Cory2679

Thanks for the reply. When you put it like that, I realize it was sort of a stupid question. :embarassed: I think I had basically become too dependent on my spreadsheet, and it had handicapped me. Also, since using Oanda, I've been dialing down to the single unit, but it would be much easier just thinking about lots of 1,000, etc. -Cory

Thales, My first (and maybe last, if you're lucky :o;)) question is about position sizing... Typically, what I've done so far is used a modified version of that spreadsheet you posted. If I'm trading a larger degree 123 on a 15 minute chart, I have plenty of time to calculate my initial risk in ticks based on my entry and initial stop, type it in, and get the proper position size...then type all that into Oanda's order-entry window....and I wouldn't want to rush all this, because I could make a mistake. When trading these types of entries that've been discussed lately, how do you determine your position size? Doing all that I just described would be too time consuming...by the time you know your initial risk, you need to be placing an order!...and if you were to enter on a market order, you don't know until it's too late! Do you basically just make a reasonable estimate about how many contracts you're going to trade based on what you anticipate the amount of risk being?...maybe it's as simple as that, but I wanted to ask you about it... Thank you, Cory

We've reached support on the EUR/USD...I'm actually not trading right now, but if I was, I would attempt a long at my blue support line. If that failed, I would attempt a short and ride it down to my blue rectangle of major major support...a retest of the lows...

I actually have to leave in a little while, but I thought I'd post a chart for the evening... I'm biased long, but I'm not afraid of a short either...if price breaks this afternoon's low and sticks, I anticipate a fall into the support zone I've drawn with a rectangle.

Thanks for the reply. I'm always really amazed/inspired when I here about what your daughter's doing. Every now and then I'll be out and see a little girl that looks about her age and think, "wow!" It seems like it's just really clicked with her. I wonder what it's going to take for it to click with me like that......? -Cory

Although, I have to say, while it has cleared up some confusion, I believe I have a lot of work to do to wipe the fog from my vision when it comes to all this! I'm going to have a busy weekend. This reminds me of a quote by james_gsx from just a little while ago... BTW...Thales, does your daughter trade this way, too? ...or is she still focused primarily on the larger degree 123's?

Double thanks for that great post, Thales. It was a real eye-opener and cleared up some of the confusion I've had. -Cory

I just got a laugh out of how far the majority of the content of this thread has gotten from the original question/the name of the thread. donaldkagan, the author, hasn't even posted for over a week! :o Nothing necessarily wrong with that...just made me laugh...

I know Thales has mentioned and described Trader Vic's "2B" patterns, but I wanted to find out more and came across this great resource I thought I'd share for anyone interested... suri2B_TJDec2007.pdf

Yeah, but I don't have all the time in the world...the longer it takes, the less supportive I think my parents will be. One thing that sucks is the lack of understanding from other people in my life (I know you can relate). I think some people view me as something of a bum...graduated, living at home, no job, gf of 7 years and we're not even engaged/married, etc. It really gets to me sometimes...because all of those things are true! I think they view me as someone who likely sits on the couch with chips and watches daytime TV. It's ironic though...I know I work twice as much or more than those people do...not to mention, in addition to trading, I also regularly help out my parents with housework and yardwork...to sort of earn my keep, I suppose. There may come a time that I do get a full-time job AND trade at the same time...putting in the 120 hour weeks...we'll see...

Dinero, There are dedicated quant forums out there that may be more beneficial than a thread here for an aspiring quant (not that you necessarily are)... For example...just doing a Google search, I found Quantitative Finance Forums. I'm not sure which one is the "best." Someone like UB might be of some assistance there... -Cory

Thales, How come you didn't see my rectangle as major support and a possible turning point? The problem is that I apparently can't see... The way I saw it was that there was the area of support in my shaded rectangle, as well as the touch of the trendline on my 4 hour chart...:doh: -Cory

In the spirit of that post, I'm looking for a long like this, with a PT of 10R!

Well, would you look at that!

Thanks for the advice. That was the first trade of that kind that I've ever attempted...I'm sure I need a little work. Up to this point I've only traded breakouts/123's, but I feel like I'm missing out so it's definitely something I wish to pursue further. As for my DOM comment, I did want to clarify that what I meant was with the actual trade/entry...when dialing down...even down to the tick...it's just so easy to click an order on a DOM really quickly. -Cory

I've got some of that in me, too...... And I should mention also, since you lumped MK and me in the same sentence, that it's easier for me than it was for MK because I just recently graduated college less than a year ago, I'm still living at home with my parents, have all my expenses paid, and I'm far from poverty (I even go out to dinner pretty much every day!). MK defintely deserves more credit that I do in that respect...it was a much bigger sacrifice for him. The only real sacrifice I'm making right now is a lack of independence, self-reliance, etc., from not having an income and still living at home with my parents...it sucks in one regard, but it's a great opportunity to learn to trade. -Cory

I feel like this type of trade would be much easier trading with a DOM. I gave a long a shot, but got to BE pretty quick and got stopped out (I was up about 0.5R at one point). Then, I got pulled away from the computer for the second half of the Tokyo AM, but it doesn't look like I missed much anyway...

The yen pairs look a bit more lively...

I'm beginning to think that daytrading the EUR/USD during the Tokyo AM hours may not be the best use of my time. I'm beginning to rethink my daily schedule...

I just realized something peculiar about my chart after Thales posted his... Look at this 4 hour chart I posted earlier...then look how it looks now...on the chart I was looking at this morning, the high had not been broken!! Stupid Ninja/Gain. That kind of thing can make a difference!!

I see what you're saying, but I wouldn't necessarily call it "too late"...just a larger degree of swing. I wasn't up early enough to take your trade, anyway. I don't get on until 8am eastern time (or really a little before to prepare). -Cory EDIT: Although, it could be a good idea to enter off the smaller degree of swing, and manage off of the larger degree...could give you a more desirable risk:reward situation...sort of getting a head start on the short off the larger swing.

The current down-move is renewing my belief in a retest... I believe I may have misinterpreted the swing degree this morning. However, I still think it was probably reasonable to be out...a pretty strong up-move, plus a break of that first down-trend line...of course, it would have been nice to take at least some profit out, though.

I am overall bullish...however, I was expecting a retest of the recent low before a continuation upward...but that may very well not happen...I anticipate the next high will be around my red rectangle (major resistance). You can also see on this chart where my PT was relative to the larger swings. EDIT: Sorry, forgot the chart...it's attached now.

Stopped out for break even. :crap::crap::crap: Perhaps I was too quick to get to break-even. My main regret is that perhaps I should have taken some profit at that level of support, rather than just "keeping it in mind."

Stop now at BE. From here, if I'm not stopped out at BE, I will continue to trail my stop along natural stops of like swing degree, getting more aggressive the closer I get to my PT.