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Fail Better

  • #5,941
  • Dec 6, 2013 1:57am Dec 6, 2013 1:57am
Check out the Trade2win stuff Andy, 2007, there are MA's and all sorts....... though not in a piss taking way
  • #5,942
  • Dec 6, 2013 3:55am Dec 6, 2013 3:55am
Quoting Quidsey
Check out the Trade2win stuff Andy, 2007, there are MA's and all sorts....... though not in a piss taking way
Can you post the link ?
  • #5,943
  • Dec 6, 2013 8:30am Dec 6, 2013 8:30am
Quoting trexy123
{quote} Can you post the link ?
Best bet is to go to the T2W site and search then you'll be able to pick and choose, he posted quite a lot of stuff. Alternatively in the 'education' bit of his website there are links to most of the threads.
  • #5,944
  • Dec 6, 2013 7:22pm Dec 6, 2013 7:22pm
Yeah I have read that thread many times actually and is very good. I believe it was trading the PA signals that got Tom the track record to get into Futex. What I was reading on J16 is stuff like him tilting off 25% of his account in one trade after going pro with $1000 of borrowed money It is cool seeing what is possible and how much things have changed since then.
  • #5,945
  • Dec 7, 2013 12:34am Dec 7, 2013 12:34am
Quoting Quidsey
{quote} Best bet is to go to the T2W site and search then you'll be able to pick and choose, he posted quite a lot of stuff. Alternatively in the 'education' bit of his website there are links to most of the threads.
what username or thread to search for?
  • #5,946
  • Dec 7, 2013 9:05am Dec 7, 2013 9:05am
Quoting trexy123
{quote} what username or thread to search for?
Trader dante.
  • #5,947
  • Edited 11:15am Dec 9, 2013 10:57am | Edited 11:15am
Quoting Killerka
Hi guys I wonder if that enter is correct with the Wizard`s strategy? Please correct me if I'm wrong ... I treated it as a probable fake on the D1 because the price went back to H1 at high momentum. In addition, the SP500 is in an uptrend which could also suggest that USDCAD does down... I'm sorry if this is too basic question -> I have just started to read the thread and learn... {image} {image} {image}
Hi Killerka,

A few points to make. Firstly you have significant data missing from your D1 chart. (see mine below). This is an issue that you should take up with your broker.

Regarding your trade, my interpretation of the opportunity differs from yours but I will walk you through it briefly.

If you take a look at the USD/CAD D1 chart (below) you will see that I have circled the D1 swing high and marked it with an orange level. I have also marked the day in which we first encountered that high again, with a red arrow.

If you next turn to the H1 chart you will get a closer look at what happened. The candle (marked again with a red arrow) was an SFP (Swing Failure Pattern) since it broke the previous D1 swing high and closed below. This is where the short should have taken place which is earlier than you took it yourself.

Finally, if you turn to the last image in which I have significantly zoomed out you will see that the FTA (First Target Area) on this trade is marked with the purple line (and is the result of the highs contained within the blue box). Due to the close proximity of this, the risk:reward ratio on the trade would be unacceptable for me.

One last point to make. I believe you entered on the day after the D1 pin had formed. I agree that when you entered, the D1 looked bearish but to my mind there was no H1 entry into this. That is to say, there wasn't either an H1 level or a swing point to trade at. In this situations, I pass on the trade.

Hopefully this is all clear.

For everyone else reading, there are often really interesting questions on here but the main reason that I do not post with much frequency is because of the time it takes to provide a proper answer. To provide a decent answer, it usually requires several charts with annotations and serious thought as to the wording of the answer. That is exactly why I run the free weekly webinars to answer these questions so if you would like a timely and detailed response, please do feel free to come along!
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  • #5,948
  • Dec 9, 2013 1:56pm Dec 9, 2013 1:56pm
Hi, Wizard, where to find the access to your webinars? Many thanks. You are one of the few that I'd love to replicate myself with on this FF.

Quoting the_wizard
{quote}That is exactly why I run the free weekly webinars to answer these questions so if you would like a timely and detailed response, please do feel free to come along!
  • #5,949
  • Dec 9, 2013 3:43pm Dec 9, 2013 3:43pm
Great to see you back Tom thanks for the detailed response. Im in Aus so the webinars are impossible for me time wise, just keep releasing the paid ones
  • #5,950
  • Dec 14, 2013 7:25am Dec 14, 2013 7:25am
Quoting charvo
Hi, Wizard, where to find the access to your webinars? Many thanks. You are one of the few that I'd love to replicate myself with on this FF. {quote}
Hi Charvo,

Thank you :-)

You can find more information and a link to signup for the free webinars here: http://www.trader-dante.com/webinars.html
  • #5,951
  • Dec 20, 2013 8:04am Dec 20, 2013 8:04am
Hey Tom,

is this a good level to short? 3 touches although not in one line...

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  • #5,952
  • Dec 20, 2013 11:14am Dec 20, 2013 11:14am
Quoting mtrader123
Hey Tom, is this a good level to short? 3 touches although not in one line... {image}
Yes that is a particularly good level in light of the daily bias.
  • #5,953
  • Dec 20, 2013 1:41pm Dec 20, 2013 1:41pm
Quoting the_wizard
{quote} Yes that is a particularly good level in light of the daily bias.
Oooh, I see, there is a BEOB on daily. Havent seen that before. Thanks for answer, Tom.
  • #5,954
  • Dec 23, 2013 5:44am Dec 23, 2013 5:44am
Quoting mtrader123
{quote} Oooh, I see, there is a BEOB on daily. Havent seen that before. Thanks for answer, Tom.
I always check the daily TF first as that enables me to answer the question of how far to run the trade.
  • #5,955
  • Dec 23, 2013 6:20am Dec 23, 2013 6:20am
Quoting the_wizard
{quote} I always check the daily TF first as that enables me to answer the question of how far to run the trade.
How can we see how far the trade can run?
  • #5,956
  • Dec 23, 2013 2:17pm Dec 23, 2013 2:17pm
Quoting trexy123
{quote} How can we see how far the trade can run?
To keep things simple;

If there is significant price action on the daily TF, I use that TF to pinpoint a target and then drop down to the H1 to enter. When this situation occurs it offers trades with potentially fantastic risk/reward scenarios.

However, on the majority of trades I take there is no daily bias.

If I have no bias after examining the daily TF, I am still prepared to enter via the H1 (for example using levels and SFP's) but I use the H1 to isolate a target and exit there. These trades offer lower risk/reward but are far more frequent.
  • #5,957
  • Dec 29, 2013 2:18pm Dec 29, 2013 2:18pm
I would like to wish all the readers of this thread, health, happiness and success for 2014.

Since many like to make New Years resolutions and give themselves goals, I'll leave you with the words of Larry Elder: "A goal without a plan is just a wish".
  • #5,958
  • Dec 30, 2013 4:37am Dec 30, 2013 4:37am
Quoting mtrader123
Hey Tom, is this a good level to short? 3 touches although not in one line... {image}
mtrader, did you take this trade?

-Tom
  • #5,959
  • Dec 30, 2013 4:41am Dec 30, 2013 4:41am
Quoting andyhardwick
Great to see you back Tom thanks for the detailed response. Im in Aus so the webinars are impossible for me time wise, just keep releasing the paid ones
You are very welcome :-)
  • #5,960
  • Jan 3, 2014 2:43am Jan 3, 2014 2:43am
UJ 104.63
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