[MidKnight]

If it is OK with the thread, I am trading an experiment very lightly in a small oanda account of which I wouldn't mind posting real-time in this thread. The purpose for me is to evaluate if I am excessively micro-managing my trades. I'll be posting 60m or 240m charts because that is really where the trade idea comes from, even though I am entering on the 5m chart.

I haven't fully figured out my trade management with a style like this, but it won't just be set a stop and targets then walk away - stuff happens after entry and I do think it needs to be monitored in some way, but not excessively like I have been doing. My recent holiday study did reveal that a significant number of my general trade ideas were good, but it was my excessive micro-management that was hurting the bottom line.

This is generally S/R trading along with a trend component based on how I evaluate trend. There are times where I will go against my definition of trend, but in general I do not. I'm looking to take 1/2 of the position off at what I consider a significant 60m S/R area, then another 1/4 off at what I consider a significant 240m S/R area - possibly even the entire position. It will sort of depend on the context - is the market generally swinging or is it generally trending? That sort of thing.

Trades in general will last 1-2 days and I'll be doing this on GU.

I'm currently long (despite my trend read as being down) since early yesterday so will not be posting anything until a new idea comes to me.

With kind regards,
MK

[thalestrader]

Originally Posted by MidKnight »

If it is OK with the thread, I am trading an experiment very lightly in a small oanda account of which I wouldn't mind posting real-time in this thread

You're always welcome here, MK, and I for one am looking forward to your posts!

Best Wishes,

Thales

[thalestrader]

Originally Posted by 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 1.5980.

Hi Folks,

At this point, 6B has managed to just less than half of the 130 tick PT decline. Hardly impulsive, but at least it has the direction right, for now ...





Best Wishes,

Thales

[fxThunder]

long entry on the GU. I also included my 240min chart to illustrate the support and resistance areas that I am watching for trade initiation.

Cheers,
eNQ

[fxThunder]

GU long only made it to PT1 before sinking back and taking the balance out at be.

I did expect a better move from that 240min support but will let pa guide me at all times.
Kinda disappointed that PT2 was not even threathened...

Cheers,
eNQ

[fxThunder]

Right now I am eyeing this long setup on EU.

EDIT:
It is quite clear to me that this entry is one swing too late, I will still manage this according to my plan - just making the observation.

GU has dropped into the previous support area again and a 123 setup could develop for longs again.

Cheers,
eNQ

[Kiwi]

Originally Posted by EminiNQtrader »

Right now I am eyeing this long setup on EU.

I take your setup and buy that pullback ... long 1.45060 ... stop 1.4487 .... your target

(why? because you already have a 123 break and I'd prefer to buy this pullback as I don't believe in breakeven stops ... we shall see mr Thales )

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LOL. That'll teach me ... stopped out.

[fxThunder]

No surprise. Got stopped on my belated EU long...