[Cory2679]

Originally Posted by Gabe2004 »

So the above is about a mentally ill person.
Are most wannabe traders mentally ill?

Is it possible to want to succeed in trading but fail misarably for some subconcsious (spelling??) reason?

Gabe

I've attached the sentence in context so you can get a better idea of what he's talking about (I figure I certainly can't explain it any better than he can! ).

[forrestang]

Originally Posted by forrestang »

Here is a look at the G/U currently.

Ignore the red line stop for now, it was placed originally with the 30pt target and 15 point stop.

Stop at BE, been in this for a while and am pulling the 'cord.' And I am sure I will now be stopped.

[thalestrader]

Originally Posted by forrestang »

Stop at BE, been in this for a while and am pulling the 'cord.' And I am sure I will now be stopped.

I'm in with you Forrest. My entry was 1.6255 (6B), and I'm only looking for 30-5 ticks myself. I've got a limit at 90 but I'll hit the flatten button at 85 if I don't like the DOM.

Best Wishes,

Thales

[Cory2679]

<<<<post deleted>>>>

[brownsfan019]

I see some possible resistance here on the 6B. I'd be looking for new highs to come in fairly soon to remain in this one. Just my

[thalestrader]

Originally Posted by Cory2679 »

I see the validity of this exercise...to get someone's eyes trained to "see" the highs and lows, am I right?

I only ever meant this to be an exercise to train folks to both see and think of price in terms of trend, trend direction, trend reversal, and I would add trendlessness (chop zone).

Here is the quote exactly:

Originally Posted by thalestrader »

Here is a suggestion...: 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.

If you do this for a week, you will learn to read price action in a way that will put you solidly on track to where you want to be. One week. You should mark each high (H) and each low (L) and when the market turns, you should have an (H) pivot, followed by an (L) pivot, followed by a Lower High pivot (LH) followed by a Lower low (LL). If price makes a high and pulls back to a low and then rallies to the exact high tick of the previous high and then begins to pull back, consider that a Lower High unless it is bettered (and vice versa for two equal lows).... Try this for one week. Post your chart at the end of the day here and if you have any questions I'll help you. I'll help anyone here who will put in the effort and post his or her chart (I prefer not to do this through PM as this should be individual efforts that benefit all of us as a group). I would bet that anyone who does this for one week will, after that week, have much more confidence in his or her ability to watch price and determine whether to buy, sell, or wait.

S/R is primary. But, S/R not only exists at various levels, but it is in the process of being established at new levels. The H-L-LH is the first indication that price is finding resistance, and the L-H-HL is the first indication that price might be finding support. So donot think that the 1-2-3's are somehow separate from S/R considerations, as they are themselves indications of S/R, at least the potential for S/R.

I've never backtested the 30PT15SL on the 6E, and I no longer have the interest or inclination to do such things. But perhaps Kiwi, our master of the Round Table, would ragale us with a tale of whether or not such a crusade would bring the would-be Knight wealth and glory, or would it be but a fool's errand.

At any rate, I only meant it as an exercise to be paper traded. If it turns out that someone can make a living doing it, then that would be a bonus for having paid attention and taken me up on my suggestion.

Best Wishes,

Thales

PS Cory, if things are working for you as you are doing them, my suggestion would be do not change anything. Do not let yourself become confused.

[Cory2679]

Originally Posted by thalestrader »

Cory, if things are working for you as you are doing them, my suggestion would be do not change anything. Do not let yourself become confused.

Thanks for the reply, Thales. I had "deleted" the post before you replied because of what you just said...about my getting confused. I decided to step away, not to let myself get off track and confused, and just focus on what I've been doing that has seemed to be working (that I have indeed learned from this thread!).

NOTE: I'm always second guessing myself, especially because even though it seems to be "working," technically it's not unless I'm trading live and I've made consistent money with it. My posts on here and demo trading don't really "count" as far as whether what I'm doing works or not. But, I'll be trading on a live account again soon enough...

[thalestrader]

Originally Posted by brownsfan019 »

I see some possible resistance here on the 6B. I'd be looking for new highs to come in fairly soon to remain in this one. Just my

I did close 1/2 my contracts at 1.6265 for +10. I have a +5 stop and my +35 limit order in and I'll just let either the clock or the market decide (I won't hold past globex close).

Well, as I was typing this the second batch of contracts closed at +5. I'm done.

Best Wishes,

Thales