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thalestrader

Reading Charts in Real Time

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Hi all,

 

Since my initial exploration of Thales's re-introduction of the JR 123 back in NOV 09 (or was it OCT?) was not so good, I went back to the drawing board and since 2010 I have been entering these within the contextual views that I have been posting as plans over the last few weeks. It seems that on the huge majority of days if I am patient enough to wait for price to be within an attention point (AP) then I have a very good chance of catching some sort of favourable movement.

 

I think that anyone having trouble with the JR 123 would find significant improvements if they worked on their determination of relevant APs and then being patient enough to just wait till price is within the APs. It has made all the difference to me and I hope maybe just one person will take this advice to heart and save some pain if they are going to explore the JR 123.

 

With kind regards,

MK

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  MidKnight said:
I think that anyone having trouble with the JR 123 would find significant improvements if they worked on their determination of relevant APs and then being patient enough to just wait till price is within the APs. It has made all the difference to me and I hope maybe just one person will take this advice to heart and save some pain if they are going to explore the JR 123.

 

Hi MK,

 

I am very happy to hear that things are going well for you. I have been following your nightly contributions with great interest. I am sure that I am not alone in having an interest in learning how you are triggering your entries, managing trades, (stops? limits?) etc. I hope you decide at some point to share a few more details with us.

 

I wish for your continued success!

 

Best Wishes,

 

Thales

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Current view of the EURUSD/6E - I've had a sell limit at 1.3693 all afternoon and into the evening. Price came within four ticks and sold down a bit. My habit is to raise my limit once price comes close but not close enough to filling me, but I have not decided to do so just yet. If I raise it, it would probably be to 1.3697 or so ...

 

attachment.php?attachmentid=19948&stc=1&d=1268357043

 

Best Wishes,

 

Thales

5aa70fe525d5a_2010-03-116Estilltryingtosell1.thumb.jpg.bd404149120ba4b05d4ac7467d24271e.jpg

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Hey guys,

 

At around 5pm EST, Thales asked me to take a look at the 6J, 15M & 240M, and post to this thread anything I saw "interesting."

 

I've posted my charts of what I see. I'm not sure if it's what Thales was looking for, though...nothing really strongly caught my attention. I may be missing something. ;)

 

-Cory

6J240M.thumb.jpg.454766ff5e9fca0d21fed5848b8f385d.jpg

6J15M.thumb.jpg.0a99a9202a555fb02e61c5fb878a70a9.jpg

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  Kiwi said:
...Did I mention fibs Thales?

 

Fibs? Fibs! Funny you should mention fibs, Kiwi my friend. Why, I make money everyday using fibs, though I try to keep it a secret.

 

  thalestrader said:
Why apologize, BT? I use fibs all the time myself, and I've said so repeatedly in this thread...

 

Not very good at keeping secrets, am I?

 

Best Wishes,

 

Thales

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  Cory2679 said:
...nothing really strongly caught my attention.

 

This is the type of trade that really does strongly catch my attention. :)

 

I took a modest 1R out of it this morning...my only trade.

 

I didn't catch Thales's 5R trade this morning. :embarassed: I've only been trading breakouts/123's up to this point...perhaps I should expand my horizons...

 

I'll be posting real-time regularly to this thread again beginning this Monday. I think it is something that has helped me in the past.

 

-Cory

EU13R.jpg.12a515b90b61c202184ad0205cb92862.jpg

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  thalestrader said:
Hi MK,

 

I am very happy to hear that things are going well for you. I have been following your nightly contributions with great interest. I am sure that I am not alone in having an interest in learning how you are triggering your entries, managing trades, (stops? limits?) etc. I hope you decide at some point to share a few more details with us.

 

I wish for your continued success!

 

Best Wishes,

 

Thales

 

Thank you. No secret how I am triggering in, just via JR 123s when within my pre-planned APs. Stops are just on the other side, just like you do. It's nothing unique on my part. Think I read somewhere about a great trader just taking ideas from others, I'll follow by his example ;)

 

With kind regards,

MK

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  thalestrader said:
PT1 filled, stop is now +1 tick ...

 

attachment.php?attachmentid=19953&stc=1&d=1268359036

 

Best Wishes,

 

Thales

While I can respect any refusal to answer I'll ask the question anyway: what's the basis behind this trade? I can't see anything anywhere that would suggest that is a level for a sell off and I look at quite a few things..

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  gooni said:
While I can respect any refusal to answer I'll ask the question anyway: what's the basis behind this trade? I can't see anything anywhere that would suggest that is a level for a sell off and I look at quite a few things..

 

Thanks for the question! I know I'll look pretty simple minded, and perhaps even ridiculous, but all I was looking at was this daily chart of the cash S&P. I suspect that we may soon see an upside breakout, but such BO's are often preceded by a pause before launch, sometimes just slow drift down, sometimes, a double top ... I'm just taking my swings ...

 

attachment.php?attachmentid=19954&stc=1&d=1268363153

 

What sort of things do you look at, if I may ask?

 

Best Wishes,

 

Thales

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  Cory2679 said:
I've posted my charts of what I see. I'm not sure if it's what Thales was looking for, though...nothing really strongly caught my attention. I may be missing something.

 

Zoom in on your 240 minute ... you may find you will see more if you look at less, in this case. Also, may I suggest you try your charts without grid lines and session break lines for a few days? You never know what might be geting in the way of a clear view.

 

Best Wishes,

 

Thales

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  thalestrader said:
Thanks for the question! I know I'll look pretty simple minded, and perhaps even ridiculous, but all I was looking at was this daily chart of the cash S&P. I suspect that we may soon see an upside breakout, but such BO's are often preceded by a pause before launch, sometimes just slow drift down, sometimes, a double top ... I'm just taking my swings ...

 

attachment.php?attachmentid=19954&stc=1&d=1268363153

 

What sort of things do you look at, if I may ask?

 

Best Wishes,

 

Thales

 

The image is not showing up for some reason. Other than obvious previous swings, cumulative delta and market profile, I estimate where moves or days ranges might end. I also look using specific methods at where players might be trapped either long or short. I didn't see anything at that high (although there were lots of trapped shorts earlier in the day...).

 

Of course, I didn't look at cash SPX, I'll have a look tonight. Of course, it's usually the most obvious things. I did note that your earlier screenshot showed the limit at 4450 yet here you've entered at approx 4600, I guess you waited for the pause or reversal?

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  gooni said:
I did note that your earlier screenshot showed the limit at 4450 yet here you've entered at approx 4600, I guess you waited for the pause or reversal?

 

I had the limit at 44.50 and price came within 2 ticks and sold down a bit. When that happens, I will usually raise my limit 5-10 ticks. In this case I raised it 1.5 points or 6 ticks to 46.00.

 

Best Wishes,

 

Thales

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  thalestrader said:
Zoom in on your 240 minute ... you may find you will see more if you look at less, in this case. Also, may I suggest you try your charts without grid lines and session break lines for a few days? You never know what might be geting in the way of a clear view.

 

I give up! Sorry to disappoint, but I'm still seeing pretty much the same thing...I feel long biased.

 

HOWEVER, I suppose, since it appears price is sort of digging into/chipping away at that support...perhaps, if price does breakout to the downside, the bottom may fall out and it declines down to the swing-low. We are in a (short-term) downtrend, afterall (but which may be losing steam though, in my view).

 

I'd almost be game for a short or a long, given a break of either of my horizontal blue lines.

 

:crap:

 

-Cory

6J240M2.thumb.jpg.875100028b5e188fb0da070d0ff5cb26.jpg

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Still long GU.

 

After entering this morning I realized I had been hasty ...more testing was appropriate (so I should have entered lower, but this is a learning experience). So I decided that the stop was low enough and I'd stick with it and see what it did.

 

I also raised the targets as I think the daily is telling a more important story (where it should test).

 

.

5aa70fe55c3b4_gu3-12-20106-16-49PM.thumb.png.8f13991a85957e9fc5a8249109bd02a4.png

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  Cory2679 said:
I give up!

 

Here is what I was looking for with respect to the 6J ...

 

attachment.php?attachmentid=19960&stc=1&d=1268402063

 

I bought as close to the trend line as I could. My original order, which I placed yesterday, was at 11007. As time ticked by, the entry limit order got lower. I had a 30 tick initial stop loss to protect me in case of collapse, but once we rallied back above the trend line, the stop moves to one tick below the 11096 low, so the risk is now 7 ticks, or less than or -.2R. This way, if I am wrong, the damage is minimal, and if I am stopped out, I can justify a re-entry should price indicate that it is going to get in gear to the upside.

 

 

Best Wishes,

 

Thales

5aa70fe569f79_2010-03-126JLong3rdPush1.thumb.jpg.650763bf238fe6578c3fc94a60f8524d.jpg

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There was a nice, good ol' fashioned resistance/123 trade on the EUR/USD this morning...I trust somebody made money with it. :) I'm short, but really I've just been playing around with my new Oanda demo account this week, getting used to it (I closed my FXCM account due to the new spreads). I'm going to start back serious Monday.

 

EDIT: The green lines aren't all PT's...they're just a guide to see when price has hit 1:1, 2:1, 3:1, etc.

 

-Cory

EU15M.thumb.jpg.9f86bad4b281d40a830346127b5c29e8.jpg

EU60M.thumb.jpg.bd62d3def16880c1e0e5580aad9868e1.jpg

Edited by Cory2679

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  thalestrader said:
Once I could string together four weeks of 50+ tick profit net...

 

Hey Thales,

 

Just curious...how come you used ticks as the benchmark, rather than R?

 

-Cory

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  Cory2679 said:
Hey Thales,

 

Just curious...how come you used ticks as the benchmark, rather than R?

 

-Cory

 

...and do you mean ≥ 50 ticks net per week, or do you mean ≥ 200 ticks at the end of 4 weeks (for an average of 50+ ticks per week)?

 

Thanks,

 

Cory

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