[Mr_black]

5 Short Signals for last 3 day's

[forrestang]

Originally Posted by Mr_black »

Enjoy

Originally Posted by Mr_black »

5 Short Signals for last 3 day's

I too find tremendous value in Ross's material. But have always had trouble with stop placement because Ross has a weird way of managing a trade, at least the way he describes in his books. And I just can't see how that could work?

The Rh in concert with 1-2-3s on the bigger tf you posted seem logical, can you post your Rh ideas or trades in real time as they develop, I'd be interested in seeing someone elses take on that idea, particularly while the trade is developing. There are hooks or TTEs that dont immediately move in you favor that makes trade management a bit confusing.

[thalestrader]

Hi Folks,

A few ticks late to snap a pic and post this EURJPY long. I put the targets on that I would use. However, given where the EURJPY is with respect to its larger trading range, this may be an entry that offers an opportunity to play for much larger targets. Even if an over all downtrend from the 2007 highs is reasserting itself, it would not be unreasonable to try to play for, say, a 50% retracement of its most recent down leg as viewed on the 240 minute chart. My only reservation is that the decline looks to need one more low to look complete to me. Of course, given the extent of the decline, that low may be subsequent to a 1/3 - 2/3 retracement rather than preceding the retracment. But, again, it is that for which we use a stop loss, right? After all, if we knew for sure what price was going to do, there'd be no need for us to talk about it. We'd just buy low and sell high time after time.





Best Wishes,

Thales

[forrestang]

Originally Posted by thalestrader »

I do not mean to answer for patrader, but, I am assuming the "pa" stands for "price action" trader, though perhaps it means something else, e.g. Pennsylvania trader, etc. I know some would argue otherwise, but what does a "value range" have to do with S/R? What makes a stopping point made on diminishing volume any less relevant than one accompanied by a volume spike. People can go on about supply and demand and value, but in the end the only thing you need to consider is where did price stop when it was going up, and where did the decline stop on the way down.



Here is the ES chart with the resistance zone in red that I posted last night, and a new pic showing what has transpired since. I used no notion of a "value range" in determining where resistance would likely be found. I do not not even know, quite frankly, what is meant byy the phrase "value range." And I have not looked at volume in many years as consideration on any time frame less than a daily bar chart. You only need to look at where price has been, and where has it been stopped.


Pa trader has a very simple, yet I think incredibly clever approach to using these stopping points to trade. I may be wrong, but I would be surprised if volume or "value range" are considered at all. I see so many folks posting all these arcane and (in my opinion) misguided attempts to use anything to tell them how to make money in the markets except the one thing that will actually let them do so easily - PRICE itself!

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. But, if you sold price in the upper half of that range, you could close your position for a decent profit right now. Now, go look at most of the charts posted here at TL over the last 24 hours. How many of them could have made you any money? How many were posted a head of time so you know that the poster actually saw the opportunity before him or her? Outside of this thread, you will not find many, if any at all.

Best Wishes,

Thales

Yah, I get your point. I was asking more on a practical approach. Clearly it seems his daily charts are based on a rejection, once a good rejection forms, that becomes a S/R level.

The lines on the 15m chart, I am wondering how he defines those S/R levels?

[thalestrader]

I still think the ES needs one more wave down before it gets any substantial rally, and this scenario would look very pretty. Of course, anything can happen, and this really is but a day dream.



Best Wishes,

Thales

[Mr_black]

Short opp...............

[brownsfan019]

Originally Posted by Cory2679 »

[*]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.

Cory - nice job on working on your rules and getting your house in order.

I will offer 1 piece of advice - working 6am-11pm is insane. Even planning to work that much is a recipe for disaster. Why? B/c trading is such a mental game and struggle that to endure for that long every day IMO is beyond practical for most humans, esp someone that is new and just trying to learn a method. If this was on autopilot and being run by software, that's a different story.

It's admirable that you want to work a lot of hours and I'm sure you've been taught that in order to be successful you must in turn work a tremendous amount of hours. But what you have proposed here will lead to 1 thing - you burning out on a regular basis; which in turn will probably cost you money.

I currently work from about 9am-230pm EST and by 230pm, my brain feels like it's been worked over and that I just went through a 12 round fight.

I know the goal looks great on paper and sitting here on a Thurs it looks very doable but I think you are setting yourself up for tremendous disappointment.

[thalestrader]

Operation Insane Rodeo Clown (OIRC)

Originally Posted by MidKnight »

I was wondering if you are still considering doing that 'set and forget' experiment? Even if you did it with a demo account it would probably still give worthwhile information both to you and to anyone you chose to share with (hopefully this thread)

Sure, Midk, thanks for the reminder. I have decided to open up the micro platform and take the long EURJPY. as per my post above: Long at 125.57, stop loss 125.07, profit target 129.45. I'm trading Jonbig style, all in/all out, though I will trail a stop at a point behind the 61.8% retracement of the entire move higher if the trade trends positive (I have a friend who does this to great effect, so I figured I'd pirate it for this experiment).

For the record, this is a small account. Very small. When I told my daughter a few weeks back that I was going to try to do what she had done, she told me that it wasn't fair that she had started with only $25 but I was starting with $300 (I know, it's hard to believe a nine year old would really say "Hey! That's not fair!"). My wife agreed (also hard to believe, right?), so I had to draw out the excess and start at my daughter's level. I had done a small trade or two, so my actual starting balance as of today was $26.90 I think.

For this trade, I'm trading at 2 dimes/pip, so my risk is $11.16 (how's that for crazy rodeo clown leverage?!) and my profit target, if achieved, will yield $86.22. I'm still thinking that I'm early and that the EURJPY needs one more push down into the 124.37 level or so, but hey, I have to start somewhere.

The money is not important, however. This is about keeping score by scoring ticks. So this trade has a 50 tick risk and a 388 tick profit target. I'll update here in the thread when 1) I adjust the stop loss and 2) When I get stopped out and 3) at the end of each week until I blow up.

Below is a screen shot of the open position window and the Ninjatrader chart I posted earlier.

Giddy Up!


Best Wishes,

Thales