Reading Charts in Real Time

[thalestrader 14]

I wonder if you could elaborate on that thinking?

 

Sorry, Midk, I didn't see your post. I will elaborate, but it will have to wait until my morning.

 

Best Wishes,

 

Thales

[MidKnight 12]

And that is what a -1R full stop looks like, and that is what a stop loss is for.

 

Best Wishes,

 

Thales

 

That sorta came outta nowhere, thank goodness for the SL. Aussie just had a rate decision at that point and shocked with no raise. Market expected 25bp.

[brownsfan019 17]

You guys work way too long in here. Let's just convert this to a CL only trading thread and then we can all be done no later than 230pm EST and enjoy the fruits of our labors.

 

 

I'm kidding about changing to a CL only thread.

But not kidding about you guys working too much.

[Cory2679 11]

And that is what a -1R full stop looks like...

 

Luckily , I left my girlfriend's house at ten (I was trading on my laptop on the couch), so I missed out!

[patrader 10]

15m 6E chart

[Marko23 10]

Stopped at +1 on the short and the current look 6E shows a potential long sequence.

 

Best Wishes,

 

Thales

 

One can see three pushes up.

[Marko23 10]

And that is what a -1R full stop looks like, and that is what a stop loss is for.

 

Best Wishes,

 

Thales

 

Reaction to the three pushed up. I didn't know of this, when I wrote my first comment; have no intraday currency charts on the PC at my home.

[Marko23 10]

EUR/USD: 2 reversals above 62% zone

 

 

Long earlier

 

At 1st target

Edited February 2, 2010 by Marko23

[Marko23 10]

At lower low would stop me

 

ADD: range contracts during last three bars.

 

ADD: range expands to average and 2nd target is reached

 

ADD: break even for 2nd Long

 

ADD: stopped at break even

Edited February 2, 2010 by Marko23
End of trade

[BlowFish 10]

I hope you'd reconsider. If we just ignore the idiots and trolls, they will get bored and leave. If we leave instead then this will just be another ET where the trolls rule that is good for no one.

 

Seconded. Though as usual I am a couple of days behind and the drama has been erased. (i don't mind drama once in a while)

[BlowFish 10]

Posting Live Trades in Real Time

 

 

Perhaps we define the number of bars we want to tolerate after a signal showed up and if it is neccessary to publish an upcoming signal.

 

Personally I feel a special disadvantage from posting: often it gets me out of "the flow". Publishing takes some time and is a disruption of trading; one has to sync with the market afterwards.

 

How do you care about switching back and forth between TL and your charts?

 

On point one a 'time stop' is perhaps not a bad idea. With a BO momentum should develop quickly after all.

 

On the second point I work on a 17" macbook pro running windows (through bootcamp). It is kind of cramped. I did try posting a couple of sequences but as they where fast charts (2 min DAX) it didn't feel to good. I did find benefit in annotating but it was hard to keep up.

[Marko23 10]

Another Long, a bit late

 

Stop at break even, might drift sideways.

 

Stopped at break even, was too tight.

 

1st target reached without me, moved stop too fast.

Edited February 2, 2010 by Marko23
End of trade

[DugDug 10]

FESX - however given my trading of late.... do the opposite.

[Marko23 10]

On point one a 'time stop' is perhaps not a bad idea. With a BO momentum should develop quickly after all.

 

On the second point I work on a 17" macbook pro running windows (through bootcamp). It is kind of cramped. I did try posting a couple of sequences but as they where fast charts (2 min DAX) it didn't feel to good. I did find benefit in annotating but it was hard to keep up.

 

Thales suggested to show the signal level with initial stop and targets in advance. If it doesn't trigger that doesn't matter; nobody knows the future. The trigger is no prognosis only a possibility.

[thalestrader 14]

Warning: Hindsight Chart Ahead!

 

Hi Folks,

 

Here is the 6E (EURUSDD futures) 15 minute chart.

 

 

 

Last night, I was long on the sequence represented by the dotted lines, and I was stopped out for a full, -1R or one whole risk unit loss when an external event, in this case, the Aussie rate announcement, caused the market to swoon (it actually looks far more dramatic than it was: from high to low of that move was a mere 33 ticks). At any rate, I went to bed soon after. However, as you can see by the trade sequence represented by the solid lines, the -1R loss would have been quickly recovered as this trade would have, if managed according to the approach I have shown here, resulted in a 2R profit.

 

I of course did not take this trade as the sequence was not clear (at least not clear enough) to keep me up any longer. The point is not to make this a shouldawouldacoulda. You can't be awake for all of the opportunities, after all. The point is that if you use proper money management and always keep a worst case, -1R stop in the market, and use an approach where your average winner is grater than your average loser, and equal to your worst case loser, then the hard work is done. It really is.

 

Once you find the approach that allows you to know what to expect over time, money management takes over and keeps the results moving in a positive direction overall. I still have my -1R loss, and I am still waiting for my +2R win to recover it. WIll that be my next trade? Maybe, maybe not. My next trade could very well be another -1R loss. I do not know, nor do I need to care. I need only to keep taking my trades as the sequences present themselves, apply proper money management in the process, and all is and shall be well. Money management combined with a simple approach takes the pressure off of any particular trade.

 

Best Wishes,

 

Thales

 

Best Wishes,

 

Thales

[Beachtrader 10]

Thales suggested to show the signal level with initial stop and targets in advance. If it doesn't trigger that doesn't matter; nobody knows the future. The trigger is no prognosis only a possibility.

 

With that in mind, here is one I'm looking at at the moment. Looking at the daily we could have seen 2 pushes lower with a third to come? Entry on H4 with TP as marked. Once / if this is reached then I will trail the rest behind H4 swings.

 

 

 

 

Kind regards

BT

[DugDug 10]

Hi Thales - I was wondering, if you had a time stop on any of the trades.

eg; you have an entry point - and either get stopped out, take profits or GET TIMED OUT.

 

I have attached a live time chart - posted previously - now updated:)

If it continues to go side ways, without really moving do you have a "stuff this I'm out time frame"?

or possibly just keep amending the stop down?

 

thanks.

 

[Marko23 10]

EUR/USD: Long with the trend

 

Triggered, but no follow-up. Will get out at break even or better if no HH develops.

 

Touched 1st target

 

Stopped at break even

Edited February 2, 2010 by Marko23
Update

[Mr_black 10]

Long opp on 6e

[thalestrader 14]

Hi Thales - I was wondering, if you had a time stop on any of the trades.

 

Hi DugDug,

 

I do not have any formal time-type stop. I usually like to enter when the maarket is starting to swing, so if I set a buy stop and price goes sideways for a long time without stopping me in I will sometimes cancel and wait for a new opportunity. I try to let price determine whether I am in or out as much as I am mentally able. In your current trade, for example, I see a low, a high above your entry point, and a potential higher low. If I were in that trade, my stop loss would probably be above that high above your entry. But that is me, and that does not make it right or wrong, it only makes it me. You have to do what's you, right?

 

Best Wishes,

 

Thales

[Mr_black 10]

Long opp on 6e

filled @1.3943 stop 1.3928 limit 1.3964

[DugDug 10]

Thanks Thales - for me a time stop is important, as I prefer to see acceleration, within a few bars, for certain trades - this would be one of them.

 

So I shorted at 2811 (not actually where it might look like - but on the bar that closed below the line. I'll get more accurate on that for future reference.)

 

buying back now at 2813., short below 07 again - looking for acceleration again.

(I guess all this might lead to over trading - arrrghrhh!)

[patrader 10]

15m 6E chart(three push wedge followed by LH retest)

Edited February 2, 2010 by patrader

[Marko23 10]

EUR/USD retraced into the 62% zone; trend is (still) up.

 

Long again or Chop Mode!

 

At measured move target, forget chop mode

 

I'm out at the mm target, will switch off soon.

Edited February 2, 2010 by Marko23
Update

[patrader 10]

15m ES chart(three push wedge)