Reading Charts in Real Time

[ZenMachine 10]

QQQQ is forming another triangle, and looking to test yesterday's high.

 

I was long but chickened out (or got smart depending on your POV) and exited before the end of today's session.

I got out because the reason I went in was not sound at all, and I was almost certain that I would get slapped hard tomorrow morning (when weekly jobless claim is out).

 

I might put a buy stop order above 42.15 with a tight stop loss instead.

 

-z

[ZenMachine 10]

Another interesting formation ...

[Gabe2004 10]

We are in the 50% retracement area since the bottom in January to the recent high in August.

It's a long shot but 151.40 looks like a reasonable target.

Going out on a limb here, it should take about a month to get there.

 

Gabe

[thalestrader 14]

Hi Folks,

 

A look at the current 6J. Again, this is the Yen futures, and it trades inversely tot he USDJPY spot pair.

 

Best Wishes,

 

Thales

[thalestrader 14]

Hi Folks,

 

A look at the current 6J. Again, this is the Yen futures, and it trades inversely tot he USDJPY spot pair.

 

Best Wishes,

 

Thales

 

Here is the view from the USDJPY.

 

Best Wishes,

 

Thales

[thalestrader 14]

Hi Folks,

 

A look at the current 6J. Again, this is the Yen futures, and it trades inversely tot he USDJPY spot pair.

 

Best Wishes,

 

Thales

 

Before & During

 

Best Wishes,

 

Thales

[ZenMachine 10]

Looks to me it's going to break above 57.50 soon.

 

Put a buy order @ 57.51 with a stop loss @ 55.73

 

It gapped up but stalled.

 

Entry @ 57.79.

Stop loss move up to 57.50.

 

-n

[brownsfan019 17]

I know most here don't watch stocks so hopefully I didn't take up too much space. I'll try to get some futures posts soon.

 

Personally I like seeing the stock charts better b/c I don't trade them right now and always nice to see them. And if you look back at when Thales arrived on the scene, he was posting stocks and stocks only for quite awhile.

[Dinerotrader 10]

87 ares looks like significant support. I might put in a buy right above 87 in case it dips down to that level briefly and comes back up. A tight stop of course below 87. This was my first day looking at forex on freestockcharts. Nice to have it all in one place with the stocks.

 

[ZenMachine 10]

It gapped up but stalled.

 

Entry @ 57.79.

Stop loss move up to 57.50.

 

It started moving and inched up until almost the end of the session. Unfortunately, I couldn't get to a PC until it started declining. :doh:

 

I wish I had placed a sell limit order, but I had no idea how high it would go (or not).

 

Exit @ 58.24.

 

-z

[thalestrader 14]

Personally I like seeing the stock charts better b/c I don't trade them right now and always nice to see them. And if you look back at when Thales arrived on the scene, he was posting stocks and stocks only for quite awhile.

 

 

Hi Brownie,

 

I'll start posting my stock trades again if folks are interested. More folks seem to trade forex and futures and understandably have a greater interest in seeing those markets. This is a family week here, but when I return sometime next week I will include some of my stock charts too.

 

Best Wishes,

 

Thales

[thalestrader 14]

I know most here don't watch stocks so hopefully I didn't take up too much space. I'll try to get some futures posts soon.

 

Hi i,

 

No problem with the stock charts ... anyone should feel free to post trades and charts here on anything that moves, including pork bellies or Potash.

 

Best Wishes,

 

Thales

[Dinerotrader 10]

Please post the stock charts.

 

I am very interested.

 

I should trade some pork bellies so I can tell people I am a professional bacon trader. That would be awesome.

[thalestrader 14]

Hi Folks,

 

Current look at the 6J (inverse USDJPY). Last night price fell a bit short of my anticipated target but a long trade should have ended with a profit and certainly no worse than break even.

 

Tonight, I have no clue. Yen is at what ought to be a potential support (blue rectangle), but taken in the context of its recent range, it is, in my opinion, squarely in the middle of nowhere. The fact that it is currently below the midpoint of the 189-368 range would lead me to anticipate a decline to test the lower end of that range. So, if someone were to hold a gun to my head and force me to take a position, I would place a sell stop at 253, and probably a profit limit at 200. But, as I am thankfully free of any such threat, I'd much rather wait either for some volatility to return, or for price to get near or into the areas outlined in red. I could be induced to take a long trade depending upon how price action proceeds to develop from this point. But price needs to do some work first.

 

Best Wishes,

 

Thales

[ZenMachine 10]

I might put a buy stop order above 42.15 with a tight stop loss instead.

 

Well, this was another interesting trade.

I decided to put a buy stop at 42.15, with stop loss at 41.78 and sell limit at 42.57 (for half).

 

Of course, it gapped up and my entry was at 42.32. It reached 42.57 without much trouble.

I had planned to play cute and manage the other half, thinking it might want to keep going up, but I ended up not being able to manage it until the end of the session, and turned the second half into a loss. :crap:

 

-z

[ZenMachine 10]

I'll start posting my stock trades again if folks are interested.

 

I am interested too!

 

(Especially your stock swing trades... if I may ask)

 

Thank you!

 

-z

[ehorn 10]

I am not so much an equity trader, but I believe the principles I espouse are effective across all liquid markets. I have attached some analysis based on the principles of Price and Volume.

 

Best wishes,

[Dinerotrader 10]

Coming up on some good resistance. Either a reversal or breakout? I count 6 times that price reversed from that area.

 

[thalestrader 14]

So, if someone were to hold a gun to my head and force me to take a position, I would place a sell stop at 253, and probably a profit limit at 200. But, as I am thankfully free of any such threat, I'd much rather wait either for some volatility to return, or for price to get near or into the areas outlined in red.

 

 

On the other hand, if one had decided to try a small short at 252, say two contracts, then one might have been tempted to take one off at 226 or so (as 222 was anticipated support and the 6J has exhibited spreads as large as 4 ticks recently). And moving one's stop loss to breakeven would not be unreasonable, given the decline into potential support. Buy limit at 203 on remaining contract, if struck, would make for a neat little night of television.

 

Best Wishes,

 

Thales

[thalestrader 14]

I am not so much an equity trader, but I believe the principles I espouse are effective across all liquid markets. I have attached some analysis based on the principles of Price and Volume.

 

Best wishes,

 

I appreciate any real time analysis demonstrating the application of your principles that you are willing to share. Thank you for this example.

 

 

Best Wishes,

 

Thales

[forrestang 10]

Coming up on some good resistance. Either a reversal or breakout? I count 6 times that price reversed from that area.

 

What's your plan when we arrive at your anticipated resistance?

 

Do you do reversals as well or just focusing or B.O.s?

 

If the former, what's your entry criteria?

[brownsfan019 17]

Hi Brownie,

 

I'll start posting my stock trades again if folks are interested. More folks seem to trade forex and futures and understandably have a greater interest in seeing those markets. This is a family week here, but when I return sometime next week I will include some of my stock charts too.

 

Best Wishes,

 

Thales

 

Here's what I really enjoyed about your stock charts - the simplicity in which you trade them. Don't get me wrong, the futures/fx stuff is good, but IMO there's a serious degree of practice and learning involved to trade as you do there; whereas, your stock trading was much simpler (in my eyes) and was consistently profitable. That's why I asked you at one point if this thread derailed you from your bread-and-butter stock trades b/c that's what we saw from you for awhile.

 

But that's just me and my

[thalestrader 14]

Yen is at what ought to be a potential support (blue rectangle), but taken in the context of its recent range, it is, in my opinion, squarely in the middle of nowhere. The fact that it is currently below the midpoint of the 189-368 range would lead me to anticipate a decline to test the lower end of that range. So, if someone were to hold a gun to my head and force me to take a position, I would place a sell stop at 253, and probably a profit limit at 200.

 

Beautiful pictures paint themselves.

 

Best Wishes,

 

Thales

[ehorn 10]

I appreciate any real time analysis demonstrating the application of your principles that you are willing to share. Thank you for this example.

 

 

Best Wishes,

 

Thales

 

yvw, Lets see how it goes

 

Equities are a great place to start for a person interested in studying these principles. They cycle much more slowly than more leveraged intruments do (cycles being the sequences of volume and price). This allows a learning practicioner to examine the principles and hone there routine in a slower paced environment. Then as one becomes more effective in the routine, they can pick up the principles an take them to higher velocity intruments.

[Dinerotrader 10]

What's your plan when we arrive at your anticipated resistance?

 

Do you do reversals as well or just focusing or B.O.s?

 

If the former, what's your entry criteria?

 

I posted that chart and then wasn't by a computer for a little while. I posted where things are at right now below. Since this is such a large time frame I wouldn't trade off of it but it seems to big me big picture ideas on price on a smaller level. Since it has bounced off of of that level so many times it would seem statistics are on your side in playing a reversals. You would hope price action will tell you more about what is likely to happen once it arrives in that area. Being at the top of this range, I would probably lean towards playing reversals when lower lows are made. At this stage my instinct is to also comtemplate the fundamentals of what drove the price down back on Sept. 25-27 and consider if there is any reasons we should see a move back up to that point. Those are my thoughts.