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thalestrader

Reading Charts in Real Time

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We now have three positions with an average buy of 1.65494, with a stop on each at 1.6560.

 

Out at 1.6560 for a net take of +31.8 pips, 2 tenths of a tick less than we had made had we made our preferred entry. Of course, from the couldawouldashoulda perspective, we made much less than if had entered at proper entry and rolled on up with the rally. Not to mention that we'd likely still be in the trade. But, you have to make due with what you got.

 

Best Wishes,

 

Thales

5aa70f707477a_11-29-2009GUAsiaLongLateentry3.jpg.c27e988d45f7671126150d5a7140eed0.jpg

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Looks like the BP (EDIT: GBP/USD) may be able to push up to 1.6640...just broke some resistance...I almost went long with a buy stop @1.6576, but at one point when I looked at my DOM, there was a 4 tick spread for a moment...no thanks. I think I'll just stick to trading in the morning.

 

I almost went short as well, because there looked to be a double top forming, but that went on to break the high, which would have triggered the long at 76.

 

No actual trades though, just observations. I think I'm calling it quits now...I'll get started early tomorrow...

 

As of now, it's not really exploding up or anything...oh well, not my concern! :)

BP.JPG.91e4c638a145018111cd92d09dac5b2d.JPG

Edited by Cory2679

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Hi folks,

 

Up late here doing some on-line Christmas shopping with my wife, and decided to take a last look.

 

EU has etched out an ending diagonal. indicating at least a temporary pause in the rally is likely. Again, if price breaks out above, rather than ranging sideways or reversing to down, the move is often strong.

 

Best Wishes,

 

Thales

5aa70f70a0934_11-29-2009EUendingdiagonal1.thumb.jpg.990f53618d6218ddaec1c9fbc8ef8f4a.jpg

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New here, so go easy:). So much to learn. Anyway, I'm long on GU and EU. After dipping within ~10 pips of my original S/L, I moved original S/L (red) to BE, and fighting that urge to take the 120-130 pips before it hits my target (green). Thoughts?

 

 

EUNov2910_37PST.jpg

 

GUNov29_10_39PST.jpg

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Or potential EJ Long.

A long looks better.

Especially in light of the news concerning Dubai.

 

Gabe

 

Actually the short was the better option.

As of today I will try and ignore news related biases.

 

Gabe

EJ_Nov_29_2009_15min-3.thumb.png.8f700376340fbbcc34585a4a8fae490b.png

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New here, so go easy:). So much to learn. Anyway, I'm long on GU and EU. After dipping within ~10 pips of my original S/L, I moved original S/L (red) to BE, and fighting that urge to take the 120-130 pips before it hits my target (green). Thoughts?

 

 

EUNov2910_37PST.jpg

 

GUNov29_10_39PST.jpg

 

You may want to eliminate the dead time from your charts.

 

Gabe

5aa70f70ac4ac_UserPref.png.11e764a892f8ce3176b8cdae80ef3f6c.png

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EU has etched out an ending diagonal. indicating at least a temporary pause in the rally is likely. Again, if price breaks out above, rather than ranging sideways or reversing to down, the move is often strong.

 

Hi Folks,

 

Does anyone see a pattern developing? Has anyone following along with our thread taken notice of this pattern? Has anyone here developed an "eye" for recognizing this price behavior in real time?

 

How is this pattern useful? How could you use it to your advantage?

 

You tell me.

5aa70f70b258e_11-29-2009EUendingdiagonal1.thumb.jpg.79725cc9e583daa38e8bb873549d1deb.jpg

5aa70f70b85a8_11-29-2009EUendingdiagonal2.thumb.jpg.2c792edded27f8815364a5bbbbc3767e.jpg

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Actually the short was the better option.

As of today I will try and ignore news related biases.

 

Know when news is coming, but do not guess what the news will be or how the market will interpret it.

 

I will try

 

There is not try, only do or not do.

 

Best Wishes,

 

Thales

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New here, so go easy:). So much to learn. Anyway, I'm long on GU and EU. After dipping within ~10 pips of my original S/L, I moved original S/L (red) to BE, and fighting that urge to take the 120-130 pips before it hits my target (green). Thoughts?

 

Hi Ernie,

 

Welcome and thank you for sharing. Each of us has to develop a regimen for trade management (stop loss and profit taking) that suits his or her approach. I'd be careful of asking open ended questions (e.g. "Thoughts?") where you are more or less inviting someone to offer an opinion on what you should do. It is your trade, and you should do what you feel is right.

 

It would be helpful also if you could mark you charts more clearly as to your entry and anticipated profit levels. If you are not using profit levels but instead using a trailing stop, that is fine, but let us know that as well. As it is, it is unclear to me what the basis of your trade was. I know Oanda has about the clunkiest charting technology around, but perhaps there is a way you mark the charts a bit more clearly.

 

Also, I agree with Gabe:

 

You may want to eliminate the dead time from your charts.

 

Gabe

 

That large open space between Friday and Sunday will likely not help you.

 

Again, welcome to our thread. I hope you continue to share your charts with us.

 

Best Wishes,

 

Thales

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There is not try, only do or not do.

 

 

You areright.

When someone tells me that they CANNOT I tell them that that word should have been taken out of the English vocabulary.

 

So I will do my best.

As far as news is concerned, for a long time now I just mark the news time and don't trade before the news and for a short period after the news.

But I still fall for the bias of interpreting the news for some time after they are released based on my PERCEIVED market reaction.

 

Anyway. So far so good.

 

Gabe

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Hi Folks,

 

Does anyone see a pattern developing? Has anyone following along with our thread taken notice of this pattern? Has anyone here developed an "eye" for recognizing this price behavior in real time?

 

How is this pattern useful? How could you use it to your advantage?

 

You tell me.

 

I'm still new at this...and I have to say I honestly don't see any particaular pattern, other than the H, L, LH pattern that everyone's always looking for...but for some reason I get the impression you might be alluding to something else...something I may not even be familiar with...

 

But if it isn't, and you're just talking about H, L, LH, then that is obviously there...but I feel like that's just too obvious...

 

I haven't taken any trades. I actually just got on here...overslept a bit... :embarassed:[

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I'm still new at this...and I have to say I honestly don't see any particaular pattern, other than the H, L, LH pattern that everyone's always looking for...but for some reason I get the impression you might be alluding to something else...something I may not even be familiar with...

 

But if it isn't, and you're just talking about H, L, LH, then that is obviously there...but I feel like that's just too obvious...

 

I haven't taken any trades. I actually just got on here...overslept a bit... :embarassed:[

 

Post #1937.

 

I believe Thales was referring to the 'wedging' type action, where price is making marginally HHs and HLs, signaling the potential end of a trend. If price actually does break above then the move up is often powerful.

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Hi Folks,

 

Does anyone see a pattern developing? Has anyone following along with our thread taken notice of this pattern? Has anyone here developed an "eye" for recognizing this price behavior in real time?

 

How is this pattern useful? How could you use it to your advantage?

 

You tell me.

 

I have recently started to notice symetrical flags.

I will post an example as soon as it develops.

My oppinion is that the closer price gets to the tip of the flag the more violent or pronounce the move will be.

 

It is like the calm before the storm

 

Gabe

impulse.thumb.jpg.552510b3f14575768bfcbbd574503158.jpg

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Post #1937.

 

I believe Thales was referring to the 'wedging' type action, where price is making marginally HHs and HLs, signaling the potential end of a trend. If price actually does break above then the move up is often powerful.

 

Yeah I saw the "ending diagonal", or the "wedge", and price broke below that and began the downtrend. But he had already mentioned that, so I thought maybe he was alluding to something other than that, and something other than the standard H, L, LH, which also has formed on that chart...

 

-Cory

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"If price actually does break above then the move up is often powerful."

 

I guess I could say the same thing for a short. But you have no way of knowing. Any body could guess. But the truth is everybody here is only guessing! Even Thales. OK back to the program.

 

Don

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"If price actually does break above then the move up is often powerful."

 

I guess I could say the same thing for a short. But you have no way of knowing. Any body could guess. But the truth is everybody here is only guessing! Even Thales. OK back to the program.

 

Don

 

Educated guesses...the same way meterologists, in their prediction of the weather, can only make educated guesses.

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Educated guesses...the same way meterologists, in their prediction of the weather, can only make educated guesses.

 

In my experience, meteorologists have a worse track record than 50/50

 

Gabe

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In my experience, meteorologists have a worse track record than 50/50

 

Gabe

 

They might not get it exact, but they generally have the right idea...they don't predict 100 degree weather on a day there's a blizzard...(of course that's extreme, but you know what I mean...)

 

I think that if meterologists could bet each day on whether it was going to rain or not, I think they would be wildly profitable in the long run.

 

This is an interesting random discussion, because I met a trader from Tudor via video conference, and he actually employed 2 meteorologists to help him at his trading desk (commodities that are strongly influenced by the weather situation)... He was actually featured in Trader magazine in the 30 under 30 issue...I can't remember his name right now...

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