Reading Charts in Real Time

[thalestrader 14]

Current look at the EURUSD/6E ...

 

 

Stopped out of the 6E for -1R:

 

 

I'll be looking for long sequences only in the vicinity of the lower blue line, and short sequences only in the vicinity of the upper blue line. Of course, long on a break and hold above the upper line, and short on break and hold below the lower line. No more playing in this chop for me until price moves to or breaks one of the extremes of the range.

 

 

Best Wishes,

 

Thales

[thalestrader 14]

Current look at the EURJPY ... that's about 160 pips of risk against a 500 pip profit target. I would obviously choose a higher swing low for my stop were I to trade this.

 

My daughter had this order in her account last night, and the long never triggered. However, the EURJPY did provide a decent short opportunity as this sequence occurred after a test of the upper regions of its recent sideways range.

 

 

Best Wishes,

 

Thales

[Marko23 10]

Daily chart of EUR/USD, c larger than a

 

 

and short again

 

Could be to ambitious for a single day

Edited February 11, 2010 by Marko23

[Marko23 10]

EUR/USD out for me because of wave proportions

 

[Zan-shin 10]

ES: entry : 63.75, stop 60.75, T1 66.75, hit, exit stop b/e

[Cory2679 11]

Possible USD/JPY long...

[Cory2679 11]

Possible USD/JPY long...

 

NOTE: I didn't take it...PA looked less and less compelling...

[fxThunder 10]

Having a look at the GU 60 min chart gives me some reason to look for some long side continuation. We have 3 pushes into a support area, now at a dtl that should give away due to the 3 pushes that preceded it.

 

Should the dtl give way the 1.5765 area should prove interesting - a few stops of shorts may be found above that swing high.

 

Cheers,

eNQ

[thalestrader 14]

NOTE: I didn't take it...PA looked less and less compelling...

 

We should try to post charts with our comments. Without charts, this thread may as well be twitter, or even worse ... ET ...wouldn't you agree?

 

Here's my current view of the weekly USDJPY ...

 

 

Best Wishes,

 

Thales

 

EDIT: Ok, I see your chart in the previous post, my apologies, Cory. Though a chart detailing what you meant by "less compelling" would have been welcome, nonetheless.

[thalestrader 14]

Hi Folks,

 

EURUSD/6E broke below our chop zone noted earlier, and it is now in the process of either kissing it goodbye or begging its forgiveness ...

 

 

 

 

 

Best Wishes,

 

Thales

[Cory2679 11]

Though a chart detailing what you meant by "less compelling" would have been welcome, nonetheless.

 

Fair enough...

 

Well, you can see, the original chart I posted, in my opinion, looked good.

 

Then, after some time had passed, it just began to look choppy, less impulsive, back and forth, etc.

 

Also, at around the same time, I was watching a setup on the GBP/USD (which turned out nicely...made me positive for the day), which filled, so by that time I just thought 'forget the USD/JPY' and just focused on my GBP/USD trade.

[thalestrader 14]

Well, you can see, the original chart I posted, in my opinion, looked good...

 

Thank you, Cory. That made for an excellent post! You may not have noticed, but I have this thing for charts - we ought to have a rule perhaps - No Chart - No Post!

 

What do you think?

 

I'll start it off by posting the current view og the Gold ETF daily chart:

 

 

 

Best Wishes,

 

Thales

[Marko23 10]

The attached zip-file contains an article from Mark Douglas

"Learning Flawless Execution of a Trading System"

 

It may be helpful for some readers of this thread.

howtoexec.zip

[TradeRunner 10]

Trading can be really frustrating sometimes:

 

[thalestrader 14]

The attached zip-file contains an article from Mark Douglas

"Learning Flawless Execution of a Trading System"

 

It may be helpful for some readers of this thread.

 

Good share ... Thank you, Marko!

 

Best Wishes,

 

Thales

[thalestrader 14]

Trading can be really frustrating sometimes...

 

You know what they say, "If trading were easy, everybody would do it."

 

Does it make you feel any better to know that that very thing happens to me at least once each week? Welcome to the club, TradeRunner!

 

Best Wishes,

 

Thales

[thalestrader 14]

Trading can be really frustrating sometimes:

 

 

Actually, stick this one in your notebook, and the next time you get stopped by a tick or two that immediately resumes a favorable direction, sell the next new low if you were short or buy the next new high if you were long. Your stop is a tick above the high/below the low of the reaction that got you stopped out of your original position.

 

Best Wishes,

 

Thales

[thalestrader 14]

Looking at the Dow daily, I was somewhat surprised to find a pattern not unlike what is commonly referred to as a bull flag ...

 

Nothing has changed ... small decline off yesterday's close, on diminishing volume.

 

Today the DJ-30 chalked up an upside breakout on volume greater than the prior down day. However, the BO would be more convincing had volume exceeded that of Tuesday.

 

 

 

Best Wishes,

 

Thales

[thalestrader 14]

Gold also looks as though it may be setting itself up for a rally ...

 

 

Best Wishes,

 

Thales

 

It was getting ready to rally. But for how long? Who knows? But you got to be in it to win it ...

 

 

Best Wishes,

 

Thales

[MidKnight 12]

These charts are looking like repeats day after day, but I am finding this process of the written word for my daily plan to be useful to me rather than my usual marking on the charts and silently think about the plan.

 

Got the good reaction off the 1.5660 area to the tick that I was looking for but overall we remain trapped within this range. I'm starting to feel that it will go higher before it goes lower, but for now I am still happy to stick to the short side mostly. I'd be interested in shorts above 1.5720 area and maybe light long in the 1.5640/60 area. I'll scale out of shorts in 1/4ths with the aim of being out of 3/4ths before 1.5560. Because I am not very confident on longs in the middle of this range, but, I do see that 1.5640/60 has become a pivotal price and it would be testing yesterdays pivot highs, I would be scaling out of longs from there with 1/2 quick and then hold 1/4th for a possible break of the range highs. Anything else is a scalp all in/out. I'm trying to be available for the possible run it will eventually do out of this range and get away with a cheap low risk entry in the process....

[thalestrader 14]

No change with the US Dollar either ... If the dollar continues to a new high, then I think he odds favor that the recent uptrend does represent a change in the Dollar's intermediate to long term prospects. This new uptrend high could occur tomorrow, or after a deeper correction of the recent rally. Should a correction break and hold below 76.60, then the odds increase that the recent rally was itself counter trend, and the down trend may be resuming.

 

I could say the same thing tonight as last night, so I'll let the above quote stand. Based on the daily charts, I anticipate high prices for equities and gold, lower dollar. Going back to the coin standing on its edge analogy, the equities and gold coin started to lean slightly to the bull side today, while the dollar finishes still pearched stock still upon its edge.

 

 

Best Wishes,

 

Thales

[thalestrader 14]

Hi Folks,

 

Earlier tonight I pulled out my old notebook from Linda Raschke's seminar. As my daughter and I read through the first few pages, she asked me who wrote this and I told her LBR. I asked her why she asked, and she said that much of it sounds as though I could have written it. I have mentioned here recently how much my own development as a trader is owed to the insights and teachings of Raschke. I was trying to find out whether or not she still holds her annual seminar in Chicago, and I was unable to find out anything at all. But I did find an MP3 of a webinar she did on Mental Performance, and I thought I'd share it here.

 

I hope you enjoy it.

 

Best Wishes,

 

Thales

Mental_Performance.mp3

[Marko23 10]

Good share ... Thank you, Marko!

 

Best Wishes,

 

Thales

 

You share, we share, together we accumulate knowledge.

[Marko23 10]

Trading can be really frustrating sometimes:

 

 

You shouldn't get frustated, the market has no intentions to do that!

 

If you feel frustated, it is more difficult for you to continue with flawless execution of your system and take the next trade, which may follow very soon. Yes, that's a tall order.

 

Every trade your system signals and you skip, for whatever reason, diminishes your statistical edge a little bit.

[thalestrader 14]

While the daily chart of the Dow seems to have somewhat bullish implications, an internal look at this rally on the 60 minute ES shows a lot of chop, overlap, and channeling (though not as pefect and neat as one would like). So the internal strcuture looks corrective, and as though we should expect further decline (at least a retest of the 1040.75 low), the daily Dow would have me very close to allowing me to initiate new long stock positions for swing trades.

 

 

We'll see if the week ends with any more clarity than the rather foggy view I seem to have at present.

 

 

Best Wishes,

 

Thales