[thalestrader]

Originally Posted by TradeRunner »

I'm a day behind these are my trades for the 6th: 5 trades (-51)

Hi Traderunner,

Here's a few notes of my own for you.

Best Wishes,

Thales

[thalestrader]

Originally Posted by motion100 »

I'm nothing but a beginner so please anyone feel free to abuse/enlighten me.

Thank you for sharing your charts, and I encourage you to continue to do so. I trust you will receive no abuse here in this thread.

Best Wishes,

Thales

[thalestrader]

Originally Posted by thalestrader »

... I would prefer waiting for a break and hold, i.e. price breaks below the break up point, and then retraces to test the break up point as resistance, and then resumes the decline.

This is textbook break and hold - enter at the test, very close stop just above new resistance. It either drops for a decent profit or you take a tiny, tiny loss.









Best Wishes,

Thales

[thalestrader]

I wish I had found today as clear and easy as tonight.

Another thought about this trade - entry at resistance allowed for a 3-4 pip stop loss. I used my little excel spread sheet to show what this means for trading a small account using position sizing instead of a fixed trade size, i.e. basing trade size on a fixed equity at risk model. In this case, I assumed a $500 starting equity, 2%/trade risk, a 4 tick stop loss (this sounds insanely small, but look at the entry - in this case, you are either right or you are wrong, and it only right and wrong is only divided by 4 ticks). Using position sizing, you would trade 25K size for a total risk of $10, and a potential reward of $87.50 at the first profit target (I'm assuming a 132.63 entry, 132.67 stop loss, and a 132.28 profit target). Even if you are a skittish trader and you set a 20 pip take profit you would stand to make 10% on this type of trade.

That folks, is the power of position sizing. Position sizing is the science of using leverage responsibly and to maximum effect. Whether you are trading spot, futures, or stocks, it would be worth your while to at least apply position sizing on paper, and see how it might effect your equity curve compared to whatever you are doing now.





Best Wishes,

Thales

[thalestrader]

Originally Posted by thalestrader »

Here are the levels I'd be interested in either trading a break or a 123 reversal.

Updated look at the GBPUSD


Best Wishes,

Thales

[Gabe2004]

Change of direction in EJ ???

Gabe

[Gabe2004]

Originally Posted by Gabe2004 »

Change of direction in EJ ???

Gabe

The details.

Gabe

[thalestrader]

Hi Folks,

Not tading this at all ... just throwing a chart out there for the oil traders ...

Best Wishes,

Thales