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thalestrader

Reading Charts in Real Time

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EUR/USD Long hit 2nd target, new 3-day high.

 

Early perception of a chopzone is not easy for me, often I get it wrong like today.

 

ADD: "outer" JHill target reached

 

ADD: C about 200%A

tl-23.thumb.png.76c0780ce7bd3783a99f6c786136aa80.png

tl-24.thumb.png.ed8c76fec5279b6c721fcf07af0a079d.png

tl-25.thumb.png.e9db080ab9af28c0102ee39b511d6d09.png

Edited by Marko23

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  Cory2679 said:
I'm going to try my hardest to get my butt out of bed early! I've been on at 9:30 AM EST the last couple days...my goal is 7:30!!!

 

As a matter of fact...I'm not going to just try, I'm going to "do." See you at 7:30!! :)

 

I did it! :)

 

  Cory2679 said:
However, if it breaks the low, I've marked 3 levels that I see as potential support.

 

I've posted the results. You can definitely see where support came into play. The final test before the launch was almost to the tick at one of the clear support levels. :)

 

  thalestrader said:
Can you name that pattern?

 

Cup-with-handle pattern turned out nicely...

EU15M.JPG.25bbed4aa77180f0aa9ad268d878fda1.JPG

EU15M2.JPG.97047edec7ca9ba88d91c7d44c113c05.JPG

GU15M.JPG.940bf38d167731a97be6dae1be4d510e.JPG

Edited by Cory2679
Forgot to Attach Images

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  Cory2679 said:
Current look at GU...

 

  thalestrader said:
GBPUSD has a decent look for a potential short opportunity.

 

Thales, how come you didn't consider the short where I did?

 

I took a hit on this one. Sometimes I feel like I've got "it," and sometime I don't...and sometimes I feel like when I do apparently have "it" I'm just getting lucky.

 

Oh well, moving on! ;)

GU15M2.JPG.831599bdf73cf283e5f087e377163e10.JPG

GU15M3.JPG.1ab3cfd1531fe63a3b95113ab0d979f7.JPG

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  Cory2679 said:
Thales, how come you didn't consider the short where I did?

 

I took a hit on this one. Sometimes I feel like I've got "it," and sometime I don't...and sometimes I feel like when I do apparently have "it" I'm just getting lucky.

 

Oh well, moving on! ;)

 

Yours looks good too ... and how could you have taken a hit on it? Your stop should have been safe as the reaction printed a lower high than the high off of which you should have placed your stop.

 

Best Wishes,

 

Thales

 

 

 

EDIT: You may still take a loss on, as might I, but whther you entered where you did or waited for where I enetered, the stop should be 1.6295: (1.6296 high + 1.8 avg spread then round up to nearest whole number on FXCM micro platform (for a long, you would take the Low - avg spread and round down to the nearest whole number).

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  thalestrader said:
Yours looks good too ... and how could you have taken a hit on it? Your stop should have been safe as the reaction printed a lower high than the high off of which you should have placed your stop.

 

Best Wishes,

 

Thales

 

Yeah, the reaction printed a lower high, but after price moved down off that lower high I moved my stop one tick above that high, then price came back up above that high by a few ticks and stopped me out.

 

I guess I was being too agressive with moving my stops.

 

If I wouldn't have moved my stop, I would not have been stopped out of that trade.

 

EDIT: I've added a 1 min chart to illustrate what happened.

GU1M.JPG.915c9888eabf04a820cc6f2cb7f0c52e.JPG

Edited by Cory2679
Added Image

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  Cory2679 said:
Yeah, the reaction printed a lower high, but after price moved down off that lower high I moved my stop one tick above that high, then price came back up above that high by a few ticks and stopped me out.

 

I guess I was being too agressive with moving my stops.

 

If I wouldn't have moved my stop, I would not have been stopped out of that trade.

 

A lower high means nothing without a subsequent lower low - when short, trail your stops above lower highs, but wait for a lower low before you call it a lower high. Without a lower low, you do not know if you have a lower high, right?

 

Best Wishes,

 

Thales

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  thalestrader said:
A lower high means nothing without a subsequent lower low - when short, trail your stops above lower highs, but wait for a lower low before you call it a lower high. Without a lower low, you do not know if you have a lower high, right?

 

Best Wishes,

 

Thales

 

Thanks for the advice. I guess I was essentially "predicting" that that level would be the lower high.

 

I see the logic, but I had been doing it the way I was doing it (aggressively) and I guess had gotten "lucky" with it...it served me well on a few trades.

 

I guess I've learned something. :)

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I took the 6B trade out back and shot it for break even. With the lower low, my 6E stop is breakeven. Limit orders are in, and I have to run out for a bit, so what happens happens. I'll be back in an hour or so.

 

Best Wishes,

 

Thales

5aa70fa276834_2010-01-136E2.thumb.jpg.54db9c26abca343b606bdc2d3f4b01bc.jpg

5aa70fa27be8e_2010-01-136B1.thumb.jpg.d00de63766c7e5d9cafb634e92a28a66.jpg

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  Marko23 said:
Last move ín EUR/USD as an example

 

The smaller degree does not preclude a Short, but a realistic target cannot be the low of today.

 

It develops into a healthy move down.

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  thalestrader said:
With the lower low, my 6E stop is breakeven. Limit orders are in, and I have to run out for a bit, so what happens happens. I'll be back in an hour or so.

 

As I was getting ready to get out of here, I heard my chimes going off - sweet music to my ears.

 

Both PT's hit on the 6E ...

 

attachment.php?attachmentid=17696&stc=1&d=1263397407

 

attachment.php?attachmentid=17697&stc=1&d=1263397407

 

attachment.php?attachmentid=17698&stc=1&d=1263397407

 

Best Wishes,

 

Thales

5aa70fa284992_2010-01-136E1.thumb.jpg.90b8b15990324b24ccd7126d97f66289.jpg

5aa70fa28a003_2010-01-136E3.thumb.jpg.8a6449f398e3dad1b916812558ac0bac.jpg

5aa70fa28f88c_2010-01-136E4.thumb.jpg.fcffb78d9fbf415fc416dd3ee6d5ee3a.jpg

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