Reading Charts in Real Time

[TradeSmart 10]

You would think that after all of the times I've seen Thales post a real-time chart and then watch his prediction come true, I would take a minute to open an account and then just trade based on his postings. I'd actually feel really bad making a trade that way considering how much focus, time and hard work he puts into each trade. Good chart, Thales.

[Gabe2004 10]

looks like you might be right:cool:

 

 

Looks like I was wrong on the xJ pairs direcion.

 

Gabe

[forrestang 10]

Looks like I was wrong on the xJ pairs direcion.

 

Gabe

 

P1 hit, stop on 2nd half at BE, looking for nat stop.

 

Looks like I was wrong on the xJ pairs direcion.

 

Gabe

Looking at it again, I think the G/U might be in preperation for that long side based on the intermediate swings, if it ever decides to stop meandering around.

[thalestrader 14]

Possible target if this rally continues No predictions ... just making notes. If I were long on that breakout, I'd be at or near breakeven on my stop loss.

 

Best Wishes,

 

Thales

 

A final look before bedtime. Buy point was 182, and price moved about 66 ticks from that point before the current consolidation (for now it is a consolidation, though sometimes a consolidation is really a reversal).

 

 

Best Wishes,

 

Thales

[thalestrader 14]

Hi Folks,

 

Looking at a longer view of the GBPUSD, I still think that the next 1000+ point move will be down not up. Of course, the GBPUSD will offer a god number of long trades for the day trader during that time. But, the big money is made in the big swings.

 

Best Wishes,

 

Thales

[thalestrader 14]

A final look before bedtime. Buy point was 182, and price moved about 66 ticks from that point before the current consolidation (for now it is a consolidation, though sometimes a consolidation is really a reversal).

 

 

Best Wishes,

 

Thales

 

I misspoke on the buy point - it was 192, not 182, and as such the actual high of this move produced a +63 tick move. A stop below the reaction that was in the process of playing out would have been 217, or 25 ticks. I had mentioned a stop at BE to -5, and a -5 stop would have been hit to the tick if one did not raise the stop to 217.

 

Best Wishes,

 

Thales

[forrestang 10]

Recap of the overnight:

 

Just a thought on NQ, any opinions?

The 60 min chart thumbnail is a macro view of where we are currently.

There the breakout occured after hours. Let's see how it progresses.

 

Here's mine.

 

Also attaching interesting action on EU as well.

The E/U in fact had the nicest breakout of the night!

 

Looking at it again, I think the G/U might be in preperation for that long side based on the intermediate swings, if it ever decides to stop meandering around.

Wow, the G/U eventually broke out nicely!

[forrestang 10]

Just a thought on NQ, any opinions?

The 60 min chart thumbnail is a macro view of where we are currently.

 

There the breakout occured after hours. Let's see how it progresses.

 

Punched through both targets I had set easily. There is more but only had two lots.

 

------EDIT----

Oh, and I had to sit through a bit of heat as I entered yesterday almost at the close like a moron. But price never reached the swing Low where you can see the stop was. It really broke in the AH though, yesterday was kind of a little fake that put me in the trade.

Edited October 6, 2009 by forrestang

[thalestrader 14]

Hi Folks,

 

I see that the PM's are piling up. I will respond to all, but I will be slow getting around to them as we are dealing with a death in our family.

 

Best Wishes,

 

Thales

[ZenMachine 10]

If price gets knocked down at Target 1 in the chart, I will exit the trade there, but otherwise I plan to hold this position for several days, or even longer until it reaches Target 2 or even to 43.1.

 

OK, this is really horribly stupid... :doh:

 

QQQQ gapped up and reached target 2 quickly. Then it started consolidating.

Now, I should have taken exited the trade there, but instead, I ADDED to the position.

I set the stop loss at the level of target 1, then I had to run out.

 

Of course the price came down and I got stopped out for a net loss... :crap:

 

I should've taken profits as I had planned. Just because the price moved quickly and looked like there was still more move, I shouldn't easily deviate from the plan.

Especially more so, if the "new plan" is so sloppy (add without waiting for the breakout, set stop loss and leave the trade).

 

 

-z

[ZenMachine 10]

Punched through both targets I had set easily. There is more but only had two lots.

 

Beautiful!

This is the way it's supposed to be! :applaud:

 

-z

[ZenMachine 10]

It broke above the down trendline from last week. I think I'm going to go long if it goes above 19.44 tomorrow.

 

It did break above that level this morning, but without much volume and didn't go anywhere. I didn't enter this trade.

[thalestrader 14]

Hi Folks,

 

Doing some more Yen watching (not much time during the day to watch other markets right now).

 

I noticed that the 6J (which trades inversely to the USDJPY for those spot traders among us) had nicked what ought to have been a bit of support earlier. After a half-hearted bounce, price has again broke below. The last push was quick, and I as I was trying to mark the chart it just moved. Short entry would have been 253-55, and a decent couple of targets look to be 226 and 190.

 

Best Wishes,

 

Thales

[thalestrader 14]

I shouldn't easily deviate from the plan

 

A lesson I still find myself occasionally learning the hard way as well.

 

Best Wishes,

 

Thales

[thalestrader 14]

GBPJPY: No predictions, just making notes

 

Best Wishes,

 

Thales

[forrestang 10]

This is where I see breakouts having the potential to breakout shown by the blue lines....if a breakout occurs based on what I see in S/R.

 

There may be a breakout, but I am NOT interested in any of these trades tonight for some reason. So this is a night I'll just observe.

 

Forrest

[thalestrader 14]

GBPJPY: No predictions, just making notes

 

Best Wishes,

 

Thales

 

On the Importance of Making Notes: The notes, taken properly will tell you what to do and where before price ever gets to wherever "where" is.

 

Best Wishes,

 

Thales

[thalestrader 14]

I noticed that the 6J (which trades inversely to the USDJPY for those spot traders among us) had nicked what ought to have been a bit of support earlier. After a half-hearted bounce, price has again broke below. The last push was quick, and I as I was trying to mark the chart it just moved. Short entry would have been 253-55, and a decent couple of targets look to be 226 and 190.

 

Best Wishes,

 

Thales

 

Follow up is noted on chart.

 

Best Wishes,

 

Thales

[Dinerotrader 10]

Here is one I am watching. I am not sure about how confident I am trading pennants but...

Looking for a breakout either way.

 

Edited October 7, 2009 by Dinerotrader

[Dinerotrader 10]

here we are now. Bought in at 25.05 with stop at 24.93 right now.

 

[Dinerotrader 10]

Update: Trailing pretty closely.

 

[ZenMachine 10]

Looks to me it's going to break above 57.50 soon.

 

Put a buy order @ 57.51 with a stop loss @ 55.73

 

-z

[Dinerotrader 10]

Stop was hit at 25.1 and filled at 25.12. Ended up +0.07 on the trade. Not a good time of the day to trade but that what I had to work with today. I was calm throughout the trade without having to think about being calm so that was good.

I know most here don't watch stocks so hopefully I didn't take up too much space. I'll try to get some futures posts soon.

 

[thalestrader 14]

Hi Folks,

 

Just checking in real quick. I see the GBPJPY happens to be at an interesting level at this very moment. I'll be curious to see what price does between now and when I get back this evening.

 

Best Wishes,

 

Thales

[ZenMachine 10]

I know most here don't watch stocks so hopefully I didn't take up too much space. I'll try to get some futures posts soon.

 

I feel the same way, but perhaps we can start a trend and see more stock trades.

 

-z