[DaKine]

Hi Thales,

Been lurking around this thread for awhile always good stuff. Thanks.

I simmed a short this morning morning based off the 123 pattern w/ targets near the LOD. Obviously this trade is going the other way now per your above post... Was this a valid short trade and if you were short the b/o to the upside I would assume would be a SAR trade...

Thanks

[thalestrader]

Originally Posted by thalestrader »

Nothing to see here, folks, move along now, nothing to see ...

And here I thought there wasn't anyone left to buy the darn thing ...

Best Wishes,

Thales

[thalestrader]

Originally Posted by DaKine »

I simmed a short this morning morning based off the 123 pattern w/ targets near the LOD. Obviously this trade is going the other way now per your above post... Was this a valid short trade and if you were short the b/o to the upside I would assume would be a SAR trade...

Hi DaKine,

Nice to have you here!

I think your short was fine. The only difficulty would be that it triggered around 2:45 PM EST, and the US markets closed a little over an hour later. I do not like openeing new currency trades that late in the day, and usually by 4 PM EST, win or lose, I usually close the trade. Your target was fine. Price just didn't get there.

I would draw your attention to that large bar from the low reached during your short. I do not mean to emphasize a "bar." What I do wish to point out is that the decline was slow, choppy, overlapping, and uninspired. Then price jumped, quickly retracing from the low back to and above the short entry BO point. That is the move to look for after the NY close. Wait for price to start swinging, and then wait some more to see which way the swings will carry.

Thank you for sharing your trade. I hope you continue to share with us here.

Best Wishes,

Thales

[DaKine]

Originally Posted by thalestrader »

I would draw your attention to that large bar from the low reached during your short. I do not mean to emphasize a "bar." What I do wish to point out is that the decline was slow, choppy, overlapping, and uninspired. Then price jumped, quickly retracing from the low back to and above the short entry BO point. That is the move to look for after the NY close. Wait for price to start swinging, and then wait some more to see which way the swings will carry.

Thanks Thales for your input...

The 6e didnt follow the EURUSD move down just stayed in a congestion area, do you often notice that disconnect? The b/o of the congestion area on the 6e without price coming alive as the EURUSD did is still valid to you?

Are there any other times you do not like to initiate trades? I have been staying up and trading the London open I am assuming London open to NY close would be ok?

Thanks.

[thalestrader]

Originally Posted by DaKine »

Thanks Thales for your input...

The 6e didnt follow the EURUSD move down just stayed in a congestion area, do you often notice that disconnect? The b/o of the congestion area on the 6e without price coming alive as the EURUSD did is still valid to you?

Are there any other times you do not like to initiate trades? I have been staying up and trading the London open I am assuming London open to NY close would be ok?

Thanks.

The 6E was not trading during the hour that the EURUSD moved down. I always watch the spot when trading the futures, and I think it is very important to see what the spot does while the futures are closed.

I do not like trading between the NY close and the Tokyo open. The other 20-21 hours are fair game if I am awake and watching.

Best Wishes,

Thales

[Cory2679]

Originally Posted by Kiwi »

I'm not sure if you have run across this or not in the past.

One solution to this problem is to attempt to take the other side. If looking for a short attempt to build the case for a long. Because your mind is designed with a bias to confirm your current idea this is a useful step.

Thanks, Kiwi! I like that a lot! Very helpful.

-Cory

[Rustie]

Nuther quick chart with a funky range. And a stop out. Tough.

[Marko23]

Originally Posted by RichardTodd »

I have never understood why so many people at TL care so much about how I represent my data. Maybe you should also be picking out what clothes I wear, too! ....

I never made any suggestion regarding your representation of anything.
But your reply is outright arrogant to me.

While reading in some other threads I found this post

Originally Posted by Soultrader »

Two things changed my life:

1. I designed proven setups and built a trading plan
2. I took all my indicators off

In science there is a principle called "Occam's razor". One may apply that to trading too. In my opinion that helps to see a clear picture of a market.