Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

thalestrader

Reading Charts in Real Time

Recommended Posts

The week is over.

 

I traded this week on an FXCM demo account...I posted every single one of my trades to this thread...I was ever so slightly down for the week...

 

attachment.php?attachmentid=24383&d=1304106958

 

I would type up a little bit about what I did wrong, what I could have done better, the shouldawouldacoulda's, etc., but I'm afraid I'd get carpal tunnel. :) One thing, among many, is what's already been brought up...squeezing stops too tight, too soon, and getting to break-even too soon. I was a bit more pleased with how I managed my last couple of trades, however.

 

I think what it all boils down to is that I'm a bit out of practice. I really struggled this week. I didn't do my best work (which isn't all that to begin with!). I haven't been trading very consistently for a while...I've been allowing myself to be distracted by other things in my life and I think I've kept a little distance from trading because I've felt a little discouraged. I've been working on it a long time, and, well, you know...

 

I set and have so far acomplished a goal of putting an end to that trend. I've had monk-like dedication to trading and posting my trades to this thread this week. Posting to the thread helps keep me disciplined and focused. It's also nice to be able to look back and review the week that way. Plus, as a bonus, maybe someone out there could possibly be getting something out of it (what not to do! ;)). I intend to continue.

 

I think part of my problem over the past months or even year(s) is that I expect to already be able to trade wildly profitably, and then when I don't do as well as I expect, I get angry and stomp away. Then, I'll build myself back up, study and read, etc., and do the same thing again. What I need to do is trade consistently to practice, practice, practice, and to learn...I need to keep an open mind, keep my emotions in check, and make the most of every hour.

 

In other news, it looks like the blue bar under my name is 100% now...all I got was "Complete." Why don't I get something fun like everyone else?? (ie Market Wizard, Guru, etc.) :confused::o

Capture.JPG.4cb37b7528a9877e18955ee61011cee5.JPG

Share this post


Link to post
Share on other sites
The week is over.

 

I traded this week on an FXCM demo account...I posted every single one of my trades to this thread...I was ever so slightly down for the week...

 

attachment.php?attachmentid=24383&d=1304106958

 

I would type up a little bit about what I did wrong, what I could have done better, the shouldawouldacoulda's, etc., but I'm afraid I'd get carpal tunnel. :) One thing, among many, is what's already been brought up...squeezing stops too tight, too soon, and getting to break-even too soon. I was a bit more pleased with how I managed my last couple of trades, however.

 

I think what it all boils down to is that I'm a bit out of practice. I really struggled this week. I didn't do my best work (which isn't all that to begin with!). I haven't been trading very consistently for a while...I've been allowing myself to be distracted by other things in my life and I think I've kept a little distance from trading because I've felt a little discouraged. I've been working on it a long time, and, well, you know...

 

I set and have so far acomplished a goal of putting an end to that trend. I've had monk-like dedication to trading and posting my trades to this thread this week. Posting to the thread helps keep me disciplined and focused. It's also nice to be able to look back and review the week that way. Plus, as a bonus, maybe someone out there could possibly be getting something out of it (what not to do! ;)). I intend to continue.

 

I think part of my problem over the past months or even year(s) is that I expect to already be able to trade wildly profitably, and then when I don't do as well as I expect, I get angry and stomp away. Then, I'll build myself back up, study and read, etc., and do the same thing again. What I need to do is trade consistently to practice, practice, practice, and to learn...I need to keep an open mind, keep my emotions in check, and make the most of every hour.

 

In other news, it looks like the blue bar under my name is 100% now...all I got was "Complete." Why don't I get something fun like everyone else?? (ie Market Wizard, Guru, etc.) :confused::o

 

Cory, based on the number of trades you took I would say you did ok. There is a certain level of skill required to be in the market a lot and end up near break even. I know it is frustrating, I am in the same boat. You are pumping the pump and not much water is coming out, but keep pumping and soon it will flow!

 

I too am wrestling with trade management and when to move stops. At this stage though tightening the stops has been beneficial in most cases. My goal is to get to where I am taking more trades that get to +1R before they get to -1R. Until I see that happen regularly I will continue to be tight on the stops. This week I took four trades with the 123 method (all posted) and ended the week -.03R. Only one of the four trades got to +1R before -1R so the tight stops worked in my favor.

 

Right now it is all about waiting for quality set ups. If the set up is good the trade management will be easier.

Share this post


Link to post
Share on other sites
Potential EU long...the green line is profit target 1 of 2...

 

Short, instead...not a great start with the short...

 

UPDATE: Stop moved down...

 

FINAL UPDATE: Taken out...

5aa71071e008f_EURUSD(15Min)5_2_2011.jpg.2c88df8e0cdfe93fda829777e92ba36b.jpg

5aa71071e4bf6_EURUSD(15Min)5_2_20112.jpg.11239b8ffd75e7a543339a1f0025e539.jpg

5aa71071e9236_EURUSD(15Min)5_2_20113.jpg.7ec1285300553648454bebcff02df142.jpg

5aa71071ed730_EURUSD(15Min)5_2_20114.jpg.3195fdae0bb7a3882ac2b80b5d3161db.jpg

Edited by Cory2679

Share this post


Link to post
Share on other sites

Potential short on the UJ...

 

UPDATE: Stop at break-even...fingers crossed... :)

 

UPDATE 2: Stop moved down on the first half...

5aa71071f1ff9_USDJPY(15Min)5_2_2011.jpg.ef82ed075bdf22a4d370e47811bcf5a6.jpg

5aa71072026aa_USDJPY(15Min)5_2_20112.jpg.8b693edc43393a5dd2dd2ea2c89c5142.jpg

5aa710726ee51_USDJPY(15Min)5_2_20113.jpg.8838794b858a07dbda0013581fdceb9d.jpg

Edited by Cory2679

Share this post


Link to post
Share on other sites
Potential short on the UJ...

 

UPDATE: Stop at break-even...fingers crossed... :)

 

UPDATE 2: Stop moved down on the first half...

 

UPDATE 3: PT1 filled...stop at break-even on the second half...

5aa7107274232_USDJPY(15Min)5_2_2011.jpg.7dbf7182783735edc8eef29fadac5a01.jpg

5aa7107278ada_USDJPY(15Min)5_2_20112.jpg.915c447785df36545684bbf7924a5da5.jpg

5aa710727f578_USDJPY(15Min)5_2_20113.jpg.7ccfa4f3f4ccadeab6e68608246805fe.jpg

5aa7107283c32_USDJPY(15Min)5_2_20114.jpg.36fe7731fca6a822a60b55ae8de04902.jpg

Share this post


Link to post
Share on other sites
Potential short on the UJ...

 

UPDATE: Stop at break-even...fingers crossed... :)

 

UPDATE 2: Stop moved down on the first half...

 

UPDATE 3: PT1 filled...stop at break-even on the second half...

 

UPDATE 4: Moving stop down...I unexpectedly have to quit for the day now, so I won't be moving my stop anymore...stop-loss and profit-target orders are in and I'm shutting down...

5aa7107293d2e_USDJPY(15Min)5_2_2011.jpg.ca7424d66d7e9288d35282b054f27fc9.jpg

5aa71072a0669_USDJPY(15Min)5_2_20112.jpg.0c23bbcf866cd933046040cf347f78ec.jpg

5aa71072aef1c_USDJPY(15Min)5_2_20113.jpg.10c2aa3273d625051983816ef60d7303.jpg

5aa71072bda99_USDJPY(15Min)5_2_20114.jpg.6cecd34b8a75bb6292846558ef08db1b.jpg

5aa71072c7e83_USDJPY(15Min)5_2_20115.jpg.eab42f8c16cd8c65b87b726f9727250e.jpg

Share this post


Link to post
Share on other sites
The week is over.

In other news, it looks like the blue bar under my name is 100% now...all I got was "Complete." Why don't I get something fun like everyone else?? (ie Market Wizard, Guru, etc.) :confused::o

 

I'll check with the TL Traders Committee to see if we can promote you!! Stay tuned ... :haha:

Share this post


Link to post
Share on other sites
Potential short on the UJ...

 

UPDATE: Stop at break-even...fingers crossed... :)

 

UPDATE 2: Stop moved down on the first half...

 

UPDATE 3: PT1 filled...stop at break-even on the second half...

 

UPDATE 4: Moving stop down...I unexpectedly have to quit for the day now, so I won't be moving my stop anymore...stop-loss and profit-target orders are in and I'm shutting down...

 

FINAL UPDATE: Got taken out of the second half...

5aa7107311642_USDJPY(15Min)5_2_2011.jpg.87c9d9f593aec93d3948821225738383.jpg

5aa7107315e6a_USDJPY(15Min)5_2_20112.jpg.2623e4bd9cc3ae7b17fa9d65144485cb.jpg

5aa710731ad2e_USDJPY(15Min)5_2_20113.jpg.d1aad3107e7cab361532303ea36b10da.jpg

5aa710731f2eb_USDJPY(15Min)5_2_20114.jpg.9261cea95d483b39ba574cc5edc879eb.jpg

5aa710732640c_USDJPY(15Min)5_2_20115.jpg.17a17dbb6b2b9c7787ee87d4c00fa9c3.jpg

5aa710732aa62_USDJPY(15Min)5_2_20116.jpg.b848e252fd3da9201938bb21f798fe81.jpg

Share this post


Link to post
Share on other sites

Fellow posters,

 

MadMarketScientist would like us to continue our posting at a different thread...

 

http://www.traderslaboratory.com/forums/f208/reading-charts-real-time-may-2011-a-9696.html

 

Hi Traders,

 

The original thread is getting huge! Let's start a new one and continue the discussions and learnings here instead?

 

thanks!

MMS

Edited by Cory2679

Share this post


Link to post
Share on other sites

Currently long the EUR/USD...

 

----------

 

Since this is the first chart posted to this thread, here are some notes for my charts:

 

Blue line = entry, red line = stop-loss, green line(s) = profit target(s), dotted magenta line = move stop to break-even, if not already there.

 

Other lines on the chart are generally lines of support/resistance, trendlines, etc.

 

NOTE: The original thread can be found here: http://www.traderslaboratory.com/forums/f208/reading-charts-real-time-6151.html

 

-----

 

UPDATE: As price approached and almost touched PT1, I squeezed my stop tight and was taken out. Second half's stop at break-even, holding for PT2.

 

UPDATE 2: Stop on second half moved up a little...

5aa710732efd6_EURUSD(15Min)5_3_2011.jpg.961035706634d305ea83d1875a860b80.jpg

5aa7107333618_EURUSD(60Min)5_3_2011.jpg.c0132229c8037e8e518506fe80c4271d.jpg

5aa7107337d33_EURUSD(15Min)5_3_20112.jpg.9c4dc1a3d4025c44e95fe5f73ad6a24f.jpg

5aa710733c33b_EURUSD(15Min)5_3_20113.jpg.ef4d290d4c024d8409d5fddfee3e294c.jpg

Edited by Cory2679

Share this post


Link to post
Share on other sites
Currently long the EUR/USD...

 

UPDATE: As price approached and almost touched PT1, I squeezed my stop tight and was taken out. Second half's stop at break-even, holding for PT2.

 

UPDATE 2: Stop on second half moved up a little...

 

FINAL UPDATE: Moved my stop up again on the second half and was taken out...

5aa710734076d_EURUSD(15Min)5_3_2011.jpg.114e20341abcf616e4bdbcb11452a196.jpg

5aa7107344d32_EURUSD(60Min)5_3_2011.jpg.d3670a3b12c57196dada9e37162e9865.jpg

5aa710734915a_EURUSD(15Min)5_3_20112.jpg.5d6dfc1e7bd38fa00d5428679fffdea2.jpg

5aa710734e3ab_EURUSD(15Min)5_3_20113.jpg.3eef129c1c0755b79cb82c88939f232b.jpg

5aa7107352a6a_EURUSD(15Min)5_3_20114.jpg.7740513ee6d7eff1728ba36ee434484a.jpg

Share this post


Link to post
Share on other sites
Nice trade on EU Cory!

 

Thanks...it was a nice entry, but a terribly managed trade, unfortunately...still squeezing too tight and cutting profits short! Same deal with my UJ short from yesterday...

Share this post


Link to post
Share on other sites
Looking at the same trade. I missed a couple good ones earlier. Nice trade on EU Cory!

 

Moved stop. This trade is not looking too fresh. Probably should have moved earlier like Cory did.

 

UPDATE: stopped out at -.79R

5aa7107381011_2011-05-03-TOS_CHARTS.png15min.thumb.png.857c4cb6bec6996887ea44beb042ec3b.png

5aa710738b112_2011-05-03-TOS_CHARTS.png15min.pngmovedstop.thumb.png.28a0b99512b71aaa32270475cdeeb635.png

5aa710739507d_2011-05-03-TOS_CHARTS.png15min.pngfinal.thumb.png.b695a552936f3afa9fc5aa5acb0cf68e.png

Edited by todds

Share this post


Link to post
Share on other sites

Wasn't able to trade yesterday...trading today and kicking myself for missing the drop on the EU...oh well, moving on...

 

Potential long on the UJ...honestly not holding my breath for a fill, though...

 

UPDATE: Moved my stop tight and got taken out...

5aa71073d5e27_USDJPY(15Min)5_5_2011.jpg.a7152b2b6c359e28d0d547224fe0d0ee.jpg

uj4h.gif.c57c9c5ef8d1b64fe8f132cb2057cfa6.gif

5aa710744987f_USDJPY(15Min)5_5_20112.jpg.13a87b5f5fc71c6aaba20829b062a12f.jpg

5aa710744cf3e_USDJPY(1Min)5_5_2011.jpg.ef3b6b3d68a259813e800298c2dccfb1.jpg

Edited by Cory2679

Share this post


Link to post
Share on other sites
Potential long on the UJ...honestly not holding my breath for a fill, though...

 

UPDATE: Moved my stop tight and got taken out...

 

POST-TRADE UPDATE: Shoulda/woulda/coulda filled at PT1...

5aa71074562b3_USDJPY(15Min)5_5_2011.jpg.d5ee12c053e07d5796513801f866e850.jpg

5aa710745aa40_USDJPY(15Min)5_5_20113.jpg.2ea0b1aa765399a263b1f0ca7a014396.jpg

Share this post


Link to post
Share on other sites
Currently short the EUR/JPY...

 

UPDATE: Stop moved tight...

 

UPDATE 2: Stop at break-even...

 

FINAL UPDATE: My hope for a profitable trade here had more or less vanished, so I actually moved my stop to 5 ticks below entry in order to break-even for the week (rather than 1 tick below entry like I usually do when I move my stop to break-even)...whether my stop was at entry or 5 ticks below, it would have been stopped out either way by now...

 

Also, I messed my order entries up and accidently went long a couple of micro-lots when I got stopped out of this trade...closed it right away for a 4.1 tick profit...

 

I added a dotted magenta line to my chart to illustrate why I got to break-even when I did...

5aa71074aa32f_EURJPY(15Min)5_6_2011.jpg.27f180549ba5dc1e19640efcb0038e83.jpg

5aa71074af0cc_EURJPY(15Min)5_6_20112.jpg.cc60ee279408c0c0494acac2798a1d94.jpg

5aa71074b37aa_EURJPY(15Min)5_6_20113.jpg.9fe0f4d2208a63a71d73c90efbf63108.jpg

5aa71074b79e5_EURJPY(15Min)5_6_20114.jpg.f7e7080a2737cc3a8842d364871f4288.jpg

Share this post


Link to post
Share on other sites
Currently short the EUR/JPY...

 

UPDATE: Stop moved tight...

 

UPDATE 2: Stop at break-even...

 

FINAL UPDATE: My hope for a profitable trade here had more or less vanished, so I actually moved my stop to 5 ticks below entry in order to break-even for the week (rather than 1 tick below entry like I usually do when I move my stop to break-even)...whether my stop was at entry or 5 ticks below, it would have been stopped out either way by now...

 

Also, I messed my order entries up and accidently went long a couple of micro-lots when I got stopped out of this trade...closed it right away for a 4.1 tick profit...

 

I added a dotted magenta line to my chart to illustrate why I got to break-even when I did...

 

POST-TRADE UPDATE: Glad I took myself out, because if I hadn't, NFP would have!

5aa71074bf060_EURJPY(15Min)5_6_2011.jpg.a6e9d980e1313296b6c9bf505df4ccd0.jpg

5aa71074c3bd0_EURJPY(15Min)5_6_20115.jpg.03cd53362c4d80056e2da6474071f069.jpg

Share this post


Link to post
Share on other sites

Well, I think I'm done for the week. I traded this week with a real/live FXCM Micro account, and will continue with the same account next week where I left off. I posted every single one of my trades this week and came out just slightly better than break-even.

 

attachment.php?attachmentid=24491&d=1304698863

 

I had some decent entries this week, but I didn't manage them very well. You hear about fear and hope in the market, and how traders usually have them flip-flopped from where they ought to be...I think with me I'm just operating out of fear. I cut my losses but I also cut winners.

 

I've come to the conclusion that at this point, I'm a fair analyst (I didn't say good...just fair), but I'm a poor trader...I definitely need more work on management than picking trades.

 

Have a good weekend!

 

Cory

Capture.JPG.a003fd74712bf6e1f1fa272873aa791c.JPG

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date: 31st March 2025.   Trump Confirms Tariffs on All Countries, Sending Stocks Lower.   The NASDAQ continues to trade lower due to the US confirming the latest tariffs will be on all countries. In addition to this, bearish volatility also is largely due to the higher inflation data from Friday. The NASDAQ declines to its lowest price since September 11th 2024. Core PCE Price Index - Inflation Increases Again! The PCE Price Index read 2.5% aligning with expert forecasts not triggering any alarm bells. However, the Core PCE Price Index rose from 0.3% to 0.4% MoM and from 2.7% to 2.8% YoY, signalling growing inflationary pressure. This increases the likelihood that the Federal Reserve will maintain elevated interest rates for an extended period. The NASDAQ fell 2.60% due to the higher inflation reading which is known to pressure the stock market due to pressure on consumer demand and a more hawkish Federal Reserve. Boston Fed President Susan Collins recently commented that tariffs could drive up inflation, though the long-term impact remains uncertain. She told journalists that a short-term spike is the most probable outcome but believes the current pause in monetary policy adjustments is appropriate given the prevailing uncertainties. Although, certain investment banks such as JP Morgan actually believe the Federal Reserve will be forced into cutting rates. This is due to expectations that the economy will struggle under the new trade policy. For example, JP Morgan expects the Federal Reserve to delay rate cuts but will quickly cut towards the end of 2025. Market Risk Appetite Takes a Hit! A big factor for the day is the drop in the risk appetite of investors. This can be seen from the VIX which is up almost 6%, Gold which is trading 1.30% higher and the Japanese Yen which is the day’s best performing currency. Most safe haven assets, bar the US Dollar, increase in value. It is also worth noting that all indices are decreasing in value during this morning's Asian session with the Nikkei225 and NASDAQ witnessing the strongest decline. Previously the stock market rose in value as investors heard rumours that tariffs would only be on certain countries. This bullish swing occurred between March 14th and 25th. Over the weekend, President Donald Trump indicated that the upcoming tariffs would apply to all countries, not just those with the largest trade imbalances with the US. NASDAQ - Technical Analysis In terms of technical analysis, the NASDAQ continues to obtain indications that sellers control the price action. The price opens on a bearish price gap measuring 0.30% and trades below all Moving Averages on all timeframes. The NASDAQ also trades below the VWAP and almost 100% of the most influential components (stocks) are declining in value.     The next significant support level is at $18,313, and the resistance level stands at $20,367.95. Key Takeaway Points: NASDAQ falls to its lowest since September 2024 as the US confirms tariffs on all countries, adding to inflation concerns. Core PCE inflation rises to 0.4% MoM and 2.8% YoY, increasing the likelihood of prolonged high interest rates. Investor risk appetite drops as VIX jumps 6%, gold gains 1.3%, and safe-haven assets outperform. NASDAQ shows strong bearish momentum, trading below key technical levels with support at $18,313 and resistance at $20,367.95. Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news.   Michalis Efthymiou HFMarkets   Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • PM Philip Morris stock, top of range breakout at https://stockconsultant.com/?PM
    • EXC Exelon stock, nice range breakout at https://stockconsultant.com/?EXC
    • UTZ Utz Brands stock, watch for a bottom breakout at https://stockconsultant.com/?UTZ
    • FL Foot Locker stock, nice breakdown follow through at https://stockconsultant.com/?FL
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.