Reading Charts in Real Time

[Cory2679 11]

Watching for a possible reversal or breakout of the bottom support...might take some time...

[BlowFish 10]

USDCAD is moving as anticipated (not predicted - I'm with Kiwi and I really do think there is a difference).

 

Best Wishes,

 

Thales

 

Had been stalking that for a couple of days but missed the break....there is always a pullback (if one presents itself).

 

Would you have considered a short on the prod down a couple of days ago?

[BlowFish 10]

Pullback to previous R and breakout level - trigger from the 15min minor S/R in the style of Don4 or JR.

 

Edit this is USDCAD btw

Edited December 3, 2009 by BlowFish

[daedalus 10]

been out of town for 10 days but i'm back trading today. Don't know about you guys but I got tossed around today. No fills on exits (that turned into pars), pars that got slipped into losses, pars that turned into losses due to an internet connection dropping out, and some outright bad trades. If you wanted some examples of bad trades don, here are a few.

 

Nothing went my way today. Overall I feel that this trade in particular was horrible. I ignored my primary rule when looking for a potential setup and that is A STRONG CLEAN IMPULSE MOVE! This messy decline was nowhere near that relhm of reality and yet I found myself in it getting chopped around. Time to slap my own hand.

 

 

The rest of the trades I felt were ok - but it should've ended up being a win, loss, and par and instead it ended up being a par, and two losses due to fate intervening in a couple instances. Thats trading I suppose. I shut down the charts about 1:30 minutes into the morning and went into self preservation mode after hitting 4 back to back losers/pars/crap. I lost a decent amount but nothing I can't make up on a solid day. Sometimes its just not there and you have to be able to cut your losses and walk. That was today for myself. Not how I intended to get back into things after vacation but it was!

 

Remember folks - NO ONE DAY SHOULD MAKE OR BREAK YOU OR YOUR ACCOUNT. If you start drawing down hit the panic button and walk. Its only ONE day in your CAREER!

[BlowFish 10]

Worth thinking about BE and a partial round here though there could be a big move as this set up on the 4hour.

[Gabe2004 10]

Potential Long EJ.

 

Gabe

[Cory2679 11]

I haven't seen a whole lot I've felt comfortable risking my money on, today.

I'm only trading the EU, GU, and UJ.

 

I just took this trade on a demo FXCM account...I was anticipating price to make it to my drawn support, so I figured I'd try to jump in for 10-15 ticks...no such luck...broke even...

 

I'd still be looking for a long or potential short (if we have a break) at my support level...however, it's getting kind of late for me, and I doubt I'll put on a trade (I'd trade that live if I did.)

 

I have a question for all you spot fx traders on here...

 

How do you enter your orders??

 

Basically, when I trade currency futures, I put a buy/sell stop 1 tick past the level where I'm waiting for the break.

 

Do you guys put your order in at 1 tick + the spread?

 

So if I were looking to get long off of the break of the high of 1.5555, I'd normally put a buy stop at 1.5556. If there's a 2 tick spread on your spot fx account, would you put a buy stop at 1.5558?

 

BTW, with FXCM, I don't see what all the fuss is about. Right now, the tightest spread (EU) is 2.5 ticks!! I don't think I've even seen a spread of less than 2 ticks since I've opened it. Maybe it's just because of news today...

 

Thanks,

 

Cory

[Gabe2004 10]

Potential Long EJ.

 

Gabe

 

Added a potential Short.

 

Gabe

[Gabe2004 10]

I haven't seen a whole lot I've felt comfortable risking my money on, today.

I'm only trading the EU, GU, and UJ.

 

I just took this trade on a demo FXCM account...I was anticipating price to make it to my drawn support, so I figured I'd try to jump in for 10-15 ticks...no such luck...broke even...

 

I'd still be looking for a long or potential short (if we have a break) at my support level...however, it's getting kind of late for me, and I doubt I'll put on a trade (I'd trade that live if I did.)

 

I have a question for all you spot fx traders on here...

 

How do you enter your orders??

 

Basically, when I trade currency futures, I put a buy/sell stop 1 tick past the level where I'm waiting for the break.

 

Do you guys put your order in at 1 tick + the spread?

 

So if I were looking to get long off of the break of the high of 1.5555, I'd normally put a buy stop at 1.5556. If there's a 2 tick spread on your spot fx account, would you put a buy stop at 1.5558?

 

BTW, with FXCM, I don't see what all the fuss is about. Right now, the tightest spread (EU) is 2.5 ticks!! I don't think I've even seen a spread of less than 2 ticks since I've opened it. Maybe it's just because of news today...

 

Thanks,

 

Cory

 

On the Oanda platform the candles represent the mid point, at the time, between the bid and the ask.

You'll see me post a chart with what they call Min/Max, which is the actual trade that took place.

Once I know the Min/Max I place my STP order 2 ticks below/above that.

you'll have to find out what do the candles represent.

You can do that by pacing an order and zooming in on a small time frame.

If you see the tip of a candle in the middle of the range between the bid and the ask than you are looking at a MID point type of chart and you'll be better off adding 1/2 the spread to your stop entry to compensate.

If you see that the tip of the candle follows the bid/ask than you do what I suggested as the first option.

 

Gabe

[Gabe2004 10]

Added a potential Short.

 

Gabe

 

The Long triggered.

Move my STP up to the most recent swing low.

 

Gabe

[forrestang 10]

Not sure what will happen but based on this wondering if follow through to downside occurs, there is pending news as well.

 

If something develops will update.

 

----EDIT-----10:08est

no real follow through on that one as you'd like to see with a BO.

 

----EDIT------10:16EST

Break below 2nd picture red line should provide some movement. Will explain as soon as i can but trading and posting is a PITA

 

----EDIT-----10:23EST

Finally some movement, particularly after the red line was pierced to the downside.

 

----EDIT------10:43EST

Blue line was entry, red line is tightened stop. green line is target need one tic to push through.

 

Here is another outlook on intraday ES action. Earlier produced a pretty good trade.

 

Let's see what happens here. This first chart is a 15min and 5 min chart. You'll see the blue line tested twice on the 15min thus far.

 

On the 5 min, this same blue line is constructed. I would like to see a bit of a retracement culiminating into another HL. You can see the HLs that have been occuring( black lines).

 

There is a bit of resistance over head though, and this is somewhat sideways, not clean moves. I'm not trading this just posting the observation.

[Cory2679 11]

On the Oanda platform the candles represent the mid point, at the time, between the bid and the ask.

You'll see me post a chart with what they call Min/Max, which is the actual trade that took place.

Once I know the Min/Max I place my STP order 2 ticks below/above that.

you'll have to find out what do the candles represent.

You can do that by pacing an order and zooming in on a small time frame.

If you see the tip of a candle in the middle of the range between the bid and the ask than you are looking at a MID point type of chart and you'll be better off adding 1/2 the spread to your stop entry to compensate.

If you see that the tip of the candle follows the bid/ask than you do what I suggested as the first option.

 

Gabe

 

Thanks for the reply, Gabe. One more question...how come 2 ticks rather than 1? Does that have to do with it being spot fx or is that just your personal preference in general?

 

And by tick, do you mean a full pip or 1/10 of a pip like I know spot fx brokers give.

 

-Cory

Edited December 3, 2009 by Cory2679

[brownsfan019 17]

The Long triggered.

Move my STP up to the most recent swing low.

 

Gabe

 

One thing I noticed there gabe - you appear to be going w/ the trend with a long. Not sure how much emphasis there is in the thread about that, but I did notice it. Of course, sooner or later that trend will end so take it for what it's worth.

[Gabe2004 10]

The Long triggered.

Move my STP up to the most recent swing low.

 

Gabe

 

I am not too comfortable with this trade (sim - not real) so I moved my STP up again.

Worst case loss now would be 15 pips.

 

Gabe

[Gabe2004 10]

One thing I noticed there gabe - you appear to be going w/ the trend with a long. Not sure how much emphasis there is in the thread about that, but I did notice it. Of course, sooner or later that trend will end so take it for what it's worth.

 

If you read my posts from today you have noticed that my 1st trade (potential) was a short which was stopped out at BE.

THe 2nd trade would have been a short as well which has hit TP1 and then the rest would have been BE +1 pip.

This long trade is just what I saw on the charts based on Thales' method.

The fact that it is with the overall trend is just a coincidence.

I still cannot shake that FUNNY feeling that the market has travelled too much north and it is time for a reversal.

I am working on it.

I want to be a machine .

No feeling no thinking.

It is difficult.

 

Gabe

[Gabe2004 10]

Thanks for the reply, Gabe. One more question...how come 2 ticks rather than 1? Does that have to do with it being spot fx or is that just your personal preference in general?

 

And by tick, do you mean a full pip or 1/10 of a pip like I know spot fx brokers give.

 

-Cory

 

Pip = full pip.

The reason for the 2 pips is that I took off the PIPETTes (1/10 of a pip) from my chart so you never know how far you are really because of the fractions.

You could have a low of a candle at 145.235 and one pip below should be 145.225 but the platform will show you 145.23 so better safe (and not greedy) than sorry.

Also I prefer to be a little more than 1 pip away because everybody is 1 pip away.

 

Gabe

[Don4 10]

I just came in and a setup occured!

 

 

Thanks

Don

[Don4 10]

From here I would be looking for a buy. Using tight stops!! Regular Leverage.

 

Thanks

Don

[thalestrader 14]

Hi Folks,

 

Just looked at the EJ and saw a couple of intersting things. Unfortunate timing for what otherwise looks to be a decent short opportunity. Trade at your own risk. Sell stop would be the high 132.6x's - low 132.7x's depending upon your market maker and your own entry rules.

 

Look at where today's rally struck its high (4 hour) and the view of price action since on the 1 hour.

 

Have a good night, and thank you all for keeping the thread alive while I feel half dead.

 

Best Wishes,

 

Thales

[MidKnight 12]

I have a question for all you spot fx traders on here...

 

How do you enter your orders??

 

Basically, when I trade currency futures, I put a buy/sell stop 1 tick past the level where I'm waiting for the break.

 

Do you guys put your order in at 1 tick + the spread?

 

Hi Cory,

 

I do approx 2 times the spread from the price I want to execute in. I don't bother with the 1 tick part - just level +2 times spread.

 

With kind regards,

MK

[forrestang 10]

Hi Cory,

 

I do approx 2 times the spread from the price I want to execute in. I don't bother with the 1 tick part - just level +2 times spread.

 

With kind regards,

MK

Nice! I myself have been doing 1.5 times the spread usually.

 

Sometimes I get a much better fill on a limit if price doesn't immediately rocket to the moon.

Edited December 3, 2009 by forrestang

[Don4 10]

Im in and it doesnt matter if I win or lose!

 

 

Thanks

Don

[Don4 10]

Stops moved up.

 

 

 

Thanks

Don

[Kiwi 16]

Interactive Brokers provide bid and ask and my charting platform Sierra Chart is set to chart the midpoint. They also provide all the standard order types. I put in an entry stop at 0.5 ticks past the bar with a stop limit order and the limit set to price+0.5+spread/2

 

spread/2 is based on the maximum acceptable spread for a fill. So the spread on GU normally runs from 5 to 6 half ticks (or 2.5 to 3 standard ticks) and I set my max acceptable spread to 3 ticks thus I get price +2 ticks as the fill point.

[Gabe2004 10]

Potential EJ Short.

 

Gabe