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Fail Better

  • #3,561
  • May 22, 2012 8:27pm May 22, 2012 8:27pm
Took a loss on the NZD/USD SFP. Was there anything wrong with this set-up (or is it a good set-up that just didn't work out)?
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  • #3,562
  • May 23, 2012 1:07am May 23, 2012 1:07am
Quoting nymeria
Took a loss on the NZD/USD SFP. Was there anything wrong with this set-up (or is it a good set-up that just didn't work out)?
I think the main thing that invalidated the set-up for me was that price came and tested 7520 just before.

I think it's also gunning for the gap fill. I'll be looking for an SFP @ 7369.
  • #3,563
  • May 23, 2012 1:42am May 23, 2012 1:42am
I rejected this NZDUSD H1 SFP because when price touches TL's for the 4th time, it usually crashes through it. Here's a Weekly showing the 4th touch of the lower TL just where the SFP was....

http://4.bp.blogspot.com/-B6C4AwRe_C...Wkly_23051.gif
  • #3,564
  • May 23, 2012 6:12am May 23, 2012 6:12am
Thank you for the responses Globaljobber and Quidsey. I didn't think to look on the weekly. I see now I have to stop looking at the hourlies to draw my levels and focus on the higher timeframes.
  • #3,565
  • May 23, 2012 3:27pm May 23, 2012 3:27pm
On my feed there was no SFP on the NZD/USD. Both the previous low and the close of the trigger bar were the same - 0.7521


I took the EUR/USD SFP this morning for a pleasant 0.7R winner. It was an SFP of the most recent H1 swing low and also of the D1 swing low from January
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  • #3,566
  • May 23, 2012 4:04pm May 23, 2012 4:04pm
Quoting sam0182
I'm out for a small loss. How'd you manage it Benem?
I closed it manually....but i'd still be in if i didn't move my stop loss....these are the kind of trades where i struggle....What your opinion about how that?
Ps
Actually i see on your trade explorer you did 4% with this trade....are you sure you got a small loss??
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Patience is essential
  • #3,567
  • Edited 5:29pm May 23, 2012 4:35pm | Edited 5:29pm
Quoting benem
I closed it manually....but i'd still be in if i didn't move my stop loss....these are the kind of trades where i struggle....What your opinion about how that?
Ps
Actually i see on your trade explorer you did 4% with this trade....are you sure you got a small loss??
I struggled with this one too but I can't regret my action. I closed long after we had the strong 1hr close above the level and price came back down, looking ready to continue the break through resist. The SR level had failed in my opinion and I (we) made the right call to close.

If this would have continued up and I had not closed, I would be upset with myself. So that being said, I know I made the right move.

Re: my trade explorer, it's a demo account where I try and take the same trades I take live (with 4x the size) but leave them on (wide stops & tp). Hence my demo account has doubled since the first of the year while my live is only up 15%. And obviously I don't catch all of the same trades on the demo, only when I have the time. Catching all the trades in the live account is priority, especially as I haven't seen a cent of the 11k profit on the demo trade explorer

Got anything else on the watch list Benem? I'm digging your charts.
  • #3,568
  • May 23, 2012 5:51pm May 23, 2012 5:51pm
Quoting sam0182
Now short UJ
Pre & Post Charts Below...
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  • #3,569
  • May 24, 2012 1:14am May 24, 2012 1:14am
Quoting sam0182
I struggled with this one too but I can't regret my action. I closed long after we had the strong 1hr close above the level and price came back down, looking ready to continue the break through resist. The SR level had failed in my opinion and I (we) made the right call to close.

If this would have continued up and I had not closed, I would be upset with myself. So that being said, I know I made the right move.

Re: my trade explorer, it's a demo account where I try and take the same trades I take live (with 4x the size) but leave them on...
YOU..... digging my charts.....what an honor!!

Anyway i feel better now that i got someone else opinion on this trade management.The most difficult part in trading is to understand when you did the right thing even if you took a loss.
Thanks 4 your opinion.
Patience is essential
  • #3,570
  • May 24, 2012 4:34am May 24, 2012 4:34am
Long on Gbp/Aud
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Patience is essential
  • #3,571
  • May 24, 2012 7:21am May 24, 2012 7:21am
Are many people trading this method profitably, regardless if its demo or live?
WARNING: Don't follow me as I'm just learning
  • #3,572
  • May 24, 2012 9:12am May 24, 2012 9:12am
Quoting adam777
Are many people trading this method profitably, regardless if its demo or live?

I will tell you that in a couple of month.....i am still demoing.
But i guess the method can give you an edge,but you have to see how you behave....two people can enter at the same point but one can result a winner and the other can be a loser.
Patience is essential
  • #3,573
  • May 24, 2012 11:03am May 24, 2012 11:03am
Quoting adam777
Are many people trading this method profitably, regardless if its demo or live?
Yes to both.

And what Benem said is spot on...it's not so much finding a method that works, there are plenty of those...it's finding one that you can become most adapt to & follow with confidence.
  • #3,574
  • May 24, 2012 12:05pm May 24, 2012 12:05pm
Short at daily confluence
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Patience is essential
  • #3,575
  • May 24, 2012 8:47pm May 24, 2012 8:47pm
Quoting benem
Short at daily confluence
Spotted this one as well. Data that may play a role to confirm the short:
1. US treasury currency report (released over the weekend).
2. US Bank holiday on Monday

See FF calendar.

Nothing major for the CAD but couple of key US related items over the next week and who knows what impact the pants pooping EU will have.

See how it goes.
  • #3,576
  • Edited 9:13pm May 24, 2012 9:00pm | Edited 9:13pm
Quoting benem
Long on Gbp/Aud
Nice call/catch on the G/AUD.

I'm not a huge fan of the UCAD setup...but I'm not a huge fan of this pair to begin with.
  • #3,577
  • May 24, 2012 9:02pm May 24, 2012 9:02pm
A couple I'm watching. Also, U/CHF is trying to break out right now, keep an eye out for a ftb.
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  • #3,578
  • May 24, 2012 9:58pm May 24, 2012 9:58pm
A possible D1 SFP in the making here....
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  • #3,579
  • May 24, 2012 11:59pm May 24, 2012 11:59pm
Short at pull back
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Patience is essential
  • #3,580
  • May 27, 2012 9:53am May 27, 2012 9:53am
Alright guys, post up what you're watching for the week, let's get this going.

I'll have my charts up in a few more hours.
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