Reading Charts in Real Time

[jonbig04 10]

Click for full size - Uploaded with plasq's Skitch

 

 

Out BE. Sorry for the million arrows. I accidentally hit the buy button when I got back in at 4:30EST ha.

 

 

Click for full size - Uploaded with plasq's Skitch

 

 

This is why I hate BE and trailing stops etc. Grrr.

[Marko23 10]

EUR/USD 5 waves down, waiting for Long one degree smaller

 

Not very fast. I'm out with +2 and out of the office.

Edited February 3, 2010 by Marko23

[thalestrader 14]

EUR/USD: impulsive move down ...

 

62% zone erased, 1h chart, count to five

 

True that ... and that ...

 

Best Wishes,

 

Thales

[Marko23 10]

...

 

This is why I hate BE and trailing stops etc. Grrr.

 

Just take the next trade.

[thalestrader 14]

The red rectangle represents the level at which I would be interested in a possible sell and hold on the ES (somehwere at, near, or above 1117) ...

 

 

 

This is all hindsight, however.... wait a second, how can it be hindsight? It hasn't even happened yet. I've gotten a bit confused as some have used hindsight and foresight interchangeably when referring to this thread.

 

Best WIshes,

 

Thales

[Mr_black 10]

short setup

[thalestrader 14]

Current view of crude ... sell limit to go short at 78.02, with a 25 cent stop loss above. This is a demo trade, and I have been approaching crude a bit differently than I do the ES and currencies. Even though it is demo, I treat it as real, and I employ very aggressive trade management (stop loss and rip cord). The only difference between demo and real is that if I wee trading this manner with real dough, I'd wait for price to get to the level, and then enter on a market order if I thought I was seeing what I need to see to go short. But I am also trying to make some real dough elsewhere, so I have to make that one concession to demo trading (I may be filled into a position I might not have wanted by the time price gets there).

 

Best Wishes,

 

Thales

[thalestrader 14]

Current view of the 6E/EURUSD ...

 

 

Best Wishes,

 

Thales

[jonbig04 10]

Current view of crude ... sell limit to go short at 78.02, with a 25 cent stop loss above. This is a demo trade, and I have been approaching crude a bit differently than I do the ES and currencies. Even though it is demo, I treat it as real, and I employ very aggressive trade management (stop loss and rip cord). The only difference between demo and real is that if I wee trading this manner with real dough, I'd wait for price to get to the level, and then enter on a market order if I thought I was seeing what I need to see to go short. But I am also trying to make some real dough elsewhere, so I have to make that one concession to demo trading (I may be filled into a position I might not have wanted by the time price gets there).

 

Best Wishes,Thales

 

 

Doesn't get more straightforward than that. I'm curious to see what happens below the 76.70 area. Looks like there may e nothing but air there, possible.

 

Click for full size - Uploaded with plasq's Skitch

[Mr_black 10]

short setup

my target is 10180

[thalestrader 14]

This is why I hate BE and trailing stops etc. Grrr.

 

 

I love BE ... I have very large and growing collection of BE trades such as this one on the 6E (actually -1 tick) ... I can think of nothing better than to lose small so that you are still around on those occassions when you can win big.

 

 

 

Best Wishes,

 

Thales

[thalestrader 14]

Here is a new look on the current 6E/EURUSD ...

 

Best Wishes,

 

Thales

[jonbig04 10]

I love BE ... I have very large and growing collection of BE trades such as this one on the 6E (actually -1 tick) ... I can think of nothing better than to lose small so that you are still around on those occassions when you can win big.

 

 

 

Best Wishes,

 

Thales

 

I do it for the sake of a smoother equity curve. But I'm usually at around 1:7 R/R, meaning that if the move to BE costs me a full trade, it has to save me 6 or 7 more times to make up for it. Which it may in the long term.

[Mr_black 10]

short setup

buy to cover @ target1 +30:cool:

[patrader 10]

15m 6B chart

[Dinerotrader 10]

the current natural gas chart.

 

Would you call this the "3 dives to the bottom" formation?

 

[thalestrader 14]

the current natural gas chart.

 

I think it is commonly referred to as "drives" to a bottom or top. I have also heard it called three "pushes," and Raschke calls it, if I am not mistaken, "three indians." So Three dives to a bottom works for me. Though you'll need to come up with something else for a top, because visually, a "dive" to the top seems problematic. But yes, that looks to me like three "dives" to a bottom.

 

Best Wishes,

 

Thales

Edited February 3, 2010 by thalestrader

[thalestrader 14]

buy to cover @ target1 +30:cool:

 

I would hope that shuts some people up, Mr. Black. Thank you for sharing a very nice sequence with us.

 

Best Wishes,

 

Thales

[thalestrader 14]

Here is the current ES, 60 and 15 minutes views, showing my preferred entry point in blue. This is Jonbig's trade, though Jon's style is to enter much closer to resistance for a more favorable entry than I in terms f location to risk point. Again, no trades this morning yet for me, as I am just trying to locate where price is on the markets I trade. I would hope that the expert lurkers would at least agree that part of reading charts in real time is identifying whether or not price is at S/R or if is in the middle of nowhere and travelling to its next S/R rest area.

 

Es has traded to what I would have set as the first PT to the tick (so it may have taken a manual exit to take profits, and perhaps for 2-3 ticks less than would have been planned for.

 

 

The red zone that appears north of current PA is, to reiterate, an anticipated resistance level at which, should price trade, I would be looking for a sell indication for a possible sell and hold.

 

Best Wishes,

 

Thales

[patrader 10]

15m 6E chart

[DugDug 10]

JonBig04 - as aside - you sound similar to me.... trying for the bigger moves, and I hate BE for the same reasons as you, but also love it for the same reasons as Thales.

stopped at BE/small loss today twice when I normally might not have.... but stuck to the plan and made money.... so feeling good today.....such is life.

 

This is all just my current thinking on it....

 

Previously I was pretty loose with stops for your reasons (disciplined but loose) .... I think you need to be, and be prepared just to say I am wrong, and have a wider stop to account for the volatility.... less contracts but more scope.

Its like you only have two choices - be really tight, or a little looser.... but not in between if you know what I mean.Each have their advantages/disadvantages and each have differing reentry and or reversal levels I feel.

I am currently trying experimenting a bit with more shorter term trades to complement and complicate things, but had another thread going here about trend trades and taking profits, covering some of this. I am putting together a list of thoughts, solutions etc that when i get finished I will post there. Otherwise, its all about fitting styles to personalities.

[thalestrader 14]

Current look at the 6E shows a long sequence wih a very poor RR. Of course, there is nothing to say that if it hits PT1, it doesn't continue higher. Perhaps I could plan instead to move the stop to BE should it trade at PT1 levels, and then play for the PT2 level.

 

 

Best Wishes,

 

Thales

[patrader 10]

the current natural gas chart.

 

Would you call this the "3 dives to the bottom" formation?

 

Good eye but don't forget to draw your support lines

[Mr_black 10]

Flag on 5 min long setup

[thalestrader 14]

stopped at BE/small loss today twice when I normally might not have.... but stuck to the plan and made money.... so feeling good today.....such is life.

 

I do not think one way is "right" or "better" than the other, it all depends upon you the trader and what you want to get out of the market. The main thing is to plan your approach and then apply it consistently. Consistency will not assure a positive expectancy, but it will let you control for various factor in order to correct a negative expectancy or improve a positive one. I have seen many, including myself over the years, get tripped up when I mix one type of entry with the planned trade management for another type of entry.

 

Best Wishes,

 

Thales