Reading Charts in Real Time

[MidKnight 12]

Don't confuse what I do in the demo account for the sake of posting the trades here with what I'm doing as I trade./QUOTE]

 

OK OK, I'm with ya then. Thanks for the explanation and have an enjoyable weekend.

 

All my best,

MK

[Marko23 10]

...

When you put it like that, I realize it was sort of a stupid question. :embarassed:

...

Hi Cory,

there is a saying here, transliterated in English:

 

There are no stupid questions, only stupid answers.

 

IMHO discussions only originate from questions, please continue

I'm here mainly to learn.

[Marko23 10]

 

... stop loss is 1.5007 (+144) and my take profit is 1.4991 (+160)... (only because it is Friday and I want to go outside and play!

 

 

 

 

Best Wishes,

 

Thales

 

What a great corollary.

Sometimes I think, the general chapters in Neely's book about channeling or

waterfalls have more value than the restrictive fibo rules.

[Marko23 10]

FDAX close open gap and made a new 3 day low.

 

That is the rhythm, I observe since many months.

 

 

When I think about the so-called rhythm I follow with FDAX and FGBL,

these slightly advancing highs from Wednesday to Friday, perhaps I should

ask richbois for the free e-book he mentioned. I've no idea about TTT, but

Friday was a perfect Short day for me.

The Short closed the gap at the beginning of the move, which lead to

the high on Friday. FDAX max rise again from Monday.

 

I found the "rhythm" because I had to get out of the standard trap on FGBL and FDAX.

The trap is to assume: when FDAX goes up FGBL comes down and vice versa.

That is sometimes true and often not. Each of them has its own rhythm.

Edited March 20, 2010 by Marko23

[Marko23 10]

Stopped at 5140, short again at 5151, same targets but initial stop is 5160. I will go to BE or better if first target is filled (possibly sooner)...

 

 

Best Wishes,

 

Thales

 

Does your first target in that situation come from a kind of "Buy at support" ?

[Marko23 10]

6E - Bought 3591, 3610, 3622, with each subsequent trade smaller than the previous trade. ...

 

Hi Thales,

since there are no stupid questions: (price refers to MK's 1m chart as I read it)

 

did you buy the 3591 on the first decent to 3587

or on the second decent to 3589, when you saw 3587 ?

[Marko23 10]

...

Low ... High ... Higher Low ... Higher High ...Higher Low ... Higher High ...

...

 

The first High is the key and has been the blockade in my thinking for years.

I always thought this had to be a Higher and have tried various means to find a reliable comparison point to validate the Higher.

All to no avail; no fibs, oscillators or moving averages did help me.

Sperando's trendline criterion doesn't help either as every reader surely knows.

 

This thread and its main protagonist are my blockade runner so to say.

 

In my current view, all three High ... Higher Low ... Higher High

or all four Low ... High ... Higher Low ... Higher High for a beginning uptrend

as an entity define the entry point.

Edited March 20, 2010 by Marko23

[thalestrader 14]

Hi Thales,

since there are no stupid questions: (price refers to MK's 1m chart as I read it)

 

did you buy the 3591 on the first decent to 3587

or on the second decent to 3589, when you saw 3587 ?

 

I bought on the second, though I had considered the first dip, and for a few moments I considered I may have missed a god shot at getting it that low. There was no hesitation on the second decline - it was time to try a long.

 

Best Wishes,

 

Thales

[thalestrader 14]

Does your first target in that situation come from a kind of "Buy at support" ?

 

Yes, it does. And the break of that level would have been a good "sell breaks of support."

 

Best Wishes,

 

Thales

[Cory2679 11]

Current look at the 6E/EURUSD has me awaiting price's arrival in the zone between 1.3698-1.3720, and if I had to "pick a tick" I'd be watching for what happens at, above, and below 1.3713 (highlighted in the ellipse).

 

 

 

Thales,

 

I have a question...how exactly did you pick the range 1.3698-1.3720? I can see why that area, but how did you decide on those exact numbers? (For example, why 1.3698 and not 1.3697 or 99?)

 

Thanks,

 

Cory

[Gabe2004 10]

 

There are no stupid questions, only stupid answers.

 

IMHO discussions only originate from questions, please continue

I'm here mainly to learn.

 

This reminds me of a joke my father told me many years ago. (apparently I was asking a lot of questions )

 

A kid is aproaching his father and asks him a question.

The father does not answer.

After a few minutes the kid asks his father another question.

The father does not answer.

This goes on for a while. The kid asks a question but the father does not answer.

At one point the mother tells the kid to stop bothering his father with questions, to which the father responds:

"Let him ask. How else would he learn?"

 

Not that we don't get answers here, it is just that Marko's post conjured up the joke.

 

Gabe

[thalestrader 14]

I have a question...how exactly did you pick the range 1.3698-1.3720? I can see why that area, but how did you decide on those exact numbers? (For example, why 1.3698 and not 1.3697 or 99?)

 

The pivot high that was getting hammered out between 12AM-3AM EST on 3/16/2010 was played out between 1.3698-1.3702. I used 1.3698. The 1.3720/21 level was a 1.27 fib extension of the first swing down, a common level for a correction to end. That is typically my BE point if I short the 123 break. In the end, the exact level is not as important as the concept of defining a zone and watching how price behaves once it gets there. Don't kill yourself trying to pick exact levels - get the general areas right, and then have a plan for what you will do when price gets there. I think MidK's recent posts are an excellent example of what you should be doing.

 

Best Wishes,

 

Thales

[MidKnight 12]

Friday reversed the massive up day 3 days ago with its own massive down day. Looks a lot like a mirror and interesting to note that this has been common during March whenever there has been a large up move. This recent one is just of a larger degree than the other two were. With price back down at the pivotal S/R I am watching keenly as I start to feel that should the pivotal S/R break we may be in for a run to the lows. Keep my biases in check though and trade what the APs as appropriate, anything can happen. Asia has opened with some decent volatility and I anticipate that to continue through today for some decent swinging behaviour.

 

Attention Points

1.5190/240 pivotal S/R

++ 1.5016 --------------

1.4980/520 pivotal S/R for entire corrective range

1.4850/900 last S before capitulation low

1.4783 capitulation low

 

Longs

Obvious longs down in this pivotal S/R 1.4980/520 area, prefer to enter these with minor new lows from the Friday's drop. Longs here must be taking profits on the first 1/2 quite aggressively. 1/4 off before 1.5010 trades, another 1/4 before 1.5025 trades, 1/4 before 1.5060 trades and finally targeting 1.5120 area on the last 1/4.

 

Should the market hold the pivotal S/R area and break higher I will look to buy a retest of the upper edge of the pivotal S/R around the 1.5020 area. Longs taken here will aim to take 1/4 off near today's HOD, 1/4 off in the 1.5060/80 area, 1/4 off before 1.5140 trades, targeting the last 1/4 in the 1.5180 area.

 

Shorts

Should the market rally up to pivotal S/R 1.5190/240 area I would be surprised. But rather than just sit here with my jaw on the floor in shock I will have a plan if this occurs. Can be fairly aggressive with this entry. Aim to take 1/4 off at the obvious current day S area from what would be a large rally, another 1/4 in the 1.5080 area, 1/4 in the pivotal S/R area of 1.4980/520, holding the final 1/4 for a move down to the last S before capitulation low.

 

Maybe a rally doesn't go right up to the pivotal S/R of 1.5190/240 area and instead gets R in the 1.5130/50 area. This minor R level was made during the drop and is essentially the midpoint of the move. Not uncommon to test those points, however the entry must be obvious. 1/4 off before 1.5040 trades, 1/4 off before 1.4980 trades, 1/4 off in the last S before capitulation low trailing the final 1/4 for a possible move to new lows.

 

Maybe the market just stays within this tight range all of Asia and is unable to punch much higher than 1.5035 area. Can enter with obvious shorts taking 1/4 off before 1.4990 trads, 1/4 off before 1.4940 trades, 1/4 off before 1.4880 trades, trailing the final 1/4 for a move to new lows.

 

Or maybe the market just tanks in Asia and later comes back to test the pivotal S/R 1.4980/520 from below. I'll sell the flip taking 1/4 off near the LOD, 1/4 off before 1.4880 trades and trail the final 1/2 for a move to new lows taking 1/4 once it probes through it.

[Cory2679 11]

My only trade for the evening...

 

Price had barely penetrated the support that was Friday's as well as last week's low, then provided a 123 long opportunity. I took the full 1R loss.

 

Sorry it wasn't in real time...I have been very tired this evening and didn't feel like posting it, but I've finally worked up the will...

 

-Cory

[richbois 10]

Hi All

 

I Posted 2 nice TTT examples on the other thread one on TF and one on OIL

 

http://www.traderslaboratory.com/forums/208/original-taylor-trading-technique-book-method-7627-2.html

[MidKnight 12]

Put in a solid rally from an area I wasn't really watching a rally to occur. I can see why it might have rallied there, but that is in hindsight only.

 

Attention Points

1.5190/240 pivotal S/R

++ 1.5093 --------------

1.4980/520 pivotal S/R for entire corrective range (possible that yday muddied this area)

1.4850/900 last S before capitulation low

1.4783 capitulation low

 

Longs

Strictly obvious longs down in this pivotal S/R 1.4980/520 area as yesterdays trade may have muddied this zone, 1/4 off before PDH trades, another 1/4 before 1.5140 trades, 1/4 before 1.5160 trades and finally targeting 1.5200/20 area on the last 1/4.

 

Shorts

A rally up to pivotal S/R 1.5190/240 area would be great location for selling to at least test PDL. Can be fairly aggressive with this entry. Aim to take 1/4 off at 1.5120 area, another 1/4 in the 1.5020 area, 1/4 off at the 1.4940 area (PDL), holding the final 1/4 for a move down to the last S before capitulation low.

 

Maybe we only get a small rally that doesn't go right up to the pivotal S/R of 1.5190/240 area and instead gets R in the 1.5130/50 area. This minor R level was made during the drop and is essentially the midpoint of the move. Not uncommon to test those points, however the entry must be very obvious. 1/4 off before 1.5020 trades, 1/4 off before 1.4960 trades, 1/4 off in the last S before capitulation low trailing the final 1/4 for a possible move to new lows.

[Kiwi 16]

Short GU at 1.5110

 

Why? Downsloping channel. Break of daily required. A couple of significant fibs here.

 

Also, more fibs + S&R to hide the stop behind up at 1.5165

 

Will work or not.

 

 

.

[Kiwi 16]

Stop to be+

 

Why, it broke daily slightly along with the channel. I think that the rejection will either hold or it might well break strongly. So be+ and probability will do what it will.

[daedalus 10]

Been a long while... but i'm back (kinda/sorta)... Switched over to range charts, re-evaluated and filtered a lot of setups... But at the core of everything is still the same HL/LH pattern be it a reversal or a continuation pullback.

 

Still daytrading purely and not nearly on the timeframes you all are...

 

Anyhow... one trade today, took +7 and went on my way.

 

Cheers!

[Cory2679 11]

Currently long the EUR/JPY...I'm quitting now, but I'm going to leave it in overnight...

 

I've attached my Oanda chart...entered at 122.325, SL currently at 122.370, and PT's at 122.509 & 122.607. We'll see where we are in the morning...

[Kiwi 16]

Short GU continues. Note pitchfork/channel test adjustment on be+ stop.

 

It does have a bit of work to do to get down and hit my targets with the 21 ema being the first challenge ... but we shall see, we do at least have a slightly lower low to go with the lower high now ... very Thalesy.

 

 

.

[Cory2679 11]

Currently long the EUR/JPY...I'm quitting now, but I'm going to leave it in overnight...

 

I've attached my Oanda chart...entered at 122.325, SL currently at 122.370, and PT's at 122.509 & 122.607. We'll see where we are in the morning...

 

Ended up stopped out for about +4.5 ticks (+0.65R)...it looks like it hit PT1 on my Ninja chart, but it didn't quite fill my order.

 

I just realized this morning that it was a dangerous trade...the PT's were not part of a OCO order...so basically I could have been stopped out, then gotten short at those levels had price moved that way. It didn't though, but I need to be more careful (I guess I was tired last night and wasn't thinking.)

 

Anyways, I thought I'd share some context for that trade...

 

Earlier, price had traded to resistance and choped sideways. During that chop, price tested the 122.23 level multiple times before breaking out long. Then, once price reached resistance, a great short opportunity presented itself. Then once price traded back down to my original long entry, it presented another long opportunity, and that's the one I posted.

 

I'm not sure if it's just the past day or two, but I think I really like the PA of the EUR/JPY!

 

BTW, I know I haven't been posting as religiously as I was last week, and I don't think I'm going to for the rest of this week...I'll just post periodically. I think I got what I was looking to get out of it from doing it all last week...I realized I was still "on track" after I was too tired to post, but was still making (what I thought to be) well put-together analysis/trades, etc.

 

-Cory

Edited March 23, 2010 by Cory2679

[Cory2679 11]

...I think I really like the PA of the EUR/JPY!

 

I hope the recent PA on the EUR/JPY isn't just a fluke...it's so easy to trade! Maybe Thales's daughter is on to something!

 

Or maybe I'm just trading better. lol Whether the EUR/JPY is really "better" or if it's just the placebo effect, it doesn't matter to me!

[Mr_black 10]

sell@1164 stop@1166 limit@1160

[Mr_black 10]

sell@1164 stop@1166 limit@1160

 

fbo @ rtl purple channel line I am reversing my position (P/L-1.25 on first trade)