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thalestrader

Reading Charts in Real Time

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nervously hanging on to shorts in ZN. sold at 28.5, sold at 23.5 looking to sell again if it stops and starts to fall again from here. Stops at the top line.

(while I know I am picking the top in the recent trend, a few signs have made it a reasonable time for me to do so)

Goes directly back to the take profits discussion.... damm I should have bought back, taken profits in the mid teens. Oh well. this was not part of the plan on this one. (plus I went to lunch - giving myself a weekly Friday treat... man it was good :))

 

Thalestrader... do you happen to have a summary of your ideas in a previous thread. .... just to save me searching through countless posts?

zn1.png.fcb12422f10aee37beadbd399283034f.png

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  Cory2679 said:
This style of buy-and-hold and don't touch makes me nervous.

 

With the normal management, both hits the account has taken on the EJ offered what I see as profitable stop-and-reverse opportunties...not only would it have reduced the loss, but would have been net profitable both times.

 

As you know, I've been considering the 'place orders and let it do its thing' approach, but for the time being I'll probably stick the the 'normal' way of managing trades.

 

I understand this is basically an 'experiment,' anyway. Just my :2c:

 

Also, the first entry was far to premature for the expectations I set for the trade. I knew as much to expect at least one new low.

 

The second entry was too late to initiate the position (or at least not as favorable a position as I would have liked. The ideal buy point, had I been following properly, would have been a buy stop 125.35 or 125.65. Had I been paying attention, rather than slacking off sleeping, I would have liked to have bought at 125.35, added at 125.65, and raised the stop to 125.80 on the break above 126.25.

 

So, the results so far have more, in fact, everything to do with poor execution of plan on my part than on the plan itself.

 

For what its worth, my daughter told me to do just as you said I should do on the first trade - stop and reverse. But, I guess it just didn't matter enough to me. Perhaps I shall have to take this more seriously, and only initiate positions when I can do so as I would do in an account that mattered to me. In other words, I guess I should trade it as though my equity depends upon it, and not as though its just a $25 chip I found on the casino floor for a free drop in the slots.

 

Best Wishes,

 

Thales

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  DugDug said:
Thalestrader... do you happen to have a summary of your ideas in a previous thread. .... just to save me searching through countless posts?

 

Sorry, DugDug, but this is it. There is a scattering here at TL. I only have one post elsewhere and that was to ask about changing forex brokers back when I was starting with my daughter's trading. Otherwise, everything is in this thread. I have considered putting together a sort of uberpost summarizing some of the more important things I lok at, and then asking James or one of the mods could slip it into a first post position, but I have to write it out first, and I just haven't had the time. Someday and soon, I will put together a summary. However, I kow this has become a "bloated thread," but there is a lot of good stuff in here, not just from me, from many of the thread's participants. So I encourage you to try to slug your way through it over time. I know I have learned alot myself from this thread.

 

Best Wishes,

 

Thales

 

PS I thought maybe daedalus would write the book - if so, daedalus, I promise to be the first to buy it off the presses.

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  Cory2679 said:
...both hits the account has taken on the EJ offered what I see as profitable stop-and-reverse opportunties...

 

Although, on the second position, rather than stopping and reversing, it would have probably been more prudent to pull the EJ and short the EU...

 

With hindsight OR with how the charts looked at the time, I believe the EU would have been the better short opportunity.

EU15M2.jpg.64871f804cec0848ea1c8cd7636f0d5c.jpg

Edited by Cory2679
attached wrong chart

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Current look at the weekly EURUSD shows the EU about to undo in 10 weeks the price movement it took almost 30 weeks to achieve. Any rally from these levels is likely to resolve itself in a selling opportunity to test the October 2008 lows. I hope that bounce does develop, otherwise I'm going to just have to close my eyes and sell - I would hate to see this thing move down another 20 handles without me.

 

attachment.php?attachmentid=18543&stc=1&d=1264786293

 

 

 

Best Wishes,

 

 

Thales

5aa70fbaee045_2010-01-29EURUSD1.thumb.jpg.695a80a9cc47fc4b9cc01addeeb0b9ad.jpg

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  thalestrader said:
Looks like someone woke up the Buck.

 

 

I forgot to post the daily dollar yesterday ... this is as of yesterday's cash close, and I will post an updated chart after today's cash close of today's action.

 

Best Wishes,

 

Thales

5aa70fbb8fd47_2010-01-28DXYO2.thumb.jpg.f869b69cd3a2ce0cda4d365280dbb610.jpg

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stopped out for loss at top level.

 

Continual lesson to ponder:should I have cut earlier at BE of 26, as this popped back through the level with some vengeance?

 

I never really know and usually just see how it goes on the day. I have stopped myself out early plenty of times just to end up being right. I have always figured I am better off loosing a few extra pips than getting off a trade that might make me much more.

 

final thoughts... I will go it again next week if it lines up again.

 

Oh well Friday evening in the UK, I'm off to the pub.

enjoy.

zn1.png.2bb8923d553b2482014b98591ac79c0d.png

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  DugDug said:
stopped out for loss at top level.

 

Continual lesson to ponder:should I have cut earlier at BE of 26, as this popped back through the level with some vengeance?

 

Hi DugDug,

 

First, thank you joining us and thank you for posting your charts. One thing that may facilitate discussion of your trades would be if we could se at a glance you entry, stop, and profit targets (if any - more on this in a minute). What we have adopted here as a sort of easy to view short hand is to place a blue line at entry, red line at stop loss, and green line at profit targets. This lets any one of us see at a glance how you had planned the trade, which brings me to the subject of profit targets.

 

If I understand your trade(s) today, you were short from two different points. It looks as though you had some good movement in your favor, and then both positions were stopped for losses. Did you have profit targets? Do you trade with targets? I am not being critical one way or the other - we each have to trade in our own way, and I am just curious if you had a profit objective in mind or not, and if not, how do you manage your stops?

 

Have a great weekend!

 

Best Wishes,

 

Thales

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  thalestrader said:
Crude has traded from yesterday's high to within 13 cents of yesterday's low, and it looks like it might be getting close to time to get long of some crude.

 

 

attachment.php?attachmentid=18545&stc=1&d=1264788422

 

Crude finally worked its way to yesterday's low, and rather than giving a long sequence it broke that level and gave a nice short opportunity with a brisk 50+ penny drop.

 

attachment.php?attachmentid=18552&stc=1&d=1264792987

 

Best Wishes,

 

Thales

5aa70fbb9926b_2010-01-29Crude1.thumb.jpg.4ab003328ab70e31a45849254e53f515.jpg

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  theonlyone123123 said:
yeah, really. I respect those guys more than the paper traders here.

 

I cannot even fathom your motives for posting in this thread then, other than to pad your ego in a way that is apparently only possible through an anonymous internet forum.

 

Why not take this thread off of your subscription list and move on. There is no one making you click on it other than yourself. You are free not to click as well.

 

Thank you,

 

Thales

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  DugDug said:
nervously hanging on to shorts in ZN. ...
  DugDug said:
stopped out for loss at top level.

...

 

Something like this was before my eyes when I wrote about Bund forming a top:

attachment.php?attachmentid=18562&stc=1&d=1264796431

 

There is no exact correlation, but they look similar.

tl-01.png.cd515a97e3c3fe3e299255c6016224c3.png

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  thalestrader said:
Current look at the weekly EURUSD shows the EU about to undo in 10 weeks the price movement it took almost 30 weeks to achieve. ..

 

Projection method 2 gave these targets

attachment.php?attachmentid=18565&stc=1&d=1264797324

euro-ext-2.png.9abcdf930d256452d5a7d233c2c94337.png

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