Reading Charts in Real Time

[Dinerotrader 10]

Dinero,

 

Do you think price might make a test of the 12/22 3PM-ish $75.50 high?.

 

Best Wishes,

 

Thales

 

Yea, there might be lots of support to hit in this area. I'll probably keep the stop closer than ususal on the short I am in.

 

[thalestrader 14]

14quarter stop now. Looks like this bounce is going to resolve lower real soon.

No chart to show, but sell stop on the 6E at 1.4080.

 

Best Wishes,

 

Thales

[forrestang 10]

No solid stop yet. Watching the retracement atm.

 

 

Edit-----14:39EST

Got some good initial movement. Trade triggered but is kind of stalling. Stop at BE after almost hitting P1.

 

Edit-----14:49EST

Stopped BE. Although I think that wound up being the depth of the pb, i.e. a normal swing on that time frame where price may no go ahead and move out north bound.

 

Edit-----15:14EST

Looks like taking that BE stop was a good call as price just ran through where my initial stop loss was.

Edited January 21, 2010 by forrestang

[Marko23 10]

Hi BT,

...

Also, here is a neat little trick I picked up from a JR, aka "Baldy," some years ago. The notes on the chart should be explanatory, but essentially it gives another way of "seeing" areas of possible proportion that may act as S/R levels.

...

 

This is a very useful observation. It is confirmed by a rule from Neely, which basically says

 

"If it channels, it is most probably corrective."

 

Your hint, to short from the top, is great; thanks, that never came to me.

[TradeRunner 10]

1 Trade: (+21)

 

It would have been cool if I was composed enough to reverse when I got stopped out but unfortunatley I was still thinking down and missed the obvious HL. The other swings didn't have clear HL/LH entries.

[forrestang 10]

No solid stop yet. Watching the retracement atm.

Edit-----14:39EST

Got some good initial movement. Trade triggered but is kind of stalling. Stop at BE after almost hitting P1.

 

Edit-----14:49EST

Stopped BE. Although I think that wound up being the depth of the pb, i.e. a normal swing on that time frame where price may no go ahead and move out north bound.

 

Edit-----15:14EST

Looks like taking that BE stop was a good call as price just ran through where my initial stop loss was.

 

I got distracted watching this. So this is more or less total hindsight here.

 

But technically would be at BE on this one, after coming withing a tic or two of P1.

[patrader 10]

240m ES chart

[thalestrader 14]

Current look at the EURJPY ... looking long, but could go short.

 

Best Wishes,

 

Thales

[thalestrader 14]

EURJPY seems to be having some difficulty picking a direction:

 

 

One thing is nearly certain, however. It is not going to stay here, and its stay will not be long:

 

 

Best Wishes,

 

Thales

[forrestang 10]

EURJPY seems to be having some difficulty picking a direction:

 

 

One thing is nearly certain, however. It is not going to stay here, and its stay will not be long:

 

 

Best Wishes,

 

Thales

 

What do you think about this?

[patrader 10]

15m 6E chart

[patrader 10]

240m 6E chart

[thalestrader 14]

What do you think about this?

 

I like it. But more importantly, what do you think?

 

Best Wishes,

 

Thales

[forrestang 10]

I like it. But more importantly, what do you think?

 

Best Wishes,

 

Thales

 

It's alright. Price had some nice impulsive moves down to this point, where the waves started to become tighter and smaller.

 

I suppose I do not like the big range down here of chop, but then again the swings an anticipated targets above reflect that.

 

I would like a swing that allows for a tighter stop though, instead of one that is 80 pips.

[thalestrader 14]

Current look at the daily US Dollar index - looks as though the Buck needs a day ro two of rest before making a real go at that upper trendline. Anything can happen, of course.

 

Best Wishes,

 

Thales

[thalestrader 14]

Current look at the GBPUSD ... good night folks ...

 

 

Best Wishes,

 

Thales

[Beachtrader 10]

Euro at the moment with an obvious breakout level. M5 shows a concerted failure to find interest below 1.4116 for the monent.

 

 

 

All the best

BT

 

Update: Triggered long and taking some flak!

 

Update: Didn't seem to be much appetite for the breakout so moved stop to under the level asap and stopped out.

Edited January 22, 2010 by Beachtrader
To change level

[patrader 10]

15m 6E chart

[Marko23 10]

Late post for EUR/USD

 

 

ADD: I'll stay with 15m chart, no 5m stuff!

Edited January 22, 2010 by Marko23

[patrader 10]

240m 6E chart

[patrader 10]

Daily 6E chart

[Marko23 10]

Euro at the moment with an obvious breakout level. M5 shows a concerted failure to find interest below 1.4116 for the monent.

 

[ATTACH]18178[/ATTACH]

 

[ATTACH]18179[/ATTACH]

 

All the best

BT

 

Update: Triggered long and taking some flak!

[ATTACH]18180[/ATTACH]

 

Update: Didn't seem to be much appetite for the breakout so moved stop to under the level asap and stopped out.

[ATTACH]18184[/ATTACH]

 

5m trap, in my humble opinion.

[Marko23 10]

for political correctness: 78.6% instead of 80%

 

 

ADD: This 3 part stuff is not the projection of an anticipated movement, but my rationale for the stop.

Edited January 22, 2010 by Marko23
Clarification

[Marko23 10]

EUR/USD: stop at break even

 

 

ADD: stop moved by 2 tick

 

 

ADD: lower high, out with +11

 

Edited January 22, 2010 by Marko23

[Marko23 10]

Should have switched to Short after I gave up Long.

 

ADD: at 2nd target

 

Edited January 22, 2010 by Marko23
Update