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thalestrader

Reading Charts in Real Time

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Dinero,

 

Do you think price might make a test of the 12/22 3PM-ish $75.50 high?.

 

Best Wishes,

 

Thales

 

Yea, there might be lots of support to hit in this area. I'll probably keep the stop closer than ususal on the short I am in.

 

attachment.php?attachmentid=18158&stc=1&d=1264100530

5aa70fb036b2e_1-21-201011.thumb.png.008881d2d86d0119b2d1d76ebe59cb52.png

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No solid stop yet. Watching the retracement atm.

 

attachment.php?attachmentid=18160&stc=1&d=1264101311

 

Edit-----14:39EST

Got some good initial movement. Trade triggered but is kind of stalling. Stop at BE after almost hitting P1.

attachment.php?attachmentid=18161&stc=1&d=1264102740

 

Edit-----14:49EST

Stopped BE. Although I think that wound up being the depth of the pb, i.e. a normal swing on that time frame where price may no go ahead and move out north bound.

 

Edit-----15:14EST

Looks like taking that BE stop was a good call as price just ran through where my initial stop loss was.

nq1.jpg.386ac3dfaeed0c40b4a3aff2651cd53b.jpg

nq2.jpg.9f0a245ed8ec384921c909348df61643.jpg

Edited by forrestang

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Hi BT,

...

Also, here is a neat little trick I picked up from a JR, aka "Baldy," some years ago. The notes on the chart should be explanatory, but essentially it gives another way of "seeing" areas of possible proportion that may act as S/R levels.

...

 

This is a very useful observation. It is confirmed by a rule from Neely, which basically says

 

"If it channels, it is most probably corrective."

 

Your hint, to short from the top, is great; thanks, that never came to me.

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1 Trade: (+21)

 

It would have been cool if I was composed enough to reverse when I got stopped out but unfortunatley I was still thinking down and missed the obvious HL. The other swings didn't have clear HL/LH entries.

5aa70fb0557bc_6E20100121.thumb.png.7299f3fce2800a79bd8e69ba640d45bd.png

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No solid stop yet. Watching the retracement atm.

Edit-----14:39EST

Got some good initial movement. Trade triggered but is kind of stalling. Stop at BE after almost hitting P1.

 

Edit-----14:49EST

Stopped BE. Although I think that wound up being the depth of the pb, i.e. a normal swing on that time frame where price may no go ahead and move out north bound.

 

Edit-----15:14EST

Looks like taking that BE stop was a good call as price just ran through where my initial stop loss was.

 

I got distracted watching this. So this is more or less total hindsight here.

 

But technically would be at BE on this one, after coming withing a tic or two of P1.

attachment.php?attachmentid=18164&stc=1&d=1264107971

nq3.jpg.9117d9f0f6749fc6f37fef05acf5d31e.jpg

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EURJPY seems to be having some difficulty picking a direction:

 

 

One thing is nearly certain, however. It is not going to stay here, and its stay will not be long:

 

 

Best Wishes,

 

Thales

 

What do you think about this?

attachment.php?attachmentid=18171&stc=1&d=1264126410

5aa70fb085546_1-21-20108-10-22PM.thumb.jpg.0b8c241ef5ba1d32157dc9f00e4eb3f5.jpg

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I like it. But more importantly, what do you think?

 

Best Wishes,

 

Thales

 

It's alright. Price had some nice impulsive moves down to this point, where the waves started to become tighter and smaller.

 

I suppose I do not like the big range down here of chop, but then again the swings an anticipated targets above reflect that.

 

I would like a swing that allows for a tighter stop though, instead of one that is 80 pips.

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Euro at the moment with an obvious breakout level. M5 shows a concerted failure to find interest below 1.4116 for the monent.

 

5aa70fb0c0830_eurusd-100122m5a.thumb.gif.d2e4fab9c0f68be1bce30a2446a69ab2.gif

 

5aa70fb0c9c09_eurusd-100122m5b.thumb.gif.62a0b1265025acc567a236a4d3e9eec4.gif

 

All the best

BT

 

Update: Triggered long and taking some flak!

5aa70fb0d27d2_eurusd-100122m5c.thumb.gif.da11224937fd5ca4963aec618c3ee07e.gif

 

Update: Didn't seem to be much appetite for the breakout so moved stop to under the level asap and stopped out.

5aa70fb0ec346_eurusd-100122m5d.thumb.gif.a5787fd47ad32976c198b54685b12bd9.gif

Edited by Beachtrader
To change level

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Euro at the moment with an obvious breakout level. M5 shows a concerted failure to find interest below 1.4116 for the monent.

 

[ATTACH]18178[/ATTACH]

 

[ATTACH]18179[/ATTACH]

 

All the best

BT

 

Update: Triggered long and taking some flak!

[ATTACH]18180[/ATTACH]

 

Update: Didn't seem to be much appetite for the breakout so moved stop to under the level asap and stopped out.

[ATTACH]18184[/ATTACH]

 

5m trap, in my humble opinion.

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for political correctness: 78.6% instead of 80%

 

attachment.php?attachmentid=18185&stc=1&d=1264149190

 

ADD: This 3 part stuff is not the projection of an anticipated movement, but my rationale for the stop.

tl-04.thumb.png.67d92e1fedf08bb5fddddd12622ad6e4.png

Edited by Marko23
Clarification

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