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thalestrader

Reading Charts in Real Time

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What's particularly interesting to me is how you were able to convey the contextual considerations (in addition to basic concepts of charts/timeframes/how to physically trade with a platform, 123's & 2b's, position sizing, R-multiples, risk:reward, etc.) to your daughter in such an extremely short period of time (a month!). It has taken me months and months and months of full-time dedication to the approach to be able to show signs of consistency.

 

see, post #5368..... first you may have had to un-learn, and get rid of preconceived ideas. An often repeated idea in trading before actually accepting some things.

 

Marko23 - interesting viewpoint .......I never thought of the 3 pushes up in a larger time frame - often it looks more to me as 5 waves........ same thing - also interesting using a simple Tom Demark count as well (not 100% accurate but helpful)

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...I never thought of the 3 pushes up in a larger time frame - often it looks more to me as 5 waves...

 

Self-similarity is a key observation for technical trading.

 

With that context in mind, one would have started a short swing on Monday from a 60m chart

 

http://www.traderslaboratory.com/forums/attachment.php?attachmentid=22016&stc=1&d=1281601720

 

That swing trade is in good shape today. The penetrated channel shows an impulsive trend down.

I expect a third push down.

 

attachment.php?attachmentid=22017&stc=1&d=1281602586

tws-165.thumb.gif.1e6704aac56f1cf9ca6774bc2d06130d.gif

tws-183.thumb.gif.ad4ad8c74f02fd1883f6cde219863648.gif

Edited by Marko23

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Just a tiny third push down for EUR/USD.

The short swing was stopped by trailing stop above 1.2825.

 

attachment.php?attachmentid=22021&stc=1&d=1281627653

 

Price did not reach the bottom of the second Darvas box of the uptrend

in the daily chart. The Darvas box is a kind of support zone.

 

attachment.php?attachmentid=22022&stc=1&d=1281628019

tws-716.thumb.gif.7c657a12650978ec862c662c91e500f8.gif

tws-728.thumb.gif.e43be20f1aee56714615519912c3c781.gif

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What's particularly interesting to me is how you were able to convey the contextual considerations (in addition to basic concepts of charts/timeframes/how to physically trade with a platform, 123's & 2b's, position sizing, R-multiples, risk:reward, etc.) to your daughter in such an extremely short period of time (a month!). It has taken me months and months and months of full-time dedication to the approach to be able to show signs of consistency.

 

My hunch is it is a couple of things. Lack of learnt behaviour that work well in most endeavours but not in trading. Implicit trust of a child for their parent. Different relationship with money (I guess that could be covered in the first point). And of course constant feedback.

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My hunch is it is a couple of things. Lack of learnt behaviour that work well in most endeavours but not in trading. Implicit trust of a child for their parent. Different relationship with money (I guess that could be covered in the first point). And of course constant feedback.

 

I concur with Blowfish 100%. At 9 and now 10 she has none of the obstacles to success that we learn to impose upon ourselves as we mature. She is also a very smart and highly self-motivated, and very self competitive. What I mean by that is this: she measures her progress in any activity by comparing her present ability only to her own past accomplishments, and not to those of her friends (or her father). In addition to be a very good forex trader, trading the EURJPY almost exclusively, she is also a very talented nature photographer and clarinet player.

 

For anyone interested, she is still trading, though like me, she has not been day trading this summer. She is following the Kiwi-level time frames (60 minute, 240 minute, and daily), and trades accordingly. Most recently she had been long the EJ from July 6, added to her long on July 27 (around there at any rate), was stopped out two days later with a very small profit on the whole operation, and then was in cash until two days ago when she got short right below 112.00.

 

Best Wishes,

 

Thales

Edited by thalestrader

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I spent a lot of time over the last week and this weekend rereading this thread. I can't emphasise how many new nuggets I gathered in this process.

 

Apologies for a belated chart but I am going to post it regardless.

 

The chart indicates my current short on the EU, targets excluded. I normally look at price action at support and resistance areas to decide on my exit.

 

fxT.

5aa710276b9f4_16Augtrade1EUshortentry.thumb.png.5a40cd3e4bd5cc04e25f2a776bac2828.png

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I spent a lot of time over the last week and this weekend rereading this thread. I can't emphasise how many new nuggets I gathered in this process.

 

Apologies for a belated chart but I am going to post it regardless.

 

The chart indicates my current short on the EU, targets excluded. I normally look at price action at support and resistance areas to decide on my exit.

 

fxT.

 

And the exit at the trendline area.

 

fxT

5aa7102771a03_16Augtrade1exit.thumb.png.6a00a0080b183d4fde64f3e1f93864b5.png

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I know that stock charts don't get a lot of play around here, though I hope to change that a bit going forward.

 

Here is a chart that I posted over at my blog tonight, but I thought it deserved to be in this thread as well.

 

This is a quarterly chart of FDO, showing that it is near an historical breakout. William O'Neil would place a buy point at 10 cents above the olf high. I follow that too at times, though in this case, I'd probably add 25 cents and then round up to the nearest quarter dollar.

 

attachment.php?attachmentid=22065&stc=1&d=1282015200

 

Best WIshes,

 

Thales

5aa71027bb747_2010-08-16FDOnearHistoricalBreakout.thumb.jpg.cdd9821995c2ba8ff3c762c6cdb64913.jpg

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