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Attachments: HCR-LCS + SFP Research thread
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HCR-LCS + SFP Research thread

  • #181
  • Jul 10, 2013 1:10am Jul 10, 2013 1:10am
Thanks for your input on the R&R criteria.

Quidsey, in Tom's thread seems to know what he is doing and mentioned the following in a post to somebody's question.
Hey, not that I am saying that, you don't know what you are doing, I just want to get it right.

Quoting Quidsey
{quote} I believe Pinbar started trading the retests of 1 swing point but that's not the strategy, normally we'd be looking for 3 deep swings with time making up a solid S or R level. 2 swings with another factor ie a fib level. Also we look for set-ups on a H1 or D1 timeframe.
  • #182
  • Jul 10, 2013 1:25am Jul 10, 2013 1:25am
appreciate your input. I am trading the RR the way Tom taught and trades them himself. I have never heared of the 3 touches rule. But I guess you can add a variety of ways how to filter trades. It's not a fixed system and many people will argue about whether some areas are levels or not. You just gotta get your own experience and backtesting results to feel comfortable trading them. As it applies to any setup actually.
Price is what you pay. Value is what you get.
  • #183
  • Jul 10, 2013 1:29am Jul 10, 2013 1:29am
Quoting Helius
appreciate your input. I am trading the RR the way Tom taught and trades them himself. I have never heared of the 3 touches rule. But I guess you can add a variety of ways how to filter trades. It's not a fixed system and many people will argue about whether some areas are levels or not. You just gotta get your own experience and backtesting results to feel comfortable trading them. As it applies to any setup actually.

Yeah, I figure that is what I need to know.

Maybe, Tom changed the way he is doing things because, I found a post in which he traded a failed Barclays Bank Rounded Retest that he said was a weekly setup.
He mentions that he took the trade on the daily tf.

Note the three Sls?
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  • #184
  • Jul 10, 2013 1:33am Jul 10, 2013 1:33am
I even see 4
But again, that's just one setup. I have taken hundreds and hundreds using forextester. You gotta get your own stats based on what you see and how you interpret and tade it.
Price is what you pay. Value is what you get.
  • #185
  • Jul 10, 2013 1:37am Jul 10, 2013 1:37am
Quoting Helius
I even see 4 But again, that's just one setup. I have taken hundreds and hundreds using forextester. You gotta get your own stats based on what you see and how you interpret and tade it.

I think you may be missing my point.
I am not concerned if it works or not, by doing it one way as opposed to another, I can always fiddle with it myself.
The thing that concerns me is, Quidsey, in Tom's thread is saying this is not how they are played.

Just do not want to give people the wrong information.
  • #186
  • Jul 10, 2013 1:40am Jul 10, 2013 1:40am
I have attended Tom's webinars for months regularly and never heared of the 3 touches rule
Price is what you pay. Value is what you get.
  • #187
  • Jul 10, 2013 1:48am Jul 10, 2013 1:48am
Quoting Helius
I have attended Tom's webinars for months regularly and never heared of the 3 touches rule

I hear you and I also know Tom sometimes does things differently than he says, he even admits it himself.

Just looking through the Fail Better PDF and found this.
He seems to be making a strong point about the three swing points in the chart by numbering them.

I will ask Quidsey if he can point me to anywhere, that Tom explains this.

It is hard, I know as the information in that thread, is thrown around all over the place with no real basics laid out before the noise kicks in.
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  • #188
  • Jul 10, 2013 1:53am Jul 10, 2013 1:53am
Quoting ghous
{quote} In on Gu again. I finally feel good about the daily close. (Back within the former bar's range ) g. {image}
How did you put the stop loss on GBP USD?
I thought we use ATR(20) for the stop loss so it should have been lower ? ATR(20) is 133 on my broker.
From what I understand the stop loss should be at 133 pips lower than the low of SFP and if price closes lower than the low of the previous swing low we close the trade.
  • #189
  • Jul 10, 2013 2:22am Jul 10, 2013 2:22am
Wouldn't be surprised to see a Ghous Fake out of this pendant, going straight into the double WHCR.
Just to hit peoples' SL just inside the pendant and thus reversing their positions for a push up to the where they really want to sell it.

Terrible when you think about it.
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  • #190
  • Jul 10, 2013 2:48am Jul 10, 2013 2:48am
Quoting str8
{quote} How did you put the stop loss on GBP USD? I thought we use ATR(20) for the stop loss so it should have been lower ? ATR(20) is 133 on my broker. From what I understand the stop loss should be at 133 pips lower than the low of SFP and if price closes lower than the low of the previous swing low we close the trade.
Hey str8,

I am not sure how this would sound to you, but I don't use the ATR and its not part of my method.

g.
I believe . . .
  • #191
  • Jul 10, 2013 2:55am Jul 10, 2013 2:55am
Quoting ghous
{quote} Hey str8, I am not sure how this would sound to you, but I don't use the ATR and its not part of my method. g.
Hi ghous

Can you tell me how do you put your stop loss? You look at the low and put it a little lower? The stop loss using ATR is quite big and I would like to use your method of putting stop loss.
  • #192
  • Jul 10, 2013 2:57am Jul 10, 2013 2:57am
Quoting Pinbar
Wouldn't be surprised to see a Ghous Fake out of this pendant, going straight into the double WHCR. Just to hit peoples' SL just inside the pendant and thus reversing their positions for a push up to the where they really want to sell it. Terrible when you think about it. {image} {image}
Wow! Great break down on that Steve,

This one's like an action thriller you want to enjoy on a comfy leather couch with a bag of pop corn.

g.
I believe . . .
  • #193
  • Jul 10, 2013 2:59am Jul 10, 2013 2:59am
Quoting str8
{quote} Hi ghous Can you tell me how do you put your stop loss? You look at the low and put it a little lower? The stop loss using ATR is quite big and I would like to use your method of putting stop loss.
Hey Str8,

Yes I place my stop losses arbitrarily a few pips beyond the fake out high/low. Its advantageous because it can get you a better R:R than using the ATR method but then has the demerits of being aggressive and too discretionary.

Just so you know that there are pros and cons to every method that you choose to adopt.

g.
I believe . . .
  • #194
  • Jul 10, 2013 3:59am Jul 10, 2013 3:59am
Quoting ghous
{quote} Wow! Great break down on that Steve, This one's like an action thriller you want to enjoy on a comfy leather couch with a bag of pop corn. g.
Yeah, on the couch but not in the breakout, short.
I think these are the places, where we should look for them, possibly?

GU is having a hard time getting above that WLCS, eh?
  • #195
  • Jul 10, 2013 4:05am Jul 10, 2013 4:05am
Quoting Pinbar
{quote} Yeah, on the couch but not in the breakout, short. I think these are the places, where we should look for them, possibly? GU is having a hard time getting above that WLCS, eh?

Things got interesting because of the 1.05 RN there, but ideally I get nervous around so many major swing points. Some clarity and conspicuous action is always a treat.


g.
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I believe . . .
  • #196
  • Jul 10, 2013 4:08am Jul 10, 2013 4:08am
Quoting ghous
{quote} Things got interesting because of the 1.05 RN there, but ideally I get nervous around so many major swing points. Some clarity and conspicuous action is always a treat. g. {image}
I hear you Ghous

It is like a Crime scene just waiting to happen.

Think it has a little more room to move up so, probably just waiting for more victims.
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  • #197
  • Jul 10, 2013 4:14am Jul 10, 2013 4:14am
The Scary thing is, a couple of weeks ago, I would probably have been one of the victims shouting, "Go baby Go', as a small bar broke through the lower TL.

Not now though, thanks to Ghous & Jaroo.
  • #198
  • Jul 10, 2013 5:21am Jul 10, 2013 5:21am
Quoting Pinbar
{quote} I will ask Quidsey if he can point me to anywhere, that Tom explains this.
Hi guys, just to clarify this point I've had a root around in my old files and found something that might help. This is from Tom's paid webinars so I'm not going to post the whole thing, I don't want to piss him off , but these are his words not mine. They come from a flow chart of decision making concerning the Rounded Retest set-up.

Any entry orders placed are always: Sell above market, Buy below market.

1- was the level the inverse last? if selling was it SUPPORT last? if buying was it RESISTANCE last?
2- if YES then has it had at least 3 prior touches before? Each touch should ideally have caused a significant reaction with price "swinging" away.
3- if YES then is there space from the time the market broke out to the test you are about to trade?
4- if YES then place a limit order at the level.

(my words)... now there are ways to trade 2 touch levels which involve finding confluence with either a Daily bias, Daily fib level or ATR which I'm not going to go into here but the best set-ups are with 3 touches or more.

Hope this helps,

all the best.
  • #199
  • Jul 10, 2013 5:21am Jul 10, 2013 5:21am
Quoting Pinbar
The Scary thing is, a couple of weeks ago, I would probably have been one of the victims shouting, "Go baby Go', as a small bar broke through the lower TL. Not now though, thanks to Ghous & Jaroo.
You simply mean that during the breakout lot of guys went long and now the big guys are pushing the price down, thus taking out the SLs of the Breakout-Traders? And when its done then they will simply push the start button, and price will go up like a rocket?

In your former post
"Just to hit peoples' SL just inside the pendant and thus reversing their positions for a push up to the where they really want to sell it."

Or am I missing / misunderstanding something? Cause as I understand your above quoted sentence the big guys push down the price - so that SLs are hit, after this is done price will move a bit higher where the big guys want to sell again? ("sell at a better price")

I just want to understand the things , thats all
Thanks Steve.

Cheers,
Stephen
It's all psychology...
  • #200
  • Edited 5:47am Jul 10, 2013 5:26am | Edited 5:47am
Quoting Quidsey
{quote} Hi guys, just to clarify this point I've had a root around in my old files and found something that might help. This is from Tom's paid webinars so I'm not going to post the whole thing, I don't want to piss him off , but these are his words not mine. They come from a flow chart of decision making concerning the Rounded Retest set-up. Any entry orders placed are always: Sell above market, Buy below market. 1- was the level the inverse last? if selling was it SUPPORT last? if buying was it RESISTANCE last? 2- if YES then has it...
Many thanks Quidsey.

That clarifies things greatly.

I think it is easy to mistake the R&R as I did and, think of it as an SFP after price breaks through and comes back on the other side.
Obviously, there is more to the Rounded Retest than that and your post, helps greatly.

Many thanks again and please drop in anytime and give us your opinion.

Steve
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