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  • #5,781
  • Sep 19, 2013 8:42am Sep 19, 2013 8:42am
Quoting the_wizard
{quote} You shouldn't be shorting into a "non taper". You have to be aware of the news. This has been discussed in the thread before.
Sorry boss.

I was aware of important news event and cancelled all my other pending orders except my buy and sell AUD orders before going to bed.
  • #5,782
  • Sep 19, 2013 10:03am Sep 19, 2013 10:03am
Quoting the_wizard
{quote} Show a chart to explain what you did?
First of all I don't usually trade the gaps. I placed the SL on my initial position 25pips away and a bit over the most recent swig high; it was still too close. I opened the second trade when price looked like it might move below the little support area created after the open around 0.9320. Missed my TP by a few pips, and I wasn't watching the chart to close it early.

My positions were sized properly, so I didn't lose my shirt or anything
Attached Image (click to enlarge)
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skype: ststroud. let's talk trading.
  • #5,783
  • Sep 20, 2013 7:23am Sep 20, 2013 7:23am
Quoting the_wizard
{quote} You shouldn't be shorting into a "non taper". You have to be aware of the news. This has been discussed in the thread before.
I’d really like to know more of this “non-taper” mentioned earlier, can anybody please explain, I run a search and came up empty.Thanks.
  • #5,784
  • Sep 20, 2013 4:00pm Sep 20, 2013 4:00pm
Quoting made4riding
{quote} I’d really like to know more of this “non-taper” mentioned earlier, can anybody please explain, I run a search and came up empty.Thanks.
I guess Tom was trying out his French. I expect he meant "no taper" Search for that and you will be more successful.

I think what he is getting at is that the "unexpected" news that a taper would not yet be put into effect caused a strong and sharp reversal
in the market that one should not trade against. The safest thing to do is stand aside until the dust settles.
  • #5,785
  • Sep 21, 2013 1:32am Sep 21, 2013 1:32am
Thanks JimN, will do
  • #5,786
  • Sep 22, 2013 1:43am Sep 22, 2013 1:43am
Quoting JimN
{quote} I guess Tom was trying out his French. I expect he meant "no taper" Search for that and you will be more successful. I think what he is getting at is that the "unexpected" news that a taper would not yet be put into effect caused a strong and sharp reversal in the market that one should not trade against. The safest thing to do is stand aside until the dust settles.
Probably the safest thing to do is not trade FX at all!

LOL!
  • #5,787
  • Sep 23, 2013 6:39am Sep 23, 2013 6:39am
Hey Guys!

May I ask what do you know about Tom's gap trading? (What are the main guidelines of the system?)
Does he sell on market open if the gap is larger than X pips, he waits til it widens, hits a more important S/R, fibo and then trade it back?

I just checked my chart and there weren't many gaps, that didn't get filled 1H after opening...

Any ideas?
Thanks!

Stephen
It's all psychology...
  • #5,788
  • Sep 23, 2013 7:43am Sep 23, 2013 7:43am
Quoting LamerTrader
Hey Guys! May I ask what do you know about Tom's gap trading? (What are the main guidelines of the system?) Does he sell on market open if the gap is larger than X pips, he waits til it widens, hits a more important S/R, fibo and then trade it back? I just checked my chart and there weren't many gaps, that didn't get filled 1H after opening... Any ideas? Thanks! Stephen

Have a look at post 348 (although stats. may have changed since then).
His method is set and forget. Stop at multiple of gap (plus spread), target at gap close.
Purely mechanical, no management, relies on the stats.
  • #5,789
  • Sep 23, 2013 2:20pm Sep 23, 2013 2:20pm
Quoting JimN
{quote} Have a look at post 348 (although stats. may have changed since then). His method is set and forget. Stop at multiple of gap (plus spread), target at gap close. Purely mechanical, no management, relies on the stats.
and don't trade taper!
  • #5,790
  • Sep 23, 2013 2:35pm Sep 23, 2013 2:35pm
Quoting the_wizard
{quote} You shouldn't be shorting into a "non taper". You have to be aware of the news. This has been discussed in the thread before.
"I cut that this morning at 0.9335 as it failed to collect sellers on the retracement of the overnight move".

Not clear on this Tom. You shorted but you said we shouldn't short into non-taper? Was it that you were prepared to take the risk?

  • #5,791
  • Sep 23, 2013 3:51pm Sep 23, 2013 3:51pm
Quoting JimN
{quote} Have a look at post 348 (although stats. may have changed since then). His method is set and forget. Stop at multiple of gap (plus spread), target at gap close. Purely mechanical, no management, relies on the stats.
Thanks JimN.
It's all psychology...
  • #5,792
  • Sep 24, 2013 2:59am Sep 24, 2013 2:59am
Quoting 4FXsake
{quote} "I cut that this morning at 0.9335 as it failed to collect sellers on the retracement of the overnight move". Not clear on this Tom. You shorted but you said we shouldn't short into non-taper? Was it that you were prepared to take the risk?

To clarify: I sold on the SFP (marked with the orange down arrow / entry line marked in red).

I cut as price broke the high of the candle marked with an orange down arrow.

The taper move happened after (marked with the blue box) and there was a level higher up that I had originally considered shorting into but chose not too because of the news.
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  • #5,793
  • Sep 24, 2013 3:20am Sep 24, 2013 3:20am
Thanks, Tom!
  • #5,794
  • Sep 27, 2013 2:06am Sep 27, 2013 2:06am
I took this USD/JPY 1 hr SFP last night. Out for 1R.

Anyone watching anything?
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  • #5,795
  • Sep 28, 2013 5:25am Sep 28, 2013 5:25am
Nice one KL.
I have this on my radar ...
Attached Image (click to enlarge)
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  • #5,796
  • Sep 28, 2013 5:35am Sep 28, 2013 5:35am
Hi!
I follow this tread by a week, I see this pair (EURJPY) that shows the SPIDER, an entry at the black level it's would be correct?
thank you
http://imageshack.us/a/img209/4528/jdn9.gif
  • #5,797
  • Sep 28, 2013 7:26am Sep 28, 2013 7:26am
Quoting mitomane86
Hi! I follow this tread by a week, I see this pair (EURJPY) that shows the SPIDER, an entry at the black level it's would be correct? thank you {image}
That's right.
You can draw a TL to the bottom side and you see the raising TL.
We got a huge supply up there - every time price gets there we take some of this supply out.
We go back and back and the more we go back the weaker the supply gets. And then Baam! - Break!
As far as I know this is the basic idea behind the spider effect.

Cheers,
Stephen
It's all psychology...
  • #5,798
  • Sep 28, 2013 1:42pm Sep 28, 2013 1:42pm
Quoting mitomane86
Hi! I follow this tread by a week, I see this pair (EURJPY) that shows the SPIDER, an entry at the black level it's would be correct? thank you {image}
No I don't think that's a good example. You have higher lows but the highs are all over the place. You want a strong line of resistance all in the same place.

Welcome to the thread.
  • #5,799
  • Sep 29, 2013 11:36am Sep 29, 2013 11:36am
Anyone signed up for tonight special webinar, I paid a few days ago but not had any email yet?

Update: Ok email was in spam, webinar is moved to next Sunday.
  • #5,800
  • Sep 30, 2013 8:39am Sep 30, 2013 8:39am
mmmmmmm 2 lovely gap trades , one on EURUSD the other EURGBP,, I have backtested for 30 mths so when I woke up at 53 CAT i just entered and set stops and tp , then went about the day,, perfect results.
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