[Don4]

Ok, 3rd trade stopped out. So I had 13+-13+ -7= -7 pips 3 trades 1 winner 2 losers.






Thanks
Don

[Don4]

Please, if sombody sees anything that I did wrong in the trades please let me know.


Thanks
Don

[FX_Cowboy]

Here's a trade that I think is similar to what has been posted previously. Blue line is entry, red is stop, green lines are TP1 and TP2. If the trade isn't triggered, a reversal of this (the short of that bar), looks good to me too.

[thalestrader]

Originally Posted by Don4 »

Please, if sombody sees anything that I did wrong in the trades please let me know.

Don't you look both ways before you cross the street? When you see nothing but traffic, its best to stay on the sidewalk until it is safe to cross.

If you are only going to look at the EURUSD, that is fine. I think focusing on one market is the best way to get a handle on this approach. But you do need to then wait for price to indicate it is ready to move. I also think the 15 minute time frame may be easier to work with initially.

Best Wishes,

Thales

[thalestrader]

Last look at the EURUSD before I turn in for the night. I'll see you folks in NY.

Best Wishes,

Thales

[thalestrader]

Just so we do not confuse how I presented it with the way in which some pursue it ...

Originally Posted by thalestrader »

Here is a suggestion (and this isn't just for you, Dinero, but anyone who wants to learn to trade price without using indicators and opinions and conjectures and unsubstantiated and unnecessary theories): Why not take a week, and watch a 15 minute chart of the EURJPY or the EURUSD or the 6J or the 6E, and just focus on what happens if you bought the break up of every low-high-higher low-higher high pivot sequence and sold short every high-low-lower high-lower low pivot sequence.

Just mark off the high and low pivots, and make it mechanical if you'd like: Buy stop above a high, with an arbitrary 15 or 20 tick stop loss, and a 30 tick Profit target. Just go ahead and see how you do. Paper trade it - as I stated elsewhere, paper trading is marginally useful, and here is an example of where it can be useful.

[thalestrader]

Originally Posted by thalestrader »

Last look at the EURUSD before I turn in for the night. I'll see you folks in NY.

Best Wishes,

Thales

Now it gets interesting ...

I'll get to bed sometime tonight.

Best Wishes,

Thales

[thalestrader]

One last look at the EURUSD and then I am definitely done for the night.

Now,let me ask you all (and I would love to wake up to some posted answers as this is not meant to be a strictly rhetorical question): Did it take any special talent or any mystical and magical powers to see that the EURUSD had settled into a tight range of overlapping price movement? Does it take any occult powers or insightful interpretive powers to see the opportunity offered by setting stop entry orders on either side of that range with profit targets at the nest S/R levels?

Best Wishes,

Thales