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

We now have three positions with an average buy of 1.65494, with a stop on each at 1.6560.

 

Out at 1.6560 for a net take of +31.8 pips, 2 tenths of a tick less than we had made had we made our preferred entry. Of course, from the couldawouldashoulda perspective, we made much less than if had entered at proper entry and rolled on up with the rally. Not to mention that we'd likely still be in the trade. But, you have to make due with what you got.

 

Best Wishes,

 

Thales

5aa70f707477a_11-29-2009GUAsiaLongLateentry3.jpg.c27e988d45f7671126150d5a7140eed0.jpg

Share this post


Link to post
Share on other sites

Looks like the BP (EDIT: GBP/USD) may be able to push up to 1.6640...just broke some resistance...I almost went long with a buy stop @1.6576, but at one point when I looked at my DOM, there was a 4 tick spread for a moment...no thanks. I think I'll just stick to trading in the morning.

 

I almost went short as well, because there looked to be a double top forming, but that went on to break the high, which would have triggered the long at 76.

 

No actual trades though, just observations. I think I'm calling it quits now...I'll get started early tomorrow...

 

As of now, it's not really exploding up or anything...oh well, not my concern! :)

BP.JPG.91e4c638a145018111cd92d09dac5b2d.JPG

Edited by Cory2679

Share this post


Link to post
Share on other sites

Hi folks,

 

Up late here doing some on-line Christmas shopping with my wife, and decided to take a last look.

 

EU has etched out an ending diagonal. indicating at least a temporary pause in the rally is likely. Again, if price breaks out above, rather than ranging sideways or reversing to down, the move is often strong.

 

Best Wishes,

 

Thales

5aa70f70a0934_11-29-2009EUendingdiagonal1.thumb.jpg.990f53618d6218ddaec1c9fbc8ef8f4a.jpg

Share this post


Link to post
Share on other sites

New here, so go easy:). So much to learn. Anyway, I'm long on GU and EU. After dipping within ~10 pips of my original S/L, I moved original S/L (red) to BE, and fighting that urge to take the 120-130 pips before it hits my target (green). Thoughts?

 

 

EUNov2910_37PST.jpg

 

GUNov29_10_39PST.jpg

Share this post


Link to post
Share on other sites
Or potential EJ Long.

A long looks better.

Especially in light of the news concerning Dubai.

 

Gabe

 

Actually the short was the better option.

As of today I will try and ignore news related biases.

 

Gabe

EJ_Nov_29_2009_15min-3.thumb.png.8f700376340fbbcc34585a4a8fae490b.png

Share this post


Link to post
Share on other sites
New here, so go easy:). So much to learn. Anyway, I'm long on GU and EU. After dipping within ~10 pips of my original S/L, I moved original S/L (red) to BE, and fighting that urge to take the 120-130 pips before it hits my target (green). Thoughts?

 

 

EUNov2910_37PST.jpg

 

GUNov29_10_39PST.jpg

 

You may want to eliminate the dead time from your charts.

 

Gabe

5aa70f70ac4ac_UserPref.png.11e764a892f8ce3176b8cdae80ef3f6c.png

Share this post


Link to post
Share on other sites
EU has etched out an ending diagonal. indicating at least a temporary pause in the rally is likely. Again, if price breaks out above, rather than ranging sideways or reversing to down, the move is often strong.

 

Hi Folks,

 

Does anyone see a pattern developing? Has anyone following along with our thread taken notice of this pattern? Has anyone here developed an "eye" for recognizing this price behavior in real time?

 

How is this pattern useful? How could you use it to your advantage?

 

You tell me.

5aa70f70b258e_11-29-2009EUendingdiagonal1.thumb.jpg.79725cc9e583daa38e8bb873549d1deb.jpg

5aa70f70b85a8_11-29-2009EUendingdiagonal2.thumb.jpg.2c792edded27f8815364a5bbbbc3767e.jpg

Share this post


Link to post
Share on other sites
Actually the short was the better option.

As of today I will try and ignore news related biases.

 

Know when news is coming, but do not guess what the news will be or how the market will interpret it.

 

I will try

 

There is not try, only do or not do.

 

Best Wishes,

 

Thales

Share this post


Link to post
Share on other sites
New here, so go easy:). So much to learn. Anyway, I'm long on GU and EU. After dipping within ~10 pips of my original S/L, I moved original S/L (red) to BE, and fighting that urge to take the 120-130 pips before it hits my target (green). Thoughts?

 

Hi Ernie,

 

Welcome and thank you for sharing. Each of us has to develop a regimen for trade management (stop loss and profit taking) that suits his or her approach. I'd be careful of asking open ended questions (e.g. "Thoughts?") where you are more or less inviting someone to offer an opinion on what you should do. It is your trade, and you should do what you feel is right.

 

It would be helpful also if you could mark you charts more clearly as to your entry and anticipated profit levels. If you are not using profit levels but instead using a trailing stop, that is fine, but let us know that as well. As it is, it is unclear to me what the basis of your trade was. I know Oanda has about the clunkiest charting technology around, but perhaps there is a way you mark the charts a bit more clearly.

 

Also, I agree with Gabe:

 

You may want to eliminate the dead time from your charts.

 

Gabe

 

That large open space between Friday and Sunday will likely not help you.

 

Again, welcome to our thread. I hope you continue to share your charts with us.

 

Best Wishes,

 

Thales

Share this post


Link to post
Share on other sites

There is not try, only do or not do.

 

 

You areright.

When someone tells me that they CANNOT I tell them that that word should have been taken out of the English vocabulary.

 

So I will do my best.

As far as news is concerned, for a long time now I just mark the news time and don't trade before the news and for a short period after the news.

But I still fall for the bias of interpreting the news for some time after they are released based on my PERCEIVED market reaction.

 

Anyway. So far so good.

 

Gabe

Share this post


Link to post
Share on other sites
Hi Folks,

 

Does anyone see a pattern developing? Has anyone following along with our thread taken notice of this pattern? Has anyone here developed an "eye" for recognizing this price behavior in real time?

 

How is this pattern useful? How could you use it to your advantage?

 

You tell me.

 

I'm still new at this...and I have to say I honestly don't see any particaular pattern, other than the H, L, LH pattern that everyone's always looking for...but for some reason I get the impression you might be alluding to something else...something I may not even be familiar with...

 

But if it isn't, and you're just talking about H, L, LH, then that is obviously there...but I feel like that's just too obvious...

 

I haven't taken any trades. I actually just got on here...overslept a bit... :embarassed:[

Share this post


Link to post
Share on other sites
I'm still new at this...and I have to say I honestly don't see any particaular pattern, other than the H, L, LH pattern that everyone's always looking for...but for some reason I get the impression you might be alluding to something else...something I may not even be familiar with...

 

But if it isn't, and you're just talking about H, L, LH, then that is obviously there...but I feel like that's just too obvious...

 

I haven't taken any trades. I actually just got on here...overslept a bit... :embarassed:[

 

Post #1937.

 

I believe Thales was referring to the 'wedging' type action, where price is making marginally HHs and HLs, signaling the potential end of a trend. If price actually does break above then the move up is often powerful.

Share this post


Link to post
Share on other sites
Hi Folks,

 

Does anyone see a pattern developing? Has anyone following along with our thread taken notice of this pattern? Has anyone here developed an "eye" for recognizing this price behavior in real time?

 

How is this pattern useful? How could you use it to your advantage?

 

You tell me.

 

I have recently started to notice symetrical flags.

I will post an example as soon as it develops.

My oppinion is that the closer price gets to the tip of the flag the more violent or pronounce the move will be.

 

It is like the calm before the storm

 

Gabe

impulse.thumb.jpg.552510b3f14575768bfcbbd574503158.jpg

Share this post


Link to post
Share on other sites
Post #1937.

 

I believe Thales was referring to the 'wedging' type action, where price is making marginally HHs and HLs, signaling the potential end of a trend. If price actually does break above then the move up is often powerful.

 

Yeah I saw the "ending diagonal", or the "wedge", and price broke below that and began the downtrend. But he had already mentioned that, so I thought maybe he was alluding to something other than that, and something other than the standard H, L, LH, which also has formed on that chart...

 

-Cory

Share this post


Link to post
Share on other sites

"If price actually does break above then the move up is often powerful."

 

I guess I could say the same thing for a short. But you have no way of knowing. Any body could guess. But the truth is everybody here is only guessing! Even Thales. OK back to the program.

 

Don

Share this post


Link to post
Share on other sites
"If price actually does break above then the move up is often powerful."

 

I guess I could say the same thing for a short. But you have no way of knowing. Any body could guess. But the truth is everybody here is only guessing! Even Thales. OK back to the program.

 

Don

 

Educated guesses...the same way meterologists, in their prediction of the weather, can only make educated guesses.

Share this post


Link to post
Share on other sites
Educated guesses...the same way meterologists, in their prediction of the weather, can only make educated guesses.

 

In my experience, meteorologists have a worse track record than 50/50

 

Gabe

Share this post


Link to post
Share on other sites
In my experience, meteorologists have a worse track record than 50/50

 

Gabe

 

They might not get it exact, but they generally have the right idea...they don't predict 100 degree weather on a day there's a blizzard...(of course that's extreme, but you know what I mean...)

 

I think that if meterologists could bet each day on whether it was going to rain or not, I think they would be wildly profitable in the long run.

 

This is an interesting random discussion, because I met a trader from Tudor via video conference, and he actually employed 2 meteorologists to help him at his trading desk (commodities that are strongly influenced by the weather situation)... He was actually featured in Trader magazine in the 30 under 30 issue...I can't remember his name right now...

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

    • Be careful who you blame.   I can tell you one thing for sure.   Effective traders don’t blame others when things start to go wrong.   You can hang onto your tendency to play the victim, or the martyr… but if you want to achieve in trading, you have to be prepared to take responsibility.   People assign reasons to outcomes, whether based on internal or external factors.   When traders face losses, it's common for them to blame bad luck, poor advice, or other external factors, rather than reflecting on their own personal attributes like arrogance, fear, or greed.   This is a challenging lesson to grasp in your trading journey, but one that holds immense value.   This is called attribution theory. Taking responsibility for your actions is the key to improving your trading skills. Pause and ask yourself - What role did I play in my financial decisions?   After all, you were the one who listened to that source, and decided to act on that trade based on the rumour. Attributing results solely to external circumstances is what is known as having an ‘external locus of control’.   It's a concept coined by psychologist Julian Rotter in 1954. A trader with an external locus of control might say, "I made a profit because the markets are currently favourable."   Instead, strive to develop an "internal locus of control" and take ownership of your actions.   Assume that all trading results are within your realm of responsibility and actively seek ways to improve your own behaviour.   This is the fastest route to enhancing your trading abilities. A trader with an internal locus of control might proudly state, "My equity curve is rising because I am a disciplined trader who faithfully follows my trading plan." Author: Louise Bedford Source: https://www.tradinggame.com.au/
    • SELF IMPROVEMENT.   The whole self-help industry began when Dale Carnegie published How to Win Friends and Influence People in 1936. Then came other classics like Think And Grow Rich by Napoleon Hill, Awaken the Giant Within by Tony Robbins toward the end of the century.   Today, teaching people how to improve themselves is a business. A pure ruthless business where some people sell utter bullshit.   There are broke Instagrammers and YouTubers with literally no solid background teaching men how to be attractive to women, how to begin a start-up, how to become successful — most of these guys speaking nothing more than hollow motivational words and cliche stuff. They waste your time. Some of these people who present themselves as hugely successful also give talks and write books.   There are so many books on financial advice, self-improvement, love, etc and some people actually try to read them. They are a waste of time, mostly.   When you start reading a dozen books on finance you realize that they all say the same stuff.   You are not going to live forever in the learning phase. Don't procrastinate by reading bull-shit or the same good knowledge in 10 books. What we ought to do is choose wisely.   Yes. A good book can change your life, given you do what it asks you to do.   All the books I have named up to now are worthy of reading. Tim Ferriss, Simon Sinek, Robert Greene — these guys are worthy of reading. These guys teach what others don't. Their books are unique and actually, come from relevant and successful people.   When Richard Branson writes a book about entrepreneurship, go read it. Every line in that book is said by one of the greatest entrepreneurs of our time.   When a Chinese millionaire( he claims to be) Youtuber who releases a video titled “Why reading books keeps you broke” and a year later another one “My recommendation of books for grand success” you should be wise to tell him to jump from Victoria Falls.   These self-improvement gurus sell you delusions.   They say they have those little tricks that only they know that if you use, everything in your life will be perfect. Those little tricks. We are just “making of a to-do-list before sleeping” away from becoming the next Bill Gates.   There are no little tricks.   There is no success-mantra.   Self-improvement is a trap for 99% of the people. You can't do that unless you are very, very strong.   If you are looking for easy ways, you will only keep wasting your time forgetting that your time on this planet is limited, as alive humans that is.   Also, I feel that people who claim to read like a book a day or promote it are idiots. You retain nothing. When you do read a good book, you read slow, sometimes a whole paragraph, again and again, dwelling on it, trying to internalize its knowledge. You try to understand. You think. It takes time.   It's better to read a good book 10 times than 1000 stupid ones.   So be choosy. Read from the guys who actually know something, not some wannabe ‘influencers’.   Edit: Think And Grow Rich was written as a result of a project assigned to Napoleon Hill by Andrew Carnegie(the 2nd richest man in recent history). He was asked to study the most successful people on the planet and document which characteristics made them great. He did extensive work in studying hundreds of the most successful people of that time. The result was that little book.   Nowadays some people just study Instagram algorithms and think of themselves as a Dale Carnegie or Anthony Robbins. By Nupur Nishant, Quora Profits from free accurate cryptos signals: https://www.predictmag.com/    
    • there is no avoiding loses to be honest, its just how the market is. you win some and hopefully more, but u do lose some. 
    • $CSCO Cisco Systems stock, nice top of range breakout, from Stocks to Watch at https://stockconsultant.com/?CSCOSEPN Septerna stock watch for a bottom breakout, good upside price gap
    • $CSCO Cisco Systems stock, nice top of range breakout, from Stocks to Watch at https://stockconsultant.com/?CSCOSEPN Septerna stock watch for a bottom breakout, good upside price gap
×
×
  • Create New...

Important Information

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