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thalestrader

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...Now that I've learned my lesson (finally) I haven't had a problem in over a week.

 

:o

 

If it was me, I wouldn't do it....

 

Thanks for the advice, but it's too late.

 

I do understand and agree with what you're saying, though.

 

Next time!

Edited by Cory2679

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Keep your chin up Cory!

 

I can't tell you how much money I have lost due to order entry mistakes. Especially back when I was trading spot FX and had to manually type in order prices... I screwed up sooooo many good trades.

 

But I bet next time you're going to triple check the numbers aren't ya? ;) If so, then lesson learned. Its just a part of the game we play every day.

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But I bet next time you're going to triple check the numbers aren't ya?

 

Quadruple!!...ESPECIALLY for any longer-term, overnight trade where I might not necessarily be watching the charts.

 

I think that was part of my problem...I treated the overnight trade with the same carelessness as a trade where I'm actively watching the chart. Not that I should ever be careless, but while watching the chart, I can catch myself in any mistakes like that before any major damage is done (especially when taking trades off 15min charts, as opposed to 89t charts, etc.). Overnight, those orders had BETTER be right, because I won't be there to intervene.

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So did anyone do any good today? Unless I hit something tonight in Tokyo, I'll be going to bed tonight with a bit less in my account than I had when I awoke this morning. I had some streak going, but my streak has been struck.

 

Best Wishes,

 

Thales

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So did anyone do any good today? Unless I hit something tonight in Tokyo, I'll be going to bed tonight with a bit less in my account than I had when I awoke this morning. I had some streak going, but my streak has been struck.

 

Best Wishes,

 

Thales

 

Also had 2 small losers on the GU and no trades in the regular session.

 

Eyeing the consolidation boundaries on GU here - might consider bracketing them for entries. I do not feel particularly motivated to pursue that though.

 

Cheers,

eNQ

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So did anyone do any good today? Unless I hit something tonight in Tokyo, I'll be going to bed tonight with a bit less in my account than I had when I awoke this morning. I had some streak going, but my streak has been struck.

 

I must have gotten your loot today :rofl:

:cool:

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This GU long setup is tempting me. Nice cup and handle formation as well, at good support area. Will probably take this and shoot for bigger targets.

 

Cheers,

eNQ

 

Hi EmNQ,

 

I see what you mean. Given the time of day and the chop zone GBPUSD is in, I'll be passing on this myself.

 

Here are the levels I'd be interested in either trading a break or a 123 reversal. Again, given the time of day, I'm done 'til Tokyo, and there is a good chance that I am done 'til after NFP.

 

Best Wishes,

 

Thales

5aa70f989035b_2010-01-07GBPUSD8.thumb.jpg.88dca3c9b1633fa3b00f256bfd69fb3c.jpg

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Hi EmNQ,

 

I see what you mean. Given the time of day and the chop zone GBPUSD is in, I'll be passing on this myself.

 

Here are the levels I'd be interested in either trading a break or a 123 reversal. Again, given the time of day, I'm done 'til Tokyo, and there is a good chance that I am done 'til after NFP.

 

Best Wishes,

 

Thales

 

Hi Thales,

 

I also decided to give this trade a miss.

 

Will wait for better opportunities tomorrow.

 

Cheers,

eNQ

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Hi Thales,

 

i've been watching this thread closely for a while after having it recommended to me. I've certainly learnt a lot. Wanted to get some of my own trades on there. I'm in the middle of uni exams so not trading as much as i'd like to but will definately try and post what trades I'm looking at on here. I'm nothing but a beginner so please anyone feel free to abuse/enlighten me.

 

Took the long on UJ. The level worked in M15 H1 and D1 (see charts) so looked like a good setup.

 

I haven't got a profit target but will be trailing stop below swing lows. Stop has since moved from red line to b/e.

usdyenm15.thumb.gif.80e085214295e02f4fc1c6a8ed953ac2.gif

usdyenh1.thumb.gif.768566613bcbfc1b7818656564c74db7.gif

usdyend1.thumb.gif.d9e407cbe7f3c461f4147785d55629f2.gif

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Hi Folks,

 

Current look at the EURJPY - tough spot to have a short entry present itself. At the very least I'd want to wait for a break below the prior break up point, and I would prefer waiting for a break and hold, i.e. price breaks below the break up point, and then retraces to test the break up point as resistance, and then resumes the decline.

 

Best Wishes,

 

Thales

5aa70f9ab0925_2010-01-07EURJPY5.thumb.jpg.405b9b8ddf186529f029df946bdbc3d0.jpg

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Been following along for awhile and thought I should throw up a chart so I'm not just a lurker! I didn't trade this but the 1-2-3's were picture perfect on both the long and short side in the mini-Russell today. I enjoy your thread Thales! Keep up the good work!

 

Hi MBAGearhead,

 

Thank you for the share! Do you trade the mini-R2K? If so, I think it would be great if you were to post the opportunities you find there.

 

Best Wishes,

 

Thales

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I'm nothing but a beginner so please anyone feel free to abuse/enlighten me.

 

Thank you for sharing your charts, and I encourage you to continue to do so. I trust you will receive no abuse here in this thread.

 

Best Wishes,

 

Thales

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... I would prefer waiting for a break and hold, i.e. price breaks below the break up point, and then retraces to test the break up point as resistance, and then resumes the decline.

 

This is textbook break and hold - enter at the test, very close stop just above new resistance. It either drops for a decent profit or you take a tiny, tiny loss.

 

attachment.php?attachmentid=17427&stc=1&d=1262914647

 

 

attachment.php?attachmentid=17428&stc=1&d=1262914647

 

attachment.php?attachmentid=17429&stc=1&d=1262914647

 

 

Best Wishes,

 

Thales

5aa70f9abbcdf_2010-01-07EURJPY6.thumb.jpg.598a17a8e2932390719973e367aea33b.jpg

5aa70f9abf74f_2010-01-07EURJPY7.jpg.ced12b5240052d0af2e22c826ad6b4a0.jpg

5aa70f9ac2a2b_2010-01-07EURJPY8.jpg.5400f376750085fd209e8ee00460d3af.jpg

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I wish I had found today as clear and easy as tonight.

 

Another thought about this trade - entry at resistance allowed for a 3-4 pip stop loss. I used my little excel spread sheet to show what this means for trading a small account using position sizing instead of a fixed trade size, i.e. basing trade size on a fixed equity at risk model. In this case, I assumed a $500 starting equity, 2%/trade risk, a 4 tick stop loss (this sounds insanely small, but look at the entry - in this case, you are either right or you are wrong, and it only right and wrong is only divided by 4 ticks). Using position sizing, you would trade 25K size for a total risk of $10, and a potential reward of $87.50 at the first profit target (I'm assuming a 132.63 entry, 132.67 stop loss, and a 132.28 profit target). Even if you are a skittish trader and you set a 20 pip take profit you would stand to make 10% on this type of trade.

 

That folks, is the power of position sizing. Position sizing is the science of using leverage responsibly and to maximum effect. Whether you are trading spot, futures, or stocks, it would be worth your while to at least apply position sizing on paper, and see how it might effect your equity curve compared to whatever you are doing now.

 

attachment.php?attachmentid=17431&stc=1&d=1262915855

 

 

 

Best Wishes,

 

Thales

5aa70f9ac84a9_2010-01-07EURJPY9.thumb.jpg.5c75c70c02b756f94a79b8191acf27ce.jpg

5aa70f9acba09_2010-01-07EURJPY11.thumb.jpg.0cdbf786f1de255cb5883315189d9fc3.jpg

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