[taq]

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.

sorry about my language(english is not my first language) & happy atleast i made you laugh
i was not able to communicate it properly.
its not about being wrong or right but how much you make when you are right & how much you lost when you are wrong.


[quote/]
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)..... [/quote]

i never suspect your strategies(atleast we have our own strategies) i am pattern trader
i use weekly for breakouts & old support & resistance levels & retesting of them
daily for patterns & probable tgts in the direction of BO & trend & 240-min to initiate & trailing my SL.
& one thing more i use triangles a lot (ascending, descending & symmetrical) & trading on triangles are based on breakouts only.

Best Wishes & Happy Trading
Regards,
TAQ

[thalestrader]

Originally Posted by taq »

sorry about my language(english is not my first language) & happy atleast i made you laugh

Hi Taq,

There is certainly no need to apologize. I understood what you meant, and I was in no way offended.

Your English is fine. If you want to see something incomprehensible, you ought to try to read my Hindi!

I hope to see you continue to share your charts with us here.

Best Wishes,

Thales

[thalestrader]

Hi Folks,

This is not a Real Time Charts post. I receive dozens of SPAM solicitations from various trading services (as do most of you, I'm sure). Some I receive over and over again (no matter how many times I click "unsubscribe" and how many times I change my email address, the offers keep coming). These I simply delete, as I have seen them before. If something is new, I will at least open the email. And when one of them offers a video of a "live trade example," well, how could I pass it up!?

Tonight I received an email offering a live forex trading signal service. I watched the video showing not a "live trade" but a recap of a supposed trade that the Guru/Coach/Mentor had made himself earlier that day. He made a profit of 68.3 ticks/pips on a 100k position for a profit of $683 USD. And to prove it to us, the would-be subscribers to this trading service, he opened his closed positions tab in his trading platform. Lo and behold, there it was - indisputable proof of the would-be Guru's trading prowess for all the would-be guruettes to salivate over ("all those pips could be mine! mine! all mine! Sign me up!).

What our earstwhile "Guru" failed to notice in displaying his "profit" is that in his video capture of his trading platform, clearly visible at the bottom of the screen, was the server ID window (anyone familar with fxcm's trading station will recognize it here). The server connection used by this "Guru" for his "trading" was [Demo: U100D5].

Some "Guru"!

Lest there be any doubt, I also included a close-up of his Demo server ID and the ID window on the micro account my daughter and I use.

I had a good laugh over this "Guru's" video of his "profitable live trade example."

Best Wishes,

Thales

[forrestang]

Don't you hate it when this happens?

[Tams]

Originally Posted by forrestang »

Don't you hate it when this happens?

until you can let this go... you won't have the time (or the proper mind frame) to look for the next op.

[thalestrader]

Originally Posted by forrestang »

Don't you hate it when this happens?

Hi Forrest,

Three things:

1) You did your job by selecting an entry, a stop loss, and a profit objective. Your stop loss did its job by getting you out of the position and protecting our capital when price action threatened to move against you. You should feel pretty good about yourself - many who try this game (especially retail forex traders) never learn to place a stop loss and blow out account after account. You have positioned yourself to be among the small percentage of people who try this trading game and actually succeed.

2) Study the pattern price action traces out at the lows: A low, followed by a reaction high, followed by a slightly lower low that quickly reverses and breaks the reaction high. This is a very common pattern on all markets - futures, individual stocks, currencies, etc. You would serve yourself well to study it and commit it to memory. As others instruments repeat this pattern, you will notice them more and more. The break above that reaction high would have offered you a low risk, high probability entry for a trade back to the high prior to the initial sell off that stopped you out.

2) Have you thought about using a chart with your black OHLC bars on a white background with no grid? You might find that S/R is easier to identify with a more clean and crisp contrast. I find your charts terribly difficult to view.

Best Wishes,

Thales

[Gabe2004]

Originally Posted by forrestang »

Don't you hate it when this happens?

Don't feel bad Forrest.
Another train will come

I have to find a way to stay in my trades longer.
This time it would not have helped but in general it would.
I don't know how to control the premature eja....(sorry) closing of my trades
Need therapy

Gabe

[forrestang]

Originally Posted by thalestrader »

Hi Forrest,

Three things:

1) You did your job by selecting an entry, a stop loss, and a profit objective. Your stop loss did its job by getting you out of the position and protecting our capital when price action threatened to move against you. You should feel pretty good about yourself - many who try this game (especially retail forex traders) never learn to place a stop loss and blow out account after account. You have positioned yourself to be among the small percentage of people who try this trading game and actually succeed.

Thanks for the comments! It was a pretty low risk trade after the first swing low printed allowing the movement of the nat stop.

Originally Posted by thalestrader »

2) Study the pattern price action traces out at the lows: A low, followed by a reaction high, followed by a slightly lower low that quickly reverses and breaks the reaction high. This is a very common pattern on all markets - futures, individual stocks, currencies, etc. You would serve yourself well to study it and commit it to memory. As others instruments repeat this pattern, you will notice them more and more. The break above that reaction high would have offered you a low risk, high probability entry for a trade back to the high prior to the initial sell off that stopped you out.

This pattern you speak of is basically a 2B correct? But do you want it to appear in the exact scenario that it happened to me? Where price has broken resistance for example and headed up, then falls out of nowhere, then creates the 2B?

Originally Posted by thalestrader »

2) Have you thought about using a chart with your black OHLC bars on a white background with no grid? You might find that S/R is easier to identify with a more clean and crisp contrast. I find your charts terribly difficult to view.

I am sorry about that. You aren't the first to suggest that. I have strayed away from white charts as I thought the contrast was giving me headaches(I dont think that was the case). In my MT4 I have all white. And right after I posted that chart today, I created a white template. I'll be sure to post them in white for easier viewing.