forrestang

Let's try this again. Here is a Daily look at the E/U. Along with the corresponding 15min(which I can't get tight enough to show). On the Daily, there seems to be good room to move up above with quick targets on the Daily, but pretty sizeable when looking at a smaller bar interval. The Stop is really tight considering the Tgts, might take more than one attempt at hitting the B.O.? Any opinions on the possible Breakout? ----Edit---- 1st target better at 1.5070 --Edit----- Bleh, don't think I would take this trade due to the weirdness, but if I were trading off the dailies this might be a decent one.

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So just to report out, I've been live with my MB Trading account for a few weeks now. And other than a few problems with the SIM a while back, I have been pleased with the live account. I tried about 4 other demos before finally deciding to go with MB for my FX trading. I am pleased with the small commissions and spreads that are usually very minimal. I also appreciate that I can place entries and exits wherever I want. This was something that drove me crazy w/some of the other platforms I tried. The order selection they have is pretty decent for various exit strategies and such. Eventually if I decide to lease or purchase ninja I would like to route orders through ninja for a better selections of ATM order placement.

----------------------------------- THE HOLY GRAIL- Learning to Handle Variance in Returns.pdf

.........................................? I took this trade a while back, and actually figured this was a big picture reversal, because I shorted the breakdown, I held this for a nice clip down towards the bottom of that range.

IMO, which is something I think about, would be to take note of HOW you feel win you win or loose. When you win several times does it drive you past 'confidence' and straight to Euphoria making you take trades you normally would not? When you loose several times consecutively, does it shake your confidence to the point of trading for revenge, or so scared that you block information out that might normally be useful, and pass on good trades costing you money? I think the biggest breakthrough I've had with my trading was all mental. Technique is one thing, but my head has always been screwed up. There are some people that believe there are only a few ways to successfully trade, but the reality might be there are a million ways to trade, but only a few who can mentally deal with trading. I think you probably can trade, as anyone can put on a winning trade, but its harder to deal with wins and particularly losses. I think you asked an excellent question so we'll see what Thales has to say. If I can throw a question out there that I would pm Thales(as I still have a long way to go towards conquering this), it would be: "How do you deal with consecutive loosing trades and your confidence begins to falter? Do you constantly tell yourself it is just part of trading, no different than any business that has to pay for upgrades or maintenance to their equipment? How long did it take you to ACTUALLY ACCEPT the reality? I'm sure we all say or pay lip service to the idea, but what types of things did you do before you actually BELIEVED that is just the reality of the situation?"

I did something similar tonight. First was not taking the E/J trade that was literally yelling at me to take the trade....Oops. Second was the G/U, first PO was hit, moved stop to BE at that point. Then I saw that little consolidation area, and put my stop below it. My rules tell me to put the stop to BE like I did after P1 is hit, but then WAIT for a swing to develop to move stop beyond BE. Well, guess what, stopped out to the tic before going on to hit my P2. That's what I get for moving my stop from BE too fast. Oh well, still made money, but there was more on the table. My G/J is right in front of my P2 though, so that's a guaranteed nicely profitable trade!!!! This has been an awesome week for us After Hour, Thales' type, B.O. traders, I hope you guys all took advantage!!! Happy and successful trading to us all!!!! Forrest

As always your honesty is refreshing!

Maybe I should exit the other half of my long? ON another note, what made you short such a furious move updwards?

Interesting look at E/U, right bfore FOMC as well. Daily and 15min attached.

Here's an awesome loser! This is the type of risk definition Thales refers to as actually incurring MORE risk even though stop is smaller. So "sometimes less risky is more risky!" Almost re-entered but never really got used to re-entries.

IMO.... a few examples from my journal of a good looking setup. 1ES, 2NQ. The trade is only taken in RTH for this particular idea. The 1st example is just ok, the 2nd better, 3rd example from today is the best example. In this one price breaking out above prior highlighted resistance occurred during AH, with a pullback just below, the actual BO occurring in first 5 minutes.

In my analysis last night preparing to enter trades. I wound up buying the G/J (breakeven) and shorting the G/U. The G/U was awesome! Notice that DT it put in. Shorted that baby for a nice clip. But in my preperation, I almost bought the E/J. Only thing that kept me out was seeing that my entry would have been right below what I deemed to be a good resistance. So I passed on it and was unsure if it would B.O.? So basically, my entry was right before the BIG resistance level you outlined, and target was a swing up to the level with about 40 and 60 pips respectively. Well it did break it, then even retraced back to it to the tic before going on to hit both of the targets I had planned on if I would have traded it. Here's what I thought of it:

What's your plan when we arrive at your anticipated resistance? Do you do reversals as well or just focusing or B.O.s? If the former, what's your entry criteria?

I did this once, and it worked for a while, I think I started correcting for it and messing it up. It was a system I purchased, and i would pick ALL the losers, day in and day out. Super frustrating. Most of my stops were typically 2 - 2.50 ES points. I could literally rack up negative 10-16 points each day, as fast as I wanted. So what I did was switch my stops and targets around, called it "Costanza System." I simply switched them, and subtracted a tic from the typical stop and made that the profit target....... and voila! I would up making back all the points I ever lost, but then started changing somehow, I wasn't even aware I was doing it.:crap: Maybe when I get to where I want trading wise, that would be a good project for an apprentice to practice.

This is where I see breakouts having the potential to breakout shown by the blue lines....if a breakout occurs based on what I see in S/R. There may be a breakout, but I am NOT interested in any of these trades tonight for some reason. So this is a night I'll just observe. Forrest

Punched through both targets I had set easily. There is more but only had two lots. ------EDIT---- Oh, and I had to sit through a bit of heat as I entered yesterday almost at the close like a moron. But price never reached the swing Low where you can see the stop was. It really broke in the AH though, yesterday was kind of a little fake that put me in the trade.

Recap of the overnight: There the breakout occured after hours. Let's see how it progresses. The E/U in fact had the nicest breakout of the night! Wow, the G/U eventually broke out nicely!

P1 hit, stop on 2nd half at BE, looking for nat stop. Looking at it again, I think the G/U might be in preperation for that long side based on the intermediate swings, if it ever decides to stop meandering around.

Here's mine. Also attaching interesting action on EU as well.

looks like you might be right:cool:

Everything looks like it's getting ready to move. For me seems to be ready to break to the downside for some reason? The picture isn't condensed, the point is just to provide a point of reference. I think I am liking he two pairs on he right side for the moment. We'll see what happens. Opinions fellas? Forrest

Just a thought on NQ, any opinions? ES is displaying similar behavior. The 60 min chart thumbnail is a macro view of where we are currently.

This G/U is stubborn. If you are still around, can you explain how you would be managing this trade if you were in it, similiar to your comments last night? This trade has printed a HL, on a move down. As it sits now, loss would be about 14-16 pips or so if it hits the current stop(1.5932) w/o moving down. My thoughts are basically, since this hasn't continued to move down hard, I would want to see a press down with an opportunity to get the stop to BE. The entry was at 1.5914. Tgt was down near 1.5855. Along w/your comments last night, I suppose something I was always thinking in terms of management was sitting through at least 1 retracement in order to pull the stop closer. And generally managing the trades with pullbacks if that makes sense? With the trades I spoke of and referred to as false BOs, they never really yielded any retracements before falling on their faces. ------EDIT------- G/U hit the stop for a 14pip loss

I am usually the last to catch on, what do you mean?