Reading Charts in Real Time

[MidKnight 12]

Pretty good down day testing this lower S while the EU made a new yearly low. I'm happy to look for longs down here into about 1.4850 area but also be aware that both the immediate and major trends are down and with the EU dropping fairly hard it could easily pull down GU with it.

 

Attention Points

1.5190/240 pivotal S/R

1.4940/80 minor R

++ 1.4886 --------------

1.4850/900 last S before capitulation low

1.4783 capitulation low

 

Longs

Obvious longs only while above PDL but within this last S before capitulation low area. Below PDL but within this zone I can be a little more aggressive. It really all depends how Asia reacts to the Europe and USA sessions. 1/4 off before 1.4940 trades, 1/4 off before 1.5020 trades, 1/4 off before 1.5080 trades, trail the last 1/4 for a move into the upper pivotal S/R 1.5190/240 area.

 

Shorts

Because the immediate and major trends are down I am OK with selling the minor R in the 1.4940/80 area. 1/4 off before 1.4880 trades, 1/2 off before the low of 1.4783 trades, trail the last 1/4 for a move to significant new lows.

[Marko23 10]

FDAX before open.

Trends are up.

[Marko23 10]

No gap closing within the first two bars.

Trends are up, gap signals up.

[Marko23 10]

No gap closing within the first two bars.

Trends are up, gap signals up.

 

New monthly high follows

[Marko23 10]

FDAX touched 100%a target

 

[Marko23 10]

FDAX before open.

Trends are up.

 

What a nice Long. FDAX crossed all targets.

 

[BlowFish 10]

FDAX !! showed a very good example of TVGR today.

 

 

For those like me (a bit slow on the uptake sometimes) you can read about TVGR here

 

http://www.traderslaboratory.com/forums/110/taylor-trading-technique-2623-28.html#post55148

 

Edit: Oh and thanks for the FDAX sequences always enjoy them.

[Marko23 10]

Looks a bit like acrophbia

 

[Marko23 10]

FDAX rally: November high is taken out.

 

 

Green arrow shows my max target without corrections

[Marko23 10]

Green arrow shows my max target without corrections

 

Did the trick

 

[Marko23 10]

Another trend continuation signal

 

[Marko23 10]

FDAX crossed 1st continuation target

 

 

As Thales wrote some days ago, it is totally useless to think of Short on days like FDAX today.

Just go with the flow upwards.

Edited March 25, 2010 by Marko23

[Marko23 10]

First down signal since todays open.

 

I'll quitt after more than 11 hours.

 

[MidKnight 12]

Major trends continue to reassert themselves with EU driving to new yearly lows on two separate thrusts last night and GU breaking the last S level to stop just short of new yearly lows.

 

NOTE: Review my target determination approach this weekend as it feels that I may be treating the less significant S/R as if it will be a major turning point and setting my targets too far away. When trading with the immediate trend or at the major S/R then use the larger target approach and use 1/4s, otherwise use 1/2s or 1/3s and take profits quicker. Plenty of the smaller wiggles do 60-100 pips and there is just no sense in me only taking 1/4 of position off within that area to get stopped BE on the rest.

 

Attention Points

1.5190/240 pivotal S/R

1.4940/500 immediate trend R

1.4850/900 flip of what was the last S before capitulation low

++ 1.4814 --------------

1.4783 capitulation low

 

Longs

I really need to stay off any longs today until we either break that low in a very fierce manner of extreme selling (does not include the stops that will probably trigger on a break of the yearly low) OR until we trade back up through the 1.4850/900 prior S level and pullback into test it. I don't think this will happen today, but if it should....1/4 off before 1.4980, 1/4 off before 1.5080, 1/4 off before 1.5140, 1/4 off in the 1.5190/240 area.

 

Shorts

Should the market rally be unable to punch out a new yearly low before I start trading tonight then I will look to be aggressive on a rally up to the flip S/R in the 1.4850/900. 1/4 off before exceeding PDL 1.4800 area, 1/4 off on a possible stop run spike moving to new yearly lows, trail the rest for a possible decent run lower of couple hundred pips.

 

No short plans if the market instead breaks to new yearly lows without rallying to the flip S/R.

[Cory2679 11]

Current look at the 4 hour EUR/JPY chart...

 

It can't decide whether that bounce off resistance was a bonafide rejection/reversal, or if it wants to give it another test. It initially tricked me into thinking it was going for another test.

 

[Cory2679 11]

It can't decide whether that bounce off resistance was a bonafide rejection/reversal, or if it wants to give it another test.

 

Well, I'm putting my SIM money on a retest...I'm quitting for the evening but I have my orders in...stop @ BE (it's kind of tight but I want to be at BE before I shut the computer down) and three profit targets (PT1 has already been filled).

 

I've done this stupidly again...having 3 PT's, I should have 3 separate "trades" but I don't...Oanda doesn't offer OCO orders, so I could potentially get stopped out, then price climbs and fills my short (PT) and creates a huge mess. Oh well, since it's SIM I won't worry about trying to split it up...just maybe this time I'll learn: when trading Tokyo, with the potential for leaving trades overnight, split up the trade by PT's!! :crap:

 

Goodnight!

 

EDIT: I added a 20 tick trailing stop to the last 1/3.

 

Edited March 26, 2010 by Cory2679
clarification

[Marko23 10]

Hi folks,

 

I'll probably not be online for two weeks. My Easter vacation begins tomorrow.

A happy Easter holiday for everyone and their families.

 

Please keep this thread such a pleasant place to learn and read.

 

Regards,

Marko

[BlowFish 10]

Hi Marko,

 

Not sure if you will catch this before you go.....happy holidays anyway.

 

A question. When applying the TVGR to the FDAX what do you do with the 1st hour of trading (when nothing else is open and price tends to drift)? Do you give it an 1h15m to close the gap? I'd be inclined too I tend to treat the 1st hour as a short overnight session.

 

Cheer.

[thalestrader 14]

Hi Folks,

 

I'm a minute or so late on this post as I immediately liked what I was seeing on the 6E/EURUSD when I got to my charts this morning and I had to scramble to get a market order off close the high. I was filled short at 1.3404 0n the demo, and a tick better than that in real life, but we'll go with the demo fill for the sake of this post. Stop loss is 1.3408, and if stopped, I reserve the right to re-enter short depending upon price action.

 

Targets are a retest of the lows with a trailing stop or the end of the day.

 

 

 

 

Best Wishes,

 

Thales

[Cory2679 11]

Well, I'm putting my SIM money on a retest...

 

...snip...

 

 

Just following up...PT's 1 & 2 filled, PT3 would have been filled had I not added the 20 tick trailing stop (the trailing stop took the last 1/3 out around the PT2 level)..

 

-Cory

 

[thalestrader 14]

... I immediately liked what I was seeing on the 6E/EURUSD...

 

I have added a 1.3250 Profit Target to take advantage of a possible third push on down on the re-test.

 

Here is what the short EURUSD (6E) looks like going into the GDP announcement ...

 

 

 

... and immediately afterward ...

 

 

 

Best Wishes,

 

Thales

[thalestrader 14]

I have added a 1.3250 Profit Target to take advantage of a possible third push on down on the re-test.

 

Trade #1: Short at 1.3404, stopped out 1.3408, -4 ticks

 

Trade #2: Short at 1.3404 (re-entry), current stop loss is 1.3380, or +24 ticks (demo chart shows 1.3378, but my actual stop is 3380, and I'm just too lazy to retake a pic of the chart).

Profit target is 1.3250 or EOD ...

 

 

Best Wishes,

 

Thales

[Mr_black 10]

p3 short

[Mr_black 10]

p3 short

target hit

[Mr_black 10]

looking for 3 points on this long