torero

Very nice, Tex, got in early on the first reaction. I closed my laptop after the first bounce and didn't want to think anymore until next day. I'm playing triangle with target 9520 as target. Just saw the reaction Tex is mentioning, hopefully it was a confirmation of the tri breakout pattern. We'll see.

Thanks for the kind works, cowpip, just hope it doesn't stop and let it go to head and blow out. Took another long this morning, seeing how prices didn't want to come down and forming a ascending triangle on the 15min chart.

Excellent stuff, soul! Comes very handy on gap days. Hope someone will have it available on those mornings!

Out here, looks like it's rounding out and possibly down. So taking the bounce for what's offered. I also took a chance having remembered you liking dojis, hammers, and bull/bear engulfing candles. I spotted a hammer on 5- & 15-min so I thought I'd give it a shot. Thanks for the all the kind words but I'm still green and much to learn and longevity is my goal. How I handle the drawdown will be the true test of my true grit as a forex trader. It can be great now, but I have to be vigilant and not blow out, it's such an easy path for newbies. Both your experience and longevity speak for themselves so I haven't proven anything yet, just beginner's luck (hope not) but I hope to do well month to month.

It's possible it wasn't lucky but my logic to use trailing stop was to protect what's been earned already and I gave it room to push further so it did pan out well. The GBPUSD, however was tight stop when I could have used a trailing stop as well. In some ways, it was to experiment which stop did better where and when. Not sure if I can repeat the task with the same success using trailing stops, but we'll see. Thanks for the encouragement, Buk. One observation I've noticed is that compared to the futures is that you can be forgiven (and rewarded?) for spending a high percentage of time in the market because of the moves they make is almost instantaneous. In futures, the longer time you stay in the market, the worst your performance. This is of course my observation from my style of trading in 2 both areas, both intraday trading.

Taking a small size here to catch the bounce with a tight tight stop relying on double 0 and top of bull flag as a stopper. We'll see. May be a cut but won't be a nose bleed.

I got lucky with one but not with the other during the news. I wasn't aware of the surprise news since I left GBPUSD with a tight stop (should have known better) and stopped out before it resumed uptrend. The EURJPY long was left with trailing stop and it got out at the top, so lucky play. This is my first time leaving my desk with a trend and a trailing stop. I presume this was a lucky shot.

So you plan from the top down also. Basically you scale in with each pullback showing new higher highs/lows (longs as examples). Regarding setting stops, are they set from 240-min or from 15-min? This is the problem is that if I decide to take my intraday trade to swing, I may have to widen my stop to fit the new swing. This is somewhat psychological difficult to do as I'm taking more risk than I'm willing to take. There isn't a better way then?

Yes, great idea. I love to see some charts of other pairs as well, food for thought. I started trading EURJPY a few days ago, in fact I'm long that pair now. I'm slowly opening myself to up others. But I have to be careful not to spread myself too thin and become careless with each. Tough choices.

Buk, I'd like some insight from a dilemna I had in the previous thread was how to deal with an intraday and make it a swing. I had paper profit position and thought it was appropriate to take to swing a trade. It didn't pan out. What criteria do you use to find which intraday trades are suitable to become swing trades?

Yes, it seems that way, I've never seen any instruments that trend so well. I mentioned to Tex that my performance is much better than futures so far (been only trading forex 2 months I believe). Not enough to say but so far so good. The big move back in December helped alot, but can't say I may see it again until next December?? Lord knows how I do well or better because what I use there is same as here. I get the impression that there is less noise and moodiness and not many outside factors affecting forex than futures. Thanks for Tex of course for guiding me since the beginning of this forum, and now you. Thanks for the compliments! They suit me well too LOL!

jobbing? I need to learn new forex or forex English terminology. So are you long or short, tex?

Yep, possible I'm jumping the gun before London. I'm still learning to incorporate market openings and closings. But for the moment, I'm focused on the price action on chart and see if openings can be seen in the charts.

I also reversed and went long on EURJPY. This is another question I wanted to bring up, how well do SAR strategies work in forex? Anyone has good or bad experience with this? I see a pattern failure or a level broken, I don't see it need confirmation to go the other way, except if it's moving so slow breaking my stops that it's worth being flat. Any thoughts?

I just closed out my short. I know it's drifting but I see a bigger pattern that's stopping it from decline (maybe the time?). I get the feeling the rectangle is not as strong as the rising channel. Setting my stop at 9312 and looking for above 9420 as target.

NY, London, Tokyo, and Sydney is optional.

There are 6 siblings in all? Wow, big team. And your parents still trade? Incredible. Never seen one another generation following the footsteps of the previous, especially in trading. I'm working my way get to the higher plays when my confidence increase.

Yes an economic calendar with alerts (window alerts or instant msg, for example) would be a great feature since I'm a bit flaky with news and their times. For example, I would like to be alerted for Fed announcements and Non-Farm Payroll 15 min before the news. Wouldn't that be something. Since we're getting a bit of a crowd in the forex world, more features us (yeah, I've gone to the dark side!) would be nice. Clocks of opening and closing of major financial markets. Of course, these are just suggestions but would be useful for othersas well, I think. Keep up the great work. You've started something very special here.

Yes, I can imagine working as a team can be difficult since trading in itself is solitary unless one works in an organized business like hedge fund or similar. It's great to see smooth teamwork!

This is an amazing family-team of forex traders you are. I always assume everyone trade his/her own account and not have a role of mananing one account but on dividing timeframe roles. What an eye-opener. When my kids grow old enough to appreciate trading, I'll send them over to your house and have you train them like a team too

I saw this and couldn't resist, a bear flag breaking down. I'm short here. This is actually my second trade with this pair and starting to get a good feel for it. Very smooth and slow, just the way I like 'em

After seeing the downtrend, I've decided to take the short here, just when it prices turned down at the 9350 area. I know tex is pointing out the 9535 area to be support, I've got my stop just above 9355. Small stop for a bigger target at 9287 area.

What's a pre-London fake play? Is it what we're seeing now? Drifting slowly into eventual deterioration of the levels that will take to London open?

I'm still amazed that Tokyo has nothing to do with GBPUSD, but still packs a range that NY and London doesn't break so easily. I imagine JPY-pegged pairs would present more validity on Tokyo ranges. My system is still holding so I'm still long.

Weakness is coming in still too early to go short. I'll wait for it to go lower or when it makes a lower high/lower low.