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This is a discussion on TDs Journal within the Trading Journals forums, part of the Reception category; I went long on Crude last night ( point 1 ) entering at £1 per tick minutes before the US ...

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Old Sep 17, 2008, 10:29am   #51
 
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trader_dante started this thread I went long on Crude last night (point 1) entering at £1 per tick minutes before the US rate announcement. Not the best timing as I went immediately offside and almost got stopped as the Dollar gained strength. However, the market came back strongly and as the position moved well into profit I held it as an overnight.

Once the market broke through my first resistance I moved my stop to a little way beneath it and was stopped out for a profit of £183 at point 2.
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Old Sep 17, 2008, 12:06pm   #52
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Hi Tom,
Great trading - as ever.
In line with the recent flurry of members changing their username, I think you should change yours. Some suggestions in case you want to consider the idea . . .
1. Midas Touch
2. Mr. Midas
3. trader_midas

Tim.
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Old Sep 18, 2008, 1:24pm   #53
 
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trader_dante started this thread This is one of my favourite setups although I made nothing out of this particular one.

Price falls strongly into a solid support (fifth test in this case). The market then bounces but stalls part way up the previous bar and then falls back again.

I took this at £2 per point on the breakout at point 1 with a target at point 2. This went almost immediately onside but I was a little too hasty to move my stop to breakeven (after being 23 pips up) and got caught on the retracement.

The target was hit two hours later.

Such is the case from time
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Last edited by trader_dante; Sep 18, 2008 at 2:43pm.
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Old Sep 18, 2008, 1:57pm   #54
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Originally Posted by trader_dante View Post
This is one of my favourite and most reliable setups although I made nothing out of this.

Price falls strongly into a solid support (fifth test in this case). The market then bounces but stalls part way up the previous bar and then falls back again.

I took this at £2 per point on the breakout at point 1 with a target at point 2. This went almost immediately onside but I was a little too hasty to move my stop to breakeven (after being 23 pips up) and got caught on the retracement.

The target was hit two hours later.

Such is the case from time
TD,

When you played this breakout ($/yen) where did you put your initial stop? And is it the same concept with all breakouts you play?

I'm asking because before i found your initial thread i had been trading breakout/triangle/flags etc but struggling to identify a good place to put stops. Somewhere where your decision to trade is wrong (like in the case of pins bars the break below the pin).

Thanks in advance,

Glen
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Old Sep 18, 2008, 2:07pm   #55
 
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TD,

When you played this breakout ($/yen) where did you put your initial stop? And is it the same concept with all breakouts you play?

I'm asking because before i found your initial thread i had been trading breakout/triangle/flags etc but struggling to identify a good place to put stops. Somewhere where your decision to trade is wrong (like in the case of pins bars the break below the pin).

Thanks in advance,

Glen

Hi Glen, I usually put my stop just above the high of the bar that triggers the entry into the breakout. In this example entry was at 105.17 with a corresponding stop at 105.47.
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Old Sep 18, 2008, 2:34pm   #56
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I see you have a new mantra trader_dante......... is time not time, and money not money anymore?
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Old Sep 18, 2008, 2:42pm   #57
 
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I see you have a new mantra trader_dante......... is time not time, and money not money anymore?
Time is time and money is money is one of my favourite quotes but it's always good to change the mantra from time to time.

Don't want to sound like a broken record lol
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Old Sep 19, 2008, 4:28pm   #58
 
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trader_dante started this thread On Wednesday, I was watching the Soybean market as it came into the rising TL from September '06 and a major previous swing low that also forms a minor s/r pivot.

I saw an inside bar at this level on the hourly TF and decided to take it on a break long at £3 per tick at point 1 with a stop on the other side of it at point 2.

When I got home from work the pits had closed but I saw that beans had moved up after my entry but pulled off the hourly resistance which was a little disconcerting because the other grains had had a strong rally into the close.

In the electronic session overnight, the market came off but in the morning it moved up and made new highs once again. This gave me a degree of confidence, however, when the pit opened there was a sharp gap down.

I admit I had a bit of a "rabbit in the headlights" reaction to this down move. It wasn't anything to do with the size of the position - I had calculated the risk and was prepared for the loss - it was more to do with the fact that despite having a plan you are prone to wondering in the heat of the moment whether you should hold steadfast to the plan or call on intuition and experience and adjust the plan in response to unexpected market movements.

The dilemma for me was that although the beans gapped down they were holding at my entry and then moving up to fill the gap even while the other grains (Wheat and Corn) were falling quickly and violently. I couldn't decide and indeed had no way of knowing at the time whether the fact that Soybeans were holding up was because either they:

a) had underlying price support leading to the assumption that if the other grains turned up then Soybeans would outperform or;

b) that selling had not hit them yet but soon would

In the end I decided, despite being given several chances to get out for a scratch or a small gain, to keep to the plan and hold as I believed the level I had used as the basis for my trade, was a strong one.

At any rate, the beans soon followed the other grains and went down through the support, hitting my stop.

Was my stop in the safest place? The problem with placing it below the inside bar was that the inside bar itself was above the TL and the previous swing low. Therefore a complete test of support may have been anticipated on any downwards move.

This thought was confirmed by the spike low which was short lived when the market was bought up at slightly lower levels.

I always find that you learn more from the losing trades than the winners and I had a lot to think about after this one.

The loss was relatively minor though at £75.
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Last edited by trader_dante; Sep 19, 2008 at 9:04pm.
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Old Sep 19, 2008, 5:58pm   #59
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What is your view on the contract now? With no close below your support (red line), do you remain bullish and on the lookout for another entry on pullback? Or have you taken the whole trade off the table....

great trading BTW.
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Old Sep 19, 2008, 9:20pm   #60
 
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What is your view on the contract now? With no close below your support (red line), do you remain bullish and on the lookout for another entry on pullback? Or have you taken the whole trade off the table....

great trading BTW.
Hi MrGecko, thanks for reading my journal.

Rather than take a view, I try and follow the price and stay open to all eventualities.

However, I can say that price has held above the confluence of a rising TL and a previous major swing low so there is support. While we are above support and a strong one such as this, I am looking to be a buyer.

Interestingly, price has hit what was my first target in the trade I took, head on (see chart attached) and found some resistance...

At each resistance level on the way up, I will be looking for shorts into the downwards trend that started in June...
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