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

:yes sir: G'day - I'm here! Adjusting to the new sleep schedule means I generally won't be starting up till around this time (1500-1600 local time). It's all a bit fragmented right now, but I just woke up from a 3 hour nap. I haven't explored the markets with my eyes yet - but I'll get stuck in now! :yes sir:

 

With kind regards,

MK

 

PS: Don, I agree with Thales - maybe you could expand more what you are meaning with respect to fractals. Thanks in advance.

 

Make The Fractal Your Friend

This could be what Don is refering to except that it seems that he is anticipating the reversal rather than waiting to confirm it.

 

Gabe

Share this post


Link to post
Share on other sites
This could be what Don is referring to except that it seems that he is anticipating the reversal rather than waiting to confirm it.

 

Gabe

 

I am likewise not opposed to anyone posting trades based upon some approach different from what I am doing, so long as a chart is posted along with an explanation as to how the trader came by his or her decisions.

 

Rule of the thread - if you are going to post charts and trades, you must be willing to share how you came to make your decision to take and manage the trade - no secrets, no magic, just the facts. Don4 doesn't strike me as someone who is out to sell anything, and so I would assume he would welcome the opportunity to share his approach with us.

 

Best Wishes,

 

Thales

Share this post


Link to post
Share on other sites

Reporting for duty :yes sir:

 

Nice movement in Asia today. Most of what I looked through was coming up on S/R areas so I would be preferring more pullback rather than something shallow and simple. EUR/USD still has some room to go before I can see any S/R I would deem as noteworthy. Here is a possible idea for it.

 

EDIT: 2215 EST, or maybe the other way?

5aa70f62a68f2_MK01_19_Nov_2009.thumb.png.84ee8356a5571546d8a1155dec572e5b.png

5aa70f62aaae6_MK02_19_Nov_2009.png.508238fdf09c7aaf46c515debe58afdd.png

Edited by MidKnight

Share this post


Link to post
Share on other sites
On nights like this, what are you watching for? Are you looking for price to move down, pick a support level and begin to print signs of movement in the other direction? Or are you watching for levels to be broken, produce a pullback/flip towards that level and going with the temporary direction down?

 

Once I suspect that there may a large move getting underway, I will often lift my PT2 and trail a stop to catch more of that move.

 

 

Best Wishes,

 

Thales

Share this post


Link to post
Share on other sites
Once I suspect that there may a large move getting underway, I will often lift my PT2 and trail a stop to catch more of that move.

 

 

Best Wishes,

 

Thales

 

What if you are already flat? I guess I am asking what your thoughts are about tonight in regards to a game plan for you trading. Not an example necessarily.....so I am just attempting to pick the brain of the only experienced trader I know of posting ACTUAL examples of what's going on in your mind as it happens.

Share this post


Link to post
Share on other sites
Nice movement in Asia today. Most of what I looked through was coming up on S/R areas so I would be preferring more pullback rather than something shallow and simple. EUR/USD still has some room to go before I can see any S/R I would deem as noteworthy. Here is a possible idea for it.

 

 

I can also see this side of it too.

 

Best Wishes,

 

Thales

5aa70f62b02ff_11-19-2009EURUSD2.thumb.jpg.bef02bc0588d24db3a880039d597367e.jpg

Share this post


Link to post
Share on other sites
What if you are already flat? I guess I am asking what your thoughts are about tonight in regards to a game plan for you trading. Not an example necessarily.....so I am just attempting to pick the brain of the only experienced trader I know of posting ACTUAL examples of what's going on in your mind as it happens.

 

A good query I think. I know that when I have been day trading indexes and it starts putting in a strong directional move, my natural instinct is to fade fade fade. It's no surprise that on rip roaring trends I get hammered doing that, but I have such a hard time participating with a strong move after it has already move so far. I too would love to hear your thoughts on forrest's query.

 

With kind regards,

MK

Share this post


Link to post
Share on other sites
What if you are already flat? I guess I am asking what your thoughts are about tonight in regards to a game plan for you trading. Not an example necessarily.....so I am just attempting to pick the brain of the only experienced trader I know of posting ACTUAL examples of what's going on in your mind as it happens.

 

If I'm flat and I think the move is going to continue I sell lower lows and I buy higher highs.

 

We've been focusing on the H-L-LH and L-H-HL for much of the last two weeks, and that is indeed a very important compnent of my approach, but I have posted plenty of examples of me buying break ups to new rally highs and break downs to new rally lows.

 

Best Wishes,

 

Thales

Share this post


Link to post
Share on other sites
I can also see this side of it too.

 

Best Wishes,

 

Thales

 

Just an observation - have you noticed how the same pattern is occurring across many of the pairs at the same time? Does it factor into your thinking / pair selection? (I know you try not to think consciously, but subconsciously maybe ;) )

Share this post


Link to post
Share on other sites
A good query I think. I know that when I have been day trading indexes and it starts putting in a strong directional move, my natural instinct is to fade fade fade. It's no surprise that on rip roaring trends I get hammered doing that, but I have such a hard time participating with a strong move after it has already move so far. I too would love to hear your thoughts on forrest's query.

 

With kind regards,

MK

 

Many of have bought books that were useless.

I am under the opinion that even if I get one good idea from a book, then it was worth it.

One such book is Al Brooks' book and the 2 most important things I learned from it are:

1. Enter on a STOP

2. A trend will continue far longer than we think.

 

Gabe

Share this post


Link to post
Share on other sites
I can also see this side of it too.

 

Best Wishes,

 

Thales

 

I am not trading this, and I will soon be turning in for the night, but here is a case were price would have nicked me into the trade and immediately rewarded me with a resounding stall. This is a case where I'd bring my stop up to -2,-3,-4 ticks or so. If stopped out, I would re-enter a tick above the new high.

 

I have mentioned Mike Reed in other threads here at TL. One thing I learned from Mike is that every trade starts as a scalp. You can always re-enter if price confirms the trades direction. But honestly, every time I enter, I expect price to move quickly and decisively in my favor. Failure to do so often spells trouble. Entry was a buy stop at 1.4930, with a 1.4915 stop loss. Why sit there and hold for a possible -15 tick loss? Cut it at -4, and and set a buy stop for at 1.4932 to get back in. Be ruthless in the protection of yourself.

 

Best Wishes,

 

Thales

5aa70f62be74a_11-19-2009EURUSD3.thumb.jpg.7bf56b7156821ad48dfea0cbded2c687.jpg

Edited by thalestrader
spelling

Share this post


Link to post
Share on other sites
I know that when I have been day trading indexes and it starts putting in a strong directional move, my natural instinct is to fade fade fade. It's no surprise that on rip roaring trends I get hammered doing that, but I have such a hard time participating with a strong move after it has already move so far. I too would love to hear your thoughts on forrest's query.

 

Get a demo account, and from now on, every time you fade a trend on a trend day, take a trade with the trend in your demo account. I'll bet that 9/10 times, at the end of the day, you'd gladly trade your real PnL for the demo PnL.

 

The easiest money you will ever make will be resisting the urge to fade the strong move and instead jsut keep buying new highs and selling new lows.

 

If you insist on fading, then at least wait for price to indicate that it might be ready to react against the trend, at least temporarily.

 

Best Wishes,

 

Thales

Edited by thalestrader

Share this post


Link to post
Share on other sites
I am not trading this, and I will soon be turning in for the night, but here is a case were price would have nicked me into the trade and immediately rewarded me with a resounding stall. This is a case where I'd bring my stop up to -2,-3,-4 ticks or so. If stopped out, I would re-enter a tick above the new high.

 

I have mentioned Mike Reed in other threads here at TL. One thing I learned from Mike is that every trade starts as a scalp. You can always re-enter if price confirms the trades direction. But honestly, every time I enter, I expect price to move quickly and decisively in my favor. Failure to do so often spells trouble. Entry was a buy stop at 1.4930, with a 1.4915 stop loss. Why sit there and hold for a possible -15 tick loss? Cut it at -4, and and set a buy stop for at 1.4932 to get back in. Be ruthless in the protection of yourself.

 

Best Wishes,

 

Thales

 

That is an awesome post, I am pasting that into my trading wisdom scrapbook. Thanks for the comment.

Share this post


Link to post
Share on other sites
I am not trading this, and I will soon be turning in for the night, but here is a case were price would have nicked me into the trade and immediately rewarded me with a resounding stall. This is a case where I'd bring my stop up to -2,-3,-4 ticks or so. If stopped out, I would re-enter a tick above the new high.

 

I have mentioned Mike Reed in other threads here at TL. One thing I learned from Mike is that every trade starts as a scalp. You can always re-enter if price confirms the trades direction. But honestly, every time I enter, I expect price to move quickly and decisively in my favor. Failure to do so often spells trouble. Entry was a buy stop at 1.4930, with a 1.4915 stop loss. Why sit there and hold for a possible -15 tick loss? Cut it at -4, and and set a buy stop for at 1.4932 to get back in. Be ruthless in the protection of yourself.

 

Best Wishes,

 

Thales

 

Last thought and then I'm going to bed: Think about the above, and then consider this: Which is easier for you to make up, a -4 tick loss or a -15 tick loss?

 

Best Wishes,

 

Thales

Share this post


Link to post
Share on other sites
Get a demo account, and from now on, every time you fade a trend on a trend day, take a trade with the trend in your demo account. I'll be that 9/10 times, at the end of the day, you'd gladly trade your real PnL for the demo PnL.

 

The easiest money you will ever make will be resisting the urge to fade the strong move and instead jsut keep buying new highs and selling new lows.

 

If you insist on fading, then at least wait for price to indicate that it might be ready to react against the trend, at least temporarily.

 

Best Wishes,

 

Thales

 

Yes Thales, that is part of my purpose of exploring what you are doing. It isn't comfortable for me to trade like this, but I'm hoping through the exploration I will end up surprised and change how I'm trading for the better.

Share this post


Link to post
Share on other sites
Why sit there and hold for a possible -15 tick loss? Cut it at -4, and and set a buy stop for at 1.4932 to get back in. Be ruthless in the protection of yourself.

 

Remember this one?

"I'd rather be out wishing I was in than in wishing I was out"

5aa70f62c3f6c_11-19-2009EURUSD4.thumb.jpg.d559d01f32d71332097234f7a8bd2b2e.jpg

Share this post


Link to post
Share on other sites

This really is my last one, but I think this is an important lesson. Others may not agree with this type of cut and re-enter, but it has saved me many an anguished moment over the years. Yes, it means that had it reversed and hit PT1 I would have made 6 fewer ticks (-4 on the loss and -2 on a less favorable re-entry. But folks, if you trade this approach and price stalls like this, it is not doing what the approach anticipated. Don't hope. Get out, and wait for the next opportunity. If you do get out and you do not enter a rentry orer, price then goes in the anticipated direction, don't be angry. It's just a coincidence at that point. Wait for the next opportunity.

 

If you look at this EURUSD trade, it sat there for 8 minutes before breaking down. If you trade this approach, price should not be sitting at entry after 8 minutes.

 

Best Wishes, and Good Night,

 

Thales

5aa70f62c9bbf_11-19-2009EURUSD5.thumb.jpg.36789d9f2079e9fd2156c008de341397.jpg

Share this post


Link to post
Share on other sites
Make The Fractal Your Friend

This could be what Don is refering to except that it seems that he is anticipating the reversal rather than waiting to confirm it.

 

Gabe

Gabe you are correct.

 

Midnight I noticed this a while back too, so now I only trade 1 pair. But I think it could be traded on anything across the board. With some exceptions .This is a picture I sent to a friend. Notice in red is how I get my lines and blue is how I would enter a trade like Gabe said I anticipate the reversal through fractals or support and resistance. Brownsfan has already posted this system I guess he noticed the same thing. Friend.thumb.jpg.78bf48084411e7df6e79212f764008cc.jpg

Share this post


Link to post
Share on other sites
If you look at this EURUSD trade, it sat there for 8 minutes before breaking down. If you trade this approach, price should not be sitting at entry after 8 minutes.

 

Thales

 

Just another look at this Euro setup since apparently we were all watching it trying to determine if trend would reverse at support. I have been experimenting with trend lines lately and when I saw support get broken and quickly reverse back above it, my gaze turned to the trend line. Price came back from support and found resistance at the trend line again which kept me on the sidelines. Then price broke the trend line which got price to jump a little but I don't trust trend lines breaks enough to jump in. I wanted a HH made after the first move up to feel like odds were in my favor for a full trend reversal off of that support. It never made that HH so I never got in.

 

Just a quick note on trend lines. I am still experimenting with them. When I began trading I thought they were simply the mere tendency of a chart watcher to find order out of chaos when no real order existed. I have seen their accuracy in providing such great entries so many times that I can't help but use them right now. I should probably read some trendline books at this point to see what great minds have said on the subject. Up to now, I watch and use them and just take notes from my own PA observations.

 

Good night.

 

attachment.php?attachmentid=15534&stc=1&d=1258605896

5aa70f62d8a93_6E11-18-09.thumb.JPG.89644c0fd87726536aab5a3f790cfba9.JPG

Share this post


Link to post
Share on other sites

I'd like to just dart back to the trade mgmt immediately after the entry is triggered for a moment. A few days ago, Gabe's stops seemed to come up for discussion in that they appeared to be at non-logical levels. Gabe could confirm it for us, but it probably wasn't his stops we were seeing but instead just his exit. In retrospect, Gabe was probably doing what Thales has been talking about here. Taking a small loss and re-entering. Sound about right Gabe?

Share this post


Link to post
Share on other sites
I'd like to just dart back to the trade mgmt immediately after the entry is triggered for a moment. A few days ago, Gabe's stops seemed to come up for discussion in that they appeared to be at non-logical levels. Gabe could confirm it for us, but it probably wasn't his stops we were seeing but instead just his exit. In retrospect, Gabe was probably doing what Thales has been talking about here. Taking a small loss and re-entering. Sound about right Gabe?

 

Are you referring to this sequence of discussion?

 

And here is UC as I found it this morning.

About 100 pips higher.

So I picked the direction correctly but still lost $$$.

 

I looked at my initial entry with the profit target and the stop loss.

It seems that I did not give the trade enough breathing room.

 

Gabe

 

If the play was long it looks like an outright losing trade eventually. As price made that big swing low before moving up, which would have taken most of us out.

 

Your stops don't seem logical. It seems like you're not using any type of swing point or anything, and just throwing up stops in the middle of nowhere? Am i right or is there a rhyme or reason I'm not seeing?

 

Here is a picture illustrating what I was saying.

15402d1258469838-reading-charts-real-time-wtf.jpg

You are right about the point I was taken out.

I did not wait for the swing point because i was tired and went to sleep, so I closed the trade for a small loss.

 

Gabe

The picture I marked up is above.

 

Looking back on it, I wonder? Initially him getting taken out when he did seemed like it didn't make sense to me.

 

But based on this, does it look like after entry price moved enough INITIALLY to want to stay in the trade?

 

Thales brings up a good point. Some trades just fill you and immediately fall on it's face, w/o moving in the direction at all. I haven't trained my eye to recognize this obviously.

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

    • CVNA Carvana stock, nice top of range breakout at https://stockconsultant.com/?CVNA
    • GDRX GoodRx stock, good day, watch for a bottom range breakout at https://stockconsultant.com/?GDRX
    • Date: 14th February 2025.   Can The NASDAQ Maintain Momentum at Key Resistance Level?     The price of the NASDAQ throughout the week rose more than 3.00% to bring the price back up to the instrument’s resistance level. However, while taking into consideration higher inflation, tariffs and the resistance level, could the index maintain momentum?   US Inflation Rises For a 4th Consecutive Month The US Consumer Price Index, or inflation, rose for a 4th consecutive month taking the rate even further away from the Federal Reserve’s target. Analysts were expecting the US inflation rate to remain unchanged at 2.9%. However, consumer inflation rose to 3.00%, the highest since July 2024, while Producer inflation rose to 3.5%. Higher inflation traditionally triggers lower sentiment towards the stock market as investors' risk appetite falls and they prefer the US Dollar. However, on this occasion bullish volatility rose. For this reason, some traders may be considering if the price is overbought in the short term.   Addressing these statistics, US Federal Reserve Chair Jerome Powell acknowledged that the Fed has yet to achieve its goal of curbing inflation, adding further hawkish signals regarding the monetary policy. Other members of the FOMC also share this view. Today, Raphael Bostic, President of the Federal Reserve Bank of Atlanta, stated that the Fed is unlikely to implement interest rate cuts in the near future. This is due to ongoing economic uncertainty following the introduction of trade tariffs on imported goods and other policies from the Republican-led White House.   Most of the Federal Open Market Committee emphasizes additional time is needed to fully assess the situation. According to the Chicago Exchange FedWatch Tool, interest rate cuts may not start until September 2025.   What’s Driving The NASDAQ Higher? Earnings data this week has continued to support the NASDAQ. Early this morning Airbnb made public their quarterly earnings report whereby they beat both earnings per share and revenue expectations. The Earnings Per Share read 25% higher than expectations and Revenue was more than 2% higher. As a result, the stock rose more than 14%. Another company this week that made public positive earnings data is Cisco which rose by more than 2% on Thursday. Another positive factor continues to be the positive employment data. Even though the positive employment data can push back interest rate cuts, the stability in the short term continues to serve the interests of higher consumer demand. The US Unemployment Rate fell to 4.00% the lowest in 8 months. Lastly, investors are also increasing their exposure to the index due to sellers not being able to maintain control or momentum. Some economists also increase their confidence in economic growth if Trump can obtain a positive outcome from the Ukraine-Russia negotiations.   However, during Friday’s pre-US session trading, 80% of the most influential stocks are witnessing a decline. The NASDAQ itself is trading more or less unchanged. Therefore, the question again arises as to whether the NASDAQ can maintain momentum above this area.   NASDAQ - News and Technical analysis In terms of technical analysis, the NASDAQ is largely witnessing mainly bullish indications on the 2-hour chart. However, the main concern for traders is the resistance level at $21,960. On the 5-minute timeframe, the price is mainly experiencing bearish signals as the price moves below the 200-period simple moving average.   The VIX, which is largely used as a risk indicator, is currently trading 0.75% higher which indicates a lower risk appetite. In addition to this, bond yields trade 6 points higher. If both the VIX and Bond yields rise further, further pressure may be witnessed for index traders.   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.
    • LUNR Intuitive Machines stock watch, attempting to move higher off 18.64 support, target 26 area at https://stockconsultant.com/?LUNR
    • CNXC Concentrix stock watch, pullback to 47.16 triple support area with bullish indicators at https://stockconsultant.com/?CNXC
×
×
  • Create New...

Important Information

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