Reading Charts in Real Time

[Cory2679]

After that break of resistance, I'd probably consider a long like this...

[DugDug]

6J M0 - hit profit target and out.
NOTE: While I dont post trades often I think this is the first winning trade I have posted (thankfully not the only winning trade I have had).
Its sad the satisfaction that actually gives me.

One best point, was that I waited and waited for the one min chart to break..... after it had entered support on the hourly..... did not go early, did not try and fade it, did not try and short it late in the recent pullback only to be whipsawed out..... just waited.

[Cory2679]

Originally Posted by Cory2679 After that break of resistance, I'd probably consider a long like this...

Not often I get to say this lately...PT hit!! That puts me back in the black for the week...

Price shot off like a rocket ship! I had intentionally walked away from the screen so I wouldn't screw the trade up...came back to what you see in my attached image!

Perhaps I've exited prematurely...I bet there's more room to the upside after a spike like that. However, like I said, I had walked away and when I came back my PT limit order had been filled.

I was expecting price to dry up anytime now...I certainly didn't see that coming!

I'll be playing the rest of the day pretty cautious...it's an hour until the London close...3 hours and 15 minutes until the FOMC announcement...

On big news days like this...with my lack of experience...I sort of feel like I'd rather be out wishing I was in, than in wishing I was out.

-Cory

[Cory2679]

Originally Posted by Cory2679 ...I bet there's more room to the upside after a spike like that.

Although, if I were still long, I would be cautious...we're approaching resistance (see the 4hr chart)...including yesterday's high.

BTW, I have to say, when I came back to the screen and saw that spike, I was worried there was some unexpected news and the Oanda spread spike would have stopped me out for a loss! Thankfully, that wasn't the case.

I'm using both the Econoday and DailyFX calendars to track news...when the news is "high importance" or "market moving," I'll just stick to the sidelines to avoid the spread spike. Hopefully that will be sufficient in keeping me from getting unnecessarily stopped out with Oanda.

[Cory2679]

This would probably be a worthy attempt at a short...

I sort of expect price to retest the recent low before continuing upward...

[Marko23]

Originally Posted by DugDug 6J M0 - hit profit target and out. NOTE: While I dont post trades often I think this is the first winning trade I have posted (thankfully not the only winning trade I have had). Its sad the satisfaction that actually gives me. One best point, was that I waited and waited for the one min chart to break..... after it had entered support on the hourly..... did not go early, did not try and fade it, did not try and short it late in the recent pullback only to be whipsawed out..... just waited.

Congratulations with 20 characters

[Cory2679]

Originally Posted by Cory2679 This would probably be a worthy attempt at a short...

With only a little over an hour until the FOMC announcement, I decided to cancel my short.

I initially thought that I could possibly be in and out before FOMC, but I believe that is no longer the case.

I'm done trading for the day, but I'm going to stick around until 2:30PM ET just to watch.

-Cory

[Cory2679]

I'm looking at a short like this...

[Cory2679]

I don't think I've ever seen such a tight range while a major market is open, especially during the AM hours! I wonder what the deal is...I'm a little scared!

[MCM]

Good afternoon.

I realize I trade in a somewhat different fashion from many of you - I am a fib traders along with supply/demand confluence. Also like to trade the pure patterns at times - 30 year bond setting up a nice classic Gartley 222 pattern.

Ratios AB/CD are holding - as was the expected move (162 of BC is end of CD leg). Initial pullback was at the 618. 30 year contract : 610 tick chart.

Coming into supply as well. Limited risk. (stops above recent high at 117 24/32).