Reading Charts in Real Time

[Cory2679 11]

Possible long on the EU...

 

I'm looking at something more like this, now...

 

[Cory2679 11]

I'm looking at something more like this, now...

 

 

I'd have moved my stop to break-even by now...

 

[Cory2679 11]

Stop moved................................

 

[Cory2679 11]

Stop moved again (over 1R would now be locked in).......

 

[Cory2679 11]

Out for +25.9 ticks/net +1.1R (I actually took it on my sim account)...

 

About the best I could have hoped for with today's action...

 

'til next time...

 

[Justaguy 10]

I have to say that today, I am very frustrated with myself.

 

In the chart I posted above, I had my level marked off and mentioned a level higher up. Well, I have attached a chart with the area I was referring to. Price came down, touched the level and served up a nice rally with very low risk. I missed it....totally missed it. It was very tempting to chase but I didn't. That, for me, is a top rule!

 

May get another kick at the can if price can't break this current level...but will be surprised if it doesn't. 1.4300 is in the cards I think. I still am interested in that lower level as well.

 

Pure price trading can be very frustrating....which I assume is why many do not do it.

[Justaguy 10]

AUDUSD.

1 hour chart. Short @ 9882 SL @ 9920 Pr @ 9792

We shall see how it rides.

[thalestrader 14]

AUDUSD.

1 hour chart. Short @ 9882 SL @ 9920 Pr @ 9792

We shall see how it rides.

 

I try to avoid shorting breakouts to historic new highs. Not saying I haven't. Not saying I won't at some point fall for it again. But, in general, I have learned that it is better to buy new highs than to to short them.

 

Best Wishes,

 

Thales

[Justaguy 10]

I try to avoid shorting breakouts to historic new highs. Not saying I haven't. Not saying I won't at some point fall for it again. But, in general, I have learned that it is better to buy new highs than to to short them.

 

Best Wishes,

 

Thales

 

I appreciate the input. This was a very sloppy trade. The only upside for me was it was a small risk % considering where price is on this pair. Regardless, still very very sloppy. Although, what played into the decision to short was where the DX is sitting. It was a front run type of trade.

 

There was a bit of saving grace today though and it was the playing out of a long EURJPY. I can post a chart however the area is clear on the 1 hour (@113.90) and the resistance above. Not a huge fan of posting after the fact but was time constrained on this.

[thalestrader 14]

Current view of the EURUSD with next rally target. While a reaction of several hundred pips can occur at anytime, this rally looks intent on carrying for quite a ways. I suspect the long term (years) uptrend in the EURUSD is now resuming, and new all-time highs (US Dollar lows) will be seen in 2011-2012 ...

 

Current view of EURUSD has price resting at the highs ... my bet is that that this rest 'tis but a pause before another sprint to new rally highs ... but time will tell. This has been a very easy long to hold, though a nice reaction to shakeout some weak bulls and suck in some anxious bears would be a welcome event at anytime ...

 

 

Best Wishes,

 

Thales

[Cory2679 11]

...my bet is that that this rest 'tis but a pause before another sprint to new rally highs...

 

Looks like your post caused a quick rally in the EUR/USD! lol

 

[Cory2679 11]

Hey Thales (EDIT: or anyone, really),

 

I know this really might not be your thing (large cap stocks), but I thought I'd ask anyway...

 

What's your view of Bank of America (BAC) longish-term?

 

I know some people that are holding it from where they bought it around $5. The strong rally on high volume looked promising at first...

 

I understand that maybe if they held it long enough (however long it takes), BAC will likely make new highs...although there are no guarantees. That's why I say "longish."

 

Just curious. Don't worry...I wouldn't pass along your analysis as a buy/sell suggestion to the people...I'd be held responsible for your (my) recommendation...I'd rather just keep quiet. However, just for fun/curiosity sake, I was just curious what you thought.

 

For the record...I don't own BAC...I don't even have a stock account.

 

If it's not your area of expertise and you'd rather not comment, that's fine too. I just thought I'd ask.

 

 

-Cory

Edited October 15, 2010 by Cory2679
edit

[thalestrader 14]

What's your view of Bank of America (BAC) longish-term?

 

 

I have no opinion as regards its business. If that were a 5 minute chart of the ES, I'd be looking to buy a 2B test of the low ...

 

Best Wishes,

 

Thales

[Justaguy 10]

I wanted to post up a play on a support level. It is off the one hour chart. EU.

 

The reasoning for this was the quick price explosion out of the initial area...generally a good sign of the level. On a 4 hour chart, price pretty much dropped to this level again giving me a buy setup.

Stop was adjusted a handful of pips below the green candle on the left with a target up at 4070 level. A very good r:r...if it gets up there. At around 3990, I will take action with the stop. That level is based on a small range and large drop in price.

 

...we shall see how it plays.

[Justaguy 10]

Quick note...@ 3965...moved stop to B.E. and took partial profits (99 pips giving a slightly better than 1-2 risk to reward at this level). Why? At that level, some clear sideways and when the market broke south, it tumbled straight down about 100 pips before stalling. Big move out of the zone shows many sellers at this level causing a little speedbump.

[stpips89 10]

I think the U.S. dollar is looking stronger across the board right now. Many of the reversal patterns put in last Friday were mid-term reversal I believe.

[Cory2679 11]

Another one of my random chart posts...

 

Potential long on the EU...although I wouldn't be surprised at all if price makes new lows...

 

 

[86834 10]

This chart is form the video that i posting in the trading futures with volume. For those trading ES, it's a 30min chart, and you can see how it has traded up to resistance on a nice divergence. If you look at your charts, you can see what happened afterwards.....

 

[Justaguy 10]

Quick note...@ 3965...moved stop to B.E. and took partial profits (99 pips giving a slightly better than 1-2 risk to reward at this level). Why? At that level, some clear sideways and when the market broke south, it tumbled straight down about 100 pips before stalling. Big move out of the zone shows many sellers at this level causing a little speedbump.

 

Well, a few interesting things.

 

While the remainder ends at B.E., banked some profits as stated above. So, happy with that.

My first post gave an area of 3990. Price hit and reversed. Would have been nice to take the reversal that I expected and trade it down to support....but....missed that opportunity.

 

No problem. A learning process using pure price and making money at the same time. going to regroup and find some more opps.

[Justaguy 10]

Here is the GBPCHF 4 hour chart

 

Weekly had found a bottom near the same area as 2008. Ending with a nice reversal candle.

 

Blue shaded area is an area of interest if/when price returned. Level off of the 4 hour.

 

Price came down, touched the top of the area and went north. 5135 entry. Part closed 5237. B.E. Stop. Ultimate target is 5293. This area I like for target due to it being the last rally north and a strong rejection at that resistance (seen better on the 1hour for an xray look).

 

Let it play out and see how it ends.

[Justaguy 10]

Here is the GBPCHF 4 hour chart

 

Weekly had found a bottom near the same area as 2008. Ending with a nice reversal candle.

 

Blue shaded area is an area of interest if/when price returned. Level off of the 4 hour.

 

Price came down, touched the top of the area and went north. 5135 entry. Part closed 5237. B.E. Stop. Ultimate target is 5293. This area I like for target due to it being the last rally north and a strong rejection at that resistance (seen better on the 1hour for an xray look).

 

Let it play out and see how it ends.

 

As presented above, the trade ended at full target of 5293 with a nice spike to that level for 158 pips. Very happy with this trade and the S/R analysis that went into it.

[Justaguy 10]

I have wanted to short the AUDUSD for a while now.

Finally had the shot. Attached is the 1 hour chart. Price dropped hard from that level.

Price came back setting up a short.

bottom blue is the target where the upmove strongly started.

 

About 1-3 risk reward. Will watch what price does at the blue line and take action with the stop and scale out.

[Justaguy 10]

Ok. Half position closed for 113 pips.

Stop to B.E. There is really no prior price areas in the way to the full target. As well, there is no market structure area yet to hide my stop behind. Do not want to just be putting it anywhere. So....take all the risk out of the trade after banking some profits.

[method 10]

I am holding a similar short at the moment but in the 6B.

 

I will probably hold it for a few more days, unless it reverses and takes out my stop.

 

I may move my stop to BE soon though.

[Cory2679 11]

Looking at potential EUR/USD long...