joshdance

Way to hang in there on this one Cory!

Yes, I've been counting, ever since I found his name continually mentioned by the same person. He's a vendor, and anytime someone on a forum goes on and on about a vendor, with half their posts being about the vendor, offering very little other real content except to get the name in a post, it raises a red flag for me. Sorry for being paranoid, but many vendors will operate this way. If you were to share more of what you learned from him, instead of just posting his name, it would be less suspicious to me. But you don't care what I think I'm sure, I'm just expressing my concern for anyone else who is reading.

Why not just extend it to "all significant planned news events"? For currencies I would think NFP is the most volatile, but retail sales, housing numbers, etc., can all make unexpectedly large moves.

Marko, I am intrigued by your posts, probably because I have no idea what you're talking about :-) Could you clarify what your arrows are for on your chart? Are they just to show direction, or something else? I have not been active on TL for a long time so I do not know you but from others welcoming you back, you must be a long timer poster. I would love to get some clarification on what your chart annotations mean, if you don't mind!

This is not to influence your trade decision--please take your short, and IMO it does have that look like it may want to roll over and fall a bit based on the recent activity, but here's a line that other traders may also see, just posting your chart with another perspective.

Thanks Thales -- I suppose we might say it broke the top of the zone, but found support toward the bottom of the zone in this case?

I also thought the trade was not bad.. in other words, I've seen some dumb trades, mostly on my own screen, and that was not among the worst. Maybe not the best, but the fact that it did go in your direction means you weren't so far off that you were dead wrong. But thales is a successful trader who I want to learn from, so I am eagerly waiting his thoughts on your chart so I can improve my trading eye.

Since we're posting charts, though I never trade off charts this long term (60m), here is a CL that may close as a reversal bar in a few minutes, at which point a buy at .98 would trigger, stop below the low of the bar, target would be the globex high near 91.40, and a 2nd target would be the weekly PP or more conservatively the 91.90 level or so. Just to be clear, I'm not comfortable taking these types of trades, particularly at this time of day, so I won't be taking it. Just posting this chart because on the 60m chart it looks decent--support off the globex open after a meandering move down, and closing above the EMA. EDIT: break down just happened below the low of this bar before trade triggered, invalidates the setup.

I am probably off here, but I will try anyway--I drew in the red line.. looks like a solid support line.. but, price did break it which would mean a possible test of lower support. So, not too sure about this observation. How about this: we've basically dipped below prior support, and have rallied nicely to the trend line. Perhaps it's not a good short because we've seen strength, and while we may not be in an "up trend," it's going against the most recent movement in price.

Thales, I would love to hear your thoughts on this. I'll take a stab at one thing, would like to hear if I'm on the right track. Is one issue that the short is taken into prior resistance which then served as support? (1.4143)

You chose the entry in the first place, you chose the stop, you chose to exit the trade (apparently moving a stop too early). No one can "shake you out" except YOU, when you close the trade. And even more important, you choose to watch from the sidelines, rather than jumping back on the train. You choose to miss the move, no one keeps you out.

Well said, and great to see you posting thales.

Ah, the irony.......

Cool--I guess I would say that I don't care that much what others think, but it still felt like pressure when posting a trade, so I guess that means I do care :-) Instead of fighting it, I just did the best thing for me at the time. I'm glad this thread is keeping you focused, I look forward to reading your posts!

Hey Corey, I have an unrelated thought but still relevant to your trading perhaps. I was posting an online journal at another side, and was twittering my trades live, and all this kind of stuff, and what I found was that it distracted me and made me nervous so much that I had to stop my journal and stop basically letting anyone in on what I was doing, because the pressure of thinking that perhaps others would see my trades (perhaps thinking that they are stupid, or whatever), it made me feel like there was a camera in my office and anyone could watch if they wanted to. It was almost creepy. So, I stopped doing that, and focused on just the market and my own trading, and have since seen lots of improvement. I'm not afraid to take trades that I think will work because I'm not worried about others criticizing it--however, I do post trades after the fact and ask for feedback for example. Just a thought, and certainly not trying to discourage you from posting, but remember that this is YOUR trading life, and if posting the trades in real time help you, then great--I know they help everyone else here. But if they are hindering you in any way, then you may reconsider having such an open door into your trading life.

Cool -- I also like the 15m, it's a great intraday view for context IMO. Happy trading!

Well said thales! Cory, I know what you have has been working well, just wondering if you had considered trading one instrument, maybe the euro, in a slightly smaller time frame like 5m. I know thales mentioned a larger time frame--on the flip side of that is the opposite idea, trading off a smaller time frame. This is just how I like to trade so it's not based on anything but my personal preference, just wondering if you've done it before. I trade oil, and find that I am getting to know oil like a good friend--I can read it much better than even a few weeks ago, as I'm focused only on it, and I trade the 5m time frame primarily so every day there are usually several opportunities, and with a currency like the euro I'm sure this would generally be true as well. There are advantages and disadvantages to both approaches of course. Whether you go with several instruments with a larger time frame or one instrument with a smaller one, or increase your time frame, or change nothing, I have no doubt you will continue to do well!!! Keep up the good work buddy!!

stpips, are you here for anything except to promote Nial? You've had 40 posts on this forum and you mention his name or web site in at least 20 of those posts.

Are you serious......?

But it looks like you're still in the positive right? Look, forget your P/L. The fact that you're thinking about it indicates you have your focus in the wrong place. I had to be beat over the head with that many times, and still have issues to face there I'm afraid. From what I've seen on this thread, you're a good trader. Are your trades themselves bad, your management, or is it market conditions you're not adapting to? Whatever it is, your P/L has nothing to do with it.

C'mon cory, give me a break dude--everyone has setbacks, none of this pity party--been there, recently in fact, and all I can say is, get right back on the horse. Re-evaluate your trading as a whole, but don't even think about giving up. I enjoy reading your posts and this thread, keep it up buddy. I think your idea of watching price and not trading is a good idea, give it a shot.

http://www.traderslaboratory.com/forums/6/market-profile-outdated-tool-9865-3.html#post120038

I'm sorry you feel that way, that it's fruitless--I just have a difference in certain opinions with you, that's all. As I've said before, I love volume charts. And I do respect your many years of research and your extensive education. In fact, I have some pretty volume charts on my screen right now, and they are very nice to look at, and very helpful in visual back testing key levels. Happy trading Logic--I hope you understand where I'm coming from.

Yes you do Logic, and I very much respect that experience. Trust me, I do, and I wish I had the same experience. But between us in our discussions, I am the only one who has consistently, objectively stated facts. You have made blanket, general, subjective statements based on your personal opinions and labeled them as facts (such as defining what is "best" or "pure" or "most accurate"). I greatly respect you or anyone who has lots of market experience, but I must admit that I do have no respect for the act of dogmatically stating personal opinion as fact and insisting that others agree with it. Sure, your opinion is based on your years of research, but it's very specific to how YOU trade and operate in the market. Yet, you make it sound as if it should be the same way for everyone. Please tell me, what fact have you stated that I have disagreed with?

Logic, fallacy of your volume bar religion is that you use terms like "pure price flow" which can be interpreted any number of ways, as it's not well-defined. You may choose to define it, but your definition is not THE definition, as I don't think you or anyone can define "pure" in the sense of price. When I say that a certain bar type, such as range, "eliminates" time, what I mean is that it does not include time as an input in the formation of a bar. Is that definition clear enough? Another (and range bar users would say possibly more important) advantage of range bars is not really in the extraction of profit, but rather in the hiding of ranging activity, which is advantageous for traders who want to eliminate the noise that happens in small trading ranges. Personally I find range bars unusable for me, but many people use them and are successful with them. All bar types have the "disadvantage" as you call it of having to choose periods or ranges to use in bar formation. The primary disadvantage of volume charts is that, in ignoring time as an input in their formation, they fail to show how long price spent at an area, which is useful information for some traders. Yes, you are biased Logic, being the "father of volume bars," and that is what prevents you from being objective in this discussion. To your point of time charts, I have never heard that the advantage is in seeing news spikes. Quite ridiculous. For volume, which I consider crucial as do you, I simply put a volume study on my chart, thus I am able to determine things such as when volume entered a market over a short period of time, which is useful information to me, something that a volume chart will only show in real-time formation, and not historically, as does a time chart.