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thalestrader

Reading Charts in Real Time

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Hi folks,

 

Elliot Wave International, Robert Prechter's company, is offering a free week of EWI's currency forecast service. I am not a subscriber, and I am not recommending it one way or the other, but for one week it is free, and some may find it interesting. Again, I am not recommending it, nor am I recommending any of their services. I do not subscribe to any EWI service myself. But for anyone curious, this is a chance to view a rather pricey service for free for one week with no strings attached.

 

Latest Forex Forecasts, Yours FREE Now: Here's How | Elliott Wave International

 

Best Wishes,

 

Thales

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Daily chart of EUR/USD, waiting for 3rd push down

 

attachment.php?attachmentid=18877&stc=1&d=1265267639

 

I'm wearing my coder's cap for some days; please don't expect any real time charts from me.

When I mix coding with trading that usually results in bad code and bad trades....

tl-02.thumb.png.9b1db823c8b93deb93539653ece58ec0.png

Edited by Marko23

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Current view f the ES ... it poppoed before I could finish getting the chart ready (the market has a way of ding that at times. I don't know if this will be a win or not, but you have to like that the buy point represented breaj up through prior support that was failing to do its job as resistance on the test. That doesn't mean that it cannot and will not reverse right back down, but I'd much rather buy a break of anticipated resistance than to buy into anticipated resistance.

 

 

 

Best Wishes,

 

Thales

5aa70fc55020c_2010-02-04ES1.thumb.jpg.328a32f5cdd3dae237a120696218b806.jpg

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... That doesn't mean that it cannot and will not reverse right back down, but I'd much rather buy a break of anticipated resistance than to buy into anticipated resistance.

 

Pushed to within a tick or two of BE and first resistance and then reversed back to the buy point. Fingers are on the rip cord, ready to pll my chute if necessary.

 

Best Wishes,

 

Thales,

5aa70fc555d2f_2010-02-04ES2.thumb.jpg.93f1b1780dd13abd66d68426e0c04989.jpg

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I'll probably use the escape hatch if price breaks 89.75.

 

This chart is a bit longer view, and it shows where I would prefer to see a long sequence present itself (blue rectangle).

 

I also attached a chart of the one minute to try to illustrate why 89.50 would be a reasonable point for me to end this trade if price fails to rally from here.

 

Best Wishes,

 

Thales

5aa70fc55b38c_2010-02-04ES3.thumb.jpg.c77df2a0e9c54b185f0802867726f75f.jpg

5aa70fc564c9d_2010-02-04ES4.thumb.jpg.37547768138407e33e912e5f26ec93ca.jpg

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This chart is a bit longer view, and it shows where I would prefer to see a long sequence present itself (blue rectangle).

 

-5 ticks on the long, and which isn't bad. What is bad is that I sat here thinking, "well, if it break 89.75, not only do I no longer want to be long, but I want to be short. I then promptly did nothing. If you were to pull up a 15 minute ES. I think you will see that the the ES gave a very nice ABC up from its overnight low, and that my stop loss at 89.50 would have been the short entry from the breakdown of that ABC.

 

At any rate, price has now dropped to the level at which I would again be interested in a long sequence, should one show itself.

 

attachment.php?attachmentid=18889&stc=1&d=1265292958

 

attachment.php?attachmentid=18890&stc=1&d=1265292958

 

Best Wishes,

 

Thales

5aa70fc5750fb_2010-02-04ES3.thumb.jpg.61a7f642c407633c7d2923a8ee053171.jpg

5aa70fc57afd5_2010-02-04ES5.thumb.jpg.1a825d142c523ec409e8a1cf658b2dcd.jpg

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JonBig04 - as aside - you sound similar to me.... trying for the bigger moves, and I hate BE for the same reasons as you, but also love it for the same reasons as Thales.

stopped at BE/small loss today twice when I normally might not have.... but stuck to the plan and made money.... so feeling good today.....such is life.

 

This is all just my current thinking on it....

 

Previously I was pretty loose with stops for your reasons (disciplined but loose) .... I think you need to be, and be prepared just to say I am wrong, and have a wider stop to account for the volatility.... less contracts but more scope.

Its like you only have two choices - be really tight, or a little looser.... but not in between if you know what I mean.Each have their advantages/disadvantages and each have differing reentry and or reversal levels I feel.

I am currently trying experimenting a bit with more shorter term trades to complement and complicate things, but had another thread going here about trend trades and taking profits, covering some of this. I am putting together a list of thoughts, solutions etc that when i get finished I will post there. Otherwise, its all about fitting styles to personalities.

 

Yeah it's one of those "to each their own" things. I do it solely for psychological reasons. I would be more profitable without it. Since my target would have been filled,inr order for BE to be worth it PnL wise, it will have to save me 7.33 times just to break me even. But I'm willing to live with it for the comfort it provided. I'm just a wuss lol.

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Similarly GU also has a good looking long setup in progress.

 

I caught a short on the GBP/USD this morning, and was recently looking for longs, too...on all four of my charts, actually (EUR/USD, GBP/USD, USD/JPY, EUR/JPY)...but given the time of day, I anticipate price dying off until closer to Tokyo...needs to rest after these steep downmoves. Even if there was a fill, I doubt we'd get much steam behind it.

 

That's just my feeling. I could EASILY be proven wrong. ;)

 

BTW, to whoever might care, I'll be making an effort to post a lot more charts beginning next week. I'm in the process of finalizing a "game plan" which I'll share tomorrow, which includes posting all of my trades here. :)

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