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  • #2,021
  • Feb 5, 2012 1:21pm Feb 5, 2012 1:21pm
Quoting wmd
A boat has a ladder that has six rungs, each rung is one foot apart. The bottom rung is one foot from the water. The tide rises at 12 inches every 15 minutes. High tide peaks in one hour.

When the tide is at its highest, how many rungs are under water?
Assuming that the boat is on water it will rise with the tide therefore none is the answer?
  • #2,022
  • Feb 5, 2012 1:31pm Feb 5, 2012 1:31pm
Quoting wmd
A boat has a ladder that has six rungs, each rung is one foot apart. The bottom rung is one foot from the water. The tide rises at 12 inches every 15 minutes. High tide peaks in one hour.

When the tide is at its highest, how many rungs are under water?

Yup, none!
  • #2,023
  • Feb 5, 2012 1:38pm Feb 5, 2012 1:38pm
If you know your market and you know yourself, you need not fear the result of a hundred trades.
  • #2,024
  • Feb 6, 2012 1:13am Feb 6, 2012 1:13am
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  • #2,025
  • Feb 6, 2012 1:15am Feb 6, 2012 1:15am
Quoting wmd
If you know your market and you know yourself, you need not fear the result of a hundred trades.
+1.
  • #2,026
  • Feb 6, 2012 1:26am Feb 6, 2012 1:26am
Gold spec short options.
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  • #2,027
  • Feb 6, 2012 11:46am Feb 6, 2012 11:46am
Could you talk me through your logic for the long usdchf trade you were contemplating today. If you have the time. Thanks.
Heebby
  • #2,028
  • Feb 6, 2012 4:02pm Feb 6, 2012 4:02pm
Quoting heebbyjeeby
Could you talk me through your logic for the long usdchf trade you were contemplating today. If you have the time. Thanks.
Heebby
Hi Heeby, I will do this tonight after work when I get some time.

I also posted eurcad in the room (u would have seen chart) and I placed an euraud limit order that missed entry by 1 pip. I did not post that one in the room as the entry idea is a little different. Would u like to go over those as well so I can see my thinking?

d
  • #2,029
  • Feb 6, 2012 4:35pm Feb 6, 2012 4:35pm
Quoting dazzdude
Hi Heeby, I will do this tonight after work when I get some time.

I also posted eurcad in the room (u would have seen chart) and I placed an euraud limit order that missed entry by 1 pip. I did not post that one in the room as the entry idea is a little different. Would u like to go over those as well so I can see my thinking?

d

Yes D, that would be great. Thanks so much.
  • #2,030
  • Feb 7, 2012 1:23am Feb 7, 2012 1:23am
Hi Heeby,

As requested, I will go through yesterdays trades/orders for the purposes of education. I will do one post for each. I hope it is of benefit. I will leave none out, see you will see the good, the bad and the ugly.

d
  • #2,031
  • Edited 1:40am Feb 7, 2012 1:27am | Edited 1:40am
Hi Heeby,

1. Gold. Not triggered. I think gold could have a significant pullback from this high. See post 2026. (I posted gold chart in the room, you should recall)
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  • #2,032
  • Feb 7, 2012 1:33am Feb 7, 2012 1:33am
Hi Heeby.

2. Long EurGbp. Pullback in Support Block which we have been watching. You are already familar with this level. Longs above until it breaks. Just used the TL as a place to enter and stop below S/R block. (I posted reminder about support block in the room, you should recall)
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  • #2,033
  • Feb 7, 2012 1:49am Feb 7, 2012 1:49am
3. Long EurCad. I posted this in the room as well, you should recall. However I did say "watch only". I did take the entry myself, but it was too speculative to suggest an entry. I was not going to, but I saw someting that suggested acting. Price only went against me 2 pips after entry.

However, I messed up! When it went up, as it was very speculative, I wanted to scale out 80%. However, instead of selling 80% of the position, I accidently bought, adding a futher 80%. I then pulled back towards my entry and so I just closed it out. I really messed that one up.
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  • #2,034
  • Feb 7, 2012 1:59am Feb 7, 2012 1:59am
4. Swissy (the one u asked me about). I have already posted a couple of times on previously on Swissy, so I will not repeat my analysis and reason. I do suggest you look at post 1960 though, as its remarkable that price did exactly (the bounce - tap 3 - of lower TL) as I showed in that post, from Jan 30.

Even though I missed the entry I wanted, I was still looking and hence why I entered, but it was not a good entry. The break out in hindsight was weak and I was a little too eager. I also prefer third TL tap not fourth. I took a small loss - few pips.
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  • #2,035
  • Feb 7, 2012 2:08am Feb 7, 2012 2:08am
5. EurAud. I do not want to disucss the reasons why I considered this entry, as it at not based on this thread but something else. However, I include this so as to not leave anything out. You will see entry was missed by one pip.

However, I messed up this as well. I was meant to cancell the order after it shot up, but for some reason I forgot! Today, I checked my account and see a loss.... I thought, what the hell? When price fell, it triggered the pending order and was stopped out for 20 pips. That should never of happened. My error.
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  • #2,036
  • Feb 7, 2012 2:11am Feb 7, 2012 2:11am
Quoting dazzdude
Hi Heeby.

2. Long EurGbp. Pullback in Support Block which we have been watching. You are already familar with this level. Longs above until it breaks. Just used the TL as a place to enter and stop below S/R block. (I posted reminder about support block in the room, you should recall)

Hi Daz

Can you post here how you make S/R block? thanks
  • #2,037
  • Feb 7, 2012 3:28am Feb 7, 2012 3:28am
Quoting Iron666
Hi Daz
Can you post here how you make S/R block? thanks
Hi Iron666,

The support block was defined by Will, I am just using it. I could explain it, but I do not feel qualified. I will explain why.

Have you ever had the experience where you thought you understand something and you kinda do, and then one day the penny drops properly, and you then you realise that although u thought you understand it, your understanding was not quite right, or you only had part of the picture?

Despite seeing these s/r blocks for many months now and them making sense, I did not understand the underlying precision/technique to which some s/r blocks can be drawn. More importantly, I did not really understand how they can be used effectively.

The penny only dropped about a week or two ago when I asked Will why he took a short trade that made no sense to me. It was during his explanation of "anticipated s/r levels" and "actual s/r levels" based off of a hook pattern, when price is moving, one can create these s/r blocks.

So, although I think I get it, and I could try to explain, I feel under-qualified at this point.

Will often says that support and resistance is the most commonly taught, yet most misunderstood aspect of trading. I think he is right.

If you want to understand it better, I am sure he would hold a free webinar on it if people ask. I think he covered some aspects of it in the last free webinar he held (which I missed).

Let me leave you with the chart below (the one you asked me about)....where is the s/r block?

d
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  • #2,038
  • Feb 7, 2012 3:53am Feb 7, 2012 3:53am
Quoting dazzdude
Hi Iron666,

The support block was defined by Will, I am just using it. I could explain it, but I do not feel qualified. I will explain why.

Have you ever had the experience where you thought you understand something and you kinda do, and then one day the penny drops properly, and you then you realise that although u thought you understand it, your understanding was not quite right, or you only had part of the picture? ...
Have you ever had the experience where you thought you understand something and you kinda do, and then one day the penny drops properly, and you then you realise that although u thought you understand it, your understanding was not quite right, or you only had part of the picture?

Many many times It is normal progres of learning I think It is very individual when aha moment comes.
Will covered this aspect as you mentioned above. That aspect changed my view on price. He mentioned that he is looking on the last hook. Also I think it is very important look at the begining of new trend. So in this example I think very important S/R zone is right there on the first hook(it is support). Another S/R zone(resistance) i think is upper one zone. Sometimes line chart help me.

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Can you give me your view on S/R here? thanks


And I will very appreciate free webinar about S/R zones. Will pleaseeeeee




  • #2,039
  • Feb 7, 2012 7:01am Feb 7, 2012 7:01am
Quoting dazzdude
just one more as its such a clean example (and I do not want to stray too much from Will's method - so any qus via pm only pls)

this pattern (example shows reversal of uptrend - u can apply the same for a down trend) is not mine, its taught by trading legend Larry Willams and called "the specialists trap". Used by traders in futures, though can apply to any market.

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dazzdude, I refer to Pg 119 post#1781 chart pattern.

AUD/USD 4hr chart looks similar formation, but it has failed once (the green box).

2nd try?

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  • #2,040
  • Feb 7, 2012 8:57am Feb 7, 2012 8:57am
Quoting sher
dazzdude, I refer to Pg 119 post#1781 chart pattern.

AUD/USD 4hr chart looks similar formation, but it has failed once (the green box).

2nd try?

Attachment
I would not. It has to look right and it does not in this instance. Safer entry would be a strong break of support and enter on pullback.
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