Reading Charts in Real Time

[Beachtrader 10]

Euro update:

 

Stop above the consolidation and looking to see if the session lows can be broken.

 

 

All the best

BT

[Marko23 10]

First Long chance with EUR/USD

 

EW rule of thumb: when the 3rd part doesn't make it past 100%, chances for a 5th wave up deteriorate.

 

ADD: Long stopped.

Edited January 20, 2010 by Marko23

[Marko23 10]

Recovered more than half of the loss from Long

[Beachtrader 10]

A couple of levels on cable that I'm keeping a weather eye on.

 

 

Kind regards

BT

[thalestrader 14]

Hi Folks,

 

EURUSD has dropped through nearby support and has fallen back into the range that contained price from May 2009 through most of September 2009. The small support area which had been denoted by a blue rectangle on my chart yesterday is now red as it is anticipated resistance, and next major support should be in the zone defining the bottom of the Summer range.

 

 

 

Best Wishes,

 

Thales

[Marko23 10]

EUR/USD in 5th wave down, should not become larger than 3rd wave.

 

[thalestrader 14]

The one that did work out for me last night was the ES short ...

 

Best Wishes,

 

Thales

[Beachtrader 10]

I have a suspicion that this may not trigger.

 

 

All the best

BT

[Beachtrader 10]

I have a suspicion that this may not trigger.

 

[ATTACH]18059[/ATTACH]

 

All the best

BT

 

Alternative view of cable.

 

 

Kind regards

BT

[thalestrader 14]

Having missed the break at the Tokyo open last night, this is starting to look like a day of staring at the futures charts for me. The problem with selling new lows right here is that there have already been two break lows since the breakdown out of the last large consolidation, and unless I am already carrying a short line from higher levels, In general, I do not like to initiate on a third break.

 

At this point in a run down like that, I'm more inclined either to look for a long sequence, and if I feel that the trend has changed to overall bearish, I'm usually content to wait for a bounce that resolves itself into a short sequence. For example, a rally that carries the EURUSD up to 1.4200 +/- 20 ticks or so that ends in a short sequence to get me short.

 

Best Wishes,

 

Thales

[Cory2679 11]

I'm not trading, but I'd be tempted to short the USDJPY with a break of the other side of the range...

 

Not a home run, but wasn't the worst idea in the world.

[thalestrader 14]

In spite of that drop by the EUR, it looks like the EUR is starting to show a bit of strength as compared to the GBP. May just be a temporary shift, but something to keep our eyes on over the coming hours.

 

Temporary indeed ... lasted about an hour. I'm still inclined to favor the GBP for longs and the EUR for shorts, though I reserve the right to do otherwise.

 

Best Wishes,

 

Thales

[thalestrader 14]

Not a home run, but wasn't the worst idea in the world.

 

I thought it was quite a good idea.

 

Best Wishes,

 

Thales

[Cory2679 11]

BTW, I'm not going to be posting as much for a little while. I haven't been doing that well this week, and can't pinpoint why, but one thought was that maybe I'm focusing too much on this thread...

 

Anyways,

 

I was looking for a short at the test of the bottom of the former range...

 

Took this and am sitting @ BE with the stop...which as I'm typing is just about hit...

 

Update: Stopped for BE.

Edited January 20, 2010 by Cory2679

[thalestrader 14]

Current view of the ES ...

 

 

Best Wishes,

 

Thales

[Cory2679 11]

Hallelujah!!!!!!! :o

[thalestrader 14]

Current view of the ES ...

 

ES Redux ...

 

 

 

 

Best Wishes,

 

Thales

[Cory2679 11]

Hallelujah!!!!!!! :o

 

I'm just sitting here reflecting on my week...how down in the dumps I was yesterday and how happy I am right now after one winning trade!

 

It's funny...I'm really not a very emotional/dramatic guy...I don't really have much of a temper or anything either...

 

BUT, when it comes to trading, it seems like I'm a complete emotional mess and a borderline drama queen! :rofl::o

 

Maybe I'll mellow out after I have some real performance under my belt...the problem now is that if I have a day or two without solid performance, I (perhaps irrationally) worry that my trading future is doomed!

[thalestrader 14]

when it comes to trading, it seems like I'm a complete emotional mess and a borderline drama queen!

 

Borderline? Cory, my nine year old daughter thinks you are over the top!

 

Last night she read your post about how bad you were feeling, and she said, "You should tell him it's only money."

 

Best Wishes,

 

Thales

[Beachtrader 10]

HI Cory,

 

I'd be lying if I hadn't had just the same thoughts / fears etc. every now and again.

 

Nice trading!

 

BT

[Marko23 10]

EUR/USD: 5th wave about 80% of 3rd wave.

[Cory2679 11]

Borderline? Cory, my nine year old daughter thinks you are over the top!

 

Last night she read your post about how bad you were feeling, and she said, "You should tell him it's only money."

 

:rofl::o:applaud:

 

Thanks for the laugh! I'm literally wiping tears!

[thalestrader 14]

ES Redux ...

 

See what happens when I don't play for two targets? That's when the ES decides to run a bit. I was just telling Forrest a week or so ago that I had not hit the ES for a 10 point trade since November. I guess I let my recent experience finally persuade me to stop trying for the big play and just take it all off at PT1. Nothing says this has to go to PT2, but if it does go there, it is doing it without me.

 

Best Wishes,

 

Thales

[thalestrader 14]

Nothing says this has to go to PT2, but if it does go there, it is doing it without me

 

 

Couldawouldashoulda ...

 

Best Wishes,

 

Thales

[thalestrader 14]

GBPUSD looks something like that ...

 

 

Best Wishes,

 

Thales