Gabe2004

I am not sure as to the usefullness of long term predictions for day-traders but here again, we are close to one of my targets. The low one. Actually because after my observation, price moved up, I should have revised my low target to 146.46 which is the 50% retracement from the high on Oct 22 to the low of Oct 6 Furthermore, because the proximity to the lows around July 7-12 and the round number at that time, a reasonable target could have been set to 147 which was hit this morning. The purpose of this excersize was to see whether 50% retracements are significant or not. Gabe PS I haven't noticed that yesterday we had a low of 145.81 (Oanda)

Since most price action around horizontal areas reverts back to where it came from, I would bet on EJ going back down even if it is for a short time. Gabe PS It looks like I may be wrong on the above. Eventhough retracements are more common than continuations (atleast as far as I saw, it seems if after several attempts at a breakout, if the anticipated retracement did not occur than the only alternative is for the breakout to succeed. How many attempts are needed? I don't know. Gabe

I did a search on FXCM and in several places they have bad ratings. Forex Broker Fraud & Scam Reviews & Ratings Have you experienced any of the complaints that are in the above link? Thanks Gabe

This is amazing. Oanda up until a few minutes ago had a spread of 10 pips and now it is 3.5. With spreads like that I can never do what you do on a 1 min time frame. I will have to think of switching to a different broker. Gabe

Hello Thales What was the spread on your platform for the EJ at the time you entered the trade? Thanks Gabe

Hello Thales. It was my impression that most breakouts fail and I have decided to concentrate on reversals. I am sure that both reversals and continuation type breakouts have valid trading opportunities. Can you tell us more about what makes a breakout point - a valid point - that will lead to a move in the direction of the trade. My experience with breakout was negative. Meaning, I had more breakout trades backfire on me than not but reversals provided me more profitable trades (when I was not doing stupid stuff ) Gabe

It seems that everything that we see someone do well and efortlessly, hides a lot of practice behind it. Also, things that we love to do would seems easy to the onlooker but proficiency and dedication is behind all things done well. Thales' daughter might be an outlier so eventhough we might envy her (and her father for having such a daughter) we just have to realize that for most of us it will take longer, but with the proper attitude and dedication one should succeed. Gabe

Something does not jive between the two charts on the left. It seems as if the 15 min is missing data. Gabe

:rofl: Thanks for the compliment/coined term. Gabe

Trying to get back on the horse again. I have to work on my STAYING POWER got out of a trade after almost 2 1/2 hours just to see it go even more my way (in a big move). I moved my stop once but I was confident that the trade will work out well (famous last words ). Gabe

How safe is one's money with FXCM UK compared with a futures broker like IB in the US? Had that account have enough money, would you prefer to trade currency futures nistead of forex? Thanks Gabe

I have tried that as well. Unfortunately I have several (yes, several) problems with my eyes and it seems that a dark background with minimal light foreground colors is the best for me. I removed the MAs though . Gabe How is this one?

It is spelled Muchas Gracias and it would be nice if you will stop refering to yourself in third tence. Gabe

Here is the best I could do. On my platform there is no option to have the shadows/wicks assume the color of the candle. Could you send me the HEX code of the background color that you consider best? Thanks Gabe

I was thinking a lot about my losing trade on Thursday. In my initial quest to find a reason behind people keeping their losing trades but closing quickly their winning trades, I came across the term Prospect theory. (Google it) What happened on Thursday was different. I believe it is more of an addiction problem or a bad habit. In many fields it is easier to start from scratch rather than trying to fix an older problem - renovating an old house compared with demilishing it and building a new one, trying to patch up software when the original programmer did not leave proper note etc. When I think of Thale's daughter and me it is like comparing building a new house with renovating an old one. So how do we UNLEARN old habits or get rid of addictions? I found the following post in a blog. TraderPsychology: Can We "Unlearn"?. I think it could be the foundation to a new beginning. Gabe

This was my 1st trade since the BIG LOSS

In the chart, I think you meant NICE HLs and not NICE LHs ??? Gabe

I like this one and thanks for the encouraging words. Gabe

Just when I thought that I am close to cracking the nut and after giving advice to newbies I slipped. I lost 1/3 of my account. It is a small account so the amount is small but the impact is large. I was hesitating wether to post this or not. After all, this is a big hit to my ego but I thought that to be fair to everyone - and to myself - I had to post the above fact. I did everything that I promised myself not to do. 1. Went against the trend (minor issue as sometimes going against the trend is warrented) 2. Moved my stops away so as not to be hit and feel the pain of a loss. 3.Trasffered more money into my small account - just in case I needed to get deeper in the hole. 4. Added to a loser. (definately a no no) 5. Increased my margin ratio to allow me to add more positions (ouch). 6. Did not follow my plan (greed and fear cicked in). At one point I regained consciousness and closed all the trades and took back the extra cash that I have transffered earlier. As it stands now I am better off with the loss that I took for two reasons: 1. price continued to go against me. 2. I feel better now that the stress is gone and I can start to think again. I am not happy about the loss but I did the right thing. A late but not too late. I have to re-evaluate my actions but I will keep posting here unless someone thinks that I should do this in a separate thread. Gabe :doh: :crap: And on a more positive note

Markets can remain irrational longer than you can remain solvent. John Maynard Keynes

The white line connect the entry and the exit. The prior to the last chart are more zoomed in. Orange Triangle = Mrkt Short or Sell (cover Long) Cyan Triangle = Mrkt Long or Buy (cover Short) Orange Square = Lmt/Stp Short or Sell Cyan Square = Lmt/Stp Long or Buy Pink Square = Cyan Square Cancelled Green Circle = Target Hit Purple Circle = Stop Loss Hit I was watching the 15 min only. I enter on a Stop about 1.5x the spread , above/below a Doji or a small bar (relative to the prior bar) if it is at a prior SR line/zone. Looking back at my trades today I was entering out of anticipation that price will GO BACK to the SR line/zone but price was not AT an SR line/zone. I will look at higher timeframes. maybe that will make the entries more decisive. Gabe

Another go at it - worse results. I am done for now. It is obvious that I am doing something wrong. Gabe

Price started to retrace so I took a small profit on 1/3 and moved my Stop to BE+ which was hit quickly. Gabe

Eventhough I don't seem to get back on track, here is my latest trade (GBP/CHF). Gabe

Moved my stop down and was hit. On top of that I reversed and went long but chickened out IMMEDIATELY and closed the long. I am definately not there yet. Gabe