thalestrader

6J did not seem to present a decen short sequence as it declined to first support, and now it seems as though it is perhaps deciding to rally without giving us the benefit of a decent long sequence first. Best Wishes, Thales

6B presented a short opportunity similar to the 6E. Again, all after the fact as I am just now gettin at it and taking a look at where we are. Best Wishes, Thales

Looking at crude,either of the blue lines would have been reasonable short entries in my opinion. First picture shows a bit longer view, second zooms in on the short entries. Best Wishes, Thales

Hi Folks, I'm getting a late start today as we had just enough snow overnight to cause some nuisance (though I prefer snow to no snow this time of yer). At any rate, here is a short sequence on the 6E thatI was not here to take advantage of, but this is how I would like to think I would have approached it had I been in early. Best Wishes, Thales

It looks as though the 6E is now on its way to the lower channel line. My guess is that price will bounce there and continue this little rally off last week's low, but that is only a guess. Best Wishes, Thales

Looking at a channel on the 6E ... this is just mad doodles of a trading waiting for something to happen, so do not take any of the arrow scribbles as prediction, not even anticipation. Just taking notes and drawing marginalia. The channel is interesting though, in the context of the recent downtrend. I would expect at some point for price to break below the lower trend line and retest the low, if not break to new lows. Best Wishes, Thales

Current view view of the US Dollar index shows the DXYO pulling back from our first resistance target. The assumption for now is that the Buck will pullback to the vicinity of the lower two horizontal trend lines, and then make go at clearing first resistance, and clearing that, I'd expect the buck to rally to the next level shown. Best Wishes, Thales

Have you thought of having an OCO limit order and stop loss attached to your entry order so you are taken out at target or taken out at stop without having to manually exit your trades? Best Wishes, Thales

Well, that ellipse pretty much encompasses PA on the 6E/EURUSD during my time of day, and let me tell you, that is not my kind of market. The only trade I did all day was a demo on crude for 9 tick loss as I tried to fade the rally only to get steam rolled. Best Wishes, Thales

Current look at the 6E ... not too inviting, at least not to me ... Best Wishes, Thales

This is after the fact, but so far today I have not done anything but this demo short on crude at the level shown. I actually set the sell limit order and had forgotten about it until it was filled. The recent rally in the 6E &6B has been too choppy and overlapping - I'd like to see some swings break out and extend (impulse/thrust) before I get involved. Best Wishes, Thales

In Pennsylvania, a self-employed individual can get just such a plan through any of the Blues. I'm with Highmark Blue Shield. I am married with three young children. You do not need to purchase coverage such as you recommend through a corporate entity. Best Wishes, Thales

I do not believe I was rude at all, and I stand by what I said in my post. Best Wishes, Thales

Hi DugDug, I do not have any formal time-type stop. I usually like to enter when the maarket is starting to swing, so if I set a buy stop and price goes sideways for a long time without stopping me in I will sometimes cancel and wait for a new opportunity. I try to let price determine whether I am in or out as much as I am mentally able. In your current trade, for example, I see a low, a high above your entry point, and a potential higher low. If I were in that trade, my stop loss would probably be above that high above your entry. But that is me, and that does not make it right or wrong, it only makes it me. You have to do what's you, right? Best Wishes, Thales

As someone who does control several such corporate entities, I'd like to add that most insurance carriers will require "yourself and the second person" to be w-2'd employees, which adds layers upon layers of complexity and compliance to "pretty darn simple." I would also caution that as it goes in California is rarely how it plays in the rest of the world, though Californians like to think otherwise. So anyone considering various legal structures would be well served to consult an attorney licensed in his or her state rather than an internet forum. Best Wishes, Thales

Warning: Hindsight Chart Ahead! Hi Folks, Here is the 6E (EURUSDD futures) 15 minute chart. Last night, I was long on the sequence represented by the dotted lines, and I was stopped out for a full, -1R or one whole risk unit loss when an external event, in this case, the Aussie rate announcement, caused the market to swoon (it actually looks far more dramatic than it was: from high to low of that move was a mere 33 ticks). At any rate, I went to bed soon after. However, as you can see by the trade sequence represented by the solid lines, the -1R loss would have been quickly recovered as this trade would have, if managed according to the approach I have shown here, resulted in a 2R profit. I of course did not take this trade as the sequence was not clear (at least not clear enough) to keep me up any longer. The point is not to make this a shouldawouldacoulda. You can't be awake for all of the opportunities, after all. The point is that if you use proper money management and always keep a worst case, -1R stop in the market, and use an approach where your average winner is grater than your average loser, and equal to your worst case loser, then the hard work is done. It really is. Once you find the approach that allows you to know what to expect over time, money management takes over and keeps the results moving in a positive direction overall. I still have my -1R loss, and I am still waiting for my +2R win to recover it. WIll that be my next trade? Maybe, maybe not. My next trade could very well be another -1R loss. I do not know, nor do I need to care. I need only to keep taking my trades as the sequences present themselves, apply proper money management in the process, and all is and shall be well. Money management combined with a simple approach takes the pressure off of any particular trade. Best Wishes, Thales Best Wishes, Thales

Sorry, Midk, I didn't see your post. I will elaborate, but it will have to wait until my morning. Best Wishes, Thales

And that is what a -1R full stop looks like, and that is what a stop loss is for. Best Wishes, Thales

Just stay away from NASE (National Association of Self-Employed) and their Mega Health Insurance Company. Best Wishes, Tha;es

No problem at all, MK. My horns are still a bit twisted, but not by you or any of the thread's regular participants. Best Wishes, Thales

Stopped at +1 on the short and the current look 6E shows a potential long sequence. Best Wishes, Thales

Finally had a new, slightly lower low that was immediately bought. I'm moving my stop to 1.3913 (+1). Best Wishes, Thales

Stop loss to 1.3917, -3 ticks @ 8:42 PM EST, current B/O 1.3809/1.3810 Best Wishes, Thales

Crude has traded to and through two more previous daily highs tonight, and each offered an opportunity to scalp some decnet R/R. I did not trade either of these real or demo, and I am posting this chart just to make the point. Best Wishes, Thales

Short @ 1.3914, stop loss 1.3929, profit target 1.3874 all in/all out Best Wishes, Thales