Reading Charts in Real Time

[Marko23 10]

EUR/USD Long hit 2nd target, new 3-day high.

 

Early perception of a chopzone is not easy for me, often I get it wrong like today.

 

ADD: "outer" JHill target reached

 

ADD: C about 200%A

Edited January 13, 2010 by Marko23

[Cory2679 11]

I'm going to try my hardest to get my butt out of bed early! I've been on at 9:30 AM EST the last couple days...my goal is 7:30!!!

 

As a matter of fact...I'm not going to just try, I'm going to "do." See you at 7:30!!

 

I did it!

 

However, if it breaks the low, I've marked 3 levels that I see as potential support.

 

I've posted the results. You can definitely see where support came into play. The final test before the launch was almost to the tick at one of the clear support levels.

 

Can you name that pattern?

 

Cup-with-handle pattern turned out nicely...

Edited January 13, 2010 by Cory2679
Forgot to Attach Images

[thalestrader 14]

Current look (7:34 AM EST) at the ES

 

Best Wishes,

 

Thales

[Cory2679 11]

Current look at EJ...

[Cory2679 11]

Current look at GU...

[thalestrader 14]

The "Cup with Handle" played out as one would have anticipated it to do.

 

Can you name that pattern?

 

 

 

 

 

 

[subterfuge 10]

lol, love the artwork

[thalestrader 14]

GBPUSD has a decent look for a potential short opportunity.

 

Best Wishes,

 

Thales

[Cory2679 11]

Current look at GU...

 

GBPUSD has a decent look for a potential short opportunity.

 

Thales, how come you didn't consider the short where I did?

 

I took a hit on this one. Sometimes I feel like I've got "it," and sometime I don't...and sometimes I feel like when I do apparently have "it" I'm just getting lucky.

 

Oh well, moving on!

[Marko23 10]

EUR/USD Short, but correction only.

 

ADD: at support, yesterday's high. Stop at break even.

 

ADD: out at break even.

Edited January 13, 2010 by Marko23

[thalestrader 14]

Thales, how come you didn't consider the short where I did?

 

I took a hit on this one. Sometimes I feel like I've got "it," and sometime I don't...and sometimes I feel like when I do apparently have "it" I'm just getting lucky.

 

Oh well, moving on!

 

Yours looks good too ... and how could you have taken a hit on it? Your stop should have been safe as the reaction printed a lower high than the high off of which you should have placed your stop.

 

Best Wishes,

 

Thales

 

 

 

EDIT: You may still take a loss on, as might I, but whther you entered where you did or waited for where I enetered, the stop should be 1.6295: (1.6296 high + 1.8 avg spread then round up to nearest whole number on FXCM micro platform (for a long, you would take the Low - avg spread and round down to the nearest whole number).

[Cory2679 11]

Yours looks good too ... and how could you have taken a hit on it? Your stop should have been safe as the reaction printed a lower high than the high off of which you should have placed your stop.

 

Best Wishes,

 

Thales

 

Yeah, the reaction printed a lower high, but after price moved down off that lower high I moved my stop one tick above that high, then price came back up above that high by a few ticks and stopped me out.

 

I guess I was being too agressive with moving my stops.

 

If I wouldn't have moved my stop, I would not have been stopped out of that trade.

 

EDIT: I've added a 1 min chart to illustrate what happened.

Edited January 13, 2010 by Cory2679
Added Image

[thalestrader 14]

Yeah, the reaction printed a lower high, but after price moved down off that lower high I moved my stop one tick above that high, then price came back up above that high by a few ticks and stopped me out.

 

I guess I was being too agressive with moving my stops.

 

If I wouldn't have moved my stop, I would not have been stopped out of that trade.

 

A lower high means nothing without a subsequent lower low - when short, trail your stops above lower highs, but wait for a lower low before you call it a lower high. Without a lower low, you do not know if you have a lower high, right?

 

Best Wishes,

 

Thales

[Cory2679 11]

A lower high means nothing without a subsequent lower low - when short, trail your stops above lower highs, but wait for a lower low before you call it a lower high. Without a lower low, you do not know if you have a lower high, right?

 

Best Wishes,

 

Thales

 

Thanks for the advice. I guess I was essentially "predicting" that that level would be the lower high.

 

I see the logic, but I had been doing it the way I was doing it (aggressively) and I guess had gotten "lucky" with it...it served me well on a few trades.

 

I guess I've learned something.

[thalestrader 14]

6E/EURUSD has been the weak sister to the 6B/GBPUSD, so 6E would be a better short candidate given the same opportunity.

 

Best Wishes,

 

Thales

[Marko23 10]

...

but wait for a lower low before you call it a lower high.

...

 

And one must compare within the same degree.

[india quant 10]

looking 132.84

risky but

day ended net down in in nifty future

so, thinking of taking this risk.

[Marko23 10]

And one must compare within the same degree.

 

Last move ín EUR/USD as an example

[thalestrader 14]

I took the 6B trade out back and shot it for break even. With the lower low, my 6E stop is breakeven. Limit orders are in, and I have to run out for a bit, so what happens happens. I'll be back in an hour or so.

 

Best Wishes,

 

Thales

[india quant 10]

ahh

INDIA trade account made up now

was trying to carry a lle longer but today is diff

:spam:

[Marko23 10]

Last move ín EUR/USD as an example

 

The smaller degree does not preclude a Short, but a realistic target cannot be the low of today.

 

It develops into a healthy move down.

[thalestrader 14]

With the lower low, my 6E stop is breakeven. Limit orders are in, and I have to run out for a bit, so what happens happens. I'll be back in an hour or so.

 

As I was getting ready to get out of here, I heard my chimes going off - sweet music to my ears.

 

Both PT's hit on the 6E ...

 

 

 

 

Best Wishes,

 

Thales

[Marko23 10]

...

Both PT's hit on the 6E ..

...

 

Congratulations, excellent trade.

[india quant 10]

copper

given a

hard long break out

no point posting chart later

[india quant 10]

TODAY

was a day of natural gas long

would had made a killing there

but happens

:crap: