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Fail Better

  • #3,221
  • Apr 10, 2012 9:21am Apr 10, 2012 9:21am
UC going parabolic!!!

This is going to be a buy 9997 for me...... if it ever comes back.

...actually if this sfp's 0032 ..... lol
  • #3,222
  • Apr 10, 2012 10:06am Apr 10, 2012 10:06am
Hi guys, if anyone could give me feedback on this trade I'd appreciate it.

http://my.jetscreenshot.com/demo/20120410-wjbg-81kb.jpg

I had the horizontal SP lines drawn in at the start of the day. Gold pushed through the level, and then quickly pulled back to it. I was long at the vertical line.

Thanks
  • #3,223
  • Apr 10, 2012 10:42am Apr 10, 2012 10:42am
Quoting ralphmacchio
Hi guys, if anyone could give me feedback on this trade I'd appreciate it.

http://my.jetscreenshot.com/demo/20120410-wjbg-81kb.jpg

I had the horizontal SP lines drawn in at the start of the day. Gold pushed through the level, and then quickly pulled back to it. I was long at the vertical line.

Thanks
That's how i see it..
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  • #3,224
  • Apr 10, 2012 11:24am Apr 10, 2012 11:24am
Looking for opinions on a rounded retest of the spider. Looking for a buy around 95 on the retest. FTA may be a little close after zooming out. I do not currently have a bias on this pair.
Anyone have thoughts. Just demoing this one.
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  • #3,225
  • Apr 10, 2012 11:46am Apr 10, 2012 11:46am
Quoting Caesar
Looking for opinions on a rounded retest of the spider. Looking for a buy around 95 on the retest. FTA may be a little close after zooming out. I do not currently have a bias on this pair.
Anyone have thoughts. Just demoing this one.
Level looks pretty decent, but I'd say you concentrate on the majors.

Regards,
Dave.
  • #3,226
  • Apr 10, 2012 12:14pm Apr 10, 2012 12:14pm
http://i1084.photobucket.com/albums/...AD10042012.jpg
  • #3,227
  • Apr 10, 2012 1:34pm Apr 10, 2012 1:34pm
Can anyone recommend a good charting package. Looking for something that can be used on an ongoing basis, free of charge, without having to open an account. Have been using IG Index but just wondering about different options.
Hugh
  • #3,228
  • Apr 10, 2012 1:37pm Apr 10, 2012 1:37pm
The daily inside bar also gave a nice entry into the breakout above parity.

Quoting Quidsey
http://i1084.photobucket.com/albums/...AD10042012.jpg
  • #3,229
  • Apr 10, 2012 2:53pm Apr 10, 2012 2:53pm
Nice Sfp on nzdusd?
  • #3,230
  • Apr 10, 2012 10:36pm Apr 10, 2012 10:36pm
Quoting Quidsey
Nice zoomie, I took the same. The s&p was trying to fill a large gap at the same time as well, inverse correlation.

I had fta @ 9977 but hung on until 68 before I was stopped.

Good first chart imo, just be careful in cad.
Nice trade Quidsey. I have been watching the Spoos also since Tom said we should. Helped me in a USD/CAD breakout trade today. Thanks Tom!
  • #3,231
  • Apr 11, 2012 2:04am Apr 11, 2012 2:04am
Quoting GotPips
Nice Sfp on nzdusd?
It was, hope you made some.

1.0050 in UC now set-up for a break RR out of this range. If I can get in long @97 I'm going to try and hold.
  • #3,232
  • Apr 11, 2012 4:36pm Apr 11, 2012 4:36pm
Quoting Quidsey

1.0050 in UC now set-up for a break RR out of this range. If I can get in long @97 I'm going to try and hold.
Price getting supported in this sideways movement so I'm now waiting for 1.0050.

Silver is ranging quite tightly, looking for SFP of either 31 or 32.11.
  • #3,233
  • Edited 1:33am Apr 12, 2012 1:10am | Edited 1:33am
Quoting human2
Can anyone recommend a good charting package. Looking for something that can be used on an ongoing basis, free of charge, without having to open an account. Have been using IG Index but just wondering about different options.
Hugh
Hi Human,

I use ProRealTime but you need to pay for that. However OANDA does Metatrader on a demo account that never expires - they (their sales team) don't seem to bother you or call you up either which is good!

Cheers
Globaljobber
  • #3,234
  • Edited 1:31am Apr 12, 2012 1:21am | Edited 1:31am
Hi All,

Hope you don't mind me joining in this thread, it's really good. Thanks Wiz for all your time and info here. I have spent the last couple of weeks reading through it all, am around 70% way there - large thread lol.

Here's AUDCHF which I've set up a trade based on H4 ppz, short trade at 0.9550. I've got a 2:1 RR on this as this is currently my strategy, amd seeing how it goes by keeing record of all my trades. The red arrow is my short, purple SL and yellow target. Ignore previous trade, that was based on a daily ppz. My only issue with this trade is worried SL is below 365 ema, but then RR would be too wide?? Daily short term trend is down but longer term looks up, so feel target is reachable if trade triggers. There is also confluence with a 50% fib of recent from 0.9760 recent H4 highs which helps.

http://1.bp.blogspot.com/-yibLAvBoSg...F_120412_1.png
  • #3,235
  • Edited 3:33am Apr 12, 2012 3:12am | Edited 3:33am
Quoting Quidsey
http://i1084.photobucket.com/albums/...AD10042012.jpg
Good call on that one Q, there was a nicer level above in hindsight, but could have taken something out of that RR trade.

I think price may return above the upper green level/line at some point.

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  • #3,236
  • Apr 12, 2012 4:56am Apr 12, 2012 4:56am
Anyone get this RR on the S&P 500, i didn't touch it because i wasn't watching it at the time. These early mornings watching multiple charts are getting to me

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  • #3,237
  • Apr 12, 2012 6:49am Apr 12, 2012 6:49am
Quoting simplebeans
Anyone get this RR on the S&P 500, i didn't touch it because i wasn't watching it at the time. These early mornings watching multiple charts are getting to me

Attachment
Hi Simplebeans

Is your stoploss 1.3810 on this trade .... just learning ... :nerd:
WARNING: Don't follow me as I'm just learning
  • #3,238
  • Apr 12, 2012 7:56am Apr 12, 2012 7:56am
Quoting globaljobber
Hi All,

Hope you don't mind me joining in this thread, it's really good. Thanks Wiz for all your time and info here. I have spent the last couple of weeks reading through it all, am around 70% way there - large thread lol.

Here's AUDCHF which I've set up a trade based on H4 ppz, short trade at 0.9550. I've got a 2:1 RR on this as this is currently my strategy, amd seeing how it goes by keeing record of all my trades. The red arrow is my short, purple SL and yellow target. Ignore previous trade, that was based on a daily ppz. My only issue with...
1) I don't trade crosses. One reason is the spread is usually too large a percentage of the ATR. This is something which many overlook but which negatively affects your edge unless you are going for huge moves. On AUD/CHF, the market has to move 8% of its daily ATR for you to cover spread. This is ridiculous for someone that looks for short term moves and covers most of their positions the same day they are taken. Infact its virtually insane. (As a comparison, the EUR/USD has to move 1.4%)

2) I don't trade the H4 chart.

3) Your level was resistance last which makes it a definite pass for a blind touch but a possibility if an SFP forms.

4) I don't use the 365 EMA.

5) I ignore daily trend for the most part.

6) Your stop has to go where your stop has to go. Decide where you want your stop and then decide whether the R:R is acceptable but you should never, ever and I mean ever, let your R:R affect where you place your stop.
  • #3,239
  • Apr 12, 2012 9:06am Apr 12, 2012 9:06am
Quoting the_wizard
1) I don't trade crosses. One reason is the spread is usually too large a percentage of the ATR. This is something which many overlook but which negatively affects your edge unless you are going for huge moves. On AUD/CHF, the market has to move 8% of its daily ATR for you to cover spread. This is ridiculous for someone that looks for short term moves and covers most of their positions the same day they are taken. Infact its virtually insane. (As a comparison, the EUR/USD has to move 1.4%)

2) I don't trade the H4 chart.

3) Your level was resistance...
Hi Wiz,

thanks for your comments and pointers, all taken on board. The spread I have on my GFT account currency for AUD/CHF is currently 3.8 pips. I'm running a live micro account, whether that makes a difference I don't know, but the spread is fine to me???
When you say 'your level was resistance last' do you mean that if it was support last then this trade would have been ok (all your other points taken into consideration)?

Thanks
Gerard
  • #3,240
  • Apr 12, 2012 9:47am Apr 12, 2012 9:47am
Quoting globaljobber

do you mean that if it was support last then this trade would have been ok
I'll wait for Wiz to answer but yes.

See example below.
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