[thalestrader]

Originally Posted by Cory2679 »

I just took a look at the EU...it's still steadily trending downward...it's really ashame to have gotten BE on that trade....

That trade has been over for almost 9 hours. What the EU has done since is not relevant to that trade.

Best Wishes,

Thales

[Cory2679]

Originally Posted by thalestrader »

But do beat yourself up for forcing trades because you felt you need to make a specific $$ profit for the day.

Don't worry, I am! I don't think I necessarily have the problem of feeling like I need to make a specific $$ profit for the day in general, it's just that I (wrongly) wanted to "start the week right" for the last week before I go live...and I ended up doing quite the opposite as a result.

Originally Posted by thalestrader »

That trade has been over for almost 9 hours. What the EU has done since is not relevant to that trade.

I know...I'm getting a little carried away...dwelling on my trades from this morning. Right now, I'm going to just do something else and start fresh in the morning.

[DaKine]

Possible 6e short



My issue is this, broke out of longer term range and market is finding S above/at prior R @ 1.4416, market looks like it wants to get to 1.4500. I am also unsure if this is just congestion after the b/o in which case I would be selling right into interim S and my stop is just adding fuel to the move up...

Short 1.4415 possible T1 @ midpoint of range 1.4380 or bottom of range which to me is less likely at 1.4350
Stop 1.4437

Comments appreciated.
Update:


So I took this sim short and there are a couple of things I'm not too happy about.

My short was right into a mini congestion area and good volume came in at the low...

[DaKine]

Took a stop on that trade and flipped long target 1.4500
1.4438 Entry 1.4409 Stop



Comments appreciated...
Thanks

[thalestrader]

Originally Posted by thalestrader »

Here is the current EURJPY. If I were a betting man, and I were inclined to bet, I'd be looking for the EJ to continue toward 132.50 and possibly higher ... The more I look at this, the more it looks to me as though EURJPY should breakout to that 132.50 level, at which point I would not be surprised to see price retrace 1/3-2/3 of last week's rally. That is just the way it looks to me, and I have been wrong a bunch of times, and I am not trying to predict, nor even anticipate that any of this will happen. I'm just looking at it and writing out what I see at the moment.

EURJPY has sprinted (after wandering around the starting line for a long time) to 132.50.

Now, we wait and see. Higher targets are easily seen and for this pair, easily within reach. A decline to 130.00 - 131.00 would not be surprising. And, this rally may be terminal, so a decline to new lows could be at hand. But, a rally to new recovery highs can also not be ruled out. In other words, we watch and wait. We would trade our defined opportunities as they present themselves, while keeping an awareness of where price is in the big scheme of its recent range (125.xx - 139.00).

Best Wishes,

Thales

[thalestrader]

I posted this ending diagonal on the EURUSD some days ago. The initial rally out of that pattern has reached a point where it could be ready for a rest, if not an outright reversal.

The ending diagonal on all time frames can be a very easy pattern to trade. It presents itself well ahead of the time at which you would take a position, and it typically offers a decent risk/reward.

Best Wishes,

Thales

[DaKine]

Stopped on the SAR trade...

Thales, is there anything that would have had you off the sim trades I made. The first trade I can see why that may have not been the best as I am shorting right into previous R now S. The SAR on the breakout of the H would you have been off that because of the overextended nature of the move and as you said maybe ready for a rest?

I was thinking the first short would retrace more...

How about the 1.4420 short is that something you would have taken?

Thanks...

[Cory2679]

My Morning:

I had 2 trades today...both winners.

I didn't post charts in real-time because there had already been posts about these pairs and I didn't want to be redundant (I know I sometimes flood the thread with my posts...this will likely be my only post today).

Trade 1 (EU) resulted in an average of 37.35 ticks.

Trade 2 (EJ) resulted in an average of 25.1 ticks.

NOTE: The second half of Trade 2 (EJ) got stopped at PT1, even though it doesn't appear that it had gotten there yet on the chart.

Total: 62.45 ticks. The $$ results are with "super crazy rodeo clown" leverage, with the $5,000 demo account.

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EDIT: If anyone is raising an eyebrow at the inconsistency between my "62.45 ticks" and the "46.7 gross P/L ticks" in my image, in order to calculate the ticks for our purposes here (62.45 ticks), I did the following calculation:

EU: 50.5 + AVERAGE(-0.2, -26.1) = 37.35, etc....

The 46.7 just applies to the total gross ticks for the total amount of money traded...but I am calculating the total number of ticks "per trade"...if both of my trades would have been the same size, there wouldn't be the inconsistency...

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BTW, I found a convenient "forex profit calculator" on Oanda's website, for anyone who might be interested...it's helpful if you're defining your risk as a % of your account equity: Profit Calculator | Calculate Forex Profit - OANDA FXTrade

I'm going to spend the rest of the morning/afternoon reviewing, then I'm leaving in 2-3 hours and I won't think about trading again until tomorrow!

--------------------

Questions:

Originally Posted by thalestrader »

I think for a small daytrading account 1-2% is a good risk parameter, though .5% is probably ideal.........

Does this mean that whether you have an intial risk of 15 ticks or 50 ticks, the initial $$ risk is the same?

Originally Posted by thalestrader »

As the account has grown, her % risk has steadily decreased.

Did you have any type of formula for this? For example, for every 20% return on the account (compounding), reduce risk as a % of account equity by 0.5%.

I'm just trying to get straight what I want to do beginning next week.

Thanks,

Cory