[taq]

Originally Posted by 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

updated EURJPY chart +300 pips

here is GBPUSD initiate long at 1.5950 expecting a bounce back upto 1.6375-80 zone

Regards,
TAQ

[brownsfan019]

Originally Posted by thalestrader »

Hi Folks,

Due to a family illness, I will not be able to post and respond regularly over the next few weeks. I'll check in when I am able.


Best Wishes,

Thales

Take care Thales. I learned over the summer that the forum isn't going anywhere, so we'll see you when time and life permits.

[thalestrader]

Originally Posted by taq »

here is GBPUSD initiate long at 1.5950 expecting a bounce back upto 1.6375-80 zone

Regards,
TAQ

Hi Taq,

I know that breakouts and the traders who trade them are often held suspect by the general trading community (and I presume the general trading community includes the majority of traders, and we know how successful the majority of traders are) but I have found that life is much more simple and pleasant when I respect the breakout.

Best Wishes,

Thales

PS Nice trade on the EURJPY, by the way!

[thalestrader]

Hi Folks,

Just a quick post to update the progress of the "Pounding of the Pound" trades posted last week.

GBPUSD: The GBPUSD has fallen to within pips of anticipated support at 1.5800. That may be enough to exhaust the Pound sellers so as to allow for a bounce back to breakdown levels (1.5914, and then the 1.6100 area would be a perfect level to which price might rise.) A break of 1.5800 would likely lead to a drop to 1.5714 area. Below 1.5714, there are a few areas of potential support, most notably between 1.50-1.5100. However, I would anticipate that any bounce form those levels ultimately to resolve themselves to the downside for a test of 1.35. A break of 1.3500 might very well precipitate a drop to par.





GBPJPY: Last week I posted that GBPJPY was about to confirm what some call a "Double Top." The breakdown point was 146.74, and the target for this pattern is approximately 1600 ticks/pips/points or 16 handles (however you wish to call it, it would be an enormous move. Since that post, the GBPJPY has hit a low of 139.70, or 705 ticks, or nearly 50% of the projected move. I have noted relevant lower levels on the chart. I think the potential for this drop is considerably more than the 1600 ticks projected using the measured move off the double top. But 1600 is a minimum projection. I would like to see 139.00 +/- reached before a rally commences; but having dropped so far so fast, a snap back to test breakdown levels (143.00, 146.75) may occur at any time. Failure to rally to breakdown levels might mean an exceedingly quick fulfillment of the 1600 tick target, and an overshoot to the downside a probability.





I will check in later in the week to update the charts.

Best Wishes,

Thales

[taq]

Originally Posted by thalestrader »

Hi Taq,

I know that breakouts and the traders who trade them are often held suspect by the general trading community (and I presume the general trading community includes the majority of traders, and we know how successful the majority of traders are) but I have found that life is much more simple and pleasant when I respect the breakout.

Best Wishes,

Thales

PS Nice trade on the EURJPY, by the way!

I am following your threads from quite some time & this one is the best on TL.
my trading strategies are not different from yours only difference is you initiate trade at the breakout but i wait for proper entry point & probable tgts so that i can get atleast 1:3,5 RRR

but when i am looking for reversal trade than i expect 1:7,10 RRR (less than 30% of my trades are like this)
for ex. in last trade in GBPUSD RRR was 44:400 (i lost 20 pips bcz i closed at 5930 at closing time)

here is updated EURJPY covered at 130.05 500 pips in 6 sessions.

[thalestrader]

Originally Posted by thalestrader »

GBPUSD: The GBPUSD has fallen to within pips of anticipated support at 1.5800. That may be enough to exhaust the Pound sellers so as to allow for a bounce back to breakdown levels (1.5914, and then the 1.6100 area would be a perfect level to which price might rise.) A break of 1.5800 would likely lead to a drop to 1.5714 area. Below 1.5714, there are a few areas of potential support, most notably between 1.50-1.5100. However, I would anticipate that any bounce form those levels ultimately to resolve themselves to the downside for a test of 1.35. A break of 1.3500 might very well precipitate a drop to par.

Hi Folks,

I did not intend to check in today, but I wanted to make a coupl of quick points. First, the 1.5714 should read 1.5722.

Last night I made a quick note on the GBPUSD chart that implied a rally may have been imminent. The first chart is the market as it looked when I went to bed. The second chart is a shot from soon after I woke this morning. The third chart I just took now because I wanted to adjust the arrows drawn the night before and also label the Low, High, Higher Low that created the long entry opportunity. Price does indeed show you where it is going before it gets there.

Best Wishes,

Thales

[thalestrader]

Originally Posted by taq »

my trading strategies are not different from yours only difference is you initiate trade at the breakout but i wait for proper entry point

I haven't smiled in days, but that made me not only smile but laugh out loud. Imagine that ... I've been trading improperly all this time! Reminds me of something Larry Hite said in his Market Wizards interview - something to the effect that "it is amazing how much money you can make from being wrong."

Best Wishes,

Thales

PS Please do keep posting to the thread. Your EURJPY example was excellent.

[brownsfan019]

Originally Posted by thalestrader »

I haven't smiled in days, but that made me not only smile but laugh out loud. Imagine that ... I've been trading improperly all this time! Reminds me of something Larry Hite said in his Market Wizards interview - something to the effect that "it is amazing how much money you can make from being wrong."

Best Wishes,

Thales

PS Please do keep posting to the thread. Your EURJPY example was excellent.

Good stuff. Thales - you are wrong! lol