todds

Possible short on USD/CHF Update: stopped out, -1R

Back from a trip. Looking at this potential long in GBP/USD Update: order cancelled. Too choppy

Update: Moved stop and was stopped out for a -0.63R loss

Potential CAD/JPY short. Update: Whoops, I accidentally posted a chart of EUR/JPY which I was also watching. The CAD/JPY trade triggered than stopped out at full -1.00R loss. Chart attached.

Potential Short on AUD/USD

Potential EUR/USD short Update: broke highs, canceled order

Potential USD/JPY long Update: Broke lows, canceled order

I'm looking at this EUR/USD short. If it gets there I might take everything off at the bottom Update: order canceled. It broke the highs and I also didn't realize I was on a 5 min time frame. I will still be looking for an entry point on the 15 min chart

I only took two trades this week on the 15 min time frame using the methods common to the "Reading charts..." threads. One was posted and one was not posted. Both lost .79R for a total of -1.58R for the week(thankfully in sim!). I missed several good trades including a nice long on USD/CAD this morning. Oh well, onward and upward!

Moved stop. This trade is not looking too fresh. Probably should have moved earlier like Cory did. UPDATE: stopped out at -.79R

Looking at the same trade. I missed a couple good ones earlier. Nice trade on EU Cory!

Cory, based on the number of trades you took I would say you did ok. There is a certain level of skill required to be in the market a lot and end up near break even. I know it is frustrating, I am in the same boat. You are pumping the pump and not much water is coming out, but keep pumping and soon it will flow! I too am wrestling with trade management and when to move stops. At this stage though tightening the stops has been beneficial in most cases. My goal is to get to where I am taking more trades that get to +1R before they get to -1R. Until I see that happen regularly I will continue to be tight on the stops. This week I took four trades with the 123 method (all posted) and ended the week -.03R. Only one of the four trades got to +1R before -1R so the tight stops worked in my favor. Right now it is all about waiting for quality set ups. If the set up is good the trade management will be easier.

Cory, I was looking at the same one but your dashed line representing a potential support area concerned me a bit. Will you move to BE when it gets there?

second half taken out

UPDATE: 1st profit target hit, trailing stop

UPDATE: Moved stop in case of a 123 the other way UPDATE: taken out

Also looking at EUR/USD for similar reasons to GBP/USD. It is not a 123 trade because of the lower low but I sometimes see price clean out these swings then reverse.

Looking at this long on GBP/USD. Time of day is not ideal but I like the support it is coming off of.

revised 1st profit target to capture 1R and moved stop but was taken out on the wide spread for small profit.[ATTACH]24353[/ATTACH]

Also looking at this GBP/CAD short

Looking at this short on USD/CHF UPDATE: Moved stop and was taken out for small loss

Looking at AUD/USD long. Zoom out view looks like a five wave impulse move up after a correction. Enter on 123 set up off support. Update: Not happy with the movement out of the gate so I tightened up the stop. Final Update: I didn't want to let it retrace way back into the pattern so I tighten the stop even more and got stopped out. -0.11R trade

Took one off the table, the second moved to BE as price nearly made 1st target then came back down through the dash line with a shooting star look. Time of day caused me to be a little careful with this one. Probably shouldn't have taken it but sometimes the equities move after hours. Update: out on 2nd contract at BE. +0.37R trade

The time of day is not ideal but this long in NQ looked interesting.

Wow, after reading the 500+ pages of this thread I have anticipated this day! Thank you Thales for taking the time to read and comment on my trades and thank you for all the guidance and information you have provided in this thread. It has opened whole new worlds in my trading. I have been trading for a while and am essentially a break even trader to this point. I look at this as a minor victory considering the number of live trades taken over the past year, but I am ready to move to the next level. Your set-up and trade story ideas have helped a great deal, along with the things DB teaches on the Wyckoff forum and other price action threads I have been studying. I was especially pleased to read your thoughts on initial trade management and how you rarely let a trade take you out at full stop. I used to get very frustrated with BE trades and your ideas have allowed me to give myself permission to cut a trade loose at BE or even slightly negative and look for the next one without getting frustrated. Having said that I do feel that moving from a BE trader to a winning trader will have a lot to do with trade management. I guess it could be said that I am not a consistently winning trader because of trade management but I am also not a consistently losing trader because of trade management. As regards to the particular trade in question I can sleep well with how it was managed. Moving the stop to just behind that big down bar seemed right to me. It was cruel for it to come all the way back on the next bar. The comment about getting nicked by one pip was more of a general lament about how ironic trading can be. Hasn't this happened to all of us a million times, lol? Thanks again for your input and I hope you come back often! Todd