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Fail Better

  • #2,701
  • Feb 7, 2012 2:13pm Feb 7, 2012 2:13pm
Nice trade man


Quoting robertislive
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...
  • #2,702
  • Feb 7, 2012 2:23pm Feb 7, 2012 2:23pm
Quoting bez3000
Nice trade man
Thx bez

Now to do it again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again etc... LOL

Erm anyway 99 million trades to go and I might actually 'get' this stuff. The word for 2012 is screentime

Yes indeed...
  • #2,703
  • Feb 7, 2012 5:06pm Feb 7, 2012 5:06pm
Quoting robertislive
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...
Love it.
  • #2,704
  • Feb 8, 2012 12:03am Feb 8, 2012 12:03am
UJ 77.28
Attached Image (click to enlarge)
Click to Enlarge Name: uj 2.8.12.jpg Size: 73 KB
  • #2,705
  • Feb 8, 2012 1:45am Feb 8, 2012 1:45am
Quoting sam0182
UJ 77.28
Sam 77.28 was last used as resistance, are you going to wait for the level to be broken and used as support?
  • #2,706
  • Feb 8, 2012 2:25am Feb 8, 2012 2:25am
Hi Tom good morning.I have a question for you.I just finished reading all the thread but i have a doubt could not clarify.....
On the chart below i have shown an EU resistence that now becomes support correct??
Would you have entered yesterday after the BO and small RR or would you look today for a RR.

To say it straight....do you pay attention to the close of the day Above/Below the level to wait for a RR.

My english does't help me in asking question....i hope you can understand me!!!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUdaily_001.png Size: 35 KB
Click to Enlarge Name: EU1h.png Size: 40 KB
Patience is essential
  • #2,707
  • Feb 8, 2012 3:00am Feb 8, 2012 3:00am
Quoting benem
Hi Tom good morning.I have a question for you.I just finished reading all the thread but i have a doubt could not clarify.....
On the chart below i have shown an EU resistence that now becomes support correct??
Would you have entered yesterday after the BO and small RR or would you look today for a RR.

To say it straight....do you pay attention to the close of the day Above/Below the level to wait for a RR.

My english does't help me in asking question....i hope you can understand me!!!
Benem,

I don't mind whether I enter on the same day or the day after BUT the retest you show is what I call an IMMEDIATE RETEST. E.g. there is no space between the break and return. I prefer a more rounded retest.

Tom
  • #2,708
  • Feb 8, 2012 3:46am Feb 8, 2012 3:46am
hi Tom,
just want to ask will you share with us THE RULES that you drawn and showed at the last public webinar?
thanks
  • #2,709
  • Feb 8, 2012 9:14am Feb 8, 2012 9:14am
Quoting bez3000
Sam 77.28 was last used as resistance, are you going to wait for the level to be broken and used as support?
The chart didn't show up clearly...coming down to the 1hr, you can see the level was used as supt last with two kicks off the level. I see what you're going after though, the 1hr bounce back up to the .18 range...this didn't negate the level for me, however.

This pulled up a few points short last night (to that same .18 range) and is off the list now for me.

Nice charts yesterday...waiting for that UCHF.
Attached Image (click to enlarge)
Click to Enlarge Name: uj close up 2.8.12.GIF Size: 64 KB
  • #2,710
  • Feb 8, 2012 11:11am Feb 8, 2012 11:11am
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.
Update:

AUDUSD = still waiting for price to drop to 1.0745 area for RRT long.

EURJPY = waiting for price to make it back down to 100.830 area for RRT long.

EURUSD - my pending long @ 1.32204 missed by less then 1 pip, then moved to my TP 30 pips away at FTA (still at least i picked the right trade).

GBPUSD = price dropped straight through my marked area, luckily i missed hen trade anyway, looking at the D1 i was looking to trade right into Daily lows!!!!!

NZDUSD = The upper level @ 0.8370 seems to have been washed somewhat so waiting for short only RRT @ 0.8295 area.

USDCHF = Like everyone else just waiting for it to break support and give us a RRT to short.

Any comments all?
  • #2,711
  • Feb 8, 2012 11:12am Feb 8, 2012 11:12am
Quoting sam0182
The chart didn't show up clearly...coming down to the 1hr, you can see the level was used as supt last with two kicks off the level. I see what you're going after though, the 1hr bounce back up to the .18 range...this didn't negate the level for me, however.

This pulled up a few points short last night (to that same .18 range) and is off the list now for me.

Nice charts yesterday...waiting for that UCHF.
Got it cheers.
  • #2,712
  • Feb 8, 2012 1:32pm Feb 8, 2012 1:32pm
4HR chart

http://i1084.photobucket.com/albums/...HR08022012.jpg

1HR chart

http://i1084.photobucket.com/albums/...HR08022012.jpg
  • #2,713
  • Feb 8, 2012 3:07pm Feb 8, 2012 3:07pm
Quoting FxPro_Trader
When the chat forums are all talking one direction you can bet it's going to go the opposite way.
Not in this chat forum ;-)
  • #2,714
  • Feb 8, 2012 3:37pm Feb 8, 2012 3:37pm
Woke up and found this order had been executed.

UJ bid at 77.76. Price had broken through that level the previous day and waited for a retest.

Closed at 28 pips after noticing that UJ's ATR is around 38pips and it had already gone 42pips for the day, and didn't like the way current daily looked and last 3 h1 candles didn't provide much confidence for me to stay in.

Any thoughts are appreciated.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uj-77.69-d1.gif Size: 21 KB
Click to Enlarge Name: uj-77.69-h1.gif Size: 18 KB
  • #2,715
  • Feb 8, 2012 4:33pm Feb 8, 2012 4:33pm
SFP on EurJpy Daily?

Attached Image (click to enlarge)
Click to Enlarge Name: EurJpySFP.JPG Size: 183 KB
  • #2,716
  • Feb 8, 2012 4:55pm Feb 8, 2012 4:55pm
Quoting the_wizard
Not in this chat forum ;-)
What a ledge!
  • #2,717
  • Feb 8, 2012 8:52pm Feb 8, 2012 8:52pm
Quoting ljr
SFP on EurJpy Daily?

Attachment
I dunno about anybody else and I'm not an expert, but I'd be careful. Looks like that level has been used before 2 times already (this being it's third time with a bullish bar approaching it) and is losing significance (spider). If retail traders are involved in that short push, you know where their stops are.

With that said, I have a bid in at 100.772 since it was R last, it was a bit of an annoying level for 6 days before it broke out, and it has been used as strong S before, so I'm kinda expecting the price to go down...
Attached Image (click to enlarge)
Click to Enlarge Name: ej-d1.gif Size: 17 KB
  • #2,718
  • Feb 9, 2012 12:14am Feb 9, 2012 12:14am
Here we go...you awake yet UK?
  • #2,719
  • Feb 9, 2012 12:38am Feb 9, 2012 12:38am
Quoting sam0182
Here we go...you awake yet UK?
UK reporting in and ready for action, Sir!
  • #2,720
  • Edited 1:08am Feb 9, 2012 12:43am | Edited 1:08am
Quoting the_wizard
Get ready for a break south in USDCHF (most likely tomorrow morning but one to watch).
This morning has started out with a nice flush lower in USDCHF as the longs off support (I know of a few myself) were scrambling to puke and the shorts have chased the momentum down here with the stop sells.

This was particularly brutal as if you check out the 11pm bar last night, you can see we broke the range highs. It wasn't the best SFP as you folks will know but once you are aware of the direction (see the former post of mine I'm quoting) then you know, what I like to refer to as, the potential stitch up areas.

Speaking of stitch ups ; we want to keep a close eye on the 0.9165 which is the extreme range low for an SFP on the H1 to try and punish the shorts here but overall I wouldn't hang around too long on the long side.
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