[forrestang]

Originally Posted by Gabe2004 »

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

Posting my losses after the fact I think can be more useful than the winners, the winners are the same thing over and over and look boring.

This particular trade was easy to sit through IMO. Mainly because before I went to bed, I was able to get my stop to right at BE, so in my head it was a free trade! I wound up loosing about 2PIPs on the trade because of the spread.

For a split second, after being in the trade, I realized I was up about 60pips, and thought about closing it, but left it alone. I was chatting with a friend last night who told me to cash it in, he doesn't look for that much a move. He later boasted about how I could have had 60pips instead of a BE trade. I told him that he would have never sat through long enough to get up to 60 in the first place.

I've noticed that with the trades I take, I have moved my initial target in, only to see that it usually gets hit later. So I'm done with that for the most part. Maybe if I had two lots on, I would have cashed one in?

About holding for a while? How did that trade you hit the other day that netted you 80 Pips make you feel? That had to be better than killing a trade early to grab 6pips when it went on for another 40-50 right?

[Gabe2004]

Originally Posted by forrestang »

Posting my losses after the fact I think can be more useful than the winners, the winners are the same thing over and over and look boring.

This particular trade was easy to sit through IMO. Mainly because before I went to bed, I was able to get my stop to right at BE, so in my head it was a free trade! I wound up loosing about 2PIPs on the trade because of the spread.

For a split second, after being in the trade, I realized I was up about 60pips, and thought about closing it, but left it alone. I was chatting with a friend last night who told me to cash it in, he doesn't look for that much a move. He later boasted about how I could have had 60pips instead of a BE trade. I told him that he would have never sat through long enough to get up to 60 in the first place.

I've noticed that with the trades I take, I have moved my initial target in, only to see that it usually gets hit later. So I'm done with that for the most part. Maybe if I had two lots on, I would have cashed one in?

About holding for a while? How did that trade you hit the other day that netted you 80 Pips make you feel? That had to be better than killing a trade early to grab 6pips when it went on for another 40-50 right?

The trade with the 80 pips gain happened while I was watching TV.
It seems that whenever I don't watch the charts my gains are larger because i don't try to second guess myself.
I don't know why watching the charts is more difficult than to leave them alone. Still working on that.

Take care

Gabe

[brownsfan019]

Speaking of chart color backgrounds, I've been told by my eye doc that you want an off-white color as your main background color. You don't want bright white, but something like an egg shell in terms of what is best for your eyes.

For awhile I used a black background as I thought it was pretty neat looking but it does cause your eyes to focus more and bring the other colors to the front.

Just my

[thalestrader]

Originally Posted by forrestang »

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?

The pattern would be a form of Sperandeo's 2B. Strictly speaking, a 2B is an opportunity to fade and extreme S/R level whereby you watch for price to exceed a prior high/low and then quickly reverse.

The way I read Sperandeo, his entry point would be the prior high/low, i.e. in this case, as price trades back through the prior low, go long. I was suggesting a later entry, i.e. go long when price breaks above the high of the little rally that preceded the lower low. You have to decide which way you wish to trade it (or if you wish to trade it at all). Sperandeo's approach offers a much smaller stop loss, and thus allows for a larger position size than would my entry with its relatively large initial risk in comparison.

My experience is that waiting to buy the break of the high provides a higher probability to first profit objective, where as Sperandeo's entry, especially on intraday trades, will typically result on a high losing percentage. However, winning percentage is no important so long as you are trading for (and allowing price to achieve) profit targets greater than your initial risk. In other words, either entry should over the long term prove generally profitable assuming the use of proper money management (proper use of stop loss, position size, and letting profits run to targets when price is able to do so). Using proper position sizing, I would not be surprised to find that Sperandeo's more agressive approach, though losing more often, may very well generate significantly greater profits than mine.

All this to say that yes, this pattern is a form of 2B, but the shape of this particular pattern makes it a special case of the 2B.

Look at the 5 minute NQ today. I think I may have spied one on the qqqq today, so it should be on the NQ.

Best Wishes,

Thales

[thalestrader]

Originally Posted by forrestang »

For a split second, after being in the trade, I realized I was up about 60pips, and thought about closing it, but left it alone... Maybe if I had two lots on, I would have cashed one in?

Hi Forrest,

Do you trade one of those fxcm Microlot accounts? If so, you can split even a 2k position in half and take 1/2 at one profit target and hold a second for a larger move.

60 ticks is a lot of profit to let run back to a loss (even a 2 tick loss). However, if I had to choose between you letting a profit run back to break even or Gabe who cuts every trade at 7 ticks profit, I'd go with you (right Gabe?).

By the way, what was your entry? It seems that price fell from a fairly well defined resistance zone, and taking some profit on a long would have been justified at those levels (143.40 +/-).

Best Wishes,

Thales

[Gabe2004]

Originally Posted by thalestrader »

Hi Forrest,

60 ticks is a lot of profit to let run back to a loss (even a 2 tick loss). However, if I had to choose between you letting a profit run back to break even or Gabe who cuts every trade at 7 ticks profit, I'd go with you (right Gabe?).

Best Wishes,

Thales

statistically speaking you are right
Actually yesterday I made 15 and 20 but I am not proud of it.

Can someone give a chart example of a 2B pattern?

Thanks

Gabe

[forrestang]

Originally Posted by thalestrader »

The way I read Sperandeo, his entry point would be the prior high/low, i.e. in this case, as price trades back through the prior low, go long. I was suggesting a later entry, i.e. go long when price breaks above the high of the little rally that preceded the lower low.

All this to say that yes, this pattern is a form of 2B, but the shape of this particular pattern makes it a special case of the 2B.

Which entry point were you referring to, see the attached chart. I am guessing you meant an entry at point 1. What was it that makes this a special pattern? I guess I'm just wondering what you meant by paying special attention to this particular pattern? Was it that price had previously broken above of a resistance level, then crashing down and developing the 2B? That it happened AFTER a breakout and fell to a somewhat prominent support level shown by the blue dotted line?

Originally Posted by thalestrader »

Do you trade one of those fxcm Microlot accounts? If so, you can split even a 2k position in half and take 1/2 at one profit target and hold a second for a larger move.

Funny you ask that. I remember you saying a long time ago that fxcm had changed something and your daughter being upset about it.

I tried the demo platform and just couldn't get used to trading with it. I can understand one's frustration. So I went with and am using the live MB platform, I wonder if I can split a mini lot in half? Seldom do I take a trade with the first PO being 100pips away, so splitting that as you mentioned would have made sense.

Originally Posted by thalestrader »

By the way, what was your entry? It seems that price fell from a fairly well defined resistance zone, and taking some profit on a long would have been justified at those levels (143.40 +/-).

My entr was 142.80. I see your idea of where I could have taken the first PO. It makes sense.

[Gabe2004]

My latest trade of GJ.
I have switched to trading in x3 (3 units).
The logic behind this is to take profit on 1/3 at a level that will cover a possible loss on the other 2/3 if the target for the 2nd 1/3 is not met.
I have taken profit of the 1st 1/3 at what seemed to be a logical resistance point while giving me somewhat of a decent profit.

Take care

Gabe