[TradeRunner]

Originally Posted by thalestrader »

Are the swing lines drawn by you or are you using an auto-drawing tool?

Here is my take on the 6E from yesterday, albeit from the comfort of my armchair and the calmness, coolness, and collectedness of hindsight.


Best Wishes,

Thanks Thales.

I'm drawing them by hand. Is my approach too mechanical? I find it easier to draw the lines than mess with text - I add the text in later.

Would you have stopped trading because of the two losses in a row or because you recognised the overlapping swings?

I have a question about the first red arrow...

[traderbrazil]

Would you all consider this break to be a valid entry?
The reason I'm asking is because I don't see a HL before the trigger...

Thanks for your feedback!

[ziebarf]

Looking for a short on the EU

[Cory2679]

Short on EJ...

I'm making an attempt at what Thales did that time...getting in off a smaller swing to catch the move of the bigger swings. We'll see what happens...

Also, this chart shows the conclusion of yesterday's trade. I had hit PT1 on my last post yesterday, and as you can see, PT2 was eventually hit, but not before getting taken out at BE on the second half...

NOTE: Looking at this chart, it makes me feel confident in my choice of PT's...you'll see that price stopped and reversed at both of them!

-Cory

[ziebarf]

Short triggered.. Moved the stop up a little bit to compensate for another swing high.

EDIT: Caught Break, moved stop to BE

EDIT2: Took half off around 1.4553.. Its late and I have been traveling all day, lets hope I wake up to PT2 being filled

[Cory2679]

Originally Posted by Cory2679 »

Short on EJ...

Well...you can't tell on this chart, but I got stopped for a full loss of 23 ticks on my FXCM demo account...

I remembered today was an FOMC day about half way through the trade. In reality, I am 100% sure I would have just gotten out at BE once I remembered today's 2:15 ET announcement, but since I was demo trading, I figured what the heck, I'll see what happens (basically to "test" the FXCM platform)...

I was actually pretty impressed. The spread did go crazy...got up to 4-5 ticks and even went negative (the bid was higher than the ask for a second). BUT, that's not really too bad for an FOMC day! I'm sure Oanda was 10-20 ticks! (Note: I've used Oanda before, several months ago, so that's why I keep comparing FXCM to Oanda...in case anyone was wondering).

Note: Now that I think about it, I wish I would have opened up my old Oanda account to compare the spreads...just for curiosity's sake. Oh well.

Note2: This may not have been the best opportunity anyway...there was an awful lot of congestion. I don't know. Oh well, moving on...

[thalestrader]

Originally Posted by Kiwi »

That is interesting Thales. That impulse is the Thales MA.

Maybe more of a Thales ADX?

Best Wishes,

Thales

[thalestrader]

Originally Posted by TradeRunner »

Thanks Thales.

I'm drawing them by hand. Is my approach too mechanical? I find it easier to draw the lines than mess with text - I add the text in later.

Would you have stopped trading because of the two losses in a row or because you recognised the overlapping swings?

I have a question about the first red arrow...

The exercise is itself meant to be somewhat mechanical, so I think you are fine. I was concerned that you were using a swing finder indicator,in which case the object of the exercise, which is establishing the ability to ascertain trend, trend direction, and trend reversal, would be undermined. It would be like learning to play chess using a computer, which is fine, so long as you are playing the computer rather than letting the computer determine your moves for you.

I really would not have considered the long a loser, as it should have been about break even. I do stop after two losses (usually). But in this case, whenever I am whipped like that, especially when the opposing entries are very near the same price level, I give up. I assume that something is happening in which I am not meant to participate. So I look elsewhere for opportunity.

As far as why I marked a long there, I may have made a mistake. I was assuming that the high of the bar that defined the long entry was followed by the pullback into the low of the next bar before price proceeded higher. As this was after the fact, then price may have made its high on the subsequent bar prior to the pullback, in which case the entry would have been about 8 ticks higher than I marked. My long entries are always based on a L-H-HL. Timeframe is really irrelevant.

Take a lok at this post of Kiwi's, and look at the chart he posted (it was a copy of one of mine):

http://www.traderslaboratory.com/for...html#post81389

I think you will see there what I assumed, perhaps incorrectly, occurred on the 6E yesterday.


Best Wishes,

Thales