[Mr_black]

Enjoy

[Marko23]

Waiting for five (or the 3rd push down).

[patrader]

Originally Posted by Marko23 »

Waiting for five (or the 3rd push down).

[Marko23]

Originally Posted by patrader »

Thanks, Long from smaller degree.

[patrader]

ES Daily chart

[thalestrader]

Originally Posted by thalestrader »

Look at that chart of the ES. Anyone who saw that chart when I first posted could have used to make money. Now, in this case, the decline has not been of great extent, and for all we know, it may be over. ...

...or not ...





Best Wishes,

Thales

[Marko23]

EUR/USD at 1st target

EUR/USD touched 2nd target

I'll call it a day.

[Cory2679]

Originally Posted by Cory2679 »

Hey guys,

I think I'm going to be taking some time off from trading/posting. I need some time to reflect, read, review, collect my thoughts, etc. I feel like lately (this week) I've somewhat lost sight of the "forest" from focusing too much on the "trees."

I want to take this time off and decide exactly what I'm going to be doing when I resume trading this Monday.

Cory

Well, I decided to take the whole week "off." However, I have been lurking on this thread and doing some demo trading.

I'll be back to trading live and posting some charts this coming week. I've reset my $250 account (made a withdrawal).

I thought I'd share some of the things I've done/learned/re-learned while taking this time off (in no particular order):

• I reviewed the basics of this approach. I irrationally assumed that since I had a few mediocre days during the beginning of last week, I must be missing something. The conclusion that I came to is that I already understand the basics.
  
• I familiarized myself more with EW, and will be keeping it in the back of my mind.
  
• I familiarized myself with fib extensions for PT purposes...something I had not done up to this point (although I had used fib retracements for PT's before...using the 200% level to identify the 1:1 R/R, 300% for 2:1, etc.).
  
• I decided on a "default" for my money management, but it will somewhat depend on each individual situation.
  
• I need to make sure I don't miss an opportunity on one pair because I am too narrowly focused on another.
  
• I need to make sure I'm not "reaching" for a trade, just because I want some action.
  
• I'm making it a rule for myself that at the beginning of every day, before I begin trading, I'll mark areas of major S/R on my charts.
  
• I've decided that as a general rule, between the GU & EU, that I will sell the weaker & buy the stronger. BUT, there can be exceptions. This is an example that I demo traded today. I sold the EU, when it's now obvious that it would have been more profitable to sell the GU. I sold the EU because of the steady downtrend---I decided it was "weaker" (even though my gut was telling me to sell the GU). The conclusion that I've come to is that relative to the rest of the chart, the GU offered a much more favorable entry opportunity...even though you could possibly make the argument that the EU was overall "weaker." This may just be a matter of me not fully understanding the concept of "weak" vs. "strong."
  
  
• I'm going to be spending a lot more time at my computer...I have nothing more important to do...this is/should be my entire life right now. I've been on my computer until 5pm EST every day this week, and each day I get up an hour earlier (Mon: 10am, Tues: 9am, etc.) until I'm getting up at 6am each day. Next week, my plan is to get up at 6am each day, and stay on the computer until 11pm each night (I'll allow myself breaks, of course...and I won't work all day on the weekends). While I'm not actually trading (particularly between NY-Tokyo), I will find something productive to do to help myself continue to improve.
  
• I seriously need to forget about money and not focus on how I'm doing so far for the week, etc. I need to focus on trading, one day at a time, and do my best. That's how I'm going to succeed and continue to improve.
  
• I'll try to limit my whining/rambling on this thread (about my mediocre day/week, etc.).

That's all I can think of at the moment. Perhaps somebody found this useful.

See you next week!

-Cory

EDIT: One other thing I've been pondering is the whole idea about Thales saying that his best trades occur when he sets the orders at night and everything works its magic while he sleeps...and that his daughter takes very few trades for LOTS of ticks. This is something I will be keeping in the back of my mind when trading.

I have a feeling that the success of those trades that are left untouched doesn't have so much to do with the fact that they are left untouched (after all, active management helps minimize losses), but more to do with the fact that he or she feels comfortable leaving those trades untouched...meaning that the trades that they choose to leave untouched are much more probable situations compared to the average shorter-term daytrades that are actively managed. Just a thought.