Reading Charts in Real Time

[Marko23 10]

  thalestrader said:

You offer a very disciplined and accurate application of the approach ...

 

Thanks for your encouragement. Blowfish and patrader gave me some direction lately. Thanks to them too.

 

I show these examples mainly as evidence that it can be done in your way or with your method.

[thalestrader 14]

It looks like we are still better served looking to play the EURO for shorts and the POUND for longs.

 

Best WIshes,

 

Thales

[Marko23 10]

EUR/USD upmove ended with one more wedge.

 

 

I didn't trade the downmove, too busy with FGBL.

[thalestrader 14]

  thalestrader said:

It looks like we are still better served looking to play the EURO for shorts and the POUND for longs.

 

Of course, having said that, my first trade of the day is the 6E (EURUSD). This screen shot doesn't show it, but we just had a pullback that hovered just abve entry, and now we are again testing the high of the move after entry. I am moving my stop to break even right now.

 

Best Wishes,

 

Thales

[jonbig04 10]

  thalestrader said:

Of course, having said that, my first trade of the day is the 6E (EURUSD). This screen shot doesn't show it, but we just had a pullback that hovered just abve entry, and now we are again testing the high of the move after entry. I am moving my stop to break even right now.

 

Best Wishes,

 

Thales

 

I've been hoping for that thing to breakout to the downside. I tried last night, but it found some more S. Only costs me 2 ticks though. With that kind of R/R, I'm inclined to try again if it makes LLs.

 

Click for full size - Uploaded with plasq's Skitch

[fxThunder 10]

Hi Everyone,

 

First illness and now workload has reduced me to a lurker on this thread, for now. I need to adjust my trading style to cater for the fact that I will have less live screentime.

 

I am pretty sure that this implies that I will need to explore trades on higher timeframes than the 15min chart. I will need to key into areas to watch for swing entries and trades.

 

For me this means watching the daily / 240min for these areas and using the 15 / 60min to fine tune and manage entries. Will explore this over the next few weeks and will probably remain in lurk mode for a while more.

 

Cheers,

eNQ

[ziebarf 10]

6E still looks pretty to me. Man its been a while since I have traded, feels good

[thalestrader 14]

  EminiNQtrader said:

I am pretty sure that this implies that I will need to explore trades on higher timeframes than the 15min chart. I will need to key into areas to watch for swing entries and trades.

 

For me this means watching the daily / 240min for these areas and using the 15 / 60min to fine tune and manage entries. Will explore this over the next few weeks and will probably remain in lurk mode for a while more.

 

Here is the EURJPY daily. At this point, I am expecting that this latest decline will carry down a bit closer to the 124.37 low from 4/28/2009 (you should check this level with your own market maker - but this should be close). There is a zone of potential support in and around that could halt the slide sooner or allow it to continue a bit lower. However, that would be a level to watch, in my opinion. I'd be tempted to take 15 minute and 60 minute long sequences if a bounce develops, and if a break, I'd short the first short sequence after a rally to test the break down point.

 

Best Wishes,

 

Thales

[thalestrader 14]

  jonbig04 said:

I've been hoping for that thing to breakout to the downside. I tried last night, but it found some more S. Only costs me 2 ticks though. With that kind of R/R, I'm inclined to try again if it makes LLs.

 

I hear you, Jon. I'd like for the break, should it be coming, to happen after a rally and after the fedspeak. This feels like a market that wants to trend, and knows the direction in which it wants to trend, but it is holding itself at bay until after something .... the fed? Obama? I do not know, but I have hesitant in this case to sell new lows at this point. The downtrend patterns look complete, (though I expected this impulse to carry just a bit farther, especially in the ES). So, I think I may sit on my hands for a while. It is day's like this when I think of my dad's favorite saying - "I'd rather be out wishing I were in, than in wishing I were out."

 

Best Wishes,

 

Thales

[forrestang 10]

  thalestrader said:

For a short, the low tick after I am stopped in is a Low. Price then bounces from that Low and rallies 3-4 ticks above entry. That is a High. Price then comes down and retests the low. That is a Higher Low. I am out if price comes back up to make a Higher High. This usually all happens on the same "bar." Bars have nothing to do with it - Highs, Lows, Higher Highs and Higher Lows, Lower Lows and Lower Highs. I am very consistent.

 

Do you usually monitor a trade after your entry in this fashion and get ready to exit a long(for example) when you get a LL....... Do you continue to monitor for this type of activity UNTIL you get your stop to BE?

[jonbig04 10]

  thalestrader said:

I hear you, Jon. I'd like for the break, should it be coming, to happen after a rally and after the fedspeak. This feels like a market that wants to trend, and knows the direction in which it wants to trend, but it is holding itself at bay until after something .... the fed? Obama? I do not know, but I have hesitant in this case to sell new lows at this point. The downtrend patterns look complete, (though I expected this impulse to carry just a bit farther, especially in the ES). So, I think I may sit on my hands for a while. It is day's like this when I think of my dad's favorite saying - "I'd rather be out wishing I were in, than in wishing I were out."

 

Best Wishes,

 

Thales

 

Yeah good point, the fed stuff could be what its "waiting" for, if its gonna break. It looks prime for a break, but does feel like its waiting for something. Of course that's all just gut-feel stuff haha. It will be interesting to see what happens with it.

 

I don't know if there's a name for this pattern, but basically it tested support a suspicious amount of times (I've always believed that the more times it tests, the more likely it is to break), all the while making LHs. I've seen this action quite a few times and its paid off for me in the past. If it doesn't have a name already, we should give it one haha.

 

Click for full size - Uploaded with plasq's Skitch

[Marko23 10]

  thalestrader said:

...

The downtrend patterns look complete, (though I expected this impulse to carry just a bit farther, especially in the ES). So, I think I may sit on my hands for a while. ...

 

I don't expect much from fed because FGBL already had its action for today.

That's speculation of cause.

 

Waiting for five again...

 

[thalestrader 14]

  jonbig04 said:

I don't know if there's a name for this pattern, but basically it tested support a suspicious amount of times (I've always believed that the more times it tests, the more likely it is to break), all the while making LHs. I've seen this action quite a few times and its paid off for me in the past. If it doesn't have a name already, we should give it one haha.

 

Well, we already have a Forrest Range Break out for when price is in a line (rectangular consolidation) and it starts making, say HH's and HL's toward the top (or vice versa). So for these where price is testing support and making LH's, we can call it the Jonbig Breakdown.

 

Best Wishes,

 

Thales

[jonbig04 10]

  thalestrader said:

Well, we already have a Forrest Range Break out for when price is in a line (rectangular consolidation) and it starts making, say HH's and HL's toward the top (or vice versa). So for these where price is testing support and making LH's, we can call it the Jonbig Breakdown.

 

Best Wishes,

 

Thales

 

Haha, that works for me. :rofl:

[thalestrader 14]

Crude would have been a fantastic short on the break below yesterday's low (sorry for the funky colors but I keep demo account charts looking different from real account charts so I don't do something silly).

 

 

Best Wishes,

 

Thales

[Beachtrader 10]

  jonbig04 said:

Haha, that works for me. :rofl:

 

Jonbig breakdown on cable this afternoon!

 

 

 

Kind regards

BT

[patrader 10]

15m 6E chart

[patrader 10]

15m rth ES chart

[thalestrader 14]

  patrader said:

15m 6E chart

 

So you would be looking to buy about now given the overshoot to the downside, right?

 

Best Wishes,

 

Thales

[patrader 10]

  thalestrader said:

So you would be looking to buy about now given the overshoot to the downside, right?

 

Best Wishes,

 

Thales

Yes i did.Three pushes down with dueling lines(horizontal support 1.4010 level) on 6E 15m and Daily charts with slight overshoots.Took some off at tl and went to b/e.Now lets see if the 123 sets up.Then it will your turn, Thales to help drive it up to bigger targets.HTH Edited January 27, 2010 by patrader

[patrader 10]

6E Daily chart

[patrader 10]

240m 6E chart (three pushes down but tcl is parallel instead of converging)

[fxThunder 10]

I see a big wedge on the 240min EU - tcl still not reached there

[patrader 10]

15m 6E chart(no 123 setup yet just a retest with slight overshoot )

[patrader 10]

6E daily chart (price finally came down and touched the tcl))