[Cory2679]

Originally Posted by brownsfan019 »

I will offer 1 piece of advice - working 6am-11pm is insane...

Thanks for the advice, brownsfan. I really appreciate it. I will definitely consider what you said and think about next week's schedule over the weekend.

[Mr_black]

That was fun.....instead going down and trigger short sale price made HH totally changing my view .... I went Long for + 32 YM points

[patrader]

15m ES chart

[Cory2679]

Originally Posted by thalestrader »

Operation Insane Rodeo Clown (OIRC)

You ought to play "King of the Micro!" I'm sure you obviously don't care about the prize money, but competition is always fun...since you're trading a small micro account, anyway. I think you need a $500 account, though. I think some of the winners will make somewhere around 2,000% return in a month (obviously super duper mega rodeo clown leverage).

I was just reading about King of the Micro so when you just made that post, I thought of it. I didn't realize that it was actually a real competition when you mentioned it a while back! I thought it was just a phrase you coined.

Originally Posted by thalestrader »

You may not win king of the micro, but in the end you will still have a growing account long after the cowboys have gone form $500 to $5000 to $0.

Obviously, it's up to you!

EDIT: Although, I guess you're already "competing" with your daughter!

BTW...

Originally Posted by thalestrader »

I'm trading at 2 dimes/pip, so my risk is $11.16 (how's that for crazy rodeo clown leverage?!)

Good grief!!! I think I missed that the first time I looked at that post!

[forrestang]

Originally Posted by thalestrader »

For a short, the low tick after I am stopped in is a Low. Price then bounces from that Low and rallies 3-4 ticks above entry. That is a High. Price then comes down and retests the low. That is a Higher Low. I am out if price comes back up to make a Higher High. This usually all happens on the same "bar." Bars have nothing to do with it - Highs, Lows, Higher Highs and Higher Lows, Lower Lows and Lower Highs. I am very consistent.

Question for you Thales, about management and the quest for consistency and cutting losers quickly.

Shown here on the first chart is just a larger outlook. IN that price did have 3 pushes in a way(shown by different color tcl), and possibly a 3rd push with a slight overshoot of the tcl. But nothing super obvious, so I wouldn't really expect much.


This graph is showing a medium out look, definitely no tcl overshoot, or anything that really makes one think reversal IMO..... other than a strong move in one direction. But shown is the entry, BE trigger and two targets.


I'm showing next a really small tf view. Now you can see the entry and BE point replicated on the chart (pay attention to the ordering of the bubbles). In this instance I never got a chance to get to BE.

You see after the entry a nice move, different than the sometimes stop in and retrace on you. Price then came back towards entry. Now I took the stop shown on the chart.

But here is the question, you said you like to see(for a long), a H-LH-LL that will take you out early. My question is this scenario occurred around points 3-5. But my exit was prior to this occurring. Is this rationale correct on what may have seen you exit the trade? And in this case it really was only a difference of a tic, so this is more an academic question.

[patrader]

Originally Posted by forrestang »

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?

Lite blue horizontal lines are support levels and lite red horizontal lines are resistance levels that i am watching for three push wedges to end at/or near in order to exit my last contracts and/or reverse.One of the nice things about trading off the 15m chart is i can see(by looking "left") S/R levels in the recent past easier.Most of my S/R levels come from the 15m chart but sometimes when the market has moved a considerable distance in one direction i may need to go to higher timeframe charts to see S/R levels in these areas.I will transfer these higher timeframe levels to my 15m chart.I use the daily,240m and 60m charts for this.My main focus is the third push of the wedge ending at these levels.I look for important previous swing highs for resistance levels and swing lows for support.Usually these levels are at highs or lows where previous wedges end.I do not use volume or anything else to determine these levels just price action.The dark blue horizontal lines are breakout areas of swing highs or lows in the trend.HTH

[jonbig04]

So I got stopped to the tick last night, and I really didn't like it. Haha. Thales i was hoping you would look over this and let me know what you think. I'm trying determine if it was just bad luck or if there's a better route I could have taken.


Click for full size - Uploaded with plasq's Skitch


The red lines are the trade that I took. We had a high, a HL and a LL. I was slightly apprehensive before I took this because the LH was only a tick below the high, and there was a small support area that I was afraid might hold and own me (which it did) in the green boxes.

But I had a choice. I could make the entry higher up, which I did. And my stop would be further up, which it was. The down side would be that the little support area would still be there lurking. Or I could wait for that area to break down and have my stop in a slightly worse spot.

The downside to that (besides the worse stop placement) is that if price didn't bounce right there like it did, it may end up never returning to give me the 123 and I don't take the trade unless it's at the extreme, which I usually define as 2-3 points from where price found R.

In my mind either entry was valid and had its's drawbacks and it just so happens that the one I took came back to bite me. But I wanted to see what you had to say about it.

I know of course that when you trade you use much bigger waves, but leave that aside for now.

Also one thing I am considering is something I'm uneasy to consider, and thats being more dynamic. I've always been a rules person, and a discipline person, but I can't help but look at this trade and see how price reached the trouble spot (green box) we had a slight volume spike and even a doji. Maybe if I was more dynamic, I could have moved to BE at that point and waited for the secondary entry that I marked with the green lines? I always think that kind of thinking is playing with fire though.

[MidKnight]

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