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Fail Better

  • #5,961
  • Jan 3, 2014 3:31pm Jan 3, 2014 3:31pm
Hello Guys,

On trade2win.com I have just read Tom's profile and I realized the list of FX and nonFX currencies he trades:

Eur/Usd, Gbp/Usd, Usd/Jpy, Eur/Jpy, Gbp/Jpy, Eur/Gbp, Usd/Chf, Dow Jones, Crude Oil, Usd/Cad, Aud/Usd, Gold, Wheat, Corn, Soybeans, FTSE, Dax, S&P500, SMI and Natural Gas

Could somebody tell me what was the base of his selection?
  • #5,962
  • Jan 3, 2014 3:50pm Jan 3, 2014 3:50pm
Quoting the_wizard
{quote} mtrader, did you take this trade? -Tom
No, I didnt as the price was making higher highs and bouncing off the touches. Moreover, it was already Christmas by the time price had come to the third touch..
  • #5,963
  • Jan 4, 2014 12:13am Jan 4, 2014 12:13am
Quoting Microtrader_
Hello Guys, On trade2win.com I have just read Tom's profile and I realized the list of FX and nonFX currencies he trades: Eur/Usd, Gbp/Usd, Usd/Jpy, Eur/Jpy, Gbp/Jpy, Eur/Gbp, Usd/Chf, Dow Jones, Crude Oil, Usd/Cad, Aud/Usd, Gold, Wheat, Corn, Soybeans, FTSE, Dax, S&P500, SMI and Natural Gas Could somebody tell me what was the base of his selection?
Volatility and Market thickness.
It's all psychology...
  • #5,964
  • Jan 4, 2014 12:40am Jan 4, 2014 12:40am
Quoting LamerTrader
{quote} Volatility and Market thickness.
It's okay, but this way in the case of Gold the volatility was OK and for example in the case of silver it was not?
Or we could say the same that with commodities: wheat or corn has excellent volatility and for example sugar doesn't have?

How the volatility and market thickness was compared?
  • #5,965
  • Edited 8:17am Jan 5, 2014 6:54am | Edited 8:17am
Comments appreciated!
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: spooz 050114.png Size: 34 KB
  • #5,966
  • Jan 5, 2014 9:38am Jan 5, 2014 9:38am
I agree with your setup presented about EURUSD sell limit. I have also prepared my trade:

http://charts.mql5.com/3/488/eurusd-...kets-ltd-2.png

I am going to use tighter stoploss and tp and around 1:1 risk reward ratio but my conception is the same.

Be careful with my openion I am a beginner trader.
  • #5,967
  • Jan 5, 2014 10:16am Jan 5, 2014 10:16am
The red dotted lines dont represent the takeprofit or stoploss iam planning to use. I probably should have mentioned it, sorry. They are just other levels i see in the chart.

Your stoploss and takeprofit seem perfectly fine in my opinnion .
  • #5,968
  • Jan 5, 2014 11:59pm Jan 5, 2014 11:59pm
Happy New Year. EUR/AUD is on my watch list.
Attached Image (click to enlarge)
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  • #5,969
  • Edited 1:32pm Jan 6, 2014 12:14pm | Edited 1:32pm
I know its not the best swing point for a SFP. But since the swing was the high of a large daily outside bar and the D1 20ATR was left behind already, i took the trade, using Tom's standard SFP criteria and scored 0.85R.
Attached Image (click to enlarge)
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  • #5,970
  • Jan 6, 2014 12:21pm Jan 6, 2014 12:21pm
Meanwhile I am stuck in this piece of sh* and dont know what to do. Get out immediately? Right now I feel like holding.
Attached Image (click to enlarge)
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  • #5,971
  • Jan 6, 2014 12:49pm Jan 6, 2014 12:49pm
Quoting daveone
Meanwhile I am stuck in this piece of sh* and dont know what to do. Get out immediately? Right now I feel like holding. {image}
daveone

My first post on this thread (but have been a longtime lurker) so forgive the opinion. Looks like the order flow on your set up has played out already (price bounced lower but then found demand). Holding suggests hope over reason. I recommend cutting the trade.

Huk
  • #5,972
  • Jan 7, 2014 5:16am Jan 7, 2014 5:16am
Yesterday's SFP...

Attached Image (click to enlarge)
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  • #5,973
  • Jan 7, 2014 2:34pm Jan 7, 2014 2:34pm
3 touch level...

Attached Image (click to enlarge)
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  • #5,974
  • Jan 7, 2014 3:10pm Jan 7, 2014 3:10pm
Quoting mtrader123
3 touch level... {image}

Got it on my watchlist too. But i am not too confident with it because it came right back after it broke the level (so called buttkiss). I still might give it a try in case it comes with strong D1 ATR confluence.
  • #5,975
  • Jan 8, 2014 6:31am Jan 8, 2014 6:31am
Hi guys, all the best for 2014.

Attached Image (click to enlarge)
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  • #5,976
  • Jan 8, 2014 7:24am Jan 8, 2014 7:24am
..... mmm... slapped wrist for trying to be crafty

.... it'll probably explode skywards now
  • #5,977
  • Jan 8, 2014 8:46am Jan 8, 2014 8:46am
A failed round retest?

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  • #5,978
  • Jan 8, 2014 9:50am Jan 8, 2014 9:50am
Just to be a little self indulgent for a second I'd like to share some self loathing.....

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  • #5,979
  • Jan 8, 2014 10:58am Jan 8, 2014 10:58am
Quoting Quidsey
Just to be a little self indulgent for a second I'd like to share some self loathing..... {image}
Things like that is unforgiving, and totally sucks, but right thing to do would be to get back in, set new stop and play the setup.

Not much you can do other than that.

It's much harder than it sounds b/c to get back in, you need to have superb psychology and same amount of confidence.
  • #5,980
  • Jan 8, 2014 12:50pm Jan 8, 2014 12:50pm
Quoting Orientxpress
{quote} Things like that is unforgiving, and totally sucks, but right thing to do would be to get back in, set new stop and play the setup. Not much you can do other than that. It's much harder than it sounds b/c to get back in, you need to have superb psychology and same amount of confidence.
Cheers, yes it was the lameness of it really that's annoyed me, I can generally take my losses on the chin, but that one made it all the way to my ego and kicked it up the arse good and proper.
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