PWP

I'd be interested - PWP

Sounds like a great method - Is there any way to make a program for Think of Swim with TD Ameritrade? Also - Just an idea but it would be nice if the program calculated your risk based on capital - therefore increasing or decreasing size based on 1-2% of capital in account... Thanks again.

Yes Dirk - I agree - there are many possible setups for end of day today. We'll see. - PWP

Well I finally finished reading Reminiscences of a Stock Operator - Edwin Lefevre. Not as easy of a read as Kroll was. My trading is measurably better than it once was. I absolutely am looking at different charts than I was four months ago. Amazing how they can change without changing at all. It is interesting how my understanding of your initial phrasing has changed as well. It took me a while to realize that when the 21 is below the 65 you don't want to be long and you "may" want to be short - means that you can have many different options for going short. It could be the StochRSI(7) turning down from overbought OR it could be a break of a corrective channel... Pretty fun stuff. I'm sure there are many other possibilities as well. I went short Aud/Usd at 106.05 but screwed up the order and inadvertantly had a 10 pip stop instead of a 170 pip stop. So In my frustration I realized that I can find another entry and I did and subsequently did very well. I also did very well with an Aud/Jpy short! I'm looking forward to any future advice from OT. You've absolutely attained your goal with my trading and I thank you for that. Regards - PWP

Thanks Option Timer for the info. I've added funds to my account so hopefully I won't have to choose trades. I'd like to be able to take every signal. Seems that the ones I pass on do well and the ones I take consolidate. Then to make room for a new trade I'll take off a trade that ends up being a great one ie. Eur/Nzd Short. So Hopefully this will help eliminate that issue. Have a great break! - PWP

TradeRunner: (I tried to quote you're info but I can't seem to get it right) It looks like the max loss was approx 370 pips - I've had initial stops much greater - did you set a max Stop loss that you'd enter? Thanks for the research! - PWP

Thanks OT for your further explanation and reaffirmation of the objective/direction of this thread. Here's a position update: Eur/Chf Short Stopped out at +8.8 pips Aud/Chf Short Stopped out at -270 pips Current Positions: Eur/Gbp Short from 0.8750 - Stop at 0.8890 Gbp/Jpy Short from 125.50 - Stop at 127.40 Have a good weekend!

Hi OT, When the 21 & 65 EMA's are sooo close I've been avoiding the trade. It just seems too ambiguous to me. However, technically speaking the trade is valid for a long order above the prior days high. Good Question though - definitely controversial. Thanks all - PWP

Ok then - what am I missing because I've seen many setups. Here are GbpUsd Long and AudChf Short. There was also a EurGbp short as well. Please clarify OT - I'm a little confused now. Thanks - PWP

Well I didn't find any new setups to enter in Forex cash market tonight. I liquidated my Eur/Nzd Short & Nzd/Usd Long - They both were seeming to behave like they were continuing with the retracement and may be beginning a new trend. So I closed those out for a -387 & -201 pip loss respectively. I'll continue to look for new setups but it seems to be a pivotal time right now. I'll start reading my new homework assignment and watch my Eur/Chf, Eur/Gbp, & Aud/Chf shorts play out. Have a good night all! Thanks - PWP

Here is a PDF version of the book I found online. I'll start reading today! Thanks OT! Reminiscences_of_a_Stock_Operator-Edwin_Lefevre-EN.pdf

PWP, from what has been discussed before, my interpretation for "Kroll Like Profits" is to stick with your initial stop until such time that the 65EMA crosses your stop, then use the 65EMA as your stop - I agree Russellhq - This is a very mental game. I've been following my plan - it's just easy to question ones actions. My Eur/Chf is still in play - Who knows it could drop again - I would reenter if setup happens - and may have even larger than 1400 pips profit. I just need to remember to stick to my plan. Thanks for the reminder...

Ingot - I appreciate your comments and agree I should have locked in those gains however here is my dilemma. If I had added a tighter stop loss - where would I put it? had i done that i probably wouldn't have reached 1400 + pips in the first place - see what i mean? it probably would have taken me out of the trade long before i reached that profit level. I haven't be en listening to any news at all - just following trends. So while the loss is frustrating - the lesson is important. Keep initial risk at less than 300 pips and take 1/2 profit at 4:1 and other half at a higher level just not sure where that level is. OT - What do you think? (if you ask me what I want from the market - the answer is Kroll like profits) Thanks - PWP

Hi OT, I've added a position or two so here are my current positions: Short Eur/Chf Stop BE at 1.1680 currently +256 pips Long Nzd/Usd Stop 0.7960 currently -27 pips Short Eur/Nzd Stop 1.7800 currently -124 pips Short Eur/Gbp Stop 0.8890 currently even Long Chf/Jpy Stop 96.00 currently -191 pips There have been many setups but I too am tapped out as far as leverage goes so will be refraining from taking on new positions until one closes out. I'm a little disappointed to not have taken off my Eur/Chf when at +1450 pips but I guess that's the cost of getting in on the long trends. Or maybe I should have a rule to take off remainder of position when at 7:1 Risk reward ratio. However had I done that at some predetermined spot the trade never would have reached the +1450 pips in the first place. Also I think I'm going to set another rule that I not take positions that have greater than 300 pips initial risk. Reason is that it's hard to get 4:1 risk reward ratio when your initial stop loss in 720 pips like my Eur/Nzd position... Let me know your thoughts. Thanks all - PWP

Position Update: Short Eur/Chf Stop BE (Currently unrealized gain at +1390 Pips) Short Eur/Nzd Stop 1.7800 (-720 Pips) (Currently unrealized Loss at -400 Pips) Long Nzd/Usd Stop .7960 (-434 Pips) (Currently unrealized Loss at -290 Pips) Order to Short Eur/Gbp at .8750 Stop .8890 (-140 Pips Risk) There were some setups I didn't take yesterday because the 21 & 65 had merged. Wasn't sure how to look at that so didn't trade those pairs (Aud/Cad was one of them) I'm thinking I should start reviewing the other pairs that OT mentioned in the beginning of thread. Does anyone have a good practice account to recommend for futures? Thanks All - PWP

Congratulations! 1st & 2nd Wow - must run in the family - great job Dad!

New trades (that I have orders In for): Nzd/Usd long per rules Eur/Nzd short per rules Trade considered: Gbp/Nzd short looked good-but too big for my account size Existing trade: Eur/Chf same BE stop Good luck fellow Traders! -PWP

Position Update: Still short Eur/Chf with stop still at BE (1.1680) Many possible setups yesterday (Aud/Usd. Gbp/Usd, Nzd/Usd Longs & Eur/Nzd, Gbp/Nzd Shorts) I stayed away from Gbp/Usd as it had gapped through the open entry. I placed entries for Aud/Usd, Nzd/Usd & Gbp/Nzd - however none of them were opened. No new setups for tonight - So just the open Eur/Chf short for me. As far as stops are concerned. I agree that they are tough to pin down. That's why I like my technique of taking off 1/2 at 4:1 RiskReward vs. Initial Stop. Mentally it makes me feel like I've locked in the 2:1 ratio but I also have a free trade going that I can happily move the stop with the 65EMA. I'm sure I'm limiting gains but I've seen soooo many good trades go back to BE or even a loss that I have this need to lock in a profit at some point. I would love to hear OT's technique that he uses. OT - When Kroll refers to 45-55% to reenter the trend is he speaking of a fib level of the current trend (or last leg?)? Also, How does daily volume figure into your trading decisions? Thanks All (OT, NeoTrader, Avarice, Ingot54, Russellhq)

Hello All, No real trade setups tonight (currency cash market that is) - I took off my orders for Aud/Usd & Usd/Cad as they were not triggered. Looking at possible setups in Gbp/Nzd, Eur/Nzd, & Nzd/Usd for tomorrow night. We'll see if they pan out. Eur/Chf Short is still active with stop at BE - Currently up 897 pips. I was hoping for another setup in Eur/Chf or Gbp/Chf so I could reenter but no such luck yet. Cheers, PWP

My chart looks a little different but same idea - it is Williams%R set at 8. The Rectangles highlight yesterdays' bar - here's Aud/Usd:

Thanks OT for the feedback - I just didn't want to waste thread space if it wasn't useful. I will absolutely continue with position updates as necessary. Also - Thanks for responding to hotch1 - Sorry for the delay.

Position Update: Eur/Cad Stopped out -200 pips - 2nd loss - total loss -340 - I'll leave Eur/Cad alone until whipsaw rules are met Eur/Chf still on stop at BE Gbp/Chf closed out for +780 pips New Entry orders: Long Aud/Usd 1.0790 Stop 1.0670 Short Usd/Cad .9560 Stop .9660 I unit on both as still small account but will take 2 units increments once able. Gbp/Aud is also a short setup but risk too large for my tastes. Although if I had a larger account I'd probably take it - The couple of times I've passed due to large risk those trades turned out to be huge winners... I'm not sure my posting these trades is helping anyone - So unless otherwise requested this will be my last position update. Thanks everyone - OT if you have any further direction please advise. Thanks

Position Update: Because I'm still in the small account world - I only add 1 unit when taking trades - I'll change that as soon as I can without overleveraging my account. Therefore my Eur/Chf & Gbp/Chf shorts I've looked at as 1 trade. So in following my take off 1/2 at 4:1 Risk Reward I took off my Gbp/Chf at +780 Pips (720 would have been 4:1) so a little better. My Eur/Chf trade will stay on and act as my other 1/2 which I will let run until stopped out. The stop is currently at BE and will only be moved lower along with the 65EMA. I'll update when that happens. My only other active trade is Eur/Cad short at 1.3600 with Stop at 1.3800 (Again only 1 unit). Kind of tough in the beginning when you can't have 2 units on to work with your trade plan accurately but the way this is going it shouldn't be long until I can have 2 on each trade. I know I took off that trade during the middle of the day but thought it prudent to take my 1/2 prior to the end of the day due to the fact that it met my 4:1 rule. Otherwise I'm looking forward to my 5pm EST Trade decisions tonight. Thanks again OT - Great Work! You've absolutely made a significant difference in my trading.

position update from my phone: Eur/Chf and Gbp/Chf shorts are still active-moved stops to BE New order: short eur/cad 1.3600 stop 1.3800 -if I get stopped out that will be number two and I'll have to follow OT's rules for avoiding whipsaw. Good luck trading - PWP