Hi All,
Here is my first crack at the larger TF thingy. Please let me know if I am on the right track. I am waiting to see if Cable forms the Double top. If we get a rejection at the 2.0131 we could be in for a nice ride down. Also a question in understanding. Would the yellow dotted line be an inside top and if so would this be a breach. Also, Tamara, would this be something for your other site or am I in the right place?
Jim

15 minutes

Jim, I do not play 15 min nor 30 min and very seldom 1HR. I have no problem with the triangle breakout pattern and they can be profitable if you can watch the screen or place a limit order. However, in the latter case, the breakout can take you to an opposite direction. I just do not know how to play them. Here is a recent triangle breakout of the same pair using 15 min timeframes. Price moves very fast and I am not a momo trader. Will I have enough time to even take the profit? By the way, we started a private blog to discuss and learn from our trades at http://tamkras.blogspot.com/. I will use the current blog to post new ideas, some of my trades and, with the permission of fellow traders, some of their gem trades . Good luck.

Hi Tamara

Just trying this blog thing out, Did you catch the breakout of the pennant formation on the EUR/JPY. I missed it because I was losing money on the GBP and not looking at this pair at the time. It even gave us an entry after it tested the back of the Triangle at 165.67 and the stoploss would have been a moderate 35 pips. It also broke and tested the 168.78 price line, a line that the price found as ressistance during the formation of the triangle, and was now using the same line as support. Could have rode this baby until a full red candle formed and cleared on the back of the yellow trendline. All in all, it would have made for a good Friday. This is what I have to learn to spot ahead of time. And thank you Tamara for the chance to give something back for all the wonderful things you are doing. After I posted this I realized the yellow trendline doesn't exsist. I tried to edit and kept getting an error. I am sorry and will try to do better in the future.

Jim

Evolution of a ruined trade plan

I would like to show you my recent trade plan which I ruined because of "feeling". All the setups were initially correct. Even when I was asked why I put the stop-loss at such an odd number, I was very clear. Here is the tape reading:

""

Jim said...
Question, Tamara, why the stoploss at .6486.

Jim
June 24, 2007 8:04 PM
Tamkras said...
i try to keep it around 50 pips. if i deduct 50 pips from my entry i would get 1.6497. it is very close to the psychological level and i saw it many times when the price takes it by 10 pips further and goes back. so, i've put 61 pips.
June 24, 2007 8:43 PM

""

This is the chart which shows evolution of impatience and how the perfect plan was ruined by the feeling. Let's walk over together.

Point A. Entry

Point B. Manual Exit with 20 pips loss. Price was sliding along the trendline. I "felt'" no fast recovery.

What happens next is me being made the laughing-stock.

Point C. Price plunges to the low of 1.6490. Didn't I say earlier about this scenario? Too late. A star is formed which would confirm to stay in the trade.

Point D. A point of potential profit-taking. In retrospect.

What we have instead is 20 pips loss.

Long USD/CHF

I opened long USD/CHF last Sunday, June 24th, and it is currently open, finally going positive. 5-days and counting long position. That's why it is called long. Long patience. Impatience kills your trades and I believe an impatient trader is a misnomer, or someone who needs a therapy. Prepare for the next week and start building your trade plans on Friday.

Your ideas are welcome

Hello, fellow traders. I hope you find my ideas and setups interesting and profitable. You can always extend the length of the setups which I provide here. Like, for example, you could hold short Aussie longer for over 100 pips gain. I just provide a starting/tipping point and you can always apply your own creative work here. I am not always at my tradestation and I value the time with my friends and family more than the time spent with the whimsy market. It gives me a good balance between quality of trading (pips) and quality of life.

One important point: I post my ideas for educational purposes and not as a free signal-provider. My blog is fast approaching 2,000 visits and it has been here for 3 weeks. I do not throw links here and there and do not war in any marketing campaigns. My blog can not exist without your support and feedbacks. Jim, Kappa, Dropplan and Luke, I thank you for your continuous interest.

If your goal by visiting my blog is to take free signals for another 6 months or so, you've probably come to a wrong place. I just can't do it all the time because I spend a lot my own time on research as each transaction is an investment. I guess you were able to see the quality in each trade or setup. My major goal is to show you that patience and experience can work in this, seemingly, chaotic market. I can spend time (while I can) on this blog discussing your thoughts and will be happy to see your evolution as a patient an profitable trader.

You can post your ideas on some particular setups which you see in the market, please, provide your initial trade plan, why you think it should evolve into your direction and I will try to work with you.

In the meantime, I will post some of my trades.

Good luck.

Trade summary

Main trades:

1). Long EUR/CHF - 20 pips;
2). Short AUD/USD + 55 pips;
3). Short USD/JPY + 24, + 65 pips.

All are closed.

Total: Up 124 pips

Experimental trades:

1). Short USD/JPY + 50 pips. Closed;
2). Long USD/CHF - currently open - 3 pips;
3). Short AUD/CAD + 35 pips. Closed at 8:00 pm EST.

Everything was done in front of your eyes, no cheating. Just patience, cool patience. And a little bit of courage. Just analyze all your trades which you did without patience and tell yourself if they were worth it. Good luck.