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thalestrader

Reading Charts in Real Time

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Short entry triggered on GU

 

I was still asleep when this action occurred, but the GU short you correctly identified offered a very nice early entry on the reaction rally prior to the decline to the larger lower low.

 

I haven't shown the GBPJPY, but that also offered the same early entry on a smaller 123.

 

Best Wishes,

 

Thales

5aa70f915fb46_2010-01-04GBPUSD1.thumb.jpg.ace42909bdf082a6c63a083183647c5c.jpg

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Looks like USDJPY might be figuring out which way it wants to head.

 

It has a lot of room to roam to the downside if it wishes. The range on the monthly chart between a bullish breakout and a bearish continuation is nearly 1000 pips.

 

Best Wishes,

 

Thales

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Close enough -exited my GU short

 

Final results: 1st half = 30.6 ticks, 2nd half = 4.6 ticks, average = 17.6 ticks...

 

 

Nice trading, EmNQ and Cory. Though EmNQ may have to ask James to change his user name to reflect his currency trading chops.

 

Best Wishes,

 

Thales

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First day back live and my management is rusty. I took really nice entries today (at least I thought so). Pure textbook stuff that I saw develop and pounced on when the time came but I was so ancy to take profit I ended up missing out on what I deserved.

 

As per my management rules I should've had an additional +2 ticks on the first trade, and an additional +4 (at least) on the second trade. But I bailed out of newbie fear and it cost me an easy +50.00/per contract. So i'm done beating myself up for the day. Gonna get my head on straight and come back tonight with something to prove. :)

 

Two Trades, Both in the BP @ 6.25/tick: Net P/L: +56.25/per.

 

I should mention these trades were on the 89Tick chart using OEC's data.

1.png.8b1a3ec20b15b43987c1268ffe783cde.png

2.png.4d16c90d14b72c8d60926b3b7e561cfe.png

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First day back live and my management is rusty. I took really nice entries today (at least I thought so). Pure textbook stuff that I saw develop and pounced on when the time came but I was so ancy to take profit I ended up missing out on what I deserved.

 

As per my management rules I should've had an additional +2 ticks on the first trade, and an additional +4 (at least) on the second trade. But I bailed out of newbie fear and it cost me an easy +50.00/per contract. So i'm done beating myself up for the day. Gonna get my head on straight and come back tonight with something to prove. :)

 

Two Trades, Both in the BP @ 6.25/tick: Net P/L: +56.25/per.

 

I should mention these trades were on the 89Tick chart using OEC's data.

 

1) Even those of us who can no longer wrap themselves in the "newbie" label as an excuse can still have our share of "wouldacouldashoulda" trades.

 

2) You made 9 ticks, which is 2.25 ES points (though on the BP it is half the value/tick), but the point is, how many "veterans" are out there posting on the internet about having a "1-2" ES point/day goal, i.e. 4-8 ticks profit/day? Quite a few, in my experience. And a number of them have had the ______s (keeping it clean for when my daughter gets home and reads this), to write instructional trading books that sell for $40, $60, $80 or more/copy? So, let me know when your book is coming out!

 

3) Your willingness to walk away when you aren't performing according to your trading plan shows, in my opinion, an admirable degree of discipline.

 

4) Nice trading, and thanks for sharing with us!

 

Best Wishes,

 

Thales

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Final results: 1st half = 30.6 ticks, 2nd half = 4.6 ticks, average = 17.6 ticks...

 

17.6 ticks. Let's round it down to 17 ticks and find the ES equivalent of 5.5 ES points.

 

There are many who read, but do not post to Brownie's PnL thread who would be quite happy if they could pull down an average profit of 5.5 ES points/contract. And let's not forget that you held the position to a first profit target equivalent to 7.5 ES points, and that your second half was stopped out with better than a 1 ES point equivalent. That is a good day, by any measure.

 

I do not mean to start comparing trading currencies to trading the ES, but I do think it is enlightening to consider how many ticks some of you are pulling out of the market lately, and how you would have to do trading what is one of the most popular trading vehicles of day traders, the ES.

 

Also, for those who trade the ES, this approach offers plenty of opporunity there as well. I thought to post this this morning, but then I got word of Candy's death, and it threw my concentration off. But here is the ES, using nothing other than L-H-HL for a trigger, and a 127 fib expansion for a profit target (first chart), and this would have yielded 40 ticks, or 10 ES points profit from buy stop to sell limit. Even exiting at the prior high, using the 100% (A=C) expansion to tighten the order would have yielded over 7 ES points (second chart).

 

Wouldcouldashoulda applies, of course. As I said last night, I have never, ever lost a trade that I took in hindsight.

 

attachment.php?attachmentid=17164&stc=1&d=1262624580

 

attachment.php?attachmentid=17165&stc=1&d=1262624632

 

 

Best Wishes,

 

Thales

5aa70f91b0d85_2010-01-04ES1.thumb.jpg.87275a4d4b71c50ed438602ad31082af.jpg

5aa70f91b7ef3_2010-01-04ES2.thumb.jpg.bc66a36c97bed77f41229e6b3e4b95bd.jpg

Edited by thalestrader
typo

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I loking for the same thing (showing the 6E futures contract).

 

I'm not going to be taking this one, but if I were, I'd be saying "Here we go!"

 

This is probably going to be a good one, because I have no reason not to take it other than I want to get back to trading only NY 7AM-12PM EST and Asia 7PM-9PM EST.

 

attachment.php?attachmentid=17168&stc=1&d=1262626258

 

If you look betwen the entry point and stop loss lines, you might see a little 123 that could indicate trouble for any nascent short position here if price decides to retrace higher than 1.4420-22 or so.

 

attachment.php?attachmentid=17169&stc=1&d=1262626641

 

Best Wishes,

 

Thales

5aa70f91c3f7c_2010-01-046E2.thumb.jpg.a672531c1a0d294959eca593f4771a9a.jpg

5aa70f91c9b10_2010-01-046E3.thumb.jpg.c11da8d71b4e14d58325a13e68af9ef7.jpg

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Also, for those who trade the ES, this approach offers plenty of opporunity there as well. I thought to post this this morning, but then I got word of Candy's death, and it threw my concentration off. But here is the ES, using nothing other than L-H-HL for a trigger, and a 127 fib expansion for a profit target (first chart), and this would have yielded 40 ticks, or 10 ES points profit from buy stop to sell limit. Even exiting at the prior high, using the 100% (A=C) expansion to tighten the order would have yielded over 7 ES points (second chart).

Oh how it's awesome when you talk about the futures! Currencies just get all the attention these days.

 

I didn't see the ES that way this morning. I actually entered an NQ short this morning.

 

But I saw a short in ES if anything below 17.50. In hindsight I am seeing the long though.

 

I think I just had a bad read today.

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