thalestrader

See how that works ... Best Wishes, Thales

Certainly not the type of welcome to which I had become accusotmed to over the last 12 hours! At any rate, price wedging along the lows, the preceding impulse down, the tough level at which the entry point was placed all led me to abandon my dream of +150 by cutting out at -4. Had I not pulled the rip cord, I'd have moved my stop to where the red line is in this attached screenshot, as that would be a break of a pattern close enough to a bear flag for me to suspect the downtrend did indeed have at least one more wave to go. If price does hold at a higher low, then I would consider a buy at new highs. http://www.traderslaboratory.com/forums/attachment.php?attachmentid=18206&stc=1&d=1264168473 Best Wishes, Thales

GBPUSD: My feelings say down, but price is telling me up ... I guess I can risk 25 ticks of the last two trades profit to see if I can finish the week with a +150 tick day (showing the 6B). Buy stop 1.6126, stop loss 1.6101. Best Wishes, Thales

I fully agree - exchanges serve a public utility and as such ought to have as a goal to generate revenue enough to cover the costs of operations, and not have the added incentive to increase costs to the public in order to attain a profit over and above the cost of operations.. Best Wishes, Thales

I find trading to be fun. Unequivocally so. Best Wishes, Thales

From what I am seeing as this week comes to close, it looks as though the EUR may be mopping up the final stages of a corrective sideways/down trend against the GBP. If so, the EURGBP should present a long term long indication as it resumes its uptrend against the Pound (see daily chart). . Also, day to day, hour to hour, minute to minute volatility is acting much as it did in July-August of 2008. After that, the daily moves became wild and large. If this persists, then that means wider stops, smaller position size, much larger targets, and in many trades, allowing more leeway before moving my stops to break even. Best Wishes, Thales

That wedge or diagonal type pattern you show, patrader, is a clear indication that the rally was ready to pause or reverse. If I had bought the initial break high, I had have exited at break even +/- once that diagonal became manifest. I would not want to have been long unless price cleared the upper trendline. I've attached a chart showing on the spot EURUSD. Best Wishes, Thales

Took +50 ticks on the long (posted above and well before it triggered) while I slept, and another +50 ticks on this short (also posted before it triggered) while I had my morning coffee. I really need to set my orders and leave the office more often. Before Morning Coffee: [ B]After Morning Coffee:[/b] Best Wishes, Thales

Current look at the GBPUSD ... Best Wishes, Thales

As I have said, I do my best trading when asleep ... Good Night: Good Morning: Best Wishes, Thales

Current look at the GBPUSD ... good night folks ... Best Wishes, Thales

Current look at the daily US Dollar index - looks as though the Buck needs a day ro two of rest before making a real go at that upper trendline. Anything can happen, of course. Best Wishes, Thales

I like it. But more importantly, what do you think? Best Wishes, Thales

Through reasoning, yes. Easily? I don't know, johnjohn1hew, some lessons have been very hard for me to come by ... Best Wishes, Thales

EURJPY seems to be having some difficulty picking a direction: One thing is nearly certain, however. It is not going to stay here, and its stay will not be long: Best Wishes, Thales

I cannot say from my experience where the statitical map of this pattern is like. I use EW more for a swing to swing basis for day trades, and thus I am not typically trying to determine whether a swing is wave 5 of 5 of 5 of V of 1 of A, so to speak. However, the psychology behind the ending diagonal is that market participants are worrying that the move has, in Prechter's words, "gone too far too fast." It sort of makes sense then, that it would be during the last impulse of the first move that could lead to such a sense of having gone too far too fast. After, by wave three, everyone now recognizes the direction, and the dog pile is on, right? Best Wishes, Thales

Sounds like a real slugfest ... way to fight your back! When I have days like that I usually find myself down 980 early in the day, and if I don't stop, I end the day down 9800. I usually stop. Usually. Best Wishes, Thales

As long as it doesn't effect an American's ability to open, fund, and trade an off shore account, let them do whatever they wish. Personally, I would welcome more liquidity flowing to the CME futures. There actually is an EURJPY listed future, but no one trades it. What a shame! As a friend of mine stated, however, I doubt very many bucket shop customers have the funds to trade futures, so any hoped for increase in trade flows to the listed futures is likely mere misguided wishful thinking. Best Wishes, Thales

Current look at the EURJPY ... looking long, but could go short. Best Wishes, Thales

14quarter stop now. Looks like this bounce is going to resolve lower real soon. No chart to show, but sell stop on the 6E at 1.4080. Best Wishes, Thales

Dinero, Do you think price might make a test of the 12/22 3PM-ish $75.50 high?. Best Wishes, Thales

Once in a while I have these streaks where the couldawouldashoulda ES trades would have been keepers, while the trades I actually manage to get an order off on would have been better never to have been born. A bounce from here that does not make a new high will cause me to pull the rip cord on this trade. Best Wishes, Thales

I'd be very pleased with that trade had I made it with your results. Great job! Best Wishes, Thales

We'll see if I have any fingers left from trying to catch this knife - long 14 Stop is now 12quarter. Best Wishes, Thales EDIT: Trades like this make it a sport, don't you think?

I don't want to mislead you. I was not watching the EURJPY at the time, though I did have that channel drawn on it. I did not see the short sequence in real time, but I think I would have caught it. I know you have said you use the 5 minute a great deal. Perhaps you'd be well served to force yourself not to look at anything less than the 15 minute. Mixing your time frame views probably will slow down the process by which you learn to see this various sequences and the degrees to which each belongs. Just a suggstion, of course, and I may be wrong. By the way, here the daily EURJPY showing that the last multi-week rally stalled right around the midpoint of the nearly year long range between 126.87 and 139.20. Price has declined near the lower end of that range. May be an interesting place from which to hold a long if price gives us a chance. Best Wishes, Thales