Reading Charts in Real Time

[thalestrader 14]

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.

 

Current view of the EUZRUSD has us with an additional short at 1.3090 and a stop on the whole "kit and caboodle" at 1.3186, which will yield +527, +94, +18, +0, and -84. For anyone interested, we are using about 20% of total equity as margin on this position.

 

 

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.

 

 

Some patterns are so reliable that if only one could muster the patience to wait for these to develop and only trade such patterns, trading would be easy. Of course, such patience is rare ...

 

 

Best Wishes,

 

Thales

[stpips89 10]

Some patterns are so reliable that if only one could muster the patience to wait for these to develop and only trade such patterns, trading would be easy. Of course, such patience is rare ...

 

 

Best Wishes,

 

Thales

 

What currency pair or instrument is the above chart?

[Cory2679 11]

What currency pair or instrument is the above chart?

 

EUR/USD futures (CME Globex symbol: 6E)

[lblanks 10]

Exited 6E short total profit 81 ticks

[Cory2679 11]

Hey guys,

 

I took the first couple of days off this week to do some work, but I'll be back trading/posting for NY in the morning...

 

I like posting...it helps keep me accountable and focused...

 

-Cory

[thalestrader 14]

Current view of the EURUSD has us with an additional short at 1.3090 and a stop on the whole "kit and caboodle" at 1.3186, which will yield +527, +94, +18, +0, and -84. For anyone interested, we are using about 20% of total equity as margin on this position.

 

Current view of the EURUSD has us with another additional short at 1.2984, and a stop on the whole "kit and caboodle" at 1.3090, which will yield +623, +190, +114, +0 and -106 ...

 

 

Best Wishes,

 

Thales

[MidKnight 12]

Hey Thales,

 

I don't understand why you trail your stop to those locations for those are the type of areas you added to on a limit order a couple of days ago - can you convey your logic there?

 

With thanks,

MK

[lblanks 10]

Instrument 6E short

Trigger price 1.3080 (pending on a stop)

Initial SL 1.3100

1st PT 1.3060

2nd Pt 1.2980

[Cory2679 11]

Currently long the UJ with a measured-move PT...

 

UPDATE: Now that my open equity has surpassed 1R, I am moving my stop to BE+1 tick (1 tick to counter potential slippage).

 

UPDATE 2: Price almost reached my profit target, backed off, and is now giving it another go...I've moved my stop a tick below the low between the two attempts at my PT.

 

FINAL UPDATE: PT filled.

Edited December 1, 2010 by Cory2679

[lblanks 10]

Update: Position open 1.3082

SL 1.3102

1st PT 1.3062

[lblanks 10]

Stopped out loss -40 ticks. Looks like mistake was trying to use the "trick" entry at 1.3180 instead of having entry at 1.3050. Any other thoughts on what I did wrong?

[thalestrader 14]

Hey Thales,

 

I don't understand why you trail your stop to those locations for those are the type of areas you added to on a limit order a couple of days ago - can you convey your logic there?

 

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.

 

As price approaches and enters our S/R target, stops get tighter and tighter as the likelihood of an immanent reversal rises. On the daily chart below, the area between the hash lines represents the 1.2900-1.300 target level for this move. We were willing to add in case the move would have continued, but we did not want to risk more than 50% of our open profit. Also, when pyramiding, we try to keep margin as a % of equity to 33% or less. As price moves against us, margin as a % of equity rises. If it rises to 33% or higher, we stop ourselves out of at least part of the position to bring margin as a % of equity below 25%, and preferably at 20% or below.

 

 

Had last week not been Thanksgiving week, we'd have added to our position at much higher levels, and it would have been apparent that we keep our stop much farther away when we anticipate a sizable swing is underway. But as we move closer and closer to S/R, we "ratchet" our stop in - typically moving the stop to the last entry once price is both a) below a break point and 2) 100+ ticks from that entry. We then add to the position with a market order somewhat above the next break low point.

 

For example, our second to last add was at 1.3090. A few hours prior to that, price made a low of 1.3067. From that low, price rallied to 1.3123, pulled back,rallied to 1.3149, and then fell back below 1.31232. We entered short at the market which at the time gave aus a 1.3090 fill. Why add there and not wait for the break of 1.3067? Because this way, when we move our stop to break even, a reaction back to test "support now resistance" should cause a test of 1.3067 +/- a handful of ticks, and our stop should be safe from a shake out on that test.

 

How's that?

 

Best Wishes,

 

Thales

[lblanks 10]

Taking another swing...bracketing market

Long 1.3138

short 1.3049

 

SL 20 ticks on both

1st PT 20

[Cory2679 11]

Potential for another long on the UJ...

 

UPDATE: Entry filled and stop now moved to BE+1 tick.

 

UPDATE 2: PT1 filled and stop moved up.

 

UPDATE 3: Stop moved up.

 

FINAL UPDATE: Second half stopped for a small profit.

Edited December 1, 2010 by Cory2679

[MidKnight 12]

As price approaches and enters our S/R target, stops get tighter and tighter as the likelihood of an immanent reversal rises. On the daily chart below, the area between the hash lines represents the 1.2900-1.300 target level for this move. We were willing to add in case the move would have continued, but we did not want to risk more than 50% of our open profit. Also, when pyramiding, we try to keep margin as a % of equity to 33% or less. As price moves against us, margin as a % of equity rises. If it rises to 33% or higher, we stop ourselves out of at least part of the position to bring margin as a % of equity below 25%, and preferably at 20% or below.

 

 

Had last week not been Thanksgiving week, we'd have added to our position at much higher levels, and it would have been apparent that we keep our stop much farther away when we anticipate a sizable swing is underway. But as we move closer and closer to S/R, we "ratchet" our stop in - typically moving the stop to the last entry once price is both a) below a break point and 2) 100+ ticks from that entry. We then add to the position with a market order somewhat above the next break low point.

 

For example, our second to last add was at 1.3090. A few hours prior to that, price made a low of 1.3067. From that low, price rallied to 1.3123, pulled back,rallied to 1.3149, and then fell back below 1.31232. We entered short at the market which at the time gave aus a 1.3090 fill. Why add there and not wait for the break of 1.3067? Because this way, when we move our stop to break even, a reaction back to test "support now resistance" should cause a test of 1.3067 +/- a handful of ticks, and our stop should be safe from a shake out on that test.

 

How's that?

 

Best Wishes,

 

Thales

 

That was excellent - thanks a lot Thales

[Cory2679 11]

Was short the GU, but before I could post I got to BE+1 tick and was taken out...I wasn't going to allow it much breathing room seeing as I was essentially fading a very recent impulsive upmove...

[Cory2679 11]

Potential short on the UJ...

 

UPDATE: Stop moved to BE+1 tick...price went in my favor, bounced at the 61.8% fib retracement, kissed my entry, and backed off...I'm not going to allow it another try upward...if it's going to profit with me, it's gotta go now...

 

FINAL UPDATE: Taken out @ BE (+1 tick)...

Edited December 3, 2010 by Cory2679

[Cory2679 11]

Potential long on the GU...

 

UPDATE: Order cancelled...and awaiting NFP...

Edited December 3, 2010 by Cory2679

[Cory2679 11]

Currently long the EJ...I'm honestly a little nervous about this one...:o

 

UPDATE: Stop moved up.

 

UPDATE 2: Stop moved up, again.

 

UPDATE 3: Stop @ BE+1 tick ::sigh of relief::

Edited December 3, 2010 by Cory2679

[Cory2679 11]

Currently long the EJ...I'm honestly a little nervous about this one...:o

 

UPDATE: Stop moved up.

 

UPDATE 2: Stop moved up, again.

 

UPDATE 3: Stop @ BE+1 tick ::sigh of relief::

 

UPDATE 4: Stop moved up.

[Cory2679 11]

Currently long the EJ...I'm honestly a little nervous about this one...:o

 

UPDATE: Stop moved up.

 

UPDATE 2: Stop moved up, again.

 

UPDATE 3: Stop @ BE+1 tick ::sigh of relief::

 

UPDATE 4: Stop moved up.

 

UPDATE 5: Stop moved up again. I can't believe that this trade has been on for over 4 hours! haha Somebody needs to throw some coal on the fire! If I haven't been taken out by then, I'm going to pull it at 3:55PM Eastern Time (looking at last week, it looks like FXCM Micro cuts their data at about 4PM on Fridays)...

[Cory2679 11]

Currently long the EJ...I'm honestly a little nervous about this one...:o

 

UPDATE: Stop moved up.

 

UPDATE 2: Stop moved up, again.

 

UPDATE 3: Stop @ BE+1 tick ::sigh of relief::

 

UPDATE 4: Stop moved up.

 

UPDATE 5: Stop moved up again. I can't believe that this trade has been on for over 4 hours! haha Somebody needs to throw some coal on the fire! If I haven't been taken out by then, I'm going to pull it at 3:55PM Eastern Time (looking at last week, it looks like FXCM Micro cuts their data at about 4PM on Fridays)...

 

UPDATE 6: Stop moved again...pretty tight...it's almost time to pull it...

 

FINAL UPDATE: Trade pulled for a profit.

Edited December 3, 2010 by Cory2679

[Cory2679 11]

Looking at a potential short on the EU...

 

UPDATE 1: Entry filled and stop moved down (plus BE-point and PT's added)...

 

UPDATE 2: Stop moved down, again.

Edited December 6, 2010 by Cory2679

[Cory2679 11]

Looking at a potential short on the EU...

 

UPDATE 1: Entry filled and stop moved down (plus BE-point and PT's added)...

 

UPDATE 2: Stop moved down, again.

 

UPDATE 3: Stop @ BE+1 tick...because of the potential support level I drew...

 

UPDATE 4: Stop on half has been moved down (and I cleaned up the chart a little).

Edited December 6, 2010 by Cory2679