Fail Better | Page 123 | 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

  • #2,441
  • Jan 24, 2012 2:09am Jan 24, 2012 2:09am
Quoting quinny
hi pipz4me - thanks for coming back to me. i have placed this order with ig index. to be totally honest with you i'm not sure where to place my stop loss and exit. at present i have my sl at 1730. i haven't worked out the limit (maybe 1606) could you suggest positions that you would consider if entering this trade please?
thanks
Hi Quinny

Just some friendly advice - You need to start with stop and exit placement before getting in the trade otherwise you are going to develop some bad habits that will deplete your account and stress you out.

Stop needs to be at a point that wont get you whipsawed out of your trade (20 day ATR for gold is approx $25) but also at a point where your trade idea is clearly wrong. If you are not sure about either then it is much safer for you to work this out on a demo account rather than trading live.

Hope that helps!
  • #2,442
  • Jan 24, 2012 2:25am Jan 24, 2012 2:25am
Quoting Fxnumen
Hi wizard,

Thank you for the webinar on Sunday. I also got your tweet concerning shorts @1703 on gold so I decided to analyze D1 gold and see if I can understand the reason for the possible short @1703.

My analysis (I want to be corrected)
Looking at the chart below I reasoned that D1 gold is in a Bearish Spider with an SFP @1532 which went pass its first FTA @1613 and is currently at its second FTA @1671 which has confluence with the 38.2 fib (drawn from 1920.80) and the upper trend line.

So I reasoned that if price closes above...

Hi fxnumen

I think you have understood some concepts but the issue is with how you have applied them.
Remove everything from the Gold daily chart and then try and identify areas where price highs and lows meet. Try and find the cleanest levels - on Gold there are only 3 or 4 of which one is at the 1700 level. This is the starting point, dont worry about the other concepts for the time being.

If you can identify these very strong levels on a daily chart for the markets you trade then you have identified all the price areas that you want to start thinking about trading when current price gets there. At the point price starts approaching those levels within a daily trading range is when you want to start thinking about confluent factors.
  • #2,443
  • Jan 24, 2012 3:07am Jan 24, 2012 3:07am
AUDusd

PO set @ 1.0450 to catch rounded test. Three touches to level with the trend, 61fib.
Target = 1.0550 FTA.
  • #2,444
  • Jan 24, 2012 4:28am Jan 24, 2012 4:28am
EURGBP SFP on H1 at a tested level
  • #2,445
  • Jan 24, 2012 6:32am Jan 24, 2012 6:32am
Quoting pipz4me
Hi Quinny

Just some friendly advice - You need to start with stop and exit placement before getting in the trade otherwise you are going to develop some bad habits that will deplete your account and stress you out.

Stop needs to be at a point that wont get you whipsawed out of your trade (20 day ATR for gold is approx $25) but also at a point where your trade idea is clearly wrong. If you are not sure about either then it is much safer for you to work this out on a demo account rather than trading live.

Hope that helps!
Hi Pipz4me
Thanks for the advice it is much appreciated when I get home tonight I will incorporate ATR on my chart so that should save me from the whipsaw (place stop outside of it). Could you please giva a little advice on exit?
These points really help me as they all add to my knowledge and understanding.
Once again, many thanks.
  • #2,446
  • Jan 24, 2012 7:43am Jan 24, 2012 7:43am
my view on Aud/Usd...FTA 1.0458
Attached Image (click to enlarge)
Click to Enlarge Name: au1.png Size: 46 KB
Patience is essential
  • #2,447
  • Jan 24, 2012 8:10am Jan 24, 2012 8:10am
Quoting pipz4me
Hi fxnumen

I think you have understood some concepts but the issue is with how you have applied them.
Remove everything from the Gold daily chart and then try and identify areas where price highs and lows meet. Try and find the cleanest levels - on Gold there are only 3 or 4 of which one is at the 1700 level. This is the starting point, dont worry about the other concepts for the time being.

If you can identify these very strong levels on a daily chart for the markets you trade then you have identified all the price areas that you want to...
Much appreciated pipz4me. Tho am abreast of PPZ, I'll clean d chart α̲̅πϑ identify d clean ones like you said. Thanks again.
SNR with Price Action...
BitCrossNG Return Today: na
  • #2,448
  • Jan 24, 2012 9:22am Jan 24, 2012 9:22am
Quoting bez3000
EURGBP SFP on H1 at a tested level
Closed for +60 pips very happy
  • #2,449
  • Jan 24, 2012 1:33pm Jan 24, 2012 1:33pm
Just finished my chart analysis, so i have attached my charts and marked the levels i am looking for rounded retests in black pen.
Comments welcome.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ea.gif Size: 12 KB
Click to Enlarge Name: eg.gif Size: 16 KB
Click to Enlarge Name: eu.gif Size: 15 KB
Click to Enlarge Name: gj.gif Size: 14 KB
Click to Enlarge Name: uj.gif Size: 13 KB
Click to Enlarge Name: xagusd.gif Size: 14 KB
  • #2,450
  • Jan 24, 2012 3:18pm Jan 24, 2012 3:18pm
Quoting bez3000
Just finished my chart analysis, so i have attached my charts and marked the levels i am looking for rounded retests in black pen.
Comments welcome.
I pretty much have all the same levels marked as you! Just waiting for the right time
  • #2,451
  • Edited 4:55pm Jan 24, 2012 4:40pm | Edited 4:55pm
Quoting bez3000
EURGBP SFP on H1 at a tested level
Please tell me you took this.

EDIT : Just seen you did! LOL - you guys are well ahead of the game. Keep it up ;-)
  • #2,452
  • Jan 24, 2012 7:44pm Jan 24, 2012 7:44pm
eur/gbp daily close consider SFP?

eur/cad H1 SFP.
Attached Image (click to enlarge)
Click to Enlarge Name: 121.jpg Size: 70 KB
  • #2,453
  • Jan 24, 2012 11:52pm Jan 24, 2012 11:52pm
Quoting benem
my view on Aud/Usd...FTA 1.0458
Hi Luca,

From my charts this looks like it should be sitting on a nice healthy positive amount of pips right now!!

-S
  • #2,454
  • Jan 25, 2012 1:14am Jan 25, 2012 1:14am
So what about this EURJPJ "hammer short" at 101.11 that Tom tweeted. I see price sliced 50 pips through his first touch after inverse level. Am I missing something or does this happens all the time with this trading style?.
Dreaming in Charts...
  • #2,455
  • Edited 1:47am Jan 25, 2012 1:35am | Edited 1:47am
First time out yesterday after watching you guys for a while.

In typical fashion I got my @#se handed to me on a plate by what looked like a great set-up in Eurjpy.

Not blaming anybody or crying into my frosties, I know this happens, but of all the trades I could have taken, I start out by picking the one loser.....

Right pick yourself up.......again......and on to the next.

...actually what do you think of the RRT of that level?
  • #2,456
  • Jan 25, 2012 1:41am Jan 25, 2012 1:41am
Quoting agolac
So what about this EURJPJ "hammer short" at 101.11 that Tom tweeted. I see price sliced 50 pips through his first touch after inverse level. Am I missing something or does this happens all the time with this trading style?.
Its happens every once in a while. You generally get some sort of reaction at a level even if its short-lived.

No system is perfect.
  • #2,457
  • Jan 25, 2012 1:49am Jan 25, 2012 1:49am
Quoting pipz4me
Its happens every once in a while. You generally get some sort of reaction at a level even if its short-lived.

No system is perfect.
Maybe it is liquidity issue, this was late in the day. Maybe it's better not to take any trades so late
Dreaming in Charts...
  • #2,458
  • Edited 5:46am Jan 25, 2012 3:30am | Edited 5:46am
My Game plan for Entering GU short.

What market is going to do is unknown but that's my plan

http://content.screencast.com/users/...2-09.30.28.png

EDIT SFP also coming on Horizon on cable


Looking good and working like a treat
  • #2,459
  • Edited 3:49am Jan 25, 2012 3:32am | Edited 3:49am
Quoting quinny
Hi Pipz4me
Thanks for the advice it is much appreciated when I get home tonight I will incorporate ATR on my chart so that should save me from the whipsaw (place stop outside of it). Could you please giva a little advice on exit?
These points really help me as they all add to my knowledge and understanding.
Once again, many thanks.
Quinny

With regard to exits this is something you need to work out for yourself. What will help you though is to map the daily chart with support and resistance levels and then observe how price reacts at those levels. These are going to act as both your entry points and exit points. Do this on the hourly timeframe too and just observe initially.

Please dont practice this with a live account yet if these concepts are something you are not familiar with. Take one step at a time, this isnt a race!

All the best
  • #2,460
  • Jan 25, 2012 4:26am Jan 25, 2012 4:26am
Stopped out on EJ trade but still positive for the week.... Anyone looking to play this on a RR?
3 traders viewing now