Fail Better | Page 121 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

A better Editor for mql is available. 100x better than MetaEditor 20 replies

Broker needs to do better, much better 4 replies

Better momentum and better Sine wave indicator 0 replies

Mathematical reasons why MOST DayTraders & scalpers fail? 197 replies

Is Better still better? 1 reply

Attachments: Fail Better
Exit Attachments

Fail Better

  • #2,401
  • Jan 22, 2012 7:52am Jan 22, 2012 7:52am
Hi Tom,

Thanks you and the other contributors for the effort in this. Please clear this question for me...(1.)Do you take touch trades off of levels you believe are strong or do you wait for price to react with those levels.

(2.) In the way you analyze the market, what makes a level (support or resistance) strong?

Finally what's your take on the chart below....I hope am not asking too much in one post.

Thank you.

PS: I'll love to join the webinar today. I've sent you a PM. Cheers.
Attached Image (click to enlarge)
Click to Enlarge Name: d1 gbpjpy.gif Size: 22 KB
SNR with Price Action...
BitCrossNG Return Today: na
  • #2,402
  • Jan 22, 2012 7:55am Jan 22, 2012 7:55am
Quoting JimN
Hello Quinny,

Google Trader Dante and you will find his website address from where you will find signup instructions. I don't want to post a link here purely to prevent Tom getting spammed.
Thanks JimN - I'll check it out straight away
ATB
Quinny
  • #2,403
  • Jan 22, 2012 8:22am Jan 22, 2012 8:22am
In the last days i readed through this thread until page 43. It was a interesting read. But quite difficult to grasp, when you read it you get many crumbs which you have to combine.

Is it usefull to read this topic further or start demoing?
  • #2,404
  • Jan 22, 2012 10:38am Jan 22, 2012 10:38am
Originally Posted by wizardblue http://www.forexfactory.com/images/buttons/viewpost.gif
Last nights was a winner. So thats makes 8/10 now A strike rate like I have never expereinced before.

Thanks Tom

Wiz

Post hidden because wizardblue is on your ignore list.



Quoting the_wizard
That's what I'm here for! :-)


Hi Tom (the Wizard).

First time post here and just read this thread over the weekend. Brilliant. Well done. Not a newbie trader, started out in Early 2010.

Was introduced into Gap trading Q3 2010 and dabbled with it late 2010 and then did it weekly in 2011.

I run a private forum on Trade2win and noticed a few our our members and fellow Gap traders have posted on here.

Anyway, from trials in 2010 we all settled on the 0.5 R method in 2011 but slightly differently.

A) We set stop size to equal Gap size and TP as 50% of Gap (0.5R)

B) We evolved Q1 2011 to jointly running a google doc spreadsheet that we all access as we look at around 15 pairs and try to trade the biggest gaps.

C) We also use IG Index as they open their trading @ 9pm GMT on Sundays which often produces bigger gaps that have closed by 10pm.

I think we all ended 2012 in profit on Gaps, I know I did. However as I have noticed on this thread there is no mention of Gaps from July 2011 until Late September 2011 when it is posted about "2 wins in a row after a bad run when many have stopped trading Gaps".

We found this too that for sone reason the usual 80% + strike rate went to pot in this period and caused large drawdown.

I assume you and your followers of your method experienced the same issues on EU alone?

So my question is, as you stated in June 2011 on here that Gaps was running about 85% strike rate on EU since 2009, where are you now to date with your 0.5 R 2 x gap stop method? Still over 80% ?

We have noticed the last 2 Sundays in 2012 have been back on fire with gaps @ 100% strike rate.

I think from tonight I am going to try your method as the strike rate seems the same as ours but nice wider stops. I will also split to 50% @ 9am IG Index and 50% MT4 broker @ 10pm.

Thanks

Mark
  • #2,405
  • Jan 22, 2012 11:09am Jan 22, 2012 11:09am
Quoting Fxnumen
Hi Tom,

Thanks you and the other contributors for the effort in this. Please clear this question for me...(1.)Do you take touch trades off of levels you believe are strong or do you wait for price to react with those levels.

(2.) In the way you analyze the market, what makes a level (support or resistance) strong?

Finally what's your take on the chart below....I hope am not asking too much in one post.

Thank you.

PS: I'll love to join the webinar today. I've sent you a PM. Cheers.
If you have sent me a PM, I will put you on the list. Please feel free to remind me of this post in the webinar and I will answer it for you.

I did start the webinars to be able to go over questions like this in much more detail than I can make in a post.

Tom
  • #2,406
  • Jan 22, 2012 12:07pm Jan 22, 2012 12:07pm
Quoting sam0182
Watching GU for a short, 1.5572
A bit of a reaction...
Attached Image (click to enlarge)
Click to Enlarge Name: gu short followup.jpg Size: 72 KB
  • #2,407
  • Jan 22, 2012 6:19pm Jan 22, 2012 6:19pm
Thoughts ?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSD-Daily-Position-1-22-2012 4-09-59 PM.png Size: 87 KB
Click to Enlarge Name: GBPUSD-H1--Position-1-22-2012 4-09-59 PM.jpg Size: 106 KB
  • #2,408
  • Jan 22, 2012 6:43pm Jan 22, 2012 6:43pm
Quoting cprao
Thoughts ?
Watching the same...was hoping for a larger gap to play the close but the level still looks good for a bounce.
  • #2,409
  • Jan 22, 2012 7:39pm Jan 22, 2012 7:39pm
Quoting sam0182
Watching the same...was hoping for a larger gap to play the close but the level still looks good for a bounce.

If Price stays around 1.5540 for a long time, 1.5540 can become a potential FTA, which is not good.. I would not like to pass through bumpy road..
  • #2,410
  • Jan 22, 2012 8:18pm Jan 22, 2012 8:18pm
Hello everyone and thank you wizard for your sharing your experience and knowledge with everyone.Im not new to trading and am very much familiar with support and resistance etc…
My problem so far has been trying to identify which level will hold the price and which level are the correct ones to take trades off of. I have tried to trade that way in the past and can’t say that I have been consistent.

So I gave up on it and went lurking threads again and trying to find that infallible method of trading that everyone says doesn’t exist. I have been trying to consistent in my trading for almost 3 years now. I always knew support and resistance was the way to go but couldn’t find out how to trade them consistently.

My question to anyone who is willing to answer it is how you guys indentify a good support and resistance level, Example 2 touches 3 touches 4 touches etc...

Now second question is does the amount of touches tell you that the level is going to be broken or it’s strong? I have not been able to get that answer out of reading the thread or maybe I’m just not getting it. I understand the break out and pull back to the level concept which is something that I see a lot of times but there’s times when the break out happens and your waiting on the pull back and it breaks back down or up depending on the direction of the price.
Then I’m confused as to what’s really happening. That’s something I have always struggled with when I saw it. What does this mean and how do you guys play the breaks?
Last thing is I read that we should look for the daily trend and go down into the lower time frame and look for entries. What defines the trend on the daily, price moving up for the day or down for the day?
I’m sorry folks if this is too much but I’m trying to understand the steps of the method, what to look for and how to enter the trades according the methodology.
  • #2,411
  • Jan 22, 2012 8:23pm Jan 22, 2012 8:23pm
i WOULD GREATLY APPRECIATE IT IF SOME ONE COULD REACH OUT TO ME ON SKYPE, MY SKYPE ID IS DAPPADAP1. sO WE COULD CLARIFY SOME QUESTIONS THAT i HAVE, i KNOW SOME FOLKS IN HERE GET IT AND THATS WHO i WOULD LIKE TO TALK TO. dON'T WANNA BOTHER THE WIZARD WITH QUESTIONS THAT ANYONE ELSE FAMILIAR WITH HIS TEACHINGS CAN ANSWER.
  • #2,412
  • Jan 22, 2012 10:49pm Jan 22, 2012 10:49pm
Quoting dappa
i WOULD GREATLY APPRECIATE IT IF SOME ONE COULD REACH OUT TO ME ON SKYPE, MY SKYPE ID IS DAPPADAP1. sO WE COULD CLARIFY SOME QUESTIONS THAT i HAVE, i KNOW SOME FOLKS IN HERE GET IT AND THATS WHO i WOULD LIKE TO TALK TO. dON'T WANNA BOTHER THE WIZARD WITH QUESTIONS THAT ANYONE ELSE FAMILIAR WITH HIS TEACHINGS CAN ANSWER.
I don't mean to pry and this post is not to offend you, but have you read the thread entirely? Some of these questions can be answered in the thread.

Also, there's a weekly webinar every Sunday that Tom had generously been running that is just full of gold nuggets.
  • #2,413
  • Jan 22, 2012 10:53pm Jan 22, 2012 10:53pm
Quoting the_wizard
If you have sent me a PM, I will put you on the list. Please feel free to remind me of this post in the webinar and I will answer it for you.

I did start the webinars to be able to go over questions like this in much more detail than I can make in a post.

Tom
Thanks. I got the IV for the webinar but I came late. I know you wanna answer this in detail but any shed of light will be appreciated. Am basically asking, What do you look out for and decide whether to play a touch or a retest

Ralph
SNR with Price Action...
BitCrossNG Return Today: na
  • #2,414
  • Jan 23, 2012 12:25am Jan 23, 2012 12:25am
Hello Tom,
hello Everyone!

Great webinar yesterday! Surfin through the web, teaching yourself how to trade may educate yourself. To have a glance how a professional trader forms theory into practice makes you confident and makes one hour in front of your pc worth 100!
Thank you, Tom!
I am looking forward to next sunday. I would really like to hear something about how to make out stable levels (some people are so greedy about that, they even use broad letters to shout this out ).

Greetings,
Jan.
  • #2,415
  • Jan 23, 2012 12:59am Jan 23, 2012 12:59am
Got in yestarday night at market opens...price seems want to close the gap wich is also my final target on this Eur/Usd trade.
Attached Image (click to enlarge)
Click to Enlarge Name: eu3.gif Size: 19 KB
Patience is essential
  • #2,416
  • Jan 23, 2012 1:15am Jan 23, 2012 1:15am
Thank you Wiz for Sundays webinar, very much appreciated.
  • #2,417
  • Jan 23, 2012 1:24am Jan 23, 2012 1:24am
Tom,my level of english does't allow me to say all the things i'd like to say......i just say thank you so much for your time and your enlightening words.

Patience is essential
  • #2,418
  • Jan 23, 2012 2:33am Jan 23, 2012 2:33am
Hi Guys

Played the gaps on EU and EURGBP - week off to a good start!!

Watching 1.5495 level on Cable...resistance....resistance......support?

ps - enjoyed webinar last night Tom - all good stuff. Makes |Sunday nights enjoyable!!!

Kal
Attached Image (click to enlarge)
Click to Enlarge Name: POSS CABLE TRADE.jpg Size: 131 KB
  • #2,419
  • Jan 23, 2012 2:41am Jan 23, 2012 2:41am
Quoting Kalbar
Hi Guys

Played the gaps on EU and EURGBP - week off to a good start!!

Watching 1.5495 level on Cable...resistance....resistance......support?

ps - enjoyed webinar last night Tom - all good stuff. Makes |Sunday nights enjoyable!!!

Kal
I also have a PO at the same level.
  • #2,420
  • Jan 23, 2012 3:04am Jan 23, 2012 3:04am
Quoting bez3000
I also have a PO at the same level.
I think we normally like a little more time between touches, or a slightly larger rounded retest. I still like it though because its very much with the trend, and will hopefully be touching right at the bottom of the channel.
Support the Resistance
6 traders viewing now