Reading Charts in Real Time

[Cory2679 11]

Well, I was dedicated enough to trade Thanksgiving evening (it's not a holiday in Tokyo), but was only rewarded with this loss on the EJ...

 

I probably should have passed on this one the way price was acting fairly choppy/back-and-forth/go nowhere/etc. I think I wanted a trade too badly...

[Cory2679 11]

I think I'm all done for the week. Had 2 trades this morning...one very small loss and one break-even.

 

I actually posted every single trade I took this week to this thread.

 

Looking back, I think I did a relatively good job of choosing my trades carefully (although of course I didn't get everything)...that has been my recent focus...choosing my trades carefully, not trading every little swing/overtrading/ignoring context/etc. Looking back, I got a very decent move out of almost all my trades (although often after I was flat!)...and yet, I'm only up 1.44R for the week. I attribute this to poor trade management...I chose my trades well (in my opinion), but I managed them poorly. I have put very little time or thought into trade management lately as I've been very focused on how I choose my entries, but I think I need to spend some time on it (without neglecting entry choice!...this is key).

 

Also, I'm constantly battling emotional issues. If you look at my daily results, there's an obvious pattern...I start at X, then do a little worse, then do a little worse, then do a little worse, etc. My emotions snowball during the week...over the weekend I can usually refresh and recharge, but I get bogged down during the week. I think part of the problem is my target of 4 weeks in a row with 2.5+ net R......once I hit 2.5R for the week (which I did after the close of Tuesday), it's really hard to put that at risk to make more (and if I do, and I drop back below 2.5R, it's really demoralizing), and it creates problems (like squeezing stops way too tight, cutting profits way short, getting to BE too soon, etc.). I have a possible solution to this that I'm going to post to my log before the end of the day.

 

Have a good weekend everyone!

Edited November 26, 2010 by Cory2679

[stpips89 10]

Trading charts in real time, I think the best way to do this is by using price action to read the market.

[Cory2679 11]

...I have a possible solution to this that I'm going to post to my log before the end of the day.

 

Click here to view the post! (It's relatively short.)

 

NOTE: This will be the last time I post a link to one of my log posts to this thread...for those of you who have a monogomous relationship with this thread and privately thanked me for the link I posted last time, simply subscribe to my log thread to get an e-mail alert when there's a post...I really hardly ever post to it anymore so it certainly won't flood your inbox.

 

-Cory

Edited November 26, 2010 by Cory2679

[thalestrader 14]

Current view of the EURUSD - this is a little account my daughter and I trade, and we have been short since last Sunday open 1.3713 (break of opening low into the gap), stop loss is currently 1.3490, and we are looking to add to the short at 1.3280 sell limit ...

 

 

Best Wishes,

 

Thales

[MidKnight 12]

Hi Thales,

 

That is the type of trading I have been doing over the past 4 or so months - great work for team Thales! While that type of trading is not as action packed as day trading, I find it hugely more profitable, but at the cost of trading being somewhat less engaging. Please don't get me wrong, it is still highly enjoyable. When you catch a run like this and you add fairly aggressively to the winners at no extra risk, your R/R goes through the roof. They don't happen every week and that is part of what makes this type of trading unattractive to so many people I think. At least, that is a large part of why I dismissed this type of approach in my early years. I was too hung up on being right and developing a trading style around high win %. I ironically though, the opposite is more profitable for me - go figure!

 

With kind regards,

MK

[lblanks 10]

6B setting up? Short at 1.5587 (Entry at 1.5591 positive slippage?!)

SL at 1.5611

1st PT 1.5571

2nd PT ?????

[lblanks 10]

Short 6 J

Entry 11882

1st PT 11862

[thalestrader 14]

Hi Thales,

 

That is the type of trading I have been doing over the past 4 or so months - great work for team Thales! While that type of trading is not as action packed as day trading, I find it hugely more profitable ... it is still highly enjoyable.

 

Hi MidK,

 

Good to hear you're doing well!

 

I have not been day trading much at all since May, but we've done very well working these swings in the 6E and the ES. Built a nice long position starting 9/14 on the 6E, with four total buy points, which was closed on 11/08 for +1100 ticks on the first position, +950 ticks on the second, +500 ticks on the third, and -79 ticks on the fourth. I enjoyed every single tick!

 

If my business slows down enough this winter to allow me to day trade, I will likely limit myself to day trading stocks, and continue swing trading futures.

 

Best Wishes,

 

Thales

[MidKnight 12]

Cracker effort on that long. It was one helluva climb off the yearly lows.

 

Hey quick query on your limit short - were you risking the entire R zone of about 80-100 pips? This has always been an area I've not been comfortable with....

 

All my best,

MK

[thalestrader 14]

Cracker effort on that long. It was one helluva climb off the yearly lows.

 

Here is the post with chart from when the long was initiated ...

 

current view of the EURUSD ... low - high - higher low - higher high ...

 

 

And here is what our daily chart looks like currently with prior notes and markings intact ...

 

 

...Hey quick query on your limit short - were you risking the entire R zone of about 80-100 pips?

 

And then some - we're risking almost half of the open trade equity, though we'd probably have reason to abandon ship long before it goes that far against us. But, you never know, and that is what a stop loss is for. Now, if we were not already sitting on 400+ ticks of profit, and this was simply a new position, then standard "rip cord" rules would apply, i.e. cut the loss at 20-40 pips and try again later if price action calls for it.

 

We did get filled on the 1.3280 sell limit, and here is what our position currently looks like ...

 

 

Best Wishes,

 

Thales

[thalestrader 14]

6B setting up? Short at 1.5587 (Entry at 1.5591 positive slippage?!)

SL at 1.5611

1st PT 1.5571

2nd PT ?????

 

2nd PT 1.5300 = +271 ticks ...

 

Best Wishes,

 

Thales

[MidKnight 12]

Thanks Thales. I have been applying the same rip cord rules on my adds as well, so they are really treated is independent trades. Because you are not choosing to make that distinction your trade management approach for the adds makes sense to me. Thank you for the reply.

 

With Christmas cheers for your ears,

MK

[lblanks 10]

UPdate on 6B 1st PT hit

Moving stop to BE on remaining position

 

 

Added 2 nd PT at 1.5501 (Target Based on 4H chart)

Edited November 29, 2010 by lblanks

[lblanks 10]

6J Short. This looks like it is going nowhere. I probably should have brought my stop to BE when it made a lower low at 19:45 I am going to pull the cord if he opportunity presents itself

[thalestrader 14]

Current view of the EURUSD ... we have been short since last Sunday open 1.3713 (break of opening low into the gap), stop loss is currently 1.3490, and we are looking to add to the short at 1.3280 sell limit ..

 

Short from 1.3713, 1.3280, 1.3204, and 1.3186 ... looking for the move to continue down to 1.3000-1.29000. Of course, it can do anything it wants to do, and stops are trailing behind.

 

 

Best Wishes,

 

Thales

[thalestrader 14]

EURUSD/6E has reached the 50% retracement of the rally from year low to rally high and is pausing for breath. We'll had another short if the pause breaks to a new low ...

 

 

Best Wishes,

 

Thales

[lblanks 10]

6E short at 1.3109 order pending

1st PT 1.3089

2nd PT 1.3063

[lblanks 10]

6e short stopped out -40 ticks. (2 x 20 ticks)

[lblanks 10]

6 E long stop order pending 1.3151

1st PT 1.3171

2nd PT 1.3276

[thalestrader 14]

Current view of 6E reminds me of a post by Marko some time ago - if it channels, it is probably corrective. I drew the lower trend line, coppied it, and slid the copy to the upper position - right now 6E is in a perfect choppy channel, and I'd expect the break to be down.

 

 

Best Wishes,

 

Thales

[thalestrader 14]

Current view of 6E reminds me of a post by Marko some time ago - if it channels, it is probably corrective. I drew the lower trend line, coppied it, and slid the copy to the upper position - right now 6E is in a perfect choppy channel, and I'd expect the break to be down.

 

That was a quick trip to the lower trend line, followed by a bounce ...

 

 

Best Wishes,

 

Thales

[lblanks 10]

6 E long order not hit cancelled and reset to 1.3125

1st PT 1.3145

2nd 1.3250

Entry price 1.3125

SL at 1.3105

 

UPdate 2nd PT changed to 1.3213 fib 61% also congestion in that area

Update profit +10 moving SL to -10

SL hit arrgh! -10 x 2k = -20 ticks

 

 

Update: The good news is that I saved myself 10 ticks by moving SL since SL would have been hit anyway.

Edited November 30, 2010 by lblanks

[lblanks 10]

6 E short order 1.3071

1st PT 1.3052

2nd 1.2947

Entry price 1.3072

SL at 1.3092

 

UPDATE 1st PT hit +20

SL at BE on 2nd half

 

UPDATE 2nd PT + 60 no good pivot point to move stop so I am leaving it at BE. Bedtime

Edited November 30, 2010 by lblanks

[lblanks 10]

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