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Fail Better

  • #2,761
  • Feb 11, 2012 5:11am Feb 11, 2012 5:11am
Quoting APeng
So, where should the stop loss and the take profit have been placed better and why? I would appreciate any hints to improve for the next trade!

Greetings,
Jan.
.
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  • #2,762
  • Feb 11, 2012 5:20am Feb 11, 2012 5:20am
Quoting trader8080
Hope this Explains it as that's what I was watching

http://content.screencast.com/users/...2-20.27.09.png

being Friday I didn't stayed in any one of them longer.

I would like to request Tom to cover "patience" in the webinar as well
I really need work on my "patience". Should buy some software may be that will lock my PC after placing the stop and TP.

I am just hoping I will overcome this as It will be Next level for me
Tom I hope you don't mind --but I think this could help some folks here...there are some valuable "nuggets" of information to which he addresses that may help with patience. As you see there a series of 7 youtube vids by Douglas


Inserted Video
  • #2,763
  • Feb 11, 2012 12:02pm Feb 11, 2012 12:02pm
Quoting the_wizard
Bunds

Chart 1 : This was a dream setup with the D1 SFP (marked with the blue arrow) at the prior swing low. As you are about to see, unless you are D1 trader, this was very difficult to get into on the H1.

Chart 2 : I was waiting for a good opportunity to get onboard this all day. The best opportunity I saw was on the pullback into the level down at 137.97. Unfortunately this missed me. Interestingly enough, I was having a conversation with a very large professional Bund trader who was trying the exact same trade for the exact...
Hi Wizard,

Lots of nice charts showing the key setups for the week but no exits marked?
I (and am probably not alone) would be very much appreciative to see where your exits would have been.

You have posted many, many times that exits are the hardest part of trading and what the majority of people struggle with.

For example, the bund you were trying to get long of. Where would you have taken your money off the table if you had gotten the fill?

Great thread.
  • #2,764
  • Feb 11, 2012 12:28pm Feb 11, 2012 12:28pm
Quoting Atc
Tom I hope you don't mind --but I think this could help some folks here...there are some valuable "nuggets" of information to which he addresses that may help with patience. As you see there a series of 7 youtube vids by Douglas
When did Tom get his own TV show!?

2nd video:

"The patterns definitely exist, they repeat themselves over and over again, the problem is, the OUTCOMES DON'T ALWAYS CORRESPOND WITH THE PATTERN ON A TRADE BY TRADE BASIS."

Reminds me of your recent gold trade Tom. Most entered it correctly, only you took your profits earlier than the usual FTA that most people (including myself) targeted.

Thanks for sharing ATC.
Attached Image
  • #2,765
  • Feb 12, 2012 5:48am Feb 12, 2012 5:48am
Wizard.

I am very grateful to you indeed for the time you have put into giving me such detailed commentary on my trades from last week.

Thank you.

You said: “I also do not think you are, as you say, following the principles outlined in the thread.”

Well, that is certainly my intention, but I am perfectly happy to accept that I may be falling short.

I was very interested to see what you considered to be the trades of the week, and actually quite surprised to see that nearly all of them involved SFPs on either the H1 or D1. As I mentioned, apart from the occasional dabble, I am not being tempted to trade H1 SFPs simply because I have not yet found a way to manage them which I am comfortable with, at least not without constant monitoring which I am not able to do. Also, although I am able to check the markets from time to time during the day H1 SFPs are difficult to spot and react to unless you trade full time. If you are 5 minutes late, you are likely to have missed the boat and you can’t pre-empt them with a limit order. Therefore I did not spot most of these. Also it was not clear to me from your charts that all of the H1 SFPs you mentioned were at clear S/R levels, although I have not yet gone back and checked this.

Would you say that it is now common for most of your trades to be SFP-related rather than based primarily on the rounded retest?

I have concentrated on the rounded retests, and it seems that you only had one last week on the EUR/USD. As you will have seen from my Trade 6, I did spot this level, but drew it in the wrong place, and made the mistake of failing to cancel my order once it bounced without hitting triggering it.

D1 SFPs are a different matter. I have used D1 bias to determine how long I should stay in a winning trade, but have not used it to proactively try to find an entry on an H1 level which would not, on its own, otherwise qualify. That is why I would not have spotted the Crude Oil and Bund trades (although I do not proactively watch the Bund). I need to pay more attention to this and get my head around this properly.

Once again, thank you very much. I completely accept you point that I need to be pickier and that is what I will be doing in the coming week.
  • #2,766
  • Feb 12, 2012 6:05am Feb 12, 2012 6:05am
Upper dashed red line is the level you traded the SFP and the targed area is the downside of the blue dashed trendline channel?

Quoting trader8080
Hope this Explains it as that's what I was watching

http://content.screencast.com/users/...2-20.27.09.png

being Friday I didn't stayed in any one of them longer.

I would like to request Tom to cover "patience" in the webinar as well
I really need work on my "patience". Should buy some software may be that will lock my PC after placing the stop and TP.

I am just hoping I will overcome this as It will be Next level for me
  • #2,767
  • Feb 12, 2012 6:26am Feb 12, 2012 6:26am
Thanks for your answer. Could you explain to me what do you mean with momentum candle into a supply of orders and how do I get the ATR? If I use the indicator it calculates me an average of the chosen period and shows a graph but I need the level as a price in the chart...
Quoting Atc
.
  • #2,768
  • Feb 12, 2012 8:16am Feb 12, 2012 8:16am
[quote=Atc;5376490]Tom I hope you don't mind --but I think this could help some folks here...there are some valuable "nuggets" of information to which he addresses that may help with patience. As you see there a series of 7 youtube vids by Douglas

Many thanks to You , Robertsweetman and Tom.
Great advice and its all welcomed . Really really appreciate the feedback it really helped me and I am sure going forward it will contribute to my success.

Looking forward to the webinar.

You are all great bunch and really like the positive attitude and mutual respect which builds a great platform for sharing ideas and learning. Great thread.
  • #2,769
  • Feb 12, 2012 8:23am Feb 12, 2012 8:23am
Quoting APeng
Upper dashed red line is the level you traded the SFP and the targed area is the downside of the blue dashed trendline channel?
The dashed blue line gave me a hint of bullish flag (didnt mean that we take the trade blindly but just factor this in the whole mix)

the dashed red lines gave me the market range.

the more price action you will watch the more it will add up. its like a " aeroplane pilot" you got to have those flight hours and then you are experienced.
  • #2,770
  • Feb 12, 2012 8:25am Feb 12, 2012 8:25am
Quoting robertislive
Firstly a disclaimer - I completely appreciate this is Tom's thread (and it's awesome) however I can't help myself replying 'cause it's the 'bit between the ears' part that I find completely fascinating about trading... It's a problem I have too and this is therapy for me, kinda

It also helps that this thread is full of rational people that just want to become ridiculously good at trading rather than being 'right' all the time.

You lot are all great. (Apologies again, appreciate the question was to Tom but it's a problem I have.)

Here's...
Great Post !
  • #2,771
  • Feb 12, 2012 9:35am Feb 12, 2012 9:35am
Quoting BadgerMatt
Would you say that it is now common for most of your trades to be SFP-related rather than based primarily on the rounded retest?
No, most of my trades are level plays. It just happens that last week there were a lot of SFP related setups. I just take what I can get.

Quoting BadgerMatt
I have concentrated on the rounded retests, and it seems that you only had one last week on the EUR/USD. As you will have seen from my Trade 6, I did spot this level, but drew it in the wrong place, and made the mistake of failing to cancel my order once it bounced without hitting triggering it.


The Bund, the Crude and the EUR/USD were all based on rounded retests (first time back)

Some of the other SFP's are still based on rounded retests but for second and third time back (when the last touch was obviously not the inverse) I look for an SFP.
  • #2,772
  • Feb 12, 2012 10:50am Feb 12, 2012 10:50am
New to this forum and I must say that I'm impressed at all the trap setups that retail traders will fall into.

Looking forward to your webinar Tom
  • #2,773
  • Feb 12, 2012 11:18am Feb 12, 2012 11:18am
Quoting APeng
Thanks for your answer. Could you explain to me what do you mean with momentum candle into a supply of orders and how do I get the ATR? If I use the indicator it calculates me an average of the chosen period and shows a graph but I need the level as a price in the chart...
http://www.screencast.com/users/Trad...d-d932135ef0fe
Attached Image (click to enlarge)
Click to Enlarge Name: 22222.png Size: 86 KB
  • #2,774
  • Feb 12, 2012 11:31am Feb 12, 2012 11:31am
Quoting omni
Hi Wizard,

Lots of nice charts showing the key setups for the week but no exits marked?
I (and am probably not alone) would be very much appreciative to see where your exits would have been.

You have posted many, many times that exits are the hardest part of trading and what the majority of people struggle with.

For example, the bund you were trying to get long of. Where would you have taken your money off the table if you had gotten the fill?

Great thread.
Hi, I will look at this in today's webinar.
  • #2,775
  • Feb 12, 2012 2:07pm Feb 12, 2012 2:07pm
Quoting the_wizard
Hi, I will look at this in today's webinar.
Thanks Wiz. Great webinar.

ps. The omni in the webinar wasnt this omni.
  • #2,776
  • Feb 12, 2012 4:29pm Feb 12, 2012 4:29pm
I missed today's webinar :<

Can anyone provide some information on it?

I'd really appreciate it!
  • #2,777
  • Feb 12, 2012 4:36pm Feb 12, 2012 4:36pm
Quoting biDc
I missed today's webinar :<

Can anyone provide some information on it?

I'd really appreciate it!
Phsychology,being careful about the News,Some SFP examples,how amateurs think.
and a lot of Fu*k Fu*k Fu*k word.. lol just kidding Tom

i have attended two Webinars so far.great info.!!
  • #2,778
  • Feb 13, 2012 9:22am Feb 13, 2012 9:22am
Crude

http://content.screencast.com/users/...2-15.24.26.png
  • #2,779
  • Feb 13, 2012 9:36am Feb 13, 2012 9:36am
8080 can you turn your colours back the 'right' way for us retardz plz?



Ta!
  • #2,780
  • Edited 10:22am Feb 13, 2012 10:10am | Edited 10:22am
Quoting robertislive
8080 can you turn your colours back the 'right' way for us retardz plz?



Ta!
Ok boss Next time Candles only in "black and white" lol

SFP is there but the Bull flag is in play as well.

http://content.screencast.com/users/...2-16.22.53.png
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