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thalestrader

Reading Charts in Real Time

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  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

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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.

FGBL-11.thumb.png.2646a23e76771b27069b882e192bd123.png

FGBL-12.thumb.png.28cc71f24b5d85b41ad222ac04d25d45.png

FGBL-13.thumb.png.136e75d95fa55205d42d1fbf4dbd7aa8.png

Edited by Marko23
3rd attachment

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  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).

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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

5aa70f7a93651_12-06-2009GULongShort1.thumb.jpg.b288e72fae4980f0f7b8b686753dbba8.jpg

5aa70f7a988e3_12-06-2009GULongShort2.thumb.jpg.b9f4f15abd5d06e5b25c088c281a5a0c.jpg

5aa70f7a9d9fa_12-06-2009GULongShort3.thumb.jpg.a8225132f5bb6c29b3e7a38e5ee9e736.jpg

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  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

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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 by Rustie

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  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

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  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

5aa70f7ab6377_12-06-2009GBPUSDShortsLongBoth1.thumb.jpg.40dab4d92f83d985f4c647e4571c1da7.jpg

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  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

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  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

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  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

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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."

5aa70f7ac6ffa_12-07-2009EndingDiagonal2.thumb.jpg.544c46d9c48732dfe8712bb0650f05bc.jpg

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  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!!!

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  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

5aa70f7ad2a3b_12-07-2009EJShort2.thumb.jpg.d0a640d8ecedbc91e02c6828ebc374d0.jpg

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  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

5aa70f7adb05c_12-07-2009EJShort3.thumb.jpg.0c7324aca2111243a4407b0583e359b8.jpg

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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.

5aa70f7ae385d_12-7-20098-22-51AM.thumb.jpg.f4d6f176c94f9947e35cffc35fd8b775.jpg

Edited by forrestang

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  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.:cool: 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.

5aa70f7af13db_12-7-20098-49-28AM.thumb.jpg.3c4d547e139f6ede9635be1142e64af5.jpg

5aa70f7b033b3_12-7-20099-00-52AM.jpg.93c8ac33f6d8833cc36f5ff8e229b9d4.jpg

Edited by forrestang

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