Reading Charts in Real Time

[Gabe2004 10]

  Don4 said:

Gabe, I dont know if you were refering your test to me or not.(On the hourly) But it doesnt matter do you like my new picture?

 

 

[ATTACH]16325[/ATTACH]

 

 

Thanks

Don

 

Hi Don

 

Thank you.

This is very clear now.

 

Gabe

[Marko23 10]

When a box forms below a prior high and price can't make a new high, a breakout against trend is a reliable option.

 

FDAX has a constant habit to close gaps.

[Marko23 10]

Darvas stock mantra to follow an up trend: buy high and sell higher.

Future trader's addition for a down trend: sell low and cover lower.

Edited December 6, 2009 by Marko23
3rd attachment

[RichardTodd 10]

  thalestrader said:

I'm using 6.5. What are they debating? Why not just enable the user to turn fixed scale on?

 

The NT7 feature works like this at present: you can fix the scale to a range, like 1100 to 1120 on ES, say (NOT points per inch, which is what some want). And, once you fix the range, the bars will then run right off the chart until you move the visible window by pressing control and dragging on the y-axis with the mouse. So, some people would like it to work more like tradestation where it will center the last traded price, or at least keep the current bar visible if you are watching the right-hand edge. Others would be happy if you could just drag the mouse on the main window (like you can for the x-axis already).

[thalestrader 14]

Hi Folks,

 

A slow, lazy night, with not much to interest me at the moment. Here is a look at the current GBPUSD. I'm turnng in for the night, but I'll be interested to see where this thing is trading come morning. Both long and short could be worth a shot. The short side looks like a better R/R with bigger targets and more room to run. Of course, that means the short will probably trigger, immediately price will reverse and go on a 400 point rally. Well, we'll see come morning.

 

Best Wishes,

 

Thales

[snowbird 10]

  Don4 said:

Gabe, I dont know if you were refering your test to me or not.(On the hourly) But it doesnt matter do you like my new picture?

 

 

[ATTACH]16325[/ATTACH]

 

 

Thanks

Don

Don,

 

Also like the clean picture!!.... but would be even more interested in how you select your entries. They all follow the H/L/HL or L/H/LH of a "Thales trade", but you often select just one candle as the last HL or LH... or sometimes two candles with tails, rarely more.

 

I've noticed this not just on the recent chart posted, but on previous real time charts you've posted here as well.

 

snowbird

[Rustie 10]

exactly the thing i have so much trouble with.. Im watching GBP/USD and this range thing is tough... Thanks for the charts Thales..

Ill work out this post thing a little better.. sorry

Edited December 7, 2009 by Rustie

[Don4 10]

This is how I enter a postion.

 

 

Thanks

Don

[Marko23 10]

Short triggered with FDAX

[Gabe2004 10]

  snowbird said:

Don,

 

Also like the clean picture!!.... but would be even more interested in how you select your entries. They all follow the H/L/HL or L/H/LH of a "Thales trade", but you often select just one candle as the last HL or LH... or sometimes two candles with tails, rarely more.

 

I've noticed this not just on the recent chart posted, but on previous real time charts you've posted here as well.

 

snowbird

 

BTW it is H-L-LH and L-H-HL. (like a mirror image)

 

Gabe

[Marko23 10]

  Marko23 said:

Short triggered with FDAX

 

Short stopped at B/E.

[thalestrader 14]

  thalestrader said:

Here is a look at the current GBPUSD. I'm turning in for the night, but I'll be interested to see where this thing is trading come morning. Both long and short could be worth a shot. The short side looks like a better R/R with bigger targets and more room to run. Of course, that means the short will probably trigger, immediately price will reverse and go on a 400 point rally. Well, we'll see come morning.

 

Hi Folks,

 

Well, I was right in that the short side looked better. In fact, it was the long side that triggered and immediately reversed to take out a -40 but the short triggered and hit the +100 PT1. Took the second 50% off just now at 1.6377 as price has triggered a long ("dance with the one that brung ya', and go home with her to," as my old Texas trading buddy always told me).

 

Final result for a night of sleep = -40 (100%) + 100(50%) + 91(50%) = -40 + (191/2) = -40 + 95.5 = +55.5 ticks.

 

The potential long was enough to take me out, but I did not outright reverse. There will be other opportunities later today.

 

I'll be back closer to the NY open.

 

Best Wishes,

 

Thales

[traderbrazil 10]

  thalestrader said:

Hi Folks,

 

Well, I was right in that the short side looked better. In fact, it was the long side that triggered and immediately reversed to take out a -40 but the short triggered and hit the +100 PT1. Took the second 50% off just now at 1.6377 as price has triggered a long ("dance with the one that brung ya', and go home with her to," as my old Texas trading buddy always told me).

 

Final result for a night of sleep = -40 (100%) + 100(50%) + 91(50%) = -40 + (191/2) = -40 + 95.5 = +55.5 ticks.

 

The potential long was enough to take me out, but I did not outright reverse. There will be other opportunities later today.

 

I'll be back closer to the NY open.

 

Best Wishes,

 

Thales

 

Good morning, Thales!

 

On December 30th GBP/USD had a low swing at 1.6374 which I thought was a reasonable PT1 for this trade. Could you please explain how you set up your targets for this trade?

 

Many thanks!!!!

Leandro

[Marko23 10]

The b/e stop prevented a loss.

 

New opportunities on either side

Edited December 7, 2009 by Marko23

[thalestrader 14]

  traderbrazil said:

On December 30th GBP/USD had a low swing at 1.6374 which I thought was a reasonable PT1 for this trade. Could you please explain how you set up your targets for this trade?

 

There was nothing wrong with your profit target. As I have said before, I use S/R zones to give me an idea of where price is heading for my profit targets, and then I use fib's to tighten where I want to place my order. If no significant fib levels exist (a rarity) I will simple place my PT just above the midpoint of what I see as a zone of S/R. My PT was only 6 ticks below yours. You cannot seriously be concerned over a 6 tick difference!

 

Best Wishes,

 

Thales

[traderbrazil 10]

  thalestrader said:

There was nothing wrong with your profit target. As I have said before, I use S/R zones to give me an idea of where price is heading for my profit targets, and then I use fib's to tighten where I want to place my order. If no significant fib levels exist (a rarity) I will simple place my PT just above the midpoint of what I see as a zone of S/R. My PT was only 6 ticks below yours. You cannot seriously be concerned over a 6 tick difference!

 

Best Wishes,

 

Thales

 

Hi Thales,

 

Thanks for your reply!

I'm not really concerned about the 6 ticks, I just thought that as there was strong support at that level (1.6375) a few days ago I wondered why you chose to put your PT below it.

 

Best wishes,

Leandro

[thalestrader 14]

  traderbrazil said:

I wondered why you chose to put your PT below it.

 

Because I wanted 100 ticks and I felt that we'd get it. Sometimes I get burned for pushing it for a few extra ticks.

 

 

Best Wishes,

 

Thales

[thalestrader 14]

Hi Folks,

 

This should look familar to readers of this thread. I do not typically use this alone to enter a trade. I will use it to take profits.

 

Best Wishes,

 

Thales

 

EDIT: And in this case, I would not be surprised if we do not see yet one more low before a decent bounce, i.e. a "third push."

[traderbrazil 10]

  thalestrader said:

Because I wanted 100 ticks and I felt that we'd get it. Sometimes I get burned for pushing it for a few extra ticks.

 

 

Best Wishes,

 

Thales

 

Perfect!!!

The reason I asked the question in the first place was because I thought that I was missing something regarding previous S/R...

 

Thanks a lot!!!

[thalestrader 14]

Current look at the EURJPY ...

 

Best Wishes,

 

Thales

[thalestrader 14]

  thalestrader said:

Current look at the EURJPY ...

 

Best Wishes,

 

Thales

 

 

Not much there. Price declined to +13 and started a slow creep to about -6. At -7, we'll cut it looses and wait for a better opportunity.

 

Best Wishes,

 

Thales

[thalestrader 14]

  thalestrader said:

Not much there. Price declined to +13 and started a slow creep to about -6. At -7, we'll cut it looses and wait for a better opportunity.

 

And with the lower low from entry the stop loss goes to break even.

 

Best Wishes,

 

Thales

[forrestang 10]

Sorry for the lack of details, I am wondering if we get some upside continuation above on a break above 06.50 in the morning session?

 

May be small resistance over head, break of about 08 after break ing the aformentioned level will be the tell, if anything breaks at all?

 

----Edit----9:41EST

There was movement but follow through seemed to have stopped quickly. Stop below last swing low below 04. Looking for 10.25 for target.

Edited December 7, 2009 by forrestang

[Marko23 10]

FDAX Long triggered, maybe with a smaller degree

 

Resistance hit, was smaller degree.

Edited December 7, 2009 by Marko23
Resistance

[forrestang 10]

  forrestang said:

Sorry for the lack of details, I am wondering if we get some upside continuation above on a break above 06.50 in the morning session?

 

May be small resistance over head, break of about 08 after break ing the aformentioned level will be the tell, if anything breaks at all?

 

----Edit----9:41EST

There was movement but follow through seemed to have stopped quickly. Stop below last swing low below 04. Looking for 10.25 for target.

 

Target Hit. Entry was 06.75, target filled at 1110.00!

 

----edit-----

Attaching a 'swing point' picture.

 

--edit-----

Just another comment, price went right up to 10.50, which was the original fill before dropping off quite a bit. You'll notice 10.75 was that nice little resistance area overhead, and price stopped there almost to the tic before retreating quite a bit.

Edited December 7, 2009 by forrestang