Reading Charts in Real Time

[MidKnight 12]

.................................

[Gabe2004 10]

.................................

 

Sorry.

Don't know what got into me

So we agree.

That is a bad sign.....:rofl:

 

Gabe

[MidKnight 12]

LOL is it ever

 

Hmm...not really moving on the break...

[MidKnight 12]

.................................

 

Lowered stop....................

[MidKnight 12]

Lowered stop....................

 

Stopped out at 1.4958 for a 19pip loss.

[Gabe2004 10]

Lots of news tomorrow.

I hope GJ will wait for me to wake up before it makes up its mind........

 

Gabe

[Gabe2004 10]

Lots of news tomorrow.

I hope GJ will wait for me to wake up before it makes up its mind........

 

Gabe

 

Just in case GJ does not wait fo rme to wake up, here is what could happen.

 

Gabe

[Gabe2004 10]

Just in case GJ does not wait fo rme to wake up, here is what could happen.

 

Gabe

 

Another option is this.

 

Gabe

[MidKnight 12]

As per GBP/CHF plan posted earlier today. I'd be happy to short this break.

[fxThunder 10]

Hi everyone,

 

A stupid question that I am battling to get an answer for:

 

Say I short one EURUSD contract on the spot forex market on IB, what will the tick value be - will it be 1 USD or 1 Euro per tick (pip)?

 

Thanks!,

eNQ

[MidKnight 12]

As per GBP/CHF plan posted earlier today. I'd be happy to short this break.

 

At BE finally. Feels like the end of the road lower, I'll be pleased to be wrong about that.

 

 

 

Hi eNQ,

 

Sorry no idea. I find IB mentally difficult for FX trading. Different lot size minimums per pair, different margins per pair. Unable to know where you stand in your positions with a quick glance. Even placing orders is more mentally involved than I would like.

 

With kind regards,

MK

[Gabe2004 10]

Hi everyone,

 

A stupid question that I am battling to get an answer for:

 

Say I short one EURUSD contract on the spot forex market on IB, what will the tick value be - will it be 1 USD or 1 Euro per tick (pip)?

 

Thanks!,

eNQ

 

1 contract - being 100,000 UNITS moves @ about 10$/pip

 

Gabe

[MidKnight 12]

At BE finally. Feels like the end of the road lower, I'll be pleased to be wrong about that.

 

Stopped out at BE...............

[thalestrader 14]

Why go to BE so fast there, Thales?

 

Price dropped to about 133.64, rallied to just a few ticks below entry, and then dropped to a marginal new low. That new low after that rally back to the break down point would, in most cases, lead us to move the stop to breakeven.

 

Best Wishes,

 

Thales

[thalestrader 14]

Hi Folks,

 

GBPUSD and EURJPY both triggered before I could annotate the charts. Both have rallied quickly to PT1.

 

You can also see similar opportunities on the GBPJPY (not shown).

 

Best Wishes,

 

Thales

[BlowFish 10]

Thales,

 

The entry that would have put you in this trade, there was a lot of overlap in the bars. And I'm not focusing on the bars, but what I'm saying is that it was a swing that was a lot of chop to develop the LH. So price wasn't distinctly moving.

 

Does this factor in at all to your trades?

 

It might be worth pointing that a lot of 'backing and filling' can effect the R:R. For example if you are looking to get long after a lazy move down.

 

Here is a reasonable case from the end of last week, the EURGBP.

 

I show a couple of possible entries and a couple of possible stops. You can see because of the nature of the swings stops are rather further than targets. I'd be interested how people might have managed this? It is worth mentioning that this occurred at a good potential support level (imho) so a place where you might want to get long.

[BlowFish 10]

 

It is with fear and trembling that I recommend Frost's & Prechter's Elliot Wave Principle.

 

It is with extreme prejudice that I refuse to read anything with Elliot in the title however, as its recommended by you I'll make an exception Actually the trouble with Elliot is he got his basic building blocks wrong, if you break things down further and then build everything from ABCD moves you can make a completely consistent (and so potentially useful)l framework.

[thalestrader 14]

I'd be interested how people might have managed this?

 

Hi Blowfish,

 

This is after the fact, and as such, it is always difficult to say what I would have done. But this is how I like to think I would have managed this trade. First have limited at at PT1, second half stopped out at PT1.

 

Best Wishes,

 

Thales

[thalestrader 14]

GBPUSD and EURJPY both triggered before I could annotate the charts. Both have rallied quickly to PT1.

 

GBPUSD has rallied to and through PT2.

 

Best Wishes,

 

Thales

[thalestrader 14]

Actually the trouble with Elliot is he got his basic building blocks wrong, if you break things down further and then build everything from ABCD moves you can make a completely consistent (and so potentially useful)l framework.

 

You may be right. I never really examined it any further than to recognize a few aspects of Elliot that are useful and do work repeatedly, while ignoring the rest.

 

Best Wishes,

 

Thales

[BlowFish 10]

 

I also feel a little stupid when others talk about common indicators and I have no educated understanding of them. Do you think there are a select few indicators that everyone should at least become familiar with even if they aren't going to use them?

 

Do you think an indicator can train you to indentify something when you are new? You can always lose the indicator once you develop the eye for it in simple price action.

 

I would say NO to be honest. Far too easy to get seduced and distracted. It's difficult enough to purposely move towards your goal without adding distractions. There is another big issue and that is 'grailittis' if one has difficulty trading its much easier to swap indicators/systems than to change your own behaviour. With pure PA there is much less to blame.

 

That's not to say all indicators are useless but they present a greater risk than there potential reward. Of course if you have trouble telling up from down (:D like Kiwi:D:D) then by all means slap on a moving average.

[BlowFish 10]

Hi everyone,

 

A stupid question that I am battling to get an answer for:

 

Say I short one EURUSD contract on the spot forex market on IB, what will the tick value be - will it be 1 USD or 1 Euro per tick (pip)?

 

Thanks!,

eNQ

 

No contracts in spot just a minimum amount of currency to trade

 

http://individuals.interactivebrokers.com/en/trading/exchanges.php?exch=ibfxpro

[BlowFish 10]

Hi Blowfish,

 

This is after the fact, and as such, it is always difficult to say what I would have done. But this is how I like to think I would have managed this trade. First have limited at at PT1, second half stopped out at PT1.

 

Best Wishes,

 

Thales

 

Yes, maybe one for shoulda woulda coulda Having said that this sort of action is fairly common and so perhaps interesting as a general approach to 'backing and filling' action.

[fxThunder 10]

I see a potential long on usd/jpy.

 

EDIT:

jumped my entry stalk so it went higher without me onboard.

Edited November 16, 2009 by fxThunder

[johnjohn1hew 10]

Missed eur/usd trade.