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Fail Better

  • #3,721
  • Jun 10, 2012 7:44pm Jun 10, 2012 7:44pm
i'm short aud at the sfp, I was skiddish of the eur gap because of the huge 1.2622 level. I didn't want to short into that, and even considered a long. Lets see how it plays out.

I've never actually used skype, but as soon as i get some rest I will see about setting up a group.
Support the Resistance
  • #3,722
  • Jun 11, 2012 6:17am Jun 11, 2012 6:17am
Hi folks,

Had a s00per bludgy long weekend in Australia - so it looks like I missed the skype session this week. Was thinking that this would be a nice idea last week. I'd be keen for a Sunday evening (early-ish Monday morning depending on your time zones) hook up to discuss the key levels for the week and discuss setups that work and failed.

Thanks for taking the first step Megel.

My skype id: ninety47
Twitter is (the same): ninety47

Cheers,

9047!
  • #3,723
  • Jun 11, 2012 7:01am Jun 11, 2012 7:01am
hello traders,
today market opened with a lot of gaps - do you know why the market want to close soon or later the gaps ?? whats the reason/background - why market is reacting in this way or it is a phenomen ??

regards,

as
  • #3,724
  • Edited 7:57am Jun 11, 2012 7:07am | Edited 7:57am
I didn't attend the paid webinar about SFP so not really sure what they are about...

Edit: Well I got out of this for BE +1 - which of course means it'll now go shooting up! Was also hard to choose a reasonable target other than 1.2610-1.2620 - and I thought that might be a bit ambitious.

However I had a similar situation last week where the price went against me then came back to BE. At that time I left it but eventually took a full loss and regretted not cutting it when I could have done.
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  • #3,725
  • Jun 11, 2012 7:57am Jun 11, 2012 7:57am
Quoting rm55
I didn't attend the paid webinar about SFP so not really sure what they are about...
I missed the webinars as well - time difference just doesn't work for me.

The definition for SFP is in the thread - the only missing bits are the stuff about where you should place your stops - at least I never read them if they are there.

Personally I think its good to take the time and do the analysis to figure out what stops work for you. I'm pretty sure that TD uses ATR(24). Biting the bullet and doing this did me a WORLD of good - it helped to start the process of changing my thinking to more probabilistic view of setups.

Quoting Tom (from my notes) ...

Quote
Point 1) Market makes a swing low in the circle and then rallies away from here. It doesn't have to rally to an FTA, it just has to rally off the low. How much is discretionary but I like to see some significant movement away - I'm sorry I can't be more specific. I don't use fixed rules. I am very discretionary. You can then see it comes back and breaks that prior low and closes above...JUST. There is a decent amount of space and this is a tradable setup.

Point 2) Same here. Market makes a swing high in the circle and then drops away from here....

I can't find the image I saved from this but the post is some where in the early 1000's.

Regarding your chart there was an SFP off 1.2439 level on the 6th and 8th last week - it rallied nicely (and quickly) into the FTA. Regarding letting it run in this instance for the rest of that move - that requires something else - for now when get green pips I'm happy. I haven't got the experience to comfortably judge these situations yet - I'm still learning.


Hope that helps.

9047


UPDATE: Found the post - it is post 1360
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  • #3,726
  • Jun 11, 2012 8:15am Jun 11, 2012 8:15am
Thanks very much for taking the time to explain that 9047.

When I first posted I had already entered at 1.2543 (plus spread). I hoped it would bounce right there ("closest to where you are wrong") but when it then became a "break below / close above" (albeit the close was only 1 pip above) I wondered about these SFPs.
  • #3,727
  • Jun 11, 2012 8:43am Jun 11, 2012 8:43am
Quoting megel
i'm short aud at the sfp, I was skiddish of the eur gap because of the huge 1.2622 level. I didn't want to short into that, and even considered a long. Lets see how it plays out.

I've never actually used skype, but as soon as i get some rest I will see about setting up a group.
Look forward to it Megel.

I'm out AUD/USD for a 1R profit. What a nice, straightforward trade.
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  • #3,728
  • Jun 11, 2012 9:09am Jun 11, 2012 9:09am
Quoting astock
hello traders,
today market opened with a lot of gaps - do you know why the market want to close soon or later the gaps ?? whats the reason/background - why market is reacting in this way or it is a phenomen ??

regards,

as
Hi Astock,i don't know if i have correctly understood your question but the reason of all this gaps is the Spain bail out plan.....Just in case i address you to a nice,free service from baby pips where they send you economics outlook.

http://www.babypips.com/blogs/piponomics/
Patience is essential
  • #3,729
  • Jun 11, 2012 12:30pm Jun 11, 2012 12:30pm
WOW! what a cracking start to the week with the gap fill
  • #3,730
  • Jun 11, 2012 12:38pm Jun 11, 2012 12:38pm
If anyone is looking to quickly get up to speed on how this thread is trading, go here and download the PDF:

http://www.forexfactory.com/showthre...72#post5625972
  • #3,731
  • Jun 11, 2012 12:47pm Jun 11, 2012 12:47pm
Quoting Quidsey
If anyone is looking to quickly get up to speed on how this thread is trading, go here and download the PDF:

http://www.forexfactory.com/showthre...72#post5625972
Great summary

And helluva way to kick off the week.
  • #3,732
  • Jun 11, 2012 3:37pm Jun 11, 2012 3:37pm
Quoting Quidsey
If anyone is looking to quickly get up to speed on how this thread is trading, go here and download the PDF:

http://www.forexfactory.com/showthre...72#post5625972
Thanks Quidsey. Shame the video at the end is broken. Is Tom still doing webinars??
  • #3,733
  • Jun 11, 2012 3:46pm Jun 11, 2012 3:46pm
Quoting 9047
I missed the webinars as well - time difference just doesn't work for me.
I believe Tom will cover SFP setups in detail on the next special webinar (Sunday June 24th : How To Trade Levels Part 2 : A Complete Market Plan )
These are recorded webinars.

Best

TL
  • #3,734
  • Jun 11, 2012 3:55pm Jun 11, 2012 3:55pm
Quoting Porkpie
Thanks Quidsey. Shame the video at the end is broken. Is Tom still doing webinars??
...oh yeah so it is, he must have taken it down or something.

check out the webinar stuff here under 'supporting webinars': http://www.trader-dante.com/
  • #3,735
  • Jun 11, 2012 4:05pm Jun 11, 2012 4:05pm
Quoting nymeria
AUD/USD 1hr SFP, target is near the gap. Price is also bouncing off parity.
This is now turning into a daily sfp.
  • #3,736
  • Jun 11, 2012 5:13pm Jun 11, 2012 5:13pm
I'd be interested to join in some skype discussions. I only trade evenings/weekends outside normal office hours in the UK so would be limited to when I could make it, but would be keen to join in when I can.
  • #3,737
  • Jun 11, 2012 8:58pm Jun 11, 2012 8:58pm
This 79.1 level in usd/jpy is one I'm watching for sfp.

I'm adding everyone to skype that has posted in thread, pm'ed me, or emailed me. When I get a few more I will start adding the contacts to a group.
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Support the Resistance
  • #3,738
  • Jun 12, 2012 5:37am Jun 12, 2012 5:37am
Quoting megel
This 79.1 level in usd/jpy is one I'm watching for sfp.

I'm adding everyone to skype that has posted in thread, pm'ed me, or emailed me. When I get a few more I will start adding the contacts to a group.
Hi Megel, count me in.....benem04

thank you.
Patience is essential
  • #3,739
  • Jun 12, 2012 5:57am Jun 12, 2012 5:57am
Potential Break out.....
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Patience is essential
  • #3,740
  • Jun 12, 2012 7:37am Jun 12, 2012 7:37am
Here a 53 min. video that in my opinion is very enlighten....

Inserted Video
Patience is essential
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