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Cory2679

Market Wizard
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Everything posted by Cory2679

  1. Kiwi, I have the book and quickly skimmed the Eckhardt interview...I assume your point was the discussion about the chart patterns and the human mind "seeing" patterns, even in random data. Interesting stuff. Thanks for the reference. I'll thoroughly re-read the interview and look up the other references tomorrow...off to bed now. I have read Douglas's Trading in the Zone. And FWIW, manually "replaying" past data against the hard right edge is something I do. -Cory
  2. MidK, I regret the post and I'm terribly sorry for having offended you. I understand what you mean...my bad. I just wasn't thinking. Hopefully some good and maybe even a breakthrough of some sort will come of the analysis of your 7 losing trades. I'm interested to see the correspondence over the next couple days to see what comes of it. I wish you luck! Cory
  3. MidK (or anyone else, for that matter), I'm just a relatively new trader, far from a guru of any sort, so I'm hesitant to give any type of advice, so just take it for what it's worth... It just surprises me when you say your hit rate is so low, because I've only been doing this for a couple weeks and I see so many winning opportunities and I don't know how you're missing them...so my advice would be...just take a chart, say the 15 minute EURUSD, load 100 days of data, and just scroll back, hour by hour, and witness how price behaves and the many opportunities it has presented over the last several weeks. You won't have to scroll far to see the opportunities. Maybe it will sort of get you in the right mindset and perspective to see the opportunities. I'd advise looking at a range chart too, perhaps the 13 range. I just think it gives you a slightly different perspective on the same information. Sometimes it can make things clearer. Your choice, though. I just think that SEEING the past opportunities might help in identifying real-time opportunities. While dissecting each individual trade and scenario can certainly be beneficial, I don't think you're going to find success with this approach until you basically develop an "eye" for or a "feel" for it, to some extent. I know Thales has talked about PICTURES being key in teaching his daughter. Anyways, like I said, I'm no expert so just take what I say with a grain of salt. No more trading for me until Monday (hopefully I'll knock out some good LIVE trades next week!). Have a great Thanksgiving everyone!! (EDIT: everyone in the US at least!) Cory
  4. Looks like I made the right decision...taking the 10 tick loss. Even if price comes back and makes the trade successful, worst case I could just re-enter at a break of the low or something like that. Like it's been said on here before, easier to make up that 10 tick loss than a potential 25 tick loss.
  5. Here's a picture of currency futures volume for the EUR/USD, GBP/USD, and the JPY/USD. This list is in the following order... - EUR/USD Standard - EUR/USD Mini - EUR/USD Micro - GBP/USD Standard - Blank (There is no GBP/USD Mini) - GBP/USD Micro - JPY/USD Standard - JPY/USD Mini - USD/JPY Micro Anything other than the standard contract is not reasonable to trade. I WISH I could trade the mini's.
  6. The volume on the currency minis is a joke. I'm talking 2% or less of the volume of the standard contracts (check them out on the CME's website).
  7. Woops, I didn't take this trade live!! My account was on sim and I didn't realize it. :o:embarassed: Well, it still counts as far as my psychology is concerned, because I thought I was live, but my money is safe and sound.
  8. I may have squeezed my "theoretical stop" too tight. Price came down within 1 tick of my PT (it actually hit it, but I assume a trade THROUGH would be required for a fill). If nothing else, I could have at LEAST gotten BE, which I definitley would have gotten to after that lower low that almost filled for profit. EDIT: If somehow it would have filled for profit, that would've been +27 ticks...
  9. I took this trade live! Unfortunately, right after I got in, the price shot quickly against me. I pulled out for a 10 tick loss. It looks like it could be coming back though. I'm not sure if the decision to pull out was good or not...it may have been... I think I just need to step back and collect myself. I did AWESOME sim trading this approach. I just need to somehow translate that into real results. I mean, even just based on the trades I've posted here this week, I'd probably be up a decent chunk already this week, and it's only Tuesday. However, I haven't taken any of them! lol...except this one that I just pulled out of. I'll be interested to see what would've happen had I stayed in. -Cory
  10. Interesting to note...I've posted a 4 hour chart of the last 200 days, and the JPY/USD (6J) is approaching the 200 day high.
  11. I'm still having a really hard time pulling the trigger on my live account. I considered opening a small forex account to work up to full size, but when I played around on a demo account for a little while, I soon remembered why I trade currency futures rather than spot forex, and would never go back. I saw an excellent GU trade this morning, only to let it make 25 ticks or so without me...I was afraid because there was what appeared to be a losing trade a short while before it. I'm watching a setup on the EU (which I didn't take) that would have been a 9 tick loser, which will no doubt keep me out of the next potential winning trade out of fear. I'm so frustrated with myself. I haven't taken a single trade this week. I'm currently watching the JPY/USD (6J), possibly looking for a break of 1.1286 for the short...
  12. Looks like I had the right idea...PT at +22. It sure took it's sweet time, though. I wouldn't have held from 5pm-6pm (globex close). Maybe I could have pulled out and re-entered, who knows. NOTE: The reason I didn't take the trade was that it didn't fill until after 2pm EST, and I left my computer at 2. The trade itself was fine, as far as I know.
  13. Thales, Am I right to assume that FXCM is back to normal (you're still posting spot fx charts)? I was thinking about opening a mini (if not micro) account. I currently trade currency futures, which I like better than spot, but this approach is the most discretionary way to trade I've ever traded, and I felt scared to death thinking about putting on my first live trade with it this morning. Even though I have the capital to trade standard lots, I'd like to baby-step my way to them. I did really well sim trading last week, but based on how I felt when I went live today, I know I won't be able to do the same thing live unless I work my way up to full size. The CME actually offers mini and micro currency futures, but the volume is very low...untradably so. Thanks!
  14. Looks like I may have missed out. I'm honestly probably a little hesistant to pull the trigger today because it's my first day live after simming for a while now... If I were in that trade, I'd probably be at BE now...
  15. I missed this trade. I had basically given up on it. It had created a chop zone for an hour-hour and a half and I personally am weary of just trading a break out of the zone. I'd rather it break, pull back, then I'd get in off a break of the low. Not to mention I was eating lunch and not paying attention anyway. I'm not sure what I would have done/what I'm going to do with that. I'm watching the EUR/USD (6E) right now....possibly looking for a break of 1.4962... No trades for me yet this morning...:hmpf:
  16. I see maybe a shorter-term long and a longer-term long. If the price can break to higher highs, the trend may have further to go. I'd honestly probably be more weary of the shorter-term long than the longer-term. Just my feeling. Looks like the market can't decide what it wants to do...fairly idle for a little while now. EDIT!! - The blue line on the second chart would not necessarily be my entry. It was just to indicate what I was looking for a break of.
  17. Maybe a potential short entry on the GBPUSD... EDIT: ...sorry...just realized Gabe just posted the same thing. lol
  18. Regarding the EUR/USD, I can see where I might have gone short earlier had I been on. Would have gotten in at 5 AM and gotten stopped out for a 4 tick loss at 7:45 AM (EST), had I not gotten out sooner, which I very well may have.
  19. Also watching EUR/USD (6E...I only trade futures). Watching for a short on 15 minute chart. Don't see anything at the moment. I may take a short break and come back and see what they're doing.
  20. Hey guys, Currently have my eye on the GBP/USD (6B in this case). Watching for a potential entry on the 15 minute chart or 13 range chart to go short. It may have a bit further to go on the upside, though. Cory
  21. Great post, Thales. I haven't been very actively involved with the thread, but next week I will make an effort to post some charts and price action I'm monitoring in real time. Have a good weekend everybody!
  22. Thales, I'm fairly new to this forum. I've been lurking for a little while but haven't made any posts, but I'm gonna start with a question... I took the same EURUSD trade you did (albeit 6E), but I saw it a little differently. I'm watching the 15 min and 13 range charts, and I took the trade off the range chart... I only trade 1 contract so I only have 1 PT. The way I saw it was that price had obviously bounced off the support, then took another attempt and failed, so then I was looking to go long. I was just curious if you consider my execution as a suitable way to handle the move, or if you disagree and why. I've been studing the approach for a couple weeks and began sim trading it this week, and so far I've pretty much approached setups the same way you have, except this one, hence the question. Thanks.
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