[thalestrader]

Originally Posted by motion100 »

I'm currently looking to go long at the high of the US session on EJ. Stop will be below recent low if it comes as planned. anyone any views/comments?

My daughter is short from last night, and her stop on what she has left is now your proposed entry (kind of reminds one of daedalus's excellent post from earlier this week, doesn't it?). Her profit target is 132.20. I should have closed it for her manually on the spike down that way but I was watching other things and it happened so quickly.

Best Wishes,

Thales

[thalestrader]

Originally Posted by EminiNQtrader »

You mentioned in a post in late Dec that you may trade a $250 account - boom or bust. Do you still intend to do this?

I set it up with $300 (it has an extra 70 pennies in it from a little trade I did when I first set the account up a week or so ago with a micro lot [one dime/pip] on the GBPJPY just to see what the margin level really was for that pair).

I haven't decided how I am going to trade it yet. I have too much between the fund account, my futures account, and baby sitting my daughter's account to try to seriously day trade this little micro account. I'm working up something of a "very short swing" trading plan where I can find maybe one trade/day, set a stop loss and a take profit, and forget about it. It will be the same approach as we've been doing here, of course, but I will be looking to trade off larger swings and breakouts of more significant S/R levels.


Once I start trading it, I'll post the trades here in advance, and I'll share the PnL over in Brownie's thread.

Best Wishes,

Thales

[TradeRunner]

Originally Posted by thalestrader »

Hi Traderunner,

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

Best Wishes,

Thales

Hi Thales

Thanks for your comments.

TradeRunner

[Cory2679]

Hey guys,

I'm here today, but half way. I had to send a bank statement, credit card statement, passport, and social security card to FXCM, and explain that I am actually a US resident, not a UK resident. I think it's all straight now! My deposit of $48.81 triggered all that. Plus, I had to catch up with some friends. I'll be back full force on Monday, 7:30am to between 2-4pm EST.

Originally Posted by thalestrader »

a short on the EURUSD after all that ...?

Question about this trade...

Of course it's visually very obvious, hitting resistance, and was very profitable.

The only question I have is...isn't it a less probable trade to fade an impulsive move like that? It was moving SUPER strong to the upside.

I can see why maybe someone would just be waiting for a move like that to turn around, and there it gave an obvious opportunity to get in.

I'd just be hesistant to fade an upmove like that...

-Cory

EDIT: For further clarification, this is the concept I'm referring to:

Originally Posted by thalestrader »

...when you get a large move in either direction with obvious momentum behind it, do not fade that move. Wait for a chopy pullback and then a push to a new high that stalls and presents a clear 123 going the other way.

[thalestrader]

Hi folks,

I got a PM today fasking about which pairs to trade. I get that one alot, so I thought I'd post the response here as well:



I would think that the EURUSD, GBPUSD, and USDJPY should offer sufficient opportunity for you. My daughter came to prefer the EURJPY, and when she trades, she is mostly trading that pair. The other three pairs I mentioned have the added benefit that each has a corresponding, fairly liquid futures contract associated with them (6E, 6B, and 6J respectively), and I would think that your goal should be to "graduate" at some point from trading only with a bucket shop to trading listed futures.

Best Wishes,

Thales

[thalestrader]

Originally Posted by Cory2679 »

Question about this trade...

Of course it's visually very obvious, hitting resistance, and was very profitable.

The only question I have is...isn't it a less probable trade to fade an impulsive move like that? It was moving SUPER strong to the upside.

That short was very obvious, and, if you re-read my posts, I initially was not going to trade it at all, but then I did do so, but with a small 30K (3 mini lot) position in my daughter's account.

I wish now (wouldashouldacoulda) that I had sold a handful of 6E, but at the time I saw what you saw; and though it was an obvious opportunity (which does not assure it will be profitable, only that it has a 123 at resistance) I too did not want to fade that rocket ship. As you can see, that short move was but a pullback, and the rocket has refueled to at least circle the atmosphere once again, and perhaps to break out into space.

By the way, I know I have said this more than once: For every rule or guideline I cite, I have a bushel or two or four of trades where I broke with one or more, and not always happily (ever after).

Best Wishes,

Thales

[rigel]

Originally Posted by thalestrader »

Excellent trade, EmNQ, Congratulations!

Best Wishes,

Thales

EmNQ
Do not trade this instrument but am curious, is 1pt equivalent to $20,
Also how did you determine the target??

[thalestrader]

Originally Posted by rigel »

EmNQ
Do not trade this instrument but am curious, is 1pt equivalent to $20,
Also how did you determine the target??

The futures for the GBPUSD (symbol 6B) trades at $6.25/tick. If you are trading it through a spot forex bucket shop, then you can basically trade it in almost any increment, from as low as 10 cents/tick(pip) to hundreds of dollars/tick (pip)

Originally Posted by rigel »

Also how did you determine the target??

I'm not EmNQ, but I'm going to go out on a limb here and say that he selected his target by identifying resistance at that level, and then checking for nearby fib related levels, in this case, a 2.618 expansion of the chop zone created yesterday, which coincided with the 61.8% retracement of the decline from the 1/4 high to yesterday's low.

That's how I did it for my second profit target (which was right in the area of EmNQ's).

Best Wishes,

Thales