[forrestang]

There was pretty much a breakout on all currencies a short time after the market opened

[thalestrader]

Hi Folks,

Support and resistance on Yen futures (6J).

Best Wishes,

Thales

[thalestrader]

Originally Posted by thalestrader »

A look at GBPUSD, closing at the lows of the week ... If a favorable short opportunity presents itself on the 15M, I will likely not be trading with profit targets, but will be playing for a drop below 1.6100.

Best Wishes,

Thales

GBPUSD held about 20 +/- ticks above the 9/01/2009 low (1.6111). Plan is to either sell a break of 1.6100; or, if an opportunity to short presents itself (at a time that I am able to act upon said opportunity), I will sell at a higher level, but rather than trade out at predetermined profit targets, I will simply trail the stop, anticipating a potential drop through 1.6100.

Best Wishes,

Thales

[thalestrader]

Originally Posted by thalestrader »

Hi Folks,

Support and resistance on Yen futures (6J).

Best Wishes,

Thales

Hi Folks,

The last two days the Tokyo and London traders have had all the fun.

Here is the updated Yen futures. Price tapped three time before the breakout carried to next resistance level. A trade for me would be a breakout above the red horizontal line rather than the gray line where price is now.

Best Wishes,

Thales

[thalestrader]

Originally Posted by thalestrader »

A trade for me would be a breakout above the red horizontal line rather than the gray line where price is now.

Hi Folks,

I have had two losing days in a row. I'll spare you the hearing (and me the telling) of the bloody details, but since I posted this Yen chart in the morning, I will postmortem the trade here.

As I said in my morning post, I would not buy a break of the 10980 level, but would wait for a break above 10992. At 7:30 EDT I placed a buy stop at 10993, and was filled on the break almost two hours later, which quickly reversed. My initial stop loss was 10940. I would have preferred 10930, but I do try to keep close to 1:1 or better, and there was a small consolidation that bottomed at 10941, so if I wanted to take the trade, that was the stop I had to use. Without that consolidation, no trade. My Profit target was 10146, so, as you can see, for 1:1, there was no room for a larger stop loss.

So, I was stopped in, and price immediately pulled back to 10965. I moved my stop to 10963 (if you wish to know why 10963 and not my usual -1 tick or 10964, you will see that the 6:15 EDT bar had a high print of 10964, so I wanted to be under that figure.

Price then resumed the rally, printed a new high, and again immediately pulled back. Not exactly bullish behavior, but as long as that 10965 held, price had a good probability of rallying for my profit target.

Price pulled back to, you guessed it, 10965, hammering out a double bottom pullback, and resumed the rally (or so I thought). Price stalled at the overnight high, and pulled back. And pulled back. And pulled back, stopping where? You guessed it ... price printed a low tick right at my stop. Often, especially with the Yen, I get "lucky" and though price prints my stop I do not get filled. Well, in keeping with my "luck" of the last two days, I had no such luck. -30 ticks.

As a consolation, price did resume its rally and struck my target at about 19:30 EDT.

I would rather not have lost, but I am actually very pleased to see the Yen rally to my target before violating my initial stop. It makes it possible to prevent myself from doubting myself on the next trade.

Best Wishes,

Thales

[forrestang]

Originally Posted by thalestrader »

Hi Folks,
I have had two losing days in a row. I'll spare you the hearing (and me the telling) of the bloody details, but since I posted this Yen chart in the morning, I will postmortem the trade here.

Must be something in the air, I took a loss yesterday as well. Mine is worse as I didn't get a chance to adjust the stop to above the latest reaction high as the trade triggered AFTER I left my PC for the night. Details in the picture.

[taq]

Here is what I am looking in EURJPY

Bearish Gartley entered short at 135.05

Probable tgts i am looking at 131.50 & 130.35

Regards,
TAQ

[thalestrader]

Hi folks,

Here is the current 6E. This is not an ideal situation, but the buy stop would be 1.4793.

I will add a few annotations to the chart and post it in a subsequent post, but I wanted to get this posted before it triggers (and of course, it may not trigger at all).

Best Wishes,

Thales