[thalestrader]

Originally Posted by forrestang »

Much appreciated for you taking the time to humor my questions with such detail!

U're trade u're in, I almost jumped into a simliar trade on GBP/USD a while ago, but didn't quite stand out to me for whatever reason.

What you said about P1 and P2, I find that I would hit P1 quite frequently, but I seem to place P1 too far away sometimes. Look at this trade below.

I did get into the G/J, I didn't even know it had triggered as I'm watching the game. But now I see it and was able to move my stop close to BE due to a nice swing point. I think maybe a different P1 was in order. Now, I dont like where the adjustment of the natural stop has put my stop. If I cash out on P1, it would at least help me feel better.

Aaargh!!!

This was a worthwhile thread to resurect as it is IMO one of the PRACTICAL threads that I think has helped many of us.

Also this quote above is one of the great gems in this thread, I think you painted a good picture of relaxed trading that one can visualize. I try to remain calm, I believe with time and seeing more 'deliberate trades,' pan out successfully, like DB refers to will help greatly.

Particularly once one can realize that even a win ratio that isn't 99% will still yield good profitability.

Thanks again!

What do you think about a P1 between 151.30 and 151.40? You have the point you note, and you also have the last little rally high before Friday's close? If I am not mistaken, you entry fill was approx 150.90 and your initial stop loss was about 150.50. So, 151.30, which looked like a reasonably easy target for price to achieve, would give you a 1:1 R/R for the trade. I think that is how I would have traded it. P1 at 151.30, and then P2 between 151.60-70.

As a "rule of thumb," if there is S/R in the vicinity of what would be a 1:1 risk/reward, I'll take the 1:1 as my first target. If S/R is beyond 1:1, then I will will certainly play for a greater than 1:1 R/R.

Best Wishes,

Thales

[forrestang]

Originally Posted by thalestrader »

What do you think about a P1 between 151.30 and 151.40? You have the point you note, and you also have the last little rally high before Friday's close? If I am not mistaken, you entry fill was approx 150.90 and your initial stop loss was about 150.50. So, 151.30, which looked like a reasonably easy target for price to achieve, would give you a 1:1 R/R for the trade. I think that is how I would have traded it. P1 at 151.30, and then P2 between 151.60-70.

As a "rule of thumb," if there is S/R in the vicinity of what would be a 1:1 risk/reward, I'll take the 1:1 as my first target. If S/R is beyond 1:1, then I will will certainly play for a greater than 1:1 R/R.

Best Wishes,

Thales

Thanks for the confirmation. That's usually the thought I have, "is this at least 1:1 R:R?"

I think that would have been a much better P1 as you mentioned, but unfortunately didn't notice till after price had retraced from that point. I think now in terms of management, it might be a bit out of order to readjust the target?

But if I had P1 right in the first place it would have been easier to hold on to as well. The other numbers you mentioned for Initial stops were about right.

[forrestang]

Originally Posted by forrestang »

I did get into the G/J, I didn't even know it had triggered as I'm watching the game. But now I see it and was able to move my stop close to BE due to a nice swing point. I think maybe a different P1 was in order. Now, I dont like where the adjustment of the natural stop has put my stop. If I cash out on P1, it would at least help me feel better.

This was a worthwhile thread to resurect as it is IMO one of the PRACTICAL threads that I think has helped many of us.

TARGET HIT

I actually mind f*(*-ed myself into the placement of P1, which I initially had at 151.61, I didn't pull it down the better P1 of 151.35. I moved it to 151.48.

Well, in the end both targets wound up being hit, shocking!!!

[ZenMachine]

Hi folks, I'm back from summer break.
It's great to see a lot of activities and great insights in this thread. I am so inspired.

Long AMT.
Entry is 34.87. (Waited a little too long for the price to move above 20 EMA)
Stop 34.69.
Profit Target 35.55.

[ZenMachine]

Moved Stop above Entry.

[ZenMachine]

Price moved below trendline. Exited at 34.99. +12 ticks.

[brownsfan019]

Originally Posted by forrestang »

This was a worthwhile thread to resurect as it is IMO one of the PRACTICAL threads that I think has helped many of us.

This is perhaps the best thread on TL if one is willing to spend some time here. Thales gives some great advice w/o a bunch of gibberish, confusing and/or misleading comments which you can find elsewhere.

Excellent thread Thales. Hope your trading is going well (I'm sure it is).

[BrianNC]

Just found this myself a couple of days ago and I am going to go through it thoroughly.