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 Post subject: January 21st Wednesday - Futures, Forex, Stocks and ETFs
 Post Posted: Thu Jan 22, 2015 9:00 am 
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Joined: Tue Dec 16, 2008 1:02 am
Posts: 2503
Location: Canada
Price Action Trading (no technical indicators)
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##TheStrategyLab (located on the Freenode IRC network) is free along with being a serious professional trading chat room for traders using WRB Analysis (e.g. Contracting Volatility, WRBs, WRB Hidden GAPs, WRB Zone, WRB/WRB Hidden GAP profit targets, Key Market Events, Reaction Highs/Lows, Expanding Volatility, WRB Zone, R area of WRB Zone, S area of WRB Zone) by itself or merged with other trade methods to improve the performance of those other trade methods regardless if you're a position trader, swing trader or day trader. Therefore, you're welcome to use the chat room to ask questions about WRB Analysis, post real-time price action trading analysis involving WRB Analysis merged with your own trade methods, post real-time trades or talk about general market issues impacting today's price action involving stocks, futures, exchange traded funds or forex currencies. In addition, we welcome all traders (beginners, experience, part-time, full-time) that are merging WRB Analysis with their trade methods or using WRB Analysis to help develop a better understanding of the price action (market context) they're trading.

##TheStrategyLab chat room is is primarily designed for you to use as a trade journal of your WRB Analysis or real-time trades with time stamp archive....giving you a better understanding of your broker statements from one trade to the next trade when you review your performance numbers on any given trading day in the past. Therefore, if you use our chat room...its highly recommended you post messages that reflect what you see in the price action on your monitors so that the chat room becomes your diary to correlate with your broker statements. Therefore, the usefulness of ##TheStrategyLab chat room is determined via your participation in the chat room.

Also, ##TheStrategyLab chat room is not designed to be educational. Simply, members using the chat room are not there to teach you how to trade and you will not see me discussing the reasons (strategies) behind my trades within ##TheStrategyLab chat room because those reasons (strategies) are only discussed with fee-base clients in a different chat room. Yet, if you want ##TheStrategyLab chat room to be educational or more active in discussing whatever it is that you're trading, we highly recommend that you ask trading related questions about your own trading instead of lurking (not saying anything) because your primary purpose is to improve your trading if you're a struggling trader. Therefore, don't join ##TheStrategyLab and then be silent. To be silent while using ##TheStrategyLab chat room, you'll be wasting a collaboration opportunity for improving your trading and doing such will make ##TheStrategyLab chat room useless to you.

Quote:
The chat room is only for traders learning or applying concepts of WRB Analysis. In addition, traders that use ##TheStrategyLab are required to post either one WRB Analysis price action commentary involving any key concept from the free study guide, one real-time trade or one general trading related commentary per day they log-in to the chat room. Yet, if the trader decides to post real-time trades (simulator or real-money)...the trades must be clear (not ambiguous) entry price/exit price and position size. Traders that consistently log-in and not post any price action commentary involving WRB Analysis or post ambiguous trades will be KICKED (removed) from the chat room. Exceptions to the chat room participation rule involves those traders that are actively posting elsewhere at TheStrategyLab.com (e.g. DOKs at their support forum in the public area or within their private threads)...these traders are then allowed to not participate in the chat room if that's what they prefer to do instead of asking for help with real-time WRB Analysis.

With that said, thanks for reading the trades, price action analysis or market commentaries that's below and we highly recommend you make reading of the logs a part of your trading routine because you will sometimes find useful market context information that's critical to understanding price action trading. To qualify for access to our free ##TheStrategyLab chat room that's located on the Freenode IRC network...please follow the instructions at the TSL Support Forum @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Attachment:
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click on the above image to view today's price action of key markets

Session Start: Wed Jan 21 09:23:56 2015
Session Ident: ##TheStrategyLab
[09:23:56] * Now talking in ##TheStrategyLab
[09:23:56] ##TheStrategyLab url is http://www.thestrategylab.com/tsl/forum/
[09:29:18] * CaydenV (CaydenV@cpe-104-173-21-187.socal.res.rr.com) has joined ##TheStrategyLab
[09:29:47] * TradeSnake______ (~TradeSnak@S0106602ad084af2e.vc.shawcable.net) has joined ##TheStrategyLab
[09:31:08] * Racer_X____ (~Racer_X@LTVLPQ0403W-LP140-04-1279494384.dsl.bell.ca) has joined ##TheStrategyLab
[09:37:13] <Tigerman__> gm all
[09:37:24] <Syzygy_____> gm
[09:37:29] <CaydenV> gm
[09:37:55] <Tigerman__> 2 big spike one after another
[09:38:13] <Tigerman__> now retrace the gap
[09:38:47] <Volker> gm
[09:39:26] <Syzygy_____> tf long 1166.8
[09:40:55] <Syzygy_____> hit trailing stop
[09:41:15] <Tigerman__> wow big run up but no entry point x me
[09:41:38] <Tigerman__> simply not easy to digest when market run a lot without you on board :(
[09:41:49] <@wrbtrader> WRB Analysis -> - Your use of this chat room implies you're using concepts from WRB Analysis for price action trading to help trade either Stocks, Emini Futures (EMD, TF, ES, NQ, YM), EuroFX 6E Futures, Eurex/Euronext Futures (DAX, ESTX50, FTSE100, CAC40, BUND), Treasury Futures (ZF, ZN, ZB), Oil Futures (Brent, CL, HO, QM), Gold GC Futures, Natural Gas NG Futures, Exchange Traded Funds (DIA, GLD, IWM, OIH, XLE, QQQ, SPY), Hang Seng HSI Futures, NIFTY Futures, Forex Currencies (GbpUsd, EurUsd, EurYen, UsdCad) and other key market price actions.
[09:42:27] <@wrbtrader> Good morning all
[09:42:44] <Tigerman__> hi wrbtrader
[09:44:48] <Tigerman__> I biased x short
[09:48:55] <Tigerman__> sh es 2016
[09:48:59] <Tigerman__> med sz
[09:49:31] <Tigerman__> exit 1/2 2014 +8t
[09:50:33] <Tigerman__> intuition trade no clear setup x me
[09:51:13] <Tigerman__> exit all rem 2015.50 +2t
[09:53:33] * mtntrader (~mtntrader@76.25.5.217) has joined ##TheStrategyLab
[09:55:28] <Volker> QE rumors in Europe shuffle the cards a little
[09:56:45] <Tigerman__> seems that QE prompted the swiss to cut the peg with euro
[09:57:13] <Tigerman__> many banks and retail traders suffers monsters losses
[09:57:22] <Tigerman__> some days ago
[09:57:37] <@wrbtrader> Long Emini ES @ 2017.50 -> large size
[09:57:48] <@wrbtrader> 10 contracts
[10:00:21] <@wrbtrader> Exited all Emini ES Long @ 2017.75 --> + 0.25
[10:00:27] <@wrbtrader> :(
[10:00:36] <@wrbtrader> trail pick pocketed
[10:01:06] <@wrbtrader> Long Emini ES @ 2020.00 -> large size
[10:01:30] <@wrbtrader> 10 contracts
[10:01:35] <Volker> warbtrader - how close would you place a trail in this market?
[10:01:40] <Volker> wrbtrader - how close would you place a trail in this market?
[10:01:53] <@wrbtrader> Long Emini ES @ 2020.00 -> Add
[10:02:22] <@wrbtrader> 5 added
[10:03:38] <@wrbtrader> Long Emini ES @ 2018.00 -> Add
[10:03:47] <@wrbtrader> 10 added
[10:04:22] <Tigerman__> wow wrbtrader you load the boat
[10:04:58] <Tigerman__> I fell not so confident now
[10:05:02] <@wrbtrader> normal size
[10:05:11] <@wrbtrader> first entry on the low side
[10:05:22] <TradeSnake______> Choppy price action
[10:05:42] <@wrbtrader> exits not going to be pretty :)
[10:05:43] <Tigerman__> ah yep right that is normal size for you :)
[10:07:11] <CaydenV> RUT at highs of day
[10:07:12] <@wrbtrader> Exited Emini ES Long @ 2020.00 --> + 2
[10:07:30] <@wrbtrader> still holding the original 10 contracts
[10:08:28] <@wrbtrader> the 5 contract add was a position size error...wanted 10 contracts
[10:08:29] <Tigerman__> contracting now
[10:08:53] <Tigerman__> I hTE THAT
[10:09:03] <Tigerman__> hate I mean
[10:09:20] <@wrbtrader> price action just turned ugly
[10:10:26] <@wrbtrader> Exited Remainder Emini ES Long @ 2015.75 --> - 4.25
[10:13:24] <Tigerman__> sh es 2015.75
[10:14:05] <Tigerman__> stall here
[10:14:09] <@wrbtrader> Long Emini ES @ 2015.75 -> large size
[10:14:22] <@wrbtrader> 10 contracts
[10:14:47] <Tigerman__> exit es 2016.75 -4t
[10:14:56] <@wrbtrader> choppy around yesterday's regular session close
[10:16:31] <@wrbtrader> Volker...I have no preference for "how close of a trail"
[10:16:42] <@wrbtrader> I put them as required
[10:17:00] <Volker> Mhhh...
[10:17:15] <@wrbtrader> unless its an error via accidentally moving it to a price (too close). I had two like that last week
[10:17:54] <@wrbtrader> 2 tick trail is probably the closest I've used lately....
[10:18:05] <Volker> Do you move the stop a lot?
[10:18:16] <@wrbtrader> Price action was moving hard in my favor on a volatility spike...I didn't think it'll get hit.
[10:18:20] <@wrbtrader> It didn't
[10:18:29] <@wrbtrader> Yep...often
[10:18:54] <@wrbtrader> I average about 3 adjustmetns per trade
[10:19:10] <@wrbtrader> already done 2 adjustments for the current trade
[10:19:21] <Volker> Would you say this a key to suceess?
[10:19:31] <@wrbtrader> No...just normal
[10:20:01] <Volker> Do you widen the stop as well?
[10:20:17] <@wrbtrader> not often
[10:20:23] <@wrbtrader> 5% of the time
[10:20:30] <Tigerman__> [16:19] <Volker> Would you say this a key to suceess? for me thats a key to stress the joint :)
[10:20:34] <@wrbtrader> just guessing on that percentage
[10:20:58] <Volker> What would be a reason to widen the stop?
[10:21:10] <Tigerman__> simply my fingers and amrm burn a lot after trading
[10:21:16] <@wrbtrader> Error on the initial stop placement
[10:21:26] <@wrbtrader> that's a good reason
[10:22:05] <@wrbtrader> Exited all Emini ES Long @ 2020.00 --> + 4.25
[10:22:20] <Volker> When you narrow the stop, do you place it below swing points?
[10:22:29] <@wrbtrader> no
[10:22:49] <@wrbtrader> I just follow the trade management file (90%) of the time
[10:23:11] <Volker> I see. That's good to know.
[10:29:07] <@wrbtrader> Reminder...
[10:29:33] <@wrbtrader> I try very hard not to let any stop or trail get hit
[10:29:46] <@wrbtrader> I prefer exiting my trades "before" they are reached
[10:30:11] <@wrbtrader> I'm able to do that most of the time
[10:30:29] <@wrbtrader> If I can't do that...you'll see me say things like "pick pocketed"
[10:31:05] <@wrbtrader> Just means the price action moved too fast or I was doing too much analysis to be able to react (exit the trade) prior to a stop/trail being hit
[10:48:07] <@wrbtrader> Long Emini ES @ 2023.25 -> large size
[10:48:14] <@wrbtrader> 10 contracts
[10:48:15] <@wrbtrader> chasing
[10:48:33] <@wrbtrader> not much of a chase...its moving slowly
[10:50:19] <@wrbtrader> Exited all Emini ES Long @ 2027.75 --> + 4.5
[10:50:29] <CaydenV> nice work
[10:50:31] <@wrbtrader> WRB pt1 reached
[10:50:51] <CaydenV> it took a while to open throttle
[10:51:20] <mmm_> Nice trade.
[10:52:43] <Volker> wrbtrader - Do you say WRB pt1 reached, when the bar is finished? Or when the current price level would qualify for a WRB?
[10:53:26] <Tigerman__> seems good for a long here
[10:54:29] <Tigerman__> lg es 2029.25
[10:55:24] <Tigerman__> exit 1/2 2030.5 +5t
[10:55:46] <Tigerman__> hope can get a good target
[11:09:04] <rwbil> Volker accoring to the TM Section the bar does not have to close
[11:10:00] <Volker> rwbil - I know, but if they close you get more...
[11:10:35] <rwbil> Yes one of the TM decisions I struggle with. Still working on my rules for that
[11:11:03] <CaydenV> 'bird in the hand'
[11:11:07] <rwbil> Sometimes a WRB could be reached mid bar that is not even a profit
[11:13:48] <rwbil> CaydenV for me much more complicated. Do you take a mid bar WRB that yields 5 tick gain if you had 20 tick risk??
[11:14:12] <@wrbtrader> That's a conflict
[11:14:24] <@wrbtrader> WRB Analysis is not for traders using risk:reward
[11:15:22] <@wrbtrader> risk:reward "fixed" (e.g. 20 ticks) is only for traders that beleive the price action they're trading right now will be the same for a different price action they're trading next hour, next day or next month
[11:15:57] <@wrbtrader> Another way to look at it...traders make the ERROR in believing that just because its the "same trade signal"...they should be using the same risk:reward
[11:16:21] <rwbil> 20 ticks was for illustration purposes only maybe you had a SL of 10 ticks 15 ticks or whatever. You have to use some factors to decide on taking a mid bar WRB or not.
[11:16:27] <@wrbtrader> The reality is that its NOT the same price action while using the same trade signal
[11:16:58] <@wrbtrader> Thus, risk:rewards are ok is you're using ADJUSTED risk:reward instead of FIXED risk:reward
[11:17:30] <@wrbtrader> There's a study in Stocks & Commodities several years ago about the comparison of Adjusted versus Fixed
[11:17:39] <@wrbtrader> Adjusted outperformed Fixed
[11:17:59] <rwbil> Yes I agree your SL varies per trade for me. SL has to be behind something logic not just arbritary fixed SL
[11:18:22] <@wrbtrader> Profit targets must vary accordingly to the price action
[11:19:12] <mmm_> Great point.
[11:19:37] <Tigerman__> exit all rem ES lg 2029.25 at 2031.5 +9 tk
[11:19:42] <@wrbtrader> Therefore, if the market saids its only going to give you 5 ticks and your fixed reward is 20 ticks...
[11:19:54] <@wrbtrader> You better take that 5 ticks instead of a loss
[11:20:08] <Tigerman__> exit around 11 am simply not posted here before
[11:20:35] <@wrbtrader> Then if you're wrong...you better know the price action and jump back on before it turns back your way
[11:23:46] <Trader_Uy> very good education for me today here Mark! tahanks
[11:29:57] <CaydenV> TF at the base of the recent wrbhg- the others in the middle of that range- 4 minute chart
[11:32:11] <@wrbtrader> Trader_Uy the key point is that WRB Analysis and fixed risk:rewards to not work together.
[11:32:17] <@wrbtrader> They are in contradiction
[11:32:22] <@wrbtrader> of each other
[11:33:14] <Trader_Uy> yes wrbtrader I think thats an important change of my mind to do since I came here
[11:33:18] <@wrbtrader> Simply, WRB Analysis will not improve the trading of anyone using fixed risk:rewards.
[11:40:04] <@wrbtrader> The hardest thing for me to realized was that a trade signal will give a signal in "different" types of price actions even though the trade signal itself has not change.
[11:40:48] <@wrbtrader> That in itself implies our "trade management" needs to be adjusted for the "different" types of price actions.
[11:42:32] <@wrbtrader> I see a lot of traders tweaking (changing their entry signal) when things isn't working well when in reality they need to tweak/change (make adjustments) in their trade management because the trade signal gave an entry into a price action that will be "different" one minute from now.
[11:43:01] <@wrbtrader> Market does what it wants
[11:43:32] <@wrbtrader> I always enter a trade with the thought...as soon as I open a position...the market will do something I was not expecting.
[11:43:50] <@wrbtrader> That's where my FEAR is at when trading
[11:44:44] <@wrbtrader> I'm afraid of sitting back and doing nothing after I enter a trade while the price action is obviously changing after my entry.
[11:45:51] <Trader_Uy> that means not respecting you fix stop?
[11:46:01] <Trader_Uy> say 8 ticks initial stop loss on ES
[11:46:14] <Tigerman__> yeah I agreed the issue x me is when I exit too soon when price goes against me and the resum back in my planed direction
[11:47:06] <Tigerman__> so the point is : 1) wait and hope the stop is not touch
[11:47:25] <Tigerman__> 2) exit before stop is touched
[11:47:40] <Tigerman__> while price goes against us
[11:47:59] <Tigerman__> but it can resume soon and we miss the target
[11:48:46] <Tigerman__> so a balance between the 2 points above is an art that needs LONG time to develop in my opinion
[11:49:55] <Tigerman__> and not forget the fact to identify correct stop level , right for the market action of the moment
[11:51:01] <Tigerman__> [17:45] <Trader_Uy> that means not respecting you fix stop? hi I thinks is very hard to be profitable with that everytime
[11:51:27] <Trader_Uy> Tigerman not the initial stop loss?
[11:52:06] <Tigerman__> not understand
[11:52:35] <Trader_Uy> I mean initial stop loss... inst supposed to be fixed?
[11:52:52] <Trader_Uy> cause if you trade nakes (no initial stop loss) thats more risky
[11:53:00] <Trader_Uy> naked*
[11:53:20] <Tigerman__> no stop loss is suicidial
[11:53:50] <Tigerman__> and also with that CHF traders got burned
[11:54:20] <Tigerman__> I mean stop loss was jumped :( very scary
[11:54:59] <Tigerman__> the issue one need the stop loss but it needs adapted with market action
[11:55:22] <Tigerman__> THAT experience needs long time
[11:58:05] <Trader_Uy> yes agreed
[11:58:36] <Trader_Uy> anyway there is some tips on the advanced management files. regarding initial stop
[11:59:01] <Tigerman__> yes exactly
[12:06:47] <@wrbtrader> Trader_Uy...I don't use fixed risk:rewards
[12:06:57] <@wrbtrader> Thus, no fixed stops and no fixed targets
[12:07:23] <@wrbtrader> Therefore, every trade I take will have a different stop and a different profit targets in comparison to the next trade I take
[12:08:03] <@wrbtrader> I let WRB Analysis decide for me about where to place my stops or trails or profit targets
[12:08:53] <Tigerman__> wrbtrader about stop loss have you hear some folks about CHF trade after it jumped previous days
[12:09:17] <@wrbtrader> Yeah...conversations on tweeter and dukascopy
[12:09:25] <Tigerman__> I mean some traders burned and wiped account or worst
[12:09:42] <@wrbtrader> Yeah and on the flip side...some traders made a ton of money
[12:09:58] <@wrbtrader> Always two sides on the coin on those big movements
[12:10:12] <@wrbtrader> Traders getting big losses also implies traders getting big profits
[12:10:20] <Tigerman__> yeah the issue if you are on the bad side is not nice
[12:10:50] <Tigerman__> the issue it was not a normal condition
[12:11:16] <mmm_> To short that 1.2000 peg, you would have needed to have some insider info.
[12:11:18] <Tigerman__> if you where short on CHHF price jumped 30% against you !!!
[12:11:37] <@wrbtrader> Try to look at it this way...
[12:11:39] <rwbil> I wonder I bet unlike the Stop Loss that was blown past anyone with a profit target was filled
[12:11:53] <Tigerman__> and on 10 leverage it is a 300% loss in few minutes
[12:11:58] <@wrbtrader> As soon as I heard about CHF and other instruments related...
[12:12:09] <@wrbtrader> First thought I had was someone got rich
[12:12:21] <@wrbtrader> Second thought I had was someone got poor
[12:13:04] <mmm_> The coming QE was too much for the Swiss Central Bank to try to take on along with holding up the Euro.
[12:13:10] <Tigerman__> the scary part is not the fact one get a bad trade the issue is you cannot exit the position !!
[12:13:34] <@wrbtrader> You can always exit a trade...
[12:13:44] <mmm_> I'd like to know what the spreads looked like in the 6S futures contract.
[12:13:45] <@wrbtrader> You just can't exit at the price you wanted :(
[12:13:47] <Tigerman__> most chart vendor have 1 hour of hole in quotes
[12:14:23] <mmm_> If you must trade currencies, I say the way to go is currency futures.
[12:14:30] <Tigerman__> [18:13] <@wrbtrader> You just can't exit at the price you wanted :( yes you can exit afyer ruined :)
[12:14:41] <rwbil> Most people do not realize the slippage they can get on a black swan event
[12:15:23] <Tigerman__> yeah but also with future and index future there is risk
[12:15:30] <@wrbtrader> I wonder about those folks that were only looking for a 5% profit and suddenly they had a 30% profit...crazy
[12:15:42] <Tigerman__> anyway better then forex
[12:16:23] <mmm_> But with currency futures you don't get the games you get with most retail forex brokers.
[12:16:25] <@wrbtrader> Years back in here its well documented stuff like that happening
[12:17:07] <@wrbtrader> Some says he's only looking for +2 points on Emini ES and then there's a rumor that Bin Ladden was captured...
[12:17:08] <rwbil> Forex has its advantages. Easier to add to and exit postions in smaller size. Nice for smaller accounts
[12:17:10] <Tigerman__> [18:16] <mmm_> But with currency futures you don't get the games you get with most retail forex brokers. yes true but bad event can occurs anyway
[12:17:28] <@wrbtrader> Next thing you notice is he's got a +15 point Emini ES trade...and he then dumps it
[12:17:51] <mmm_> Sure, I'm just referring the quotes people were getting in forex compared to the futures market after the crash.
[12:17:56] <Tigerman__> by the way I was trading THAT morning
[12:18:11] <mmm_> The swiss currency?
[12:18:18] <Tigerman__> I saw the crazy drop in REAL time
[12:18:20] <@wrbtrader> Just the same...I'm sure someone out there that wasn't using stops and was about the exit at -2 points and it goes against him -15 points
[12:18:34] <Tigerman__> yes swiss
[12:18:38] <@wrbtrader> Market always does what it wants
[12:18:51] <Tigerman__> I was looking CHF against USD and EUR
[12:19:17] <Tigerman__> got a nice signAL ON dax
[12:19:37] <Tigerman__> droped 200 points
[12:19:47] <Tigerman__> I was short :)
[12:19:55] <mmm_> My oh, my.
[12:20:08] <Tigerman__> sorry not used DAX big contracts but only CFD
[12:20:26] <Tigerman__> so smaller profit
[12:20:34] <@wrbtrader> I know a few still Short Forex USDCHF when they would have normally been seen exiting a Short positions +0.02
[12:20:39] <mmm_> Now you can afford the bigger contract.
[12:21:04] <Tigerman__> at time I think about a exit euro by greeks
[12:21:14] <@wrbtrader> One guy is still Short from 1.02
[12:21:26] <mmm_> Wow
[12:21:36] <@wrbtrader> USD/CHF just range bound since that big drop
[12:21:55] <mmm_> Yeah, that's take a while to shake out.
[12:21:55] <@wrbtrader> 0.86 price area
[12:22:58] <@wrbtrader> I always wonder when those types of big events happen...the ratio or money lost versus money profited
[12:22:59] <Tigerman__> wrbtrader the issue is not only about traders lost money but the involve also all others traders using that broker
[12:23:31] <Tigerman__> I mean some brokers got bankrupt or near it
[12:23:37] <@wrbtrader> Unfortunately as traders...we can't control our brokers actions
[12:23:40] <@wrbtrader> :(
[12:23:52] <Tigerman__> yeah
[12:24:08] <@wrbtrader> Tigerman...its still not over
[12:24:19] <@wrbtrader> They said others will fold shop too
[12:24:23] <mmm_> I think 1% killed it, while 99% got killed.
[12:24:53] <Tigerman__> many got loss about 200 milion
[12:25:12] <Tigerman__> and very hard to get money back
[12:25:35] <Tigerman__> because debt by foreign clients
[12:25:35] <@wrbtrader> Only in court and that can take many years to settle
[12:25:51] <Tigerman__> yeah but not easy for foreign
[12:25:53] <@wrbtrader> if lucky
[12:26:15] <@wrbtrader> Lets put it this way...had this happen in China...
[12:26:16] <Tigerman__> expecially if live in asia or russia
[12:26:38] <@wrbtrader> The management at the brokerage will have been already convicted and facing a firing squad
[12:27:20] <Tigerman__> :(
[12:27:41] <@wrbtrader> China is one of the few countries that is known to "execute" people that mismanage the money of others in the markets...usually those that embezzle or worst
[12:28:12] <Trader_Uy> its hard for me to understand the initial stop loss.. I understand not having fixed reward or tagets.. letting the market do its thing is ok me.. but I set my %risk of the account based on the initial stoll loss.. I cant trade withoout it..
[12:28:20] <@wrbtrader> Lets put it this way...if Madoff was in China...he would have never made it beyond one month after being convicted
[12:29:06] <Tigerman__> the lesson we can learn is that trading in leverage is very risky!!
[12:29:24] <@wrbtrader> extremely risky
[12:29:49] <@wrbtrader> That's why they put it all in "fine print" on those documents we sign when we open our trading accounts :)
[12:29:50] <Tigerman__> and we cant manage incredible events
[12:30:01] <@wrbtrader> Bingo
[12:30:28] <@wrbtrader> That stuff comes out of nowhere...worst than a sucker punch from behind
[12:31:07] <Tigerman__> just increase size slowly,so in case bad events we already gain something before
[12:31:49] <@wrbtrader> If I was trading forex and profitable each month...
[12:31:53] <Tigerman__> what upset a lot is swiss told the world 10 days ago they not cut the peg for now :(
[12:32:11] <@wrbtrader> This event would be a reminder to always remove the profits every month
[12:32:17] <@wrbtrader> Bank them
[12:32:54] <@wrbtrader> Yeah, you will limit your ability to compound your profits but these types of events makes me paranoid
[12:33:04] <Tigerman__> mee too
[12:33:37] <Tigerman__> remember man financial KO
[12:34:10] <Tigerman__> Knight securities ... and others
[12:34:13] <@wrbtrader> I remember the 2008 - 2009 Financial collapse...
[12:34:17] <mmm_> The problem is people with swiss money in their bank accounts were also trading. They just didn't realize it. The whole country was in a big trade. All because they had set up that peg at 1.2000 that they couldn't hold.
[12:34:32] <@wrbtrader> I normally take 40% of my profits out each month...
[12:34:45] <@wrbtrader> During those years from 2008 - 2010...
[12:35:22] <Tigerman__> those years was terrible
[12:35:28] <@wrbtrader> I was taking 100% of my profits out
[12:35:32] <rwbil> Trader Vy if the SL is greater than my risk then I have to pass on the trade or wait for a PB
[12:35:36] <mmm_> What a wild ride that must have been wrbtrader. How did you fare?
[12:36:02] <@wrbtrader> I just didn't trust my brokers, my banks in the U.S.
[12:36:05] <Tigerman__> but the news now finantial market are worst then before
[12:36:39] <mmm_> Yeah, that MF Global miss was terrible for traders with accounts there.
[12:36:55] <Tigerman__> 18:36] <@wrbtrader> I just didn't trust my brokers, my banks in the U.S. anywhere
[12:37:13] <@wrbtrader> Well...yeah
[12:37:21] <@wrbtrader> If I was in Greece or something...horrible
[12:37:51] <@wrbtrader> They literraly told people in Greece...we're going to take your account balance :(
[12:37:54] <@wrbtrader> And they did
[12:38:20] <Tigerman__> umh what you talking about wrbtrader ?
[12:38:36] <rwbil> MF Global and PFG
[12:38:47] <Tigerman__> what happend in greece ?
[12:39:34] <Tigerman__> [18:37] <@wrbtrader> They literraly told people in Greece...we're going to take your account balance :( ??
[12:40:08] <Tigerman__> apart crisis in greece but that is another story
[12:41:06] <Tigerman__> in reality UEU saved greece because there was many investment from germany
[12:41:19] <rwbil> ya think if our debt continues to grow they will not tax our pensions and IRAs
[12:41:59] <Tigerman__> simply others country contribute to save rich fund holder from germany or also others country
[12:42:23] <Tigerman__> ah unless wrbtrader you talk about cipro
[12:42:44] <Tigerman__> there you got 10% a year of interest in Euro
[12:42:53] <Tigerman__> a good bargain
[12:43:42] <Tigerman__> and until a 100K depositbnever problem nothing happened
[12:44:20] <Tigerman__> rich russian was very happy :)
[12:54:28] <Trader_Uy> breaking >> ECBs QE points to €50bn/month in bond purchases
[12:54:50] <mmm_> That news was out over an hour ago
[12:55:06] <mmm_> Via ransqawk
[12:55:31] <Trader_Uy> its now impacting the market :)
[12:58:48] <mmm_> That did impact the market it caused the rise that we saw.
[12:59:20] * Lightenup (~Lightenup@116.58.248.135) has joined ##TheStrategyLab
[12:59:22] <mmm_> QE in europe should boost the u.s.
[13:04:46] <mmm_> Get ready for a wild ride during Gragi's presser tomorrow. Should be fun.
[13:11:46] * Syzygy_____ (~Syzygy@71-217-76-155.tukw.qwest.net) has joined ##TheStrategyLab
[13:30:56] <Trader_Uy> I believe QE is europe should cause US drop
[13:30:59] <Trader_Uy> actually
[13:31:24] <@wrbtrader> Shorts Emini ES @ 2021.00 -> large size
[13:33:55] <@wrbtrader> Covered all Emini ES Short @ 2020.25 --> + 0.75
[13:34:21] <@wrbtrader> not a WRB pt1...early exit
[13:52:24] * mmm___ (~mmm@cpe-76-90-227-83.socal.res.rr.com) has joined ##TheStrategyLab
[14:07:12] <Tigerman__> sh es 2017.75
[14:08:13] <Tigerman__> exit all 17.75
[14:08:24] <Tigerman__> price glued here
[14:16:34] <Tigerman__> lg es 2020.50
[14:20:01] <Tigerman__> exit all 2020 -2t lost patience
[14:20:52] <Tigerman__> lg 19.75
[14:20:57] <Tigerman__> re-entry
[14:22:02] <Tigerman__> exit 2/3 2021 +5t
[14:30:14] <Tigerman__> exit all rem 2021.5 +7tks
[14:49:57] <Tigerman__> lg es 2024
[14:52:09] <Tigerman__> exit all 2023.5 -2t
[14:53:36] <Tigerman__> lg 2023.75
[14:58:21] <Tigerman__> exit all 2024.75 + 4 t not enought vola to catch more
[15:28:28] * Trader_Uy (Trader_Uy@r167-60-19-66.dialup.adsl.anteldata.net.uy) has joined ##TheStrategyLab
[15:28:38] <Tigerman__> lg es 2026
[15:29:32] <Tigerman__> exit 1/2 2026.5
[15:29:50] <Tigerman__> exit all 2026
[15:29:59] <Tigerman__> fast spike soon retraced
[15:41:31] <Tigerman__> lg es 2026.75
[15:41:55] <Tigerman__> not great vola at the close
[15:43:13] <Tigerman__> exit all es at 2027 +1 tk
[15:51:26] <Tigerman__> take care all see next time
[15:51:49] <mtntrader> See ya.
[18:41:36] * Disconnected
Session Close: Wed Jan 21 18:41:36 2015

-------------------------

##TheStrategyLab (located on the Freenode IRC network) is free and is a serious professional trading chat room involving WRB Analysis in which any trader (position trading, swing trading, day trading) can use the chat room to post their trades or commentaries about stocks, futures, exchange traded funds or forex currencies. Simply, you don't need to be a client of TheStrategyLab.com to use the chat room nor do you need to be a price action trader (no indicators) because some members use indicators while others do not. Yet, the only requirement is that you want to learn WRB Analysis.

Therefore, we welcome all traders that want to learn about WRB Analysis regardless if they are beginners or experience traders in price action trading.

The purpose of ##TheStrategyLab is that it's designed to be a trade journal for documentation purposes only so that members can have a time stamp archive of trades and market commentaries of each trading day so that they can better understand their broker statements from one trade to the next trade when they review their performance numbers on any given trading day.

Further, members are not obligated to educate nor help other members but members are encourage to ask questions about any trades or market commentaries that's posted by others because sometimes the answers contains useful trading tips.

In addition, our primary job in the free chat room is to moderate the room (keep the peace) because with so many members using different trade signal methods along with different opinions about the market...debates or arguments can easily flare up without moderating. In addition, our presence in the chat room is to ensure it's a spam free chat room during trading although these archived chat logs may contain advertisements for guest visitors.

Commonly discussed trading instruments from stocks, futures, exchange traded funds and forex currencies:

Image CME Emini Futures EMD, ES and NQ

Image ICE Emini TF Futures (formerly CME ER2)

Image CBOT mini-sized Dow Futures YM

Image Eurex Index Derivatives (futures) DAX and DJ Euro Stoxx50

Image Eurex Fixed Income Derivatives (futures) BUND, BOBL and Schatz

Image Euronext Futures FTSE-100 and CAC-40

Image CME Futures EuroFX 6E and EC

Image Treasury Futures T-Notes ZT, ZN, ZF and T-Bonds ZB

Image Forex Currencies Gbp/Usd, Eur/Usd, Eur/Yen, Usd/Cad, Xau/Usd and Xag/Usd

Image Exchange Traded Funds VXX, DIA, IWM, QQQ, SPY, BGU, FAS, FAZ, TNA, OIH, XLE and GLD

Image NYMEX Energy Futures Light Crude Oil CL, Brent Crude Oil BRN, e-miNY QM and Natural Gas NG

Image COMEX Metal Futures Gold GC, mini-Gold YG, Copper HG and Silver SI

Image S&P CNX NIFTY Futures

Image Hang Seng Index Futures HSI and mini-Hang Seng MHI

Also, to prevent the usual mix-up about our different chat rooms, most of our fee-base clients do not use chat rooms just like most retail traders do not use chat rooms. Yet, the few clients that do use chat rooms, our fee-base clients are discussing market analysis or price action only trade signals via concepts from our strategies in the private chat rooms called ##VolatilityTradingTSL or ##WRB_Analysis and they're not allowed to do such in ##TheStrategyLab.

Reminder, our Terms of Use (TOU) Policy is a must read to prevent any misunderstandings along with revealing that ##TheStrategyLab is a serious professional price action trading chat room and we expect members to act professional. Also, these logs may have been edited (rarely) to remove any messages that a member has complained to me via private message that they consider a particular commentary to be inappropriate, offending or too far in the off topic area that's a distraction when the commentary was posted.

Note: chat logs saved (timestamp) from Québec, Canada in eastern daylight time

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/wide range bar analysis)
Price Action Trading
Image@ http://twitter.com/wrbtrader or http://stocktwits.com/wrbtrader

Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
intradaystrategies@yahoo.com
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage


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