[taq]

Great charts thales
Here is my Updated EURJPY Chart

trail SL to 135.25 Shorted 135.05 t1 131.50 t2 130.05

RRR (Risk Reward Ratio) 20:355 , 500 time period 5-8 sessions not bad

[taq]

In GBPUSD case it looks like we are watching the same levels

if it close below 1.6100 it looks it can break its jan 09 low of 1.3512 within an year.

Regards,
TAQ

[Gabe2004]

I am not sure if this is the right place to post trades that have closed but I like this thread so I am posting it here.
If someone could suggest a better place, please let me know.

Gabe

[thalestrader]

Originally Posted by thalestrader »

Update on the GBPUSD: My daughter and I are going to manage this potential position trade together in her micro account (I included a screenshot that should be familiar to fxcm traders). We had an order to sell short a small initial position at 1.6327, which was just filled within the last few minutes. This is a small "attack," and we will close the position with a small loss should price move against us.

Hi Folks,

Our first small skirmish ended with a -20 tick loss as price rallied soon after stopping us in, and etched a very nice Low-High-Higher low.

I also note on the recap chart that a very favorable entry presented itself last night in and around the Frankfurt open. I believe Gabe also noted in his post above that he thought that presented a favorable short entry. My daughter and I too were not awake to act on that opportunity.

We did set a sell stop below yesterday's low and we were stopped in to a short position during the London morning session at 1.6315. The position is still open, and we will risk a little more than our open trade equity to hold the position as an initial seed for what may or may not develop into a longer term short campaign against the British Pound (if Soros can do it, why not my little girl, after all?).

I have attached my preferred black and white showing a recap of last night's and this morning's price action, as well as a picture of our fxcm chart showing the open position and open p/l.

Best Wishes,

Thales

[Gabe2004]

Originally Posted by thalestrader »

Hi Folks,

Our first small skirmish ended with a -20 tick loss as price rallied soon after stopping us in, and etched a very nice Low-High-Higher low.

I also note on the recap chart that a very favorable entry presented itself last night in and around the Frankfurt open. I believe Gabe also noted in his post above that he thought that presented a favorable short entry. My daughter and I too were not awake to act on that opportunity.

We did set a sell stop below yesterday's low and we were stopped in to a short position during the London morning session at 1.6315. The position is still open, and we will risk a little more than our open trade equity to hold the position as an initial seed for what may or may not develop into a longer term short campaign against the British Pound (if Soros can do it, why not my little girl, after all?).

I have attached my preferred black and white showing a recap of last night's and this morning's price action, as well as a picture of our fxcm chart showing the open position and open p/l.

Best Wishes,

Thales

Good morning Thales and every one

What eas the significance of 1. 6315?
You wrote that it was the low of June 23ed but that would be too far to look back at in my oppinion.

Thanks

Gabe

PS on 2nd examination of the chart I think you meant Sept 23 . I could be wrong.....

[thalestrader]

Originally Posted by Gabe2004 »

Good morning Thales and every one

What eas the significance of 1. 6315?
You wrote that it was the low of June 23ed but that would be too far to look back at in my oppinion.

Thanks

Gabe

PS on 2nd examination of the chart I think you meant Sept 23 . I could be wrong.....

Yes, September 23 12am-12am low (most charts run 5pm EDT - 5pm EDT. I have no idea what made me type June 23rd, and I will go back and edit the post.

Best Wishes,

Thales

[thalestrader]

Originally Posted by thalestrader »

We did set a sell stop below yesterday's low and we were stopped in to a short position during the London morning session at 1.6315. The position is still open, and we will risk a little more than our open trade equity to hold the position as an initial seed for what may or may not develop into a longer term short campaign against the British Pound (if Soros can do it, why not my little girl, after all?).

Hi Folks,

The seed is planted. In addition to the short position intiiated at 1.6315, I decided to add another mini-lot equivalent at 1.6167, and our sell stop at 1.6110 which had been resting for days and days was filled.

I have attached charts and fxcm screen captures that show we are now short 30K GBPUSD at an average sell of 1.6197 (1.61973 to be exact).

Our trading plan at this time is to wait and see how price action unfolds. Should price establish itself below 1.6100, we will add to the position by looking for short opportunities as I described them yesterday (see post #339 and # ). We have no profit objective, i.e., we are not targeting a specifi price level with buy limits to exit the trade; and we have no expectation of profiting a fixed amount in nominal dollar terms (e.g. we are not looking to exit at a profit of $1000 or any arbitrarily set level. This is an exercise for her (and I) in identifying a potential long term swing, and trading accordingly. The only goal is to let our profits run while keeping our loss, should this occur, very small.

A short word about this account: This was a small account last night. It still is, though it is considerably larger than it was last night when we made our first (losing) skirmish of the campaign. This is the account my daughter had traded over the summer. We actually had withdrawn most of the equity in August to add to the funding of her small futures account (no futures trades for her yet - school makes day trading difficult). As she and I saw the GBPUSD showing the potential for a longer term swing trade, I made a small deposit that would allow us to test and establish a small position. A margin call at this point will close all the positions and leave a $75 balance and a loss of -$50.00. I say this for no other reason than I do not want to hear all the moans, groans, lectures, etc. about being "overleveraged and underfunded." This is an exercise, a game, a "teachable moment," as they say, for my daughter and I, nothing more, and the price of admission at this point is -$20 from last night and the possible loss of -$50 of initial capital more for a total loss of -$70. At any rate, our stop loss until further notice, is a margin call. If we are stopped out, we will bring the account back to $125.00, and look for the next opportunity.

Best Wishes,

Thales

[thalestrader]

Hi Folks,

Here is the weekly GBPUSD chart showing price action subsequent to when I first posted it here last week. Two trendlines are shown. Both relevant trendlines have been violated with today's preice action. At this point, there is still some nearby potential support, so while the seed for a decent long term short has been planted, we are not guaranteed of any "green shoots," and it we do get "green shoots," we all know that such shoots do not always survive to maturity.

I do wish that my daughter had been here for the break below 1.6100.

Well, perhaps the break will stick until she gets home from school.

Best Wishes,

Thales