Reading Charts in Real Time

[MidKnight 12]

Good Morning Thales,

 

I don't have charts open at the moment and I'm getting ready to head out for my regular Wednesday morning volunteer work so I am short on time.

 

Now, Midk, I do not know why you are coming across with such a bitterness. I feel I have made every effort to help you.

 

The one suggestion I have made to everyone trying to learn to apply this approach is that they pick one of market, follow it for one week on a fifteen minute chart, and paper trade it. From your posts, I can only assume that you have not taken this suggestion.

 

You are being more than a little unfair to me. You have tried to do what I do your way. It hasn't worked for you. If you wish to be fair, why not try to do what I do my way, at least for a week. Unless and until you do, your negative attitude is unjustified.

 

You are free to trade anyway in which you wish. I continue to hold this thread open to other approaches, including variations of mine. But if you are going to do things differently, you cannot in fairness then turn around and say that my way is somehow to blame

 

I'm not sure how my reply comes across an bitter and I'm sorry if you think I am being unfair towards you. I don't see it in my replies, but the written word can be interpreted in many ways....

 

You apparently missed this post:

 

I was just answering your question here. Yes, I probably missed your point there, and you also missed mine. The same range you highlighted on the EU chart is also evident on the GU chart. I was asking why you didn't mark the same range as an opportunity on the GU chart. I know your called stop entries were different than this range and I'm asking why - that is all.

 

With kind regards,

MK

[thalestrader 14]

Haven't notice but it looks like my entry would have been hit and if so this trade would be a loser because the STP was hit also.

The chart that you see is called a Min/Max chart and it shows the levels where actual trades were executed.

Candle charts show the mid point between the bid and the ask.

Atleast on the Oanda platform.

Nevertheless, I would restart the potential trade setup.

 

Gabe

 

No matter how you slice it at FXCM, a 130.95 buy stop would not have triggered. The two highs were 93.7 (first high) and 93.50 (second high). Shown here using the candle chart and the min/max/mid view as well. The thin blue line is exactly 130.95. The spread at FXCM is 1.2 on the EJ usually. So the 93.7 + 1.2 = 94.9, so round up to 95 for the entry order.

 

Best Wishes,

 

Thales

[MidKnight 12]

I was showing the EU last night in response to Don's posts. Don, like you, does things differently. That is fine. But doing it differently while passing it off as the same in what seems at times as an attempt to discredit the approach is disingenuous.

 

Whoa, hold on there pardner. The only thing I have done differently (except for have so many losers) was apply it to many markets. Which, btw, was not even stressed as such a big deal until we examined my string of losses last week. Lets be fair about that, OK.

[thalestrader 14]

Whoa, hold on there pardner. The only thing I have done differently (except for have so many losers) was apply it to many markets. Which, btw, was not even stressed as such a big deal until we examined my string of losses last week. Lets be fair about that, OK.

 

 

Ok. Have a good day,

 

Best Wishes,

 

Thales

[thalestrader 14]

This is the ES. I post these two charts not because I traded either of these situations, but to illustrate a few points that I have made here in the thread.

 

One last follow up to the ES from earlier. I'm worn down and out of here 'til later.

 

Best Wishes,

 

Thales

[TrueBalance 10]

Thales,

 

In this context for EJ - would you consider a bracket prudent?

 

Long term trend (4h) is up, and there is less R above the bracket as I see it.

Even longer term trend is down though, but there is more R in that direction so the targets are smaller.

[Gabe2004 10]

Haven't notice but it looks like my entry would have been hit and if so this trade would be a loser because the STP was hit also.

The chart that you see is called a Min/Max chart and it shows the levels where actual trades were executed.

Candle charts show the mid point between the bid and the ask.

Atleast on the Oanda platform.

Nevertheless, I would restart the potential trade setup.

 

Gabe

The same level triggered again so if this would be real, I would be in a trade.

If STP would be hit, O would not take another trade until we clear this area.

 

Gabe

 

STP hit.

Edited December 1, 2009 by Gabe2004

[Kiwi 16]

Thales,

 

In this context for EJ - would you consider a bracket prudent?

 

Long term trend (4h) is up, and there is less R above the bracket as I see it.

Even longer term trend is down though, but there is more R in that direction so the targets are smaller.

 

Is long term trend up? Or is it the end of a daily pullback? I don't actually know either I just point out that my charts have variable views so maybe the risks are worth a shot.

 

If I had to bet I'd guess down was the higher probability though given the ma.

 

.

Edited December 1, 2009 by Kiwi

[thalestrader 14]

In this context for EJ - would you consider a bracket prudent?

 

Here is how I would do it, but I may be wrong and miss an opportunity because of it: At this time of day I wouldn't have any orders in, especially not on the Yen pairs, and not on that range. I would rather wait for price to start swinging a bit closer to 7 PM est. Also, I'd be more interested in what happens below 130.56 and above 131.27 than the range you are marking off. Periods of range contraction (low volatiilty) lead to periods of range expansion, and there should be plenty of profit left to be made even if you wait for price to tip its hat in the direction it wants to go.

 

Best Wishes,

 

Thales

[thalestrader 14]

USDCAD is at a point, as seen here on the four hour chart, where an opportunity may present itself one way or the other.

 

Hi Folks,

 

Went long two seperate positions on the USDCAD. Treated one as a daytrade and closed it for +25. The other has a break even stop, and we will trail our stop if price does rally rather than merely bounce at this support zone.

 

Best Wishes,

 

Thales

[thalestrader 14]

Here is the daily tick count: +69.6

 

Not bad work if you can get it.

 

Best Wishes,

 

Thales

[brownsfan019 17]

Hi Folks,

 

Went long two seperate positions on the USDCAD. Treated one as a daytrade and closed it for +25. The other has a break even stop, and we will trail our stop if price does rally rather than merely bounce at this support zone.

 

Best Wishes,

 

Thales

 

Thales - this one really sticks out to me as an easier trade due to the strong support identified on the longer timeframe chart. Again, just an outsider chiming in but if these type of setups occur enough I wonder if that could help those struggling to zero in on a particular setup vs. every one that shows up on the 15 min charts.

 

And even if they are only a few per week, just load the boat.

 

Also - due to the strong support on the 4H chart, I wonder if this will get some serious steam behind it where you can use the 15M to time the entry and now use the 4H to manage the exits. Just some more rambling and observations.

[Don4 10]

Ok, Im back!! So in essance, you say that I cant trade from a 5min chart. So I will switch to a 15m. And I truly dont want to give the wrong impression. But this is what I see.

 

 

 

Thanks

Don

[Don4 10]

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

[thalestrader 14]

Hi Folks,

 

Current view of the GU.

 

Best Wishes,

 

Thales

[thalestrader 14]

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

[attach]16165[/attach]

 

That looks good too ...

 

Best Wishes,

 

Thales

[Don4 10]

Stops will be moved up!

 

Thanks

Don

Edited December 2, 2009 by Don4

[BlowFish 10]

Hi Folks,

 

Went long two seperate positions on the USDCAD. Treated one as a daytrade and closed it for +25. The other has a break even stop, and we will trail our stop if price does rally rather than merely bounce at this support zone.

 

Best Wishes,

 

Thales

 

Did you have a short with that first poke down? I did. As Brown said it seemed one f the most promising areas today. Managed to get flipped long....there where plenty of opportunities to do that too.

Edited December 2, 2009 by BlowFish

[Don4 10]

Stopped out 1 winner 3 losers.

 

 

Thanks

Don

[FX_Cowboy 10]

My take on this one. As was the case last night, the short, with reversed trigger and stop, might also be worth taking.

 

Regards

[forrestang 10]

Hi Folks,

 

Current view of the GU.

 

Best Wishes,

 

Thales

 

Would you be moving your initial stop to above that swing high since it formed?

[FX_Cowboy 10]

A bit more context. Price has just bounced off a support level (red dotted line), and has broken above a more important support/resistance level (black dotted line), which this whole "box" sits astride. Which side will see a breakout is, of course, anyone's guess. But there has not yet been a reversal of the day's uptrend, in my books.

[FX_Cowboy 10]

Of course, there is resistance too (which is why this box is forming here in the first place). Price just bumped up against this level, and is deciding whether to breakout through it or head back down, possibly to the major S/R level represented by the black dotted line, or even further.

Edited December 2, 2009 by FX_Cowboy

[Cory2679 11]

We read, studied, and discussed the price action/chart reading section(s) of William J O'Neil's How to Make Money in Stocks

 

Thales,

 

I was wondering, if it's not too much trouble, if you could recommend which chapters to read in O'Neil's book (the sections you took your daughter through).

 

I'll go ahead and read the whole book since I bought it, but I might start with and pay the most attention to the sections you recommend.

 

I'm sure chapters 1-2 are a must ("The Greatest Stock-Picking Secrets" - includes the 100 charts & "How to Read Charts Like a Pro and Improve Your Selection and Timing").

 

Thank you so much,

 

Cory

[BlowFish 10]

Did you have a short with that first poke down? I did. As Brown said it seemed one f the most promising areas today. Managed to get flipped long....there where plenty of opportunities to do that too.

 

Mind you......it had turned fairly lacklustre when I posted that before I went to bed and still is this morning. Looking kind of bearish again to me but there are now a couple of good boundaries to trade.

 

Edit short side I would perhaps enter ahead of the lowest recent low if a good setup develops on the 15 minute (one that would allow a profit if there was another test).