 2011 1:25pm
Quoting 96flavors
Some levels I'll be watching.

Attachment

Attachment
All the chips into the centre of the table for that Crude short at $97.36.

Take a fib from the 5th Dec highs and see what happens at that level and anyone that attended the webinars will know why I'm saying that ;-)
  • #2,151
  • Dec 14, 2011 2:17pm Dec 14, 2011 2:17pm
Quoting the_wizard
All the chips into the centre of the table for that Crude short at $97.36.

Take a fib from the 5th Dec highs and see what happens at that level and anyone that attended the webinars will know why I'm saying that ;-)
38.2%

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  • #2,152
  • Edited 6:42am Dec 15, 2011 6:40am | Edited 6:42am
Short maybe??? - 102.47 ish
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  • #2,153
  • Dec 15, 2011 9:04am Dec 15, 2011 9:04am
I might take this level in US$index - if it drops further.

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Looks like this Crude is in love with its 200 SMA

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  • #2,154
  • Edited 2:03pm Dec 15, 2011 1:58pm | Edited 2:03pm
I'm going to use this thread to document my every schoolboy error, in the hope that it helps me to eradicate them!

I went short this morning on the FTSE December at 5410, at the rounded retest of previous support. All was looking good until price rallied and I got stopped out at 5434. Price went up 1 more point, then reversed back down. Aarrgghh!

Was this just one of those things or had I made an error? Well I think I made an error. I had my stop just 1 point about the thrust candle that last broke through the level. However, I should have remembered that the spread is larger on the FTSE future (4 points) than on the spot prices. Had I added the spread to my stop, I would currently be 17 points (0.6R) to the good.

Having said that, my target (just above 5343) has not yet been hit, so I can't say for certain yet that it would have been profitable if I hadn't made that mistake. But at least I would still be in the game.

When it does drop to that level, I'm looking to go long.
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  • #2,155
  • Dec 16, 2011 5:49am Dec 16, 2011 5:49am
Hello everyone, hope you are making money with the usd rally these days,

Here is an idea to get a nice discounted Plasma TV in the supermarket

(I love this analogy)

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What do you think about it ? come on guys lets start the domino effect altogether at the level

Any ideas, comments and criticism welcome,

Trade Safe
  • #2,156
  • Dec 20, 2011 1:26pm Dec 20, 2011 1:26pm
Quoting SoftControl
Hello everyone, hope you are making money with the usd rally these days,

Here is an idea to get a nice discounted Plasma TV in the supermarket

(I love this analogy)

Attachment

What do you think about it ? come on guys lets start the domino effect altogether at the level

Any ideas, comments and criticism welcome,

Trade Safe
Did many of you play this after? I got stopped out at 0.9299
Follow me on twitter: @shantrades
  • #2,157
  • Dec 20, 2011 1:32pm Dec 20, 2011 1:32pm
Quoting shanto_w
Did many of you play this after? I got stopped out at 0.9299
I had this on my watchlist but i decided to stop trading till the end of dec however i've got bit puzzled by "I got stopped out at 0.9299". What was your trade management plan here?
  • #2,158
  • Dec 20, 2011 1:37pm Dec 20, 2011 1:37pm
Quoting shanto_w
Did many of you play this after? I got stopped out at 0.9299
Yup, still in the trade. SL 0.9256, TP 0.9336
  • #2,159
  • Dec 20, 2011 1:56pm Dec 20, 2011 1:56pm
Quoting shanto_w
Did many of you play this after? I got stopped out at 0.9299
I played it too but waited for a lower entry...cut out for b/e.
  • #2,160
  • Dec 20, 2011 1:58pm Dec 20, 2011 1:58pm
Quoting Greenhaze
I had this on my watchlist but i decided to stop trading till the end of dec however i've got bit puzzled by "I got stopped out at 0.9299". What was your trade management plan here?
My entry should really have been a lot lower, closer to the 0.9300 area. Stop loss too tight also, I used the low of the candle that broke through the level
Follow me on twitter: @shantrades
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