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thalestrader

Reading Charts in Real Time

By thalestrader, in General Trading

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thalestrader    14

thalestrader
Posted
Why the smaller than "normal" SL? -- normal being the just below the swing low.

 

(I have an order in for the same trade.)

 

I hadn't decided on the stop loss at that point. I was waiting to see if we had another HL before long entry. I needed a stop at that line or above to make a 1:1 first target, so without a pullback to a higher low that held above that point, no trade for me.

 

Best Wishes,

 

Thales

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zt379    10

zt379
Posted

The key value to fibs is.....that they provide a sense of proportion with respect to price movements

and how the various wiggles of all sizes fit in with one another. And that really is all. S/R is still the paramount consideration. But S/R...

instead presents us with zones. Fibs help us to choose a proportionately appropriate level within that zone for us to watch...

 

Something like this?

(6A)

5aa70fadb8dae_6A03-101_20_2010(15Min)a..thumb.jpg.d8b87d54f619655c2e3e4e7fb928c21d.jpg

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zt379    10

zt379
Posted
I think I may need a few words from you regarding just to what "something like this" refers.

 

Best Wishes,

 

Thales

Apologies Thales.

I had included, in my post, quotes from your comments re: fibs/zones/degree of swing etc..?

"Something like this" was in reference to whether I was understanding (however broadly) what you had kindly explained there in.

With respect to supply zone becoming resistance zone and how fibs may assist in a degree of swing we might expect.

Also how a swing may be seen within an

appropriate degree (context) ?

Still much to learn.

 

Thx and kind regards

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thalestrader    14

thalestrader
Posted
Is there anything here that looks like this will rally?

 

Not trading this, just posting it.

 

I didn't trade this either, Forrest, but I marked it off since I already had the blueredgreengreen lines from earlier. You could still get filled right this second at the 1130 buy point if you wer so inclined. I am not so inclined at the moment.

 

Best Wishes,

 

Thales

5aa70fae26990_2010-01-20ES7.thumb.jpg.951c6fa9313490d231ac441ea1ce1334.jpg

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thalestrader    14

thalestrader
Posted (edited)
Apologies Thales.

I had included, in my post, quotes from your comments re: fibs/zones/degree of swing etc..?

"Something like this" was in reference to whether I was understanding (however broadly) what you had kindly explained there in.

With respect to supply zone becoming resistance zone and how fibs may assist in a degree of swing we might expect.

Also how a swing may be seen within an

appropriate degree (context) ?

Still much to learn.

 

Thx and kind regards

 

First, no need to apologize unless you do something rude. You did nothing of the sort, so I cannot accept your apology, and you can save it for later, just in case you need it in the future (though I doubt you will have occasion to need to use it). If I understand your example, then I would say yes, you applied the fib tool to swings of like degree between S/R, and out of that generated target(s) of like degree. If that is what you were doing, then I would say, yes, exactly like that.

 

Best Wishes,

 

Thales

Edited by thalestrader

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thalestrader    14

thalestrader
Posted

ES ... the couldawouldashoulda that keeps couldawouldashoulda-ing ...

 

I extended the green PT's back in time to show how they match up with S/R levels. PT1, for example, is below the 1.618 as S/R is itself below that level. The other two line up pretty well with the 2.618 and 4.23 fib levels.

 

 

 

Best Wishes,

 

Thales

5aa70fae2cd35_2010-01-20ES8.thumb.jpg.ebea2f39cd4e23feeda5b6627b5bf2c5.jpg

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jonbig04    10

jonbig04
Posted
ES ... the couldawouldashoulda that keeps couldawouldashoulda-ing ...

 

I extended the green PT's back in time to show how they match up with S/R levels. PT1, for example, is below the 1.618 as S/R is itself below that level. The other two line up pretty well with the 2.618 and 4.23 fib levels.

 

 

 

Best Wishes,

 

Thales

 

Ha, Thales I was just about to ask you if you took that trade, as its very similar to your short from last night. I missed fill like a loser.

 

EDIT: And that's interesting about the fib levels and s/r swing points. I was going to ask you why you didn't use levels like 37.5 for the scales and then I realized the fib levels lined up. Coincidence?

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thalestrader    14

thalestrader
Posted
Coincidence?

 

No, I'm pretty much directing the entire show from this thread.

 

Best Wishes,

 

Thales

 

 

 

 

 

 

 

 

 

 

 

 

But in all seriousness, I think it is not a coincidence. I think that fib levels do somehow touch upon a natural sense of, and if not sense, at least a desire for proportion we wonderful human creatures possess - a sense that extends from our recognition of beauty to movements on a price chart.

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TradeRunner    10

TradeRunner
Posted

1 trade: +50

 

I couldn't decide on a target for this trade and originally just put it on a round number 141.00 which would have been +75. I had second thoughts and moved it to +50 but if I was trading 2 contracts then my second target would've have been 141.00 :).

5aa70fae49aeb_6E20100120.thumb.png.a3b9120d3ba531c5601c8ad7fed521d5.png

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thalestrader    14

thalestrader
Posted
1 trade: +50

 

I couldn't decide on a target for this trade and originally just put it on a round number 141.00 which would have been +75. I had second thoughts and moved it to +50 but if I was trading 2 contracts then my second target would've have been 141.00 :).

 

You seem to have much better results when you trade less. Don't be discouraged when you have a day with just 1 or 2 trades and both lose. It happens.

 

Nice job!

 

Best Wishes,

 

Thales

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Cory2679    11

Cory2679
Posted

Thales.

 

I have a question about when taking trades that you let go without actively managing them (presumably overnight).

 

Do you not have a way of getting the stop to BE?

 

I guess if you had two PT's, the first at 1:1 R/R and the second at 2:1, if the first PT got hit and the second didn't and the second half got stopped for a loss, you would break even on that trade overall.

 

Or would it be a good idea to use a trailing stop along with profit targets?

(maybe a trailing stop on the half shooting for PT2?)

 

Or would it be a good idea to just have one profit target?

 

Basically, I'm just asking for general guidelines/advice for leaving trades overnight.

 

(This is "addressed" to Thales, but obviously I'd appreciate input from anyone!)

 

Thanks,

 

Cory

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TradeRunner    10

TradeRunner
Posted
Don't be discouraged when you have a day with just 1 or 2 trades and both lose.

 

 

I think that day is not too far away. I think I have had a fair bit of luck over the last few days catching the big moves down.

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