[fxThunder]

Been battling to get onto this forum all day.

Update on GU long: closed it for more or less +50ticks.

Charts attached herewith.

Cheers,
eNQ

[daedalus]

Did a lot of backtesting over the weekend and decided to start using smaller initial stops. The trades I usually take are pretty good and if they are going to work, they work right away, thus having a larger initial stop is usually not necessary at all. However, when I get caught in a bad setup, I leave too much exposed and get hit for a bigger loss than necessary. So I changed my rule set over the weekend.

But like any change to your method the first trade you do with the new rules always seems to come back in your face and put doubt in your mind. Ain't that always the way?

So I had two trades this morning, both in the 6E - as you can see I bought the same move basically twice (but on different timeframes and setup logic). My stop was placed at the 50% retracement and was taken out for a -4 tick loss. Had I kept my stops outside the swing low it would've been a winner. However, I got back in on the actual breakout and got +6 out of the move to put me at net +2 - yay.

I still reiterate that the smaller stops are a better choice for me personally. Wish there was more to walk away with today, but nothing else developed as per my rules. Hope you all did MUCH better (not hard to do!).

Cheers!

[forrestang]

Originally Posted by forrestang »

Tentative NQ Long. I may be chasing ghosts given the fast and furious move down?

But, I think we may be extended a bit, and currently waiting for a HL to be put in place. There were other possible entries but the stops where too large. So this picture may change if price doesn't break through the 2 point shortly.

]

-------------------Update(10:53EST)---------------------
In the trade, tgts and stops set.


-------------------Update(11:08EST)---------------------
Stopped

-------------------Update(11:38EST)---------------------
It's lunch time and this might be accum or something so chop could occur. But here is re-entry

Another real time re-entry attempt. I added to my prior post. If this doesn't pan out that's probably it for today. As I was worried about the first trade, the way we're consolidating this could either be accum or re-distribution, so i expect chop. The problem is my stop is IN the chop zone, just like my first entry attempt. Get what I'm saying?


-------------------Update(12:08EST)---------------------
Getting a bit of cooperation and since we have moved out of what I have deeemed the chop zone, I have moved my stop up shown by the new red line. I am so tempted to close out and erase my losses with a small profit on the day....aaargh. At BE +1 now.



-------------------Update(12:46EST)---------------------
Stopped at BE.

[thalestrader]

Originally Posted by thalestrader »

We've noted the 134.30 - 134.50 level on the EURJPY has a posible rally target/resistance level. Price has traded into this level ...

S/R ...

Best Wishes,

Thales

[Cory2679]

Going the other way now...

EU Short...

[thalestrader]

6B(GBPUSD) - here is the one I'm stalking: Sell stop at 1.6110, stop loss will be about 30 ticks, with a profit target at 159.80.


Best Wishes,

Thales

[thalestrader]

Originally Posted by EminiNQtrader »

Update on GU long: closed it for more or less +50ticks.

Excellent!

So was it more, or was it less?

Regardless, anytime you pull 50 ticks out of the market its a good thing.

Best Wishes,

Thales

[Cory2679]

Originally Posted by Cory2679 »

...EU Short...

Stop moved. Not looking very promising.

Guess maybe I shouldn't have faded that explosive upmove.