Reading Charts in Real Time

[patrader 10]

60m 6B chart

[patrader 10]

15m 6B chart

[thalestrader 14]

Stop is now at +1R.

 

 

 

Stop is now 50% at +2R (red line) and 50% +1R (not shown): Worst case is now +1.5R.

 

 

Best Wishes,

 

Thales

[thalestrader 14]

Stop is now 50% at +2R (red line) and 50% +1R (not shown): Worst case is now +1.5R.

 

Taken out at +2R on the whole trade. The reason is two-fold: First, price came back to within a tick of my 2R stop, rallied, but failed to make a higher high, and secondly, my son wants to go sledding.

 

 

 

 

 

Best Wishes,

 

Thales

[patrader 10]

15m 6B chart

[Zan-shin 10]

ES 5 min short..........

hit stop

Edited February 16, 2010 by Zan-shin

[patrader 10]

240m ES chart

[thalestrader 14]

This was awesome. I finally got around to listening to it - thanks a lot for the share!

 

With kind regards,

MK

 

No problem, MidK, I'm glad to know that someone took the time to listen. Linda Raschke is a real gem in an industry littered with fool's gold (and the fools who follow them). I have wondered lately if I'd ever to have arrived where I am had it not been for her instruction. That webinar is recent, but much of it is word for word from part of her seminar from twelve years ago. More than any technical skill, what she instilled was the proper attitude and the proper approach to the daily work of learning and becoming a trader, without which no matter how rigorous and robust your work ethic, your efforts will likely go for naught.

 

Best Wishes,

 

Thales

[thalestrader 14]

... Based on the daily charts, I anticipate high prices for equities and gold, lower dollar.

 

 

Dow Jones Industrial Average 2010-02-09:

 

 

Dow Jones Industrial Average 2010-02-16:

 

 

I see no reason to change my expectations for higher equity prices over the coming days and weeks. Of course, and as always, the market will have the final say.

 

Best Wishes,

 

Thales

[thalestrader 14]

... Based on the daily charts, I anticipate high prices for equities and gold, lower dollar.

 

Gold (etf symbol GLD) 2010-02-10:

 

 

 

Gold (etf symbolGLD) 2010-02-16:

 

 

I see no reason to change my expectations for higher gold prices over the coming days and weeks. Of course, and as always, the market will have the final say.

 

Best Wishes,

 

Thales

[thalestrader 14]

ES 5 min short..........

hit stop

 

Hi Zan-shin,

 

Always a tough trying to pick the end of a trend day. When a low (or high, for that matter) prints early (within the first 5-30 minutes of the open) and the market trends away from that low, I usually assume that price will close at the other or near the high of the day, and try to avoid trying to fade the day's trend. Easier said than done, of course, and I've nbeen known to get run over multiple times on strong trending days.

 

Thanks for sharing your trades, and keep them coming!

 

Best Wishes,

 

Thales

[Cory2679 11]

This was awesome. I finally got around to listening to it - thanks a lot for the share!

 

No problem, MidK, I'm glad to know that someone took the time to listen. Linda Raschke is a real gem in an industry littered with fool's gold (and the fools who follow them). I have wondered lately if I'd ever to have arrived where I am had it not been for her instruction. That webinar is recent, but much of it is word for word from part of her seminar from twelve years ago. More than any technical skill, what she instilled was the proper attitude and the proper approach to the daily work of learning and becoming a trader, without which no matter how rigorous and robust your work ethic, your efforts will likely go for naught.

 

I think I initially downloaded it when the post was made, but I never made it around to listening to it...

 

...but after MK's post and Thales's response, I decided it was probably worth a listen.

 

Excellent! Really good for me right now...really good way to refresh between trading times today...

 

I'll probably even listen to it a second time through tonight or tomorrow!

 

-Cory

Edited February 16, 2010 by Cory2679

[Cory2679 11]

I've got my eye on this...

[MidKnight 12]

Bit of a strange day. Got yet another reaction in the 1.5720 area for a decent enough down move and then in the USA session ended up breaking up through the top of the range. The immediate trend has changed to up but the major trend is down.

 

I'll be fairly aggressive to go long on tests of the recent range highin the 1.5720/50 area. I plan on being scaled-out of 2/3rds by the time it reaches PDH and will hold 1/3 for some move to a new a swing high. Any other longs ahead of 1.5750 must be very very obvious and treated more like scalps. Should we trade below 1.5700 and the move has been in an extended down trend for the day (not a creeping trend), can scalp longs.

 

A strong zone lies above from approx. 1.5840 - 1.5900 and even through up to about 1.5980. I'll be working shorts anywhere in this broad range for a while. Have 1/2 scaled out before the first immediate S on the 60m chart (currently looking like the recent range high around 1.5740. Try and ride out the other 1/2 (or at least a portion of it) as a swing trade ultimately looking for new daily lows. I'll be trailing the stop via the obvious pivot highs on the 60m chart and breaking this up into 1/3rds.

[thalestrader 14]

However, another possibility is that the rally off the November 2009 low was itself a correction against the larger down trend off the March 2009 high, and that the down trend is ready to resume. Supporting this possibility is that the rally has retraced just over 50% of the downtrend, and the rally can be counted as three waves (an ABC correction) and A=C more or less (C fell short of A by a mere 14 ticks).

 

With Friday's slightly higher high, C now falls a mere 7 ticks short of a A; and that, folks, is close enough for horseshoes, hand grenades, and multi-hundred tick measured moves. So, with three waves up from the low, the dollar is entitled to a pullback, even a substantial one, without threatening the nascent uptrend. But, with every dollar bear seemingly having become raging dollar bulls in just a few short months, I suspect that the odds favor a test of the low, if not lower lows.

 

 

 

... Based on the daily charts, I anticipate high prices for equities and gold, lower dollar...

 

A week ago, I held opposite views on each, but since last Monday, the charts seem to speaking differently to me. I see no reason to alter my expectations, though of course, the market will have the final word.

 

Best Wishes,

 

Thales

[Marko23 10]

EUR/USD may do an in-time upmove

 

4h, 60m, 12m charts attached.

[Marko23 10]

...

When a low (or high, for that matter) prints early (within the first 5-30 minutes of the open) and the market trends away from that low, I usually assume that price will close at the other or near the high of the day, and try to avoid trying to fade the day's trend.

...

 

Double yes! That's the essence of Fisher's ACD methode, which I often use with FDAX.

 

Currencies trade around the clock, so the method cannot be applied to them.

[Plaste 10]

Double yes! That's the essence of Fisher's ACD methode, which I often use with FDAX.

 

Currencies trade around the clock, so the method cannot be applied to them.

 

Morning Gents, nice thread you have here.

 

Whilst I've certainly been able to make opening range breakouts work on the SP (based on the first 15 mins action and trading entirely systematically) I've had no success with the DAX. Seems to me that European stockmarkets are afraid to do anything until they know what's happening in the US. On the other hand it seems that currencies slow down a lot after lunch in the States. I'd be interested to hear what others think are the best times to trade different markets.

 

Tom.

[Marko23 10]

Morning Gents, nice thread you have here.

 

Whilst I've certainly been able to make opening range breakouts work on the SP (based on the first 15 mins action and trading entirely systematically) I've had no success with the DAX. Seems to me that European stockmarkets are afraid to do anything until they know what's happening in the US. On the other hand it seems that currencies slow down a lot after lunch in the States. I'd be interested to hear what others think are the best times to trade different markets.

 

Tom.

 

Most people trade currencies here, so it would be off topic when I give FDAX examples.

[Marko23 10]

EUR/USD

 

Took the other route!

[MidKnight 12]

Most people trade currencies here, so it would be off topic when I give FDAX examples.

 

I don't think it would be at all, Marko. It's the chart examples I'm interested in here...

 

Currencies IMHO, move best around the opens of various centers around the world. Tokyo, London & Tokyo close overlap, New York and London close overlap.

 

With kind regards,

MK

[Marko23 10]

I don't think it would be at all, Marko. It's the chart examples I'm interested in here...

 

Here it is with Thales standard colors and floor pivots; system is long.

[Marko23 10]

With an up bias today, I missed that opportunity

 

 

2nd chance for Short

 

Tight stop after pullback

Edited February 17, 2010 by Marko23

[Marko23 10]

I don't think it would be at all, Marko. It's the chart examples I'm interested in here...

 

Currencies IMHO, move best around the opens of various centers around the world. Tokyo, London & Tokyo close overlap, New York and London close overlap.

 

With kind regards,

MK

 

LSE opens at 09:00, XETRA at 09:00 German time;

LIFFE opens at 08:00, EUREX at 08:00 German time.

 

What would you suggest as an "open" time for EUR/USD ?

[Marko23 10]

EUR/USD Stop at break even

 

Stopped at break even.

Edited February 17, 2010 by Marko23