[thalestrader]

Originally Posted by forrestang »

Don't know what's going to happen, so I'm just messing around

Green is initial targets, reds are entries and stops. I'll trail if I get a fill and try to update thread.

Yen looks strong across the board and a break above 10774 should coincide with your short entry on the EURJPY.

[thalestrader]

Originally Posted by thalestrader »

Yen looks strong across the board and a break above 10774 should coincide with your short entry on the EURJPY.

There's the break ...

[thalestrader]

Originally Posted by thalestrader »

There's the break ...

... and first resistance ...

[forrestang]

Originally Posted by thalestrader »

..How has the NQ trading been going for you? You had looked to be doing some excellent work before the summer hiatus. ...

Yo!

My trading..... haha I went live with NQ then started doing dumb stuff. Way overcomplicated things. Simplified my approach greatly, now have free time to play with FX, thanks to the help of a TL member, started ES and have been on a tear recently!

Have been trying to adopt the "Thales Style" of simplicity to trading the FX.

Originally Posted by Gabe2004

It may be clearer if youcould mark the entry color different than the stops.

Thales explained it. Now the long entry I had is cancelled, just playing the short side so we'll see what happens. This is pretty much the material Thales' 9 year old daughter teaches in her online webinars. See pic below for current trade and what's going on now.

Originally Posted by thalestrader

and first resistance .

Interesting you post that. I haven't been paying attention to those correlations. I am just messing around w/the FX. But as soon as you posted the 'break,' my entry triggered.

Then when you posted first resistance..... BAM, now I'm sitting through this retracement.

[forrestang]

Whew, hopefuly I didn't pick the wrong P1, and hopefully haven't squeezed the stop too tight? Soooo close though, nice to watch.

Oh well, it's a process. 1 trade of many to come!!!!

I'm going to sleep for a bit.

FP out!!!

[thalestrader]

Originally Posted by thalestrader »

... and first resistance ...

... and once it punched through that level it had unfettered access to the next resistance level, and it has been trading on either side of that level for several hours.

At the Tokyo open, the Yen was showing strength against the majors, but that strength only stucj against the USD.

[forrestang]

So a bit of a good news bad news situation here.

For the Eur/Jpy poistion:

Good news, is price never made it to my anticipated stop before hitting P1, where stop is moved to BreakEven.

Bad news, is I still have to get better at placing orders based on my intentions as my order filled waaay before price got to my adj stop. See picture.

For the Eur/Usd Position:
Good news. price blew through both P1 and P2 after the breakout without looking back.

Bad news, this happened while I was sleep, as I would like to trail P2 via natural stop vs. a fixed target, there was much more left on the table. I need to figure out how to use this broker's platform.

[thalestrader]

Originally Posted by forrestang »

Bad news, is I still have to get better at placing orders based on my intentions as my order filled waaay before price got to my adj stop. See picture.

The perils of trading retail forex, especially for relatively small profit targets - the spread is nt a market spread (no matter what your broker wishes to tell you), and therefore, you are subject to stop outs that defy typical trading logic. I also see that not only did price not trade at your stop level, but they clipped you for an extra bit on the fill.

I had my daughter add the 1-2 times the spread to her stop loss levels, and subtract 1-2 times the spread from her profit objectives, and that solved some of the problems inherent to trading with a bucket shop.