thalestrader

Hi Traderunner, Here's a few notes of my own for you. Best Wishes, Thales

Hi MBAGearhead, Thank you for the share! Do you trade the mini-R2K? If so, I think it would be great if you were to post the opportunities you find there. Best Wishes, Thales

I honestly do not pay any attention to that sort of information. I let others slug it out, and I use the chart to align myself with the strongest slugger. If they are going to fight to a draw for some time, the chart will tell us that too, don't you agree? Best Wishes, Thales

Hi Folks, Current look at the EURJPY - tough spot to have a short entry present itself. At the very least I'd want to wait for a break below the prior break up point, and I would prefer waiting for a break and hold, i.e. price breaks below the break up point, and then retraces to test the break up point as resistance, and then resumes the decline. Best Wishes, Thales

GOOG Still watching GOOG - still too soon for me to short, and I really am interested in whether its sets up a long opportunity. It pierced the upper level of the zone I bracketed last night. Ideally price drops to the 580 level and then we see what happens. Best Wishes, Thales

Now that phrase is an eyebrow raiser Best Wishes, Thales

All day I have a buy stop above that high, and nothing happens. Best Wishes, Thales

Well, so long as you got it, I don't feel so bad. Have fun with it! Best Wishes, Thales

Hi EmNQ, I see what you mean. Given the time of day and the chop zone GBPUSD is in, I'll be passing on this myself. Here are the levels I'd be interested in either trading a break or a 123 reversal. Again, given the time of day, I'm done 'til Tokyo, and there is a good chance that I am done 'til after NFP. Best Wishes, Thales

I wish you much success with the thread. Best Wishes, Thales

So did anyone do any good today? Unless I hit something tonight in Tokyo, I'll be going to bed tonight with a bit less in my account than I had when I awoke this morning. I had some streak going, but my streak has been struck. Best Wishes, Thales

If you think you're the first guy ever to do that, you're nuts. Shake it off, and forget about it. Just don't forget the lesson, like I did six or seven times before I learned always to double chack my orders before I hit enter, and certainly before logging off the trading platform. Now that I've learned my lesson (finally) I haven't had a problem in over a week. Tomorrow is NFP, so it is probably a good day to demo trade for you anyway. Best Wishes, Thales

I have two orders in right now - a buy stop on the USDJPY with a very tight stop (if this triggers, I want no part of it if it does not follow through immediately without looking back). I also am looking long again on the 6B/GBPUSD woth a buy stop above the morning (NY morning) high. You could find shorts on either of these as well. Best Wishes, Thales

6B came within a tick of my stop and is now on the plus side. The EURJPY trade I just took out back and shot for a break even effort. I also did the GBPUSD in the micro account, cam within the spread of knowcking me out there too but reversed. I closed it out for 4/10ths of pip. I'm geting a lot of slippage at FXCM again - up to half a tick over and above the spread, even on the EURUSD and GBPUSD. I don't mind slippage. It is a fact of life. But I decided to do the exact same trades in a demo account today, and the demo was filled on the stop exactly, but the live account FXCM took another 6/10ths of a pip on the entry. In my next life, I want to come bak as an FX market maker. Not a terribly pleasant morning so far, but you'll have days like this. Best Wishes, Thales

EURJPY with a measured move target ... Best Wishes, Thales

USDJPY monthly chart view ... Best Wishes, Thales

Here is how the GBPUSD has been loking to me over last few minutes ... Best Wishes, Thales

EmNQ, When you post your screen shots you should try to include the price and time scales to make it easier for others to see where you were looking. If I have guessed correctly at where you see this long opportunity, the I am with kiwi - there has not been a L-H-HL where you were. Your trigger point is the high of a bar that was struck before the low. The high point trigger must print after the ultimate low prints. What you are trying to do, I believe, is similar the pinbar post. Here is Kiwi's post that includes a pic of the chart I made at the time. I think you will find this helps explain what kiwi and I are saying here about your trade. Best Wishes, Thales

I don't think it even held long enough fo me to press the submit button on that post. Here are nearby levels of interest viewed on the 60 minute chart (this whole area is a support zone - so a bottom, if it is coming, could come in anywhere here). Remember, tomorrow is NFP, and while buyers are still buyers and sellers are still sellers and TA is still TA, currencies take on a peculiar skittishness in the 24-48 hours prior to NFP. Wait for your opportunities and insist that they be clear as an upstate New York river (where you can count the scales on a fish that's 20 feet below the surface). Be patient - you do not need to trade 27 times each day ... you do not even need to trade every day. Protect your capital and you will protect yourself. Best Wishes, Thales

Hi Folks, I doubt that this low is going to hold, but if it does, here is how I see the 6B/GBPUSD at the moment - first chart is 60 minute to show a prior break up level, second chart is 15 minute. Best Wishes, Thales

But Brownie, he's a scalper! Best Wishes, Thales

Hi Folks, Don't let the fact that this is Robert Prechter keep you from reading this short little interview. It is about trading, and succeeding at it, not Elliot Wave. Best Wishes, Thales Prechter on Trading.pdf

GOOG This has been a fun one for me. Too soon to short (for me). I'll see how it acts if and when it declines to the zone outlined on the chart. Best Wishes, Thales

Looks like you hit your target - nice trade! I do not typically watch the AUDUSD, and I had a short presentation briefly this afternoon (first chart), but soon after it turned to a long (second chart). My profit targets were not as aggressive as were yours (see third chart). Again, nice trade! Best Wishes, Thales

Probably. Why not consider reading Hill's EW chapter, and also his discussion of thrusts. Also, there was a ridiculous thread here some time ago about making $800 a day one tick at a time or something like that. The original poster had James close the thread, but there was a post or two by bakrob99 that I have recommended several times here in this thread that might be helpful. Don't let yourself get mired down in wavespeak. But to try to really understand the difference between price impulsing or thrusting from one level of rest to its next level of rest. Levels of rest are characterized by flat, choppy, overlapping waves of price which often sees range contraction as well. Ok, I went looking for them. I'd quote them here but for the fact that the thread from which they come is closed, and I am unable to quote them. But there is some good stuff here: http://www.traderslaboratory.com/forums/f229/idea-850-two-1-tick-trades-6862.html#post76559 This one is a real gem: http://www.traderslaboratory.com/forums/f229/idea-850-two-1-tick-trades-6862.html#post77616 Now, for any of you who do finally take the time to go and read bakrob99's posts, if you find them as well written and true and as useful as I did, be polite and do the rightthing and leave him a thanks. He shared in his two posts, especially his second, a great deal more generously than most who happen by this or any other forum. Best Wishes, Thales