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Fail Better

  • #5,581
  • Jun 16, 2013 10:37am Jun 16, 2013 10:37am
Quoting adaighy
Hi guys, new here. Would this be considered as a RR? How does one play this tight? Drilling down to the 1hr? {image}
Hi, just an opinion and I'll add it's not a pair I know, so .......

Looking at the daily you've got three swing points that price could possibly react to.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPY D1 16062013.jpg Size: 84 KB


Looking closer, price has already used two of them, so maybe your options are limited.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPY D2 16062013.jpg Size: 84 KB


The H1 may give other opportunities, possible inverse head and shoulders, trade the retest of the neckline or an SFP trade short at that previous swing high looking for the pair to range or consolidate under that price or possibly an SFP trade long down at the swing low maybe off the 3rd support level.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPY H1 16062013.jpg Size: 85 KB


Just some ideas, hope it helps.
  • #5,582
  • Jun 16, 2013 12:34pm Jun 16, 2013 12:34pm
Good webinar Tom, thanks.
  • #5,583
  • Jun 17, 2013 9:55am Jun 17, 2013 9:55am
Quoting JimN
{quote} Here you go (att.) {file}
Thanks for that Jim, love quick simple indi's like this.
  • #5,584
  • Jun 17, 2013 11:40am Jun 17, 2013 11:40am
Quoting Quidsey
{quote} Thanks for that Jim, love quick simple indi's like this.
It opened my eyes as to how often price hits the D1 ATR20 and just stops, or reverses.
Non believers, put the indicator on your H1 charts and watch.
Attached Image
  • #5,585
  • Jun 17, 2013 3:14pm Jun 17, 2013 3:14pm
Quoting JimN
{quote} It opened my eyes as to how often price hits the D1 ATR20 and just stops, or reverses. Non believers, put the indicator on your H1 charts and watch. {image}
oh yeah my friend, the ave ranges are definatley worth watching. :nerd:



jon
PATIENCE... DISCIPLINE
  • #5,586
  • Jun 18, 2013 7:02am Jun 18, 2013 7:02am
Hi All and Wizard,

I am a newbie in this thread and now at p.11. But I just don't know what is SFP and STA? Would someone mind elaborating it more? Thanks in advance.
  • #5,587
  • Jun 18, 2013 10:47am Jun 18, 2013 10:47am
Quoting jasonckb
Hi All and Wizard, I am a newbie in this thread and now at p.11. But I just don't know what is SFP and STA? Would someone mind elaborating it more? Thanks in advance.
SFP = Swing Failure Point, sometimes described as Swing Point Failure (SPF)

STA, no idea but FTA = First Trouble Area so it could be second trouble area, or subsequent trouble area.

As you progress through the thread the mist will clear.
  • #5,588
  • Jun 18, 2013 9:11pm Jun 18, 2013 9:11pm
Keeping an eye on USD/CHF
Attached Image (click to enlarge)
Click to Enlarge Name: usdchfh1.png Size: 80 KB
  • #5,589
  • Jun 20, 2013 9:40am Jun 20, 2013 9:40am
Attached Image (click to enlarge)
Click to Enlarge Name: spooz 200613.gif Size: 21 KB
  • #5,590
  • Jun 21, 2013 1:23am Jun 21, 2013 1:23am
...and I am in.
Attached Image (click to enlarge)
Click to Enlarge Name: spooz rrt 210613.gif Size: 22 KB
  • #5,591
  • Jun 21, 2013 2:19am Jun 21, 2013 2:19am
Quoting daveone
...and I am in. {image}
nice ,looks good to me...good luck

jon
PATIENCE... DISCIPLINE
  • #5,592
  • Jun 21, 2013 2:57am Jun 21, 2013 2:57am
Quoting daveone
...and I am in. {image}

...and I am stopped out.
  • #5,593
  • Jun 21, 2013 10:31am Jun 21, 2013 10:31am
Quoting daveone
{quote} ...and I am stopped out.
Was your SL 24 pips above the bar+ the spread?
  • #5,594
  • Jun 21, 2013 11:26am Jun 21, 2013 11:26am
State bank of India (SBIN) - You can access this at barcharts.com

I need some advice on swing failure patterns.

I made a long entry on June 15th based on a bullish swing failure pattern on the weekly chart. Unfortunately, price has not moved in the desired direction. Instead now a BEOB has formed on the weekly. Meanwhile, at the end of this week (June 21st) I am staring at another bullish sfp on the daily TF for the same stock.


So my question is - should I exit my position because of the beob that has formed on the weekly chart or should I hold onto my long position and perhaps add more because a bullish sfp has formed on the daily.
I am a newbie .. so apologies if it is a no brainer for you all.


Thanks
Attached File(s)
File Type: pdf sbin_weekly1.pdf   56 KB | 320 downloads
File Type: pdf SBIN_DAILY1.pdf   51 KB | 452 downloads
  • #5,595
  • Jun 22, 2013 3:18am Jun 22, 2013 3:18am
Quoting Pinbar
{quote} Was your SL 24 pips above the bar+ the spread?

It was on top of the H1 thrust candle plus spread. I think I am going to stick to the 24 period ATR H1 stop in the future. Most of the time its working nicely (at least in fx).
  • #5,596
  • Jun 22, 2013 4:45am Jun 22, 2013 4:45am
Quoting daveone
{quote} It was on top of the H1 thrust candle plus spread. I think I am going to stick to the 24 period ATR H1 stop in the future. Most of the time its working nicely (at least in fx).

You mean you traded it without the rules and got stopped out?

Well, you have nobody but yourself to blame for that, now do you?
  • #5,597
  • Jun 22, 2013 6:23am Jun 22, 2013 6:23am
Quoting Pinbar
{quote} You mean you traded it without the rules and got stopped out?
No he did not.
The method for a Rounded Retest is to place the stop behind the thrust bar that broke through the level.

The 24 period ATR is only used for SFPs
  • #5,598
  • Jun 22, 2013 11:39am Jun 22, 2013 11:39am
Quoting daveone
{quote} It was on top of the H1 thrust candle plus spread. I think I am going to stick to the 24 period ATR H1 stop in the future. Most of the time its working nicely (at least in fx).
Daveone, That didn't take out the high of that thrust candle with any broker I have and I checked several.

Your broker has done you like a kipper.
  • #5,599
  • Jun 22, 2013 8:08pm Jun 22, 2013 8:08pm
Quoting JimN
{quote} No he did not. The method for a Rounded Retest is to place the stop behind the thrust bar that broke through the level. The 24 period ATR is only used for SFPs
Thanks Jim

I did not realize that the ATR SL was not used for a RR.
  • #5,600
  • Jun 23, 2013 12:12am Jun 23, 2013 12:12am
Be careful when drawing levels and general charting on CFDs (e.g. your SPX from Oanda) as the PA and/or prices and subsequently the chart will often differ from the underlying futures. E.g. try using Oanda's Bund CFD chart for charting and you're dead meat as it's consistently out of line with the underlying.
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