thalestrader

Yes to all your questions except that I did close the second long for +5 ticks - I closed the longs when Cory went short. I did not short the 6B, but PA was sufficient to get me flat. And yes, the 3439 is a new long. Not going so well right now, and I have a -21 stop loss on it right now (entry 83, stop loss 62. Right now there is only 6-7 ticks between me and a -21 loss on the whole position. Best Wishes, Thales

These are the trades I find most uncomfortable - when you are stopped in and price goes from an immediate +6 or so to -6 in the blink of an eye. This is when I start thinking, and when I think, I usually do the wrong thing. Best Wishes, Thales

You die ... I don't mean to sound facetious, but a few years ago I had a terrible, terrible loss, and for several weeks I was unable to pull the trigger. I said the same thing to a friend of mine, and he sent me an email with the same message and that picture. Woke me right up and I've been fine ever since. Bottom line, if you don't have the nerve to trade, you need to move on to something else. If you are trading with money you cannot afford to lose, then go away and come back when you have some you can afford to lose. What are you looking to trade, anyway? if you are trading stocks, just bring position size down. If you are trading futures, trade the mini-ags or even a microFX account where you can keep risk in the single and double digits at first. If you are afraid to pull the trigger, you fear losing. Find something you can trade where you won't have to fear the loss. Best Wishes, Thales

I'm with you BT! I'll not let that initial stop stand long. If my buy stop is filled, I'll likely bring the stop loss to -25 or so, and maybe even closer. Best Wishes, Thales

You don't say much, but your charts speak volumes ... thank you for your posts. Please keep sharing! Best Wishes, Thales

Repeat after me .. Short the Euro, Long the Pound ... Short the Euro, Long the Pound ... Short the Euro, Long the Pound ... At least until it changes, right? Best Wishes, Thales

PT1 on the EURUSD for +23 pips. Best Wishes, Thales

I guarantee you are not the only one reading this thread who trades the ES, and I would encourage whatever contributions you wish to share here with respect to your ES trades. Besides, its all charts ... if this S/R stuff works, it had better work regardless of the market so long as that market is liquid and freely traded, right? Best Wishes, Thales

The case at that time was long (you probably could make a case for still being long as well). I would rather play the GBPUSD long, however, as the GBP has been much stronger lately than the EUR. Best Wishes, Thales

I'm not quite sure the reason for the question - but maybe my post 3415 and Cory's post 3416 might help clear things up. Also, support and resistance either is or is not, it is neither "good" nor "bad," even if we all slip into judging it so from time to time (me included). Best Wishes, Thales

Here is one way to look at a short EURUSD ... Best Wishes, Thales

Short EURUSD ...? Best Wishes, Thales

When I see opportunity present itself in the same direction simultaneously on both the 6B and the 6E, I am trading the 6B for longs and the 6E for shorts. That changes from time to time, of course, but the Pound has been so much stronger relative to the Euro, it just seems to make sense for the time being for me to trade them so. Best Wishes, Thales

Here is where I stand: PT1 on each entry is filled for +27 ticks and +32 ticks respectively. I have stops at entry 1 PT1 and Entry 2 Break even level. Best Wishes, Thales

Here is how it lookson the 6B. The dotted lines are entry/targets for the first entry, the solid lines are for the second entry. Stop loss is the same for each, position size is different, risk is approximately the same (+/- a few dollars). Scaling in - Scaling out - each has its own targets. Best Wishes, Thales

If you missed the first entry (lower blue line), GBPUSD presented a second entry at the upper blue line. Best Wishes, Thales

One possible way to look at the 6B/GBPUSD... Best Wishes, Thales

And here you can see where the EURUSD is in terms of recent price action and nearby support. Best Wishes, Thales

Looking at the EURUSD, you can see the change in character of the swings from choppy uptrend to sideways chop zone. A break either way out of the zone would have been a reasonable entry, i.e. long above or short below. Someone should have been able to make 100 ticks last night without too much emotional effort as the decline looks to have been very easy to sit through. Best Wishes, Thales

It did trigger, and so far, using basic fibs based on the initial size of the sequence, it has done more than the minimum you could expect (which is to say, it has done enough to satisfy any expectations one might have out of this particular long sequence). Best Wishes, Thales

May or may not trigger ... may or may not resume the uptrend. If it triggers its going somewhere, but somewhere may not be very far ... then again ... Best Wishes, Thales

This is a good example of what I mean when I say the sequences (123's) start every trend change, and every trend can be viewed as a series of successively larger sequences (123's) until the trend ends with a sequence in the opposite direction. Best Wishes, Thales

Couldawouldashoulda all over again ... Best Wishes, Thales

Couldawouldashoulda ... Best Wishes, Thales

I didn't trade this (time of day, poor R/R) but here is how a GBPUSD long would look to me ... Best Wishes, Thales