Reading Charts in Real Time

[forrestang 10]

If I had traded this, stop loss would be a a few ticks (-3) below entry.

 

For the management portion of this, you see the BO, and you see it made a H, then a move down then that final HH before the pullback to the BO point.

 

Would you move your stop up to just below that most recent swing low?

 

Ignore everything else on the chart. I specifically ask for this due to that midpoint of the range above, and price was rejected there allowing the entry of the missed BO.

 

This point normally would have been my P1 if I had gotten in on the initial BO.

[Gabe2004 10]

Forrest, for some reason I cannot see your last chart.

[thalestrader 14]

Forrest, for some reason I cannot see your last chart.

 

I cannot see it either.

[thalestrader 14]

Would you move your stop up to just below that most recent swing low?

 

I'm not sure if you are asking me about the 6B long paper trade I posted or not, but if you are, I would have moved the stop loss when I did because of the hour of the day. About an hour after the Tokyo open, liquidity tends to dry up until Frankfurt and then London opens. I keep my stops tighter during Asia trading hours than at other times.

[forrestang 10]

Forrest, for some reason I cannot see your last chart.

 

I cannot see it either.

 

Weird. I dont see it either! Let me try again.

 

On another note, that trade suprisingly hit the PO!!! I was certain it would be stopped out last night...... But what the heck, I wake up after this thing falls to the last line of defense last night, and BAM!

[thalestrader 14]

Busy morning for me and no time to post. Here is a possible late day trade for me on the 6E futures:

 

Sell stop 1.4432, stop loss 1.4449, profit target 1.4385

[thalestrader 14]

If this were 8AM and not after 3PM ...

[HAL9000 10]

Sell stop 1.4432, stop loss 1.4449, profit target 1.4385

 

Hi Thales,

 

I think you meant 1.45.. and 1.44.. instead of ...

 

Well, living within the EUR zone, and still owning some US $,

I just hope, that you are right on the short.

 

But I will hold my US $ position, for margin reasons,

as it was planned.

 

From my view, hopefully we will not see 1.60's again.

 

Regards,

 

Hal

[thalestrader 14]

Hi Thales,

 

I think you meant 1.45.. and 1.44.. instead of ...

 

Regards,

 

Hal

 

Yes Hal, I meant 1.45.. and not 1.44..

 

I did take the long entry at 1.4549, initial stop 1.4432, and I should have closed it before Globex break, but I didn't. My profit target is 1.4485. I'll see what happens when Globex re-opens.

 

Best Wishes,

 

Thales

 

[forrestang 10]

Yes Hal, I meant 1.45.. and not 1.44..

 

I did take the long entry at 1.4549, initial stop 1.4432, and I should have closed it before Globex break, but I didn't. My profit target is 1.4485. I'll see what happens when Globex re-opens.

 

Best Wishes,

 

Thales

 

 

Is this just a coincidence?

[forrestang 10]

GBP/USD

 

[thalestrader 14]

Is this just a coincidence?

 

I'm not sure I understand the question, Forrest.

 

It was nice to wake this morning and find that the 6E did manage to slog its way to the profit target before dropping off.

 

Best Wishes,

 

Thales

[subterfuge 10]

trying long ES here at 1032. stop at 28.5

[thalestrader 14]

trying long ES here at 1032. stop at 28.5

 

Chart?

 

From the prices you state I assume you are still trading Sept?

[subterfuge 10]

Chart?

 

From the prices you state I assume you are still trading Sept?

 

Sorry. Here's chart. Thought we were making a little Inverted h&s. Not looking great now tho.

Still trading sept. When should one change?

thx

 

anyone in cable? (6B) broken thourgh resistance on its way further up?

[forrestang 10]

Looks like I was stopped. But the S/R levels worked once they weren't broken. Except the one I took

[thalestrader 14]

Still trading sept. When should one change?

thx

 

anyone in cable? (6B) broken thourgh resistance on its way further up?

 

I'm trading Dec now.

 

I didn't manage to get in on the 6B, but I did buy the 6E.

 

Buy Stop at 1.4566, initial stop loss 1.4542, with two profit targets: 1.4597, just hit for +30 ticks, and 1.4695 (next stop the December 2008 high?). With +30 ticks and a -24 stop loss, worst case, is +6 ticks.

 

Best Wishes,

 

Thales

[subterfuge 10]

trying long ES here at 1032. stop at 28.5

 

offered me +3.5 points.

stopped for -3.5 instead!

Edited September 10, 2009 by subterfuge

[subterfuge 10]

offered me +3.5 points.

stopped for -3.5 instead!

 

 

Well, whatdya know! They stop me out at about the low tick and then rally it 16 points!! nice, lol.

[Gabe2004 10]

Busy morning for me and no time to post. Here is a possible late day trade for me on the 6E futures:

 

Sell stop 1.4432, stop loss 1.4449, profit target 1.4385

 

Hello Thales

 

Could you tell us what was your reason for chosing 1.4385 as your profit target?

 

Thanks

 

Gabe

[thalestrader 14]

Hello Thales

 

Could you tell us what was your reason for chosing 1.4385 as your profit target?

 

Thanks

 

Gabe

 

Hi Gabe,

 

Sure I will tell you. In fact, I'll do better and I will show you. I have attached two screenshots with annotations, one rolled back to before the entry, and one showing the completed trade. I think that the explanation on the screenshots along with these annotations should be sufficient to explain the trade. As you will see, there was nothing fancy or mysterious involved in setting the entry order (buy stop 1.4549), the stop loss (1.4532), and the profit target at 1.4585. The reason I select any trade parameter is always plainly visible on the chart.

 

Best Wishes,

 

Thales

[forrestang 10]

Looks maybe like two possible shorts, E/J and G/J shorts here? Maybe sell pb?

 

[thalestrader 14]

Looks maybe like two possible shorts, E/J and G/J shorts here? Maybe sell pb?

 

 

Aussie is weakest against the Yen right now.

[Gabe2004 10]

One day I hope to trade like Thalestrader

(ie - set my target and stick to them)

As it is I get out of profitable trades too early.

 

I'll try and leave this one alone.

 

Gabe

[forrestang 10]

I have no idea if this would trigger, but I like the long side of ES maybe for a trade. Short could setup later maybe?

 

Potential entry a 29, stop 25.25 and target at 34.50.