Fail Better | Page 135 | 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

  • #2,681
  • Feb 7, 2012 1:19am Feb 7, 2012 1:19am
Quote
The SFP was the first candle to break the low and close above it.

Thanks, so that was a valid SFP.
  • #2,682
  • Feb 7, 2012 4:10am Feb 7, 2012 4:10am
Quoting sam0182
Tom, regarding the above post, do you have room on the first page for a "sticky" type post of A+ setup charts?

We could setup a system where members PM you their A+ setups over the last six months & pending your approval, you add them to the front page.

I (and I'm sure many others) keep a folder on my pc stocked full of the no-brainer, A+ setups and make it a point to review them weekly, compare to present possible setups and weed out the maybe trades. I know there are several dozen, if not hundreds of great charts in this thread that...
A great idea Sam and I think it would be a huge help.
  • #2,683
  • Feb 7, 2012 4:36am Feb 7, 2012 4:36am
My two trades of the day. First is SFP on Au 1H which took my SL. RBA didnt lower rates and AU in a strong move. So shorting on Frankfurt-Open not the best idea.
I have a buy limit on place as well.


Second is a SFP on GU 15min that worked quiet nice with a sharp drop to FTA.



http://s1.directupload.net/images/12...p/ysiwgogg.gif

http://s7.directupload.net/images/12...p/dq2xx2xv.gif
  • #2,684
  • Feb 7, 2012 5:55am Feb 7, 2012 5:55am
Quoting Czecze
My two trades of the day. First is SFP on Au 1H which took my SL. RBA didnt lower rates and AU in a strong move. So shorting on Frankfurt-Open not the best idea.
I have a buy limit on place as well.


Second is a SFP on GU 15min that worked quiet nice with a sharp drop to FTA.



http://s1.directupload.net/images/12...p/ysiwgogg.gif

http://s7.directupload.net/images/12...p/dq2xx2xv.gif...
Nice set ups, just something to think about the first trade with the Aussie which i so also but what made me stay out was the fact there was a higher trend line/channel upwards at a higher price so my contention was it would atleast reach here first before making a proper reaction, the wick on the SPF bar was really close but just not quite there!
  • #2,685
  • Feb 7, 2012 6:45am Feb 7, 2012 6:45am
Quoting Pound
Thanks, so that was a valid SFP.
Not really - the first bar that made the low was the SFP bar.

The bar that you traded made a new low but from within minor consolidation - there are no previous swing points that its failing. They work sometimes but the strike rate on SFP's with space is better.

Does that make sense?
  • #2,686
  • Feb 7, 2012 6:55am Feb 7, 2012 6:55am
Quoting BadgerMatt
Wizard, thanks.

A couple of questions which have occured to me lately, which I have not yet seen answered on this thread (they may have been in some of the earlier webinars which I missed):

1. What news source do you use to gather all of the relevant announcements?

2. I know you are not too worried about R:R ratios because you rely much more heavily on a high win ratio. But is there a minimum R:R below which you will not take the trade, in order to preserve your overall positive expectancy? My impression so far (and it is only an...

Try www.talking-forex.com

Just my view on R:R - the first trouble area needs to be approx 1R away from entry for me to consider it. Any less than that and I find it better to leave it and look for other options. This isn't a cast iron rule though - a very high probability setup that has identifiable FTA at say .5R away can get me interested, each scenario is different.

Best thing to do is to track every trade you do and measure the R even beyond your exit. What's the maximum gain each trade makes? This information can allow to fine tune your trading going forward. I know Tom is a big advocate of doing this.
  • #2,687
  • Feb 7, 2012 8:31am Feb 7, 2012 8:31am
Quoting BadgerMatt
Wizard, thanks.

A couple of questions which have occured to me lately, which I have not yet seen answered on this thread (they may have been in some of the earlier webinars which I missed):

1. What news source do you use to gather all of the relevant announcements?

2. I know you are not too worried about R:R ratios because you rely much more heavily on a high win ratio. But is there a minimum R:R below which you will not take the trade, in order to preserve your overall positive expectancy? My impression so far (and it is only an...

You can try this one too....is free and autorefreshing
http://www.forexlive.com/
Patience is essential
  • #2,688
  • Feb 7, 2012 8:34am Feb 7, 2012 8:34am
My own view on Eur/Jpy.

Is that a Spider??
Attached Image (click to enlarge)
Click to Enlarge Name: Spider.png Size: 44 KB
Patience is essential
  • #2,689
  • Feb 7, 2012 8:46am Feb 7, 2012 8:46am
Quoting pipz4me
Not really - the first bar that made the low was the SFP bar.

The bar that you traded made a new low but from within minor consolidation - there are no previous swing points that its failing. They work sometimes but the strike rate on SFP's with space is better.

Does that make sense?
Thanks, yes it does, sorry for being dim Shanto I see what you meant now,

at least I think I have.....

http://i1084.photobucket.com/albums/...D070220123.jpg
  • #2,690
  • Feb 7, 2012 10:31am Feb 7, 2012 10:31am
Keeping an eye on EU 1.32...great daily level that has broken, a little choppy as of late (see 4hr) but worth looking at. Let's see where we close today.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu 1.32.JPG Size: 171 KB
Click to Enlarge Name: eu 1.32 4hr.JPG Size: 162 KB
  • #2,691
  • Feb 7, 2012 10:37am Feb 7, 2012 10:37am
Quoting pipz4me
you might as well just flip a coin


Post No. 2607! This post also has my EURUSD trade preserved in it, long @ 1.3140, stop 1.3000 and target 13500.

Why did i take this trade? Well it certainly wasn't anything to do with coin tossing (although this is a viable strategy in the RIGHT hands). My strategy was based upon various things, the important one being internet trading chat forums.

When the chat forums are all talking one direction you can bet it's going to go the opposite way.

Be honest, who had their short stops taken out today? Even worse, who is holding onto a short on the EURUSD and HOPING like mad it's going to turn again.


Cheers,

FxPro_Trader.
  • #2,692
  • Feb 7, 2012 10:48am Feb 7, 2012 10:48am
Quoting FxPro_Trader
Post No. 2607! This post also has my EURUSD trade preserved in it, long @ 1.3140, stop 1.3000 and target 13500.

Why did i take this trade? Well it certainly wasn't anything to do with coin tossing (although this is a viable strategy in the RIGHT hands). My strategy was based upon various things, the important one being internet trading chat forums.

When the chat forums are all talking one direction you can bet it's going to go the opposite way.

Be honest, who had their short stops taken out today? Even worse, who is holding onto a short...
Well its still way short of your target so its a bit early to be sounding smug.

I am still completely confused about the relevance of this to any of the content of this thread, who do you have a beef with?

I think I will just ignore you from now on.
  • #2,693
  • Feb 7, 2012 11:01am Feb 7, 2012 11:01am
Hallo guys i am at the end of this beautiful thread....reading throw all the pages have been a wounderfull experience.....One question....have you tried to pick up a weekly chart and mark all the main PPZ/swing and then go down to 1h Tf???
It's incredible how price react to this long term levels.....
Let me know what do you think about it....
Patience is essential
  • #2,694
  • Feb 7, 2012 11:23am Feb 7, 2012 11:23am
Just thought i would post some charts showing potential trades as i see them, all comments welcome.
They are all possible RRT setups.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au.gif Size: 32 KB
Click to Enlarge Name: eu.gif Size: 34 KB
Click to Enlarge Name: ej.gif Size: 30 KB
Click to Enlarge Name: gu.gif Size: 30 KB
Click to Enlarge Name: nu.gif Size: 33 KB
Click to Enlarge Name: uchf.gif Size: 31 KB
  • #2,695
  • Feb 7, 2012 12:06pm Feb 7, 2012 12:06pm
Quoting Czecze
My two trades of the day. First is SFP on Au 1H which took my SL. RBA didnt lower rates and AU in a strong move. So shorting on Frankfurt-Open not the best idea.
I have a buy limit on place as well.


Second is a SFP on GU 15min that worked quiet nice with a sharp drop to FTA.



http://s1.directupload.net/images/12...p/ysiwgogg.gif

http://s7.directupload.net/images/12...p/dq2xx2xv.gif...
According to the rules I trade, the SFP you traded in the AUD/USD has not stopped out yet.
  • #2,696
  • Feb 7, 2012 12:11pm Feb 7, 2012 12:11pm
Get ready for a break south in USDCHF (most likely tomorrow morning but one to watch).
  • #2,697
  • Feb 7, 2012 1:42pm Feb 7, 2012 1:42pm
Hi crew and Tom

Thought I'd post this... copying the AUDUSD 'trap' that Tom posted here for something I managed to spot sitting at work off the back of the 'Greece is all fixed' rumour move this afternoon.

I've got people I watch posting short positions from 1.3234 and well it just didn't 'feel' right to me so went looking for a reason to justify a short position.

They're posting shorts at 1.3234/7 because they've been taught that more 'hits' at a level means it's more respected but of course us boys and girls here all know better

http://www.forexfactory.com/attachme...1&d=1328642674

Previous support was 1.3260 back in 30th Nov although I only got in at 1.3258 as I was allowing a couple of pts in to avoid missing the move. Target to buy based on previous resistance at 1.3237 of 13th Dec as per Tom's AUDUSD trade... Yes, this is on a very short timescale but hey

http://www.forexfactory.com/attachme...1&d=1328642905

21 pts to me off a (large) 20pt stop [yes, when I've got more records I'll be able to optimise i.e. reduce this based off proper data] however the key difference as far as I'm concerned?

Being extremely fe**ing chilled hanging about waiting for this to work because it makes sense based on what other traders are doing!

Now of course the whole thing may well crater below 1.3234 so if I'd used more size of course I could keep part of the position on but I'll be honest guys and say that's a little 'advanced' for my account at the moment.

Bish, bash, bosh take the cash out of the trap - shwing!

EDIT: will figure out how to post charts inline properly (howthefeckdoyoudothat??) sorry
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD trap1.jpg Size: 56 KB
Click to Enlarge Name: EURUSD trap 5min.jpg Size: 42 KB
  • #2,698
  • Feb 7, 2012 1:48pm Feb 7, 2012 1:48pm
Quoting bez3000
Just thought i would post some charts showing potential trades as i see them, all comments welcome.
They are all possible RRT setups.
Hey bez, from the ones you mentioned I have an order to buy eur/usd already. Also watching usd/chf to break lower.
  • #2,699
  • Feb 7, 2012 2:05pm Feb 7, 2012 2:05pm
Quoting saulynas
Hey bez, from the ones you mentioned I have an order to buy eur/usd already. Also watching usd/chf to break lower.
Same as me my friend lets see it happen
  • #2,700
  • Edited 2:12pm Feb 7, 2012 2:10pm | Edited 2:12pm
Quoting BadgerMatt
1. What news sources do you use to gather all of the relevant announcements?
Personally I use Trade The News although I've tried Talking Forex briefly there's just a lot more to TTN

However it's about £50 per month which is their very basic version and doesn't include someone talking which would annoy the s**t out of me anyway.

Hope this helps!
Attached Image (click to enlarge)
Click to Enlarge Name: TTN.jpg Size: 184 KB
3 traders viewing now