Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

thalestrader

Reading Charts in Real Time

Recommended Posts

Wooops, my bad Thales. Anyway, I have an alibi as I was counting sheep, just ask 'baaa baa'!

 

Major and immediate trends for me remain down. The lower edge of the near-term R offered nice rejection showing to me that sellers are still very eager, but it dropped back down into the developing S zone (deeply though). Plan remains the same as yesterday pretty much. Shorts in the first zone but I want it above PDH unless it is extremely obvious. If get above PDH can be more aggressive with entries and scale-out in 1/4ths. Longs need to be on a capitulative move preferrably into the 1.54/52 area, should that happen I'll scale out in 1/3rds. Anything else needs to be very obvious and is all in/out style. Focusing on the edges of this range, absolutely nothing in the middle!

5aa70fc97fa8f_MK01_09_Feb_2010.thumb.png.30f9e8178e780db933c37f286b0f4ce5.png

5aa70fc987719_MK02_09_Feb_2010.thumb.png.ab528e4b88a85c97c14d6cb3eb538bdf.png

Edited by MidKnight

Share this post


Link to post
Share on other sites
The dollar rallied to 80.68 today, putting into the lower half of the 80.40-82 target range for this rally leg. It had closed at 79.92 yesterday. The dollar selling/euro buying at the end of the day may be the beginning of a somewhat larger correction to this dollar rally than we've seen thus far, though I am always somewhat hesitant to read too much into last hour of the last of the week activity.

 

If a larger correction is in the offing, I'd be looking for 78.45 down to 76.60 as a target range (not shown with trend lines, but basically the 12/22 high and 1/13 low).

 

attachment.php?attachmentid=18972&stc=1&d=1265416844

 

Rather than continue a correction against the current uptrend, the buck consolidated its gains at/near the higs of this rally off the November low. Should the dollar make a higher high (EURUSD lower low) I'd expect the dollar index to make a play for the next target, wihich is in the vicinity of 82.00. With respect to the 6e, I will be looking for potential shorts, with possible trend down day implications over the coming day(s).

 

attachment.php?attachmentid=19045&stc=1&d=1265676588

 

Best Wishes,

 

Thales

5aa70fca085dc_2010-02-08DXYO1.thumb.jpg.2bfe6d6b6f70e0a7757f7f69c36a8c12.jpg

Share this post


Link to post
Share on other sites

Hi folks,

 

during this week I'll experiment with a modified setup.

I want to start after the breakout bar is finished.

 

Stopped at -1.1R.

Trade was deliberately taken against the trend.

tl-10.thumb.png.cab270b9d2fb69447082bf096e5e9af9.png

tl-11.thumb.png.01b96448730822dcf02a192c547a2e9e.png

Edited by Marko23

Share this post


Link to post
Share on other sites
during this week I'll experiment with a modified setup.

I want to start after the breakout bar is finished....

 

Hi Marko,

 

I want to make sure I understand what you are doing with the modified entry. You are waiting for the trade to trigger as usual, and then you are entering on a limit order placed at he 50% retracement of that particular bar, +1 tick, and by one tick, you mean on the breakout side of the breakout bar?

 

Best Wishes,

 

Thales

Share this post


Link to post
Share on other sites
Hi Marko,

 

I want to make sure I understand what you are doing with the modified entry. You are waiting for the trade to trigger as usual, and then you are entering on a limit order placed at he 50% retracement of that particular bar, +1 tick, and by one tick, you mean on the breakout side of the breakout bar?

 

Best Wishes,

 

Thales

 

I want to start after a pullback of 50% of the breakout bar and place the stop 1 tick below the low of the breakout bar for a Long.

 

The last example with EUR/USD shows how perfectly that approach can fail!

Share this post


Link to post
Share on other sites
I want to start after a pullback of 50% of the breakout bar and place the stop 1 tick below the low of the breakout bar for a Long.

 

The last example with EUR/USD shows how perfectly that approach can fail!

 

Hi Marko,

 

I still do not think I am following you, and I apologize for being thick-headed this morning.

 

Here is my chart showing that my entry on that long would have been 1.3711. Where would you have placed your entry order?

 

attachment.php?attachmentid=19068&stc=1&d=1265723345

 

Best Wishes,

 

Thales

5aa70fca8cea7_2010-02-09EURUSD1.thumb.jpg.63c06540eb7eece7eb00e0698cff3d08.jpg

Share this post


Link to post
Share on other sites

Current look at the 6E/EURUSD ...

 

attachment.php?attachmentid=19071&stc=1&d=1265723522

 

I was expecting one more attempt at a high/higher high, but it is what it is. We could still get a higher high, but that's what the stop loss is there for to protect us.

 

Best Wishes,

 

Thales

5aa70fca931a2_2010-02-09EURUSD2.thumb.jpg.6852b22ff1067eac6f70c2fbc0fdf003.jpg

Share this post


Link to post
Share on other sites
Hi Marko,

 

I still do not think I am following you, and I apologize for being thick-headed this morning.

 

Here is my chart showing that my entry on that long would have been 1.3711. Where would you have placed your entry order?

 

attachment.php?attachmentid=19068&stc=1&d=1265723345

 

Best Wishes,

 

Thales

 

The breakout bar is 1.3700 ... 1.3713. The limit order was at 1.3707 after the breakout bar completed. The order was not filled, there was no pullback.

 

1.3707 = 1.3700 + 50%(1.3713 - 1.3700)

 

The stop was at 1.3699 = 1.3700 - 0.0001

Share this post


Link to post
Share on other sites
Hi Marko,

...

I apologize for being thick-headed this morning.

...

Best Wishes,

 

Thales

 

Not your fault, perhaps my weird thinking and/or English. The modified setup has been tested with Bund (FGBL) with good results. It may not perform with EUR/USD because it needs a pullback to trigger.

Share this post


Link to post
Share on other sites
Nope...too focused on the potential long...

 

It's funny...I had my intial stop-loss where the short entry would be...and of course, after price broke that, I was thinking 'oh man, looks like it's going lower'...but it didn't occur to me to go short. :doh:

 

I'm not sure if you have run across this or not in the past.

 

One solution to this problem is to attempt to take the other side. If looking for a short attempt to build the case for a long. Because your mind is designed with a bias to confirm your current idea this is a useful step.

 

Thanks, Kiwi! I like that a lot! Very helpful.

 

-Cory

 

;)

Share this post


Link to post
Share on other sites

Current look at Crude shows it to be again at what should be a critical juncture, as it vacillates on either side ot the 72.4x level...could go either way, but whichever way it decides, it should trend away from that level ...

 

attachment.php?attachmentid=19075&stc=1&d=1265725435

 

 

 

Best Wishes,

 

Thales

5aa70fcaa3b3c_2010-02-09CLattheRubicon1.thumb.jpg.ddc689376915353b74c63a110490bb62.jpg

Share this post


Link to post
Share on other sites
Nope...too focused on the potential long...

 

Sort of like yesterday, only different ...

 

Reminds me of a very good post that Kiwi made here some time ago. When you are looking at a short, ask yourself what would have to occur for you to change your mind and go long. If looking to go long, what is the case for a short? You might find that this little exercise, as a sort of "pre-flight" check when you are looking at an opportunity, might help you in these situations.

 

Best Wishes,

 

Thales

Share this post


Link to post
Share on other sites
Sort of like yesterday, only different ...

 

Reminds me of a very good post that Kiwi made here some time ago. When you are looking at a short, ask yourself what would have to occur for you to change your mind and go long. If looking to go long, what is the case for a short? You might find that this little exercise, as a sort of "pre-flight" check when you are looking at an opportunity, might help you in these situations.

 

Best Wishes,

 

Thales

 

Beat ya to it! :) (Check out my edited post.)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • ADMA Adma Biologics stock, watch for a range breakout, target 26 area at https://stockconsultant.com/?ADMA
    • URI United Rentals stock, nice rally off 829 support area, watch for top of range breakout at https://stockconsultant.com/?URI
    • Date: 27th November 2024. S&P500 at its 52nd new peak for 2024; USD Firmer, Kiwi & Yen Up. Asia & European Sessions: Wall Street rallied into the close with the S&P500 and Dow registering more record highs with the S&P500 climbing 0.57% to 6045, its 52nd new peak for 2024. The Dow rose 0.28% to 44,860.3 for its 46th record of the year. The NASDAQ advanced 0.63%. Trump named Jamieson Greer as the US Trade Representative and Kevin Hassett to direct the National Economic Council. Greer was intimately involved in Trump’s first-term trade policy decisions. President Biden announced Israel and Hezbollah have reached a cease fire. Over the next 60 days the Lebanese army and state security will take control of their own territory and Israel will gradually withdraw its forces. FOMC minutes: Minutes from the Fed’s latest policy meeting revealed officials leaning toward a cautious approach to future rate cuts. All agreed to cut the rate by -25 bps and nearly all thought risks between achieving employment and inflation goals were “roughly in balance.” Upside risks to the inflation outlook were little changed, and while inflation had eased, it remained elevated. The implied December rate continues to hover around a 50-50 bet as we await the PCE price data Wednesday and the crucial jobs report on December 6. The January 2025 rate is priced for a total of 20 bps in cuts, with -75 bps by January 2026. RBNZ cut its cash rate by 50 bps, yet the Kiwi gained as traders analyzed the central bank’s rate outlook and the governor’s remarks. Chinese government approved a 500 billion yuan ($69 billion) bond quota, enabling two state-owned asset managers to issue bonds for funding projects aimed at spurring economic growth. Today: US inflation and economic growth may provide clues to the Federal Reserve’s next policy move. Financial Markets Performance: The USDIndex has dropped to currently 106.459. The Yen climbed with USDJPY pulling back to 151.82, while NZDUSD jumped to 0.5900 despite the RBNZ’s 50 bps rate cut. Oil prices stabilized at $68.84, with optimism over delayed OPEC+ output increases balancing the reduced geopolitical risk stemming from the ceasefire. Gold rebounds to 2653.54, with next Resistance at 2660-2664. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • RBLX Roblox stock, pull back to 49.2 gap support area at https://stockconsultant.com/?RBLX
    • UHS Universal Health Services stock, nice rally off the 197 support area, from Stocks to Watch at https://stockconsultant.com/?UHS
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.