Reading Charts in Real Time

[thalestrader 14]

Here is an ending diagonal on the GBPUSD. As I have said before, the anticipated direction from this pattern is a reversal of the trend leading into it. However, if price breaks in the direction of the trend, the move can be quite something.

 

Best Wishes,

 

Thales

[Gabe2004 10]

Potential GU Short.

 

Gabe

[Cory2679 11]

Maybe a potential short entry on the GBPUSD...

 

EDIT: ...sorry...just realized Gabe just posted the same thing. lol

[TrueBalance 10]

...

Why can no one go with the flow of capital?

The problem with H L LH is that you will often get it against the trend in a good move.

...

Kiwi, here's the big picture. Resistance at 132.91-ish (in my view) and an anticipated move down to support at 132.36 (about middle of the 132.90 - 131.83 area). So target 1 was before that first R, and target 2 below it. R:R would be close to 1 for the first target so the setup looked attractive to me.

 

I know you have described a similar context earlier in this thread and I found it interesting then (as I did now), I will definitely try to keep it in mind in the future.

[thalestrader 14]

Potential GU Short.

 

Gabe

 

Maybe a potential short entry on the GBPUSD...

 

...sorry...just realized Gabe just posted the same thing. lol

 

Any one see a potential long there as well?

 

Just asking.

 

Best Wishes,

 

Thales

[johnjohn1hew 10]

The long looks good, but i won't trade it as the RR does not meet my criteria...my first target would be the magenta line (midpoint of range) and the stop would be below the lowest black line. Also, the main trend is up...so no shorts for me.

[johnjohn1hew 10]

EURJPY setting up a long...

 

Edit: Wow, didn't realize it was a 2 minute chart. Not my normal view....

 

Edit2: On the 15 min. it could be a short as well, but the trend (IMO) is up for now.

Edited November 23, 2009 by johnjohn1hew

[Gabe2004 10]

Any one see a potential long there as well?

 

Just asking.

 

Best Wishes,

 

Thales

 

 

I see this potential Long but there is too much resistance to my taste very close above.

 

Gabe

[Cory2679 11]

Any one see a potential long there as well?

 

Just asking.

 

Best Wishes,

 

Thales

 

I see maybe a shorter-term long and a longer-term long. If the price can break to higher highs, the trend may have further to go.

 

I'd honestly probably be more weary of the shorter-term long than the longer-term. Just my feeling.

 

Looks like the market can't decide what it wants to do...fairly idle for a little while now.

 

EDIT!! - The blue line on the second chart would not necessarily be my entry. It was just to indicate what I was looking for a break of.

[BlowFish 10]

Any one see a potential long there as well?

 

 

If you buy into the idea that resistance becomes support when broken (which we all do right?) then isn't there always a potential long lurking wherever there is a short? (hope that doesn't sound facetious it's not meant to).

 

Actually Im not liking much at all right now. Mind you I have watched things going nowhere for the last 8 hours or so. Lethargic price action has one of two effects on me...it either sends me to sleep or I end up forcing trades that don't exist. Fortunately it was the former today (literally!) Of course I'm likely to miss out on a good move as explosive moves often come out of sideways action. Dax did have a quite nice move whilst I was dozing.

[thalestrader 14]

Nothing strikes me as particularly clear and attractive at the moment. A lot of consolidation at the day's extremes has me leaning toward lower USD, lower Yen, higher everything else.

 

Best Wishes,

 

Thales

[johnjohn1hew 10]

Nothing strikes me as particularly clear and attractive at the moment. A lot of consolidation at the day's extremes has me leaning toward lower USD, lower Yen, higher everything else.

 

Best Wishes,

 

Thales

 

The long EURJPY trade that i am in right now is at the HOD, but there is no force to the break up...so my stop is tight. I guess no one (right now) wants to see it go higher.

 

Edit: Just exited. Didn't like the trade form the beginning. Would have wanted momentum on the break, but nothing came in. The 5 min was forming top like action and the 1 min. was dead. I got around 11 pips in total.

[thalestrader 14]

EURJPY setting up a long...

 

 

Well there you go ...

[johnjohn1hew 10]

Well there you go ...

 

Maybe out to early...but i still got out. No momentum on the break up = not for me.

[Gabe2004 10]

Potential GU Short.

 

Gabe

 

We have lift off (inverse )

 

Gabe

[johnjohn1hew 10]

We have lift off (inverse )

 

Gabe

 

The 1 min. appears to be finding resistance, but i want to see the trend line broken first before i look for a short opportunity.

[Cory2679 11]

We have lift off (inverse )

 

Gabe

 

I missed this trade. I had basically given up on it. It had created a chop zone for an hour-hour and a half and I personally am weary of just trading a break out of the zone. I'd rather it break, pull back, then I'd get in off a break of the low.

 

Not to mention I was eating lunch and not paying attention anyway. I'm not sure what I would have done/what I'm going to do with that.

 

I'm watching the EUR/USD (6E) right now....possibly looking for a break of 1.4962...

 

No trades for me yet this morning...:hmpf:

[Cory2679 11]

I missed this trade.

 

Looks like I may have missed out. I'm honestly probably a little hesistant to pull the trigger today because it's my first day live after simming for a while now...

 

If I were in that trade, I'd probably be at BE now...

[thalestrader 14]

I do not like to be a top- or botom- picker, but EURJPY has a little activity that makes me want to be short.

 

Best Wishes,

 

Thales

[Gabe2004 10]

We have lift off (inverse )

 

Gabe

 

 

Had to leave and just came back 2 c that the short did not work out very well.

Moved the Stop to a minor loss if it triggers.

Could be a Stop and Reverse situation

 

Gabe

[Gabe2004 10]

Had to leave and just came back 2 c that the short did not work out very well.

Moved the Stop to a minor loss if it triggers.

Could be a Stop and Reverse situation

 

Gabe

 

Had I been in this trade I would have been taken out for a small loss and probably I would have reversed and gone long but there is still too much resistance overhead.

 

Gabe

[thalestrader 14]

I do not like to be a top- or botom- picker, but EURJPY has a little activity that makes me want to be short.

 

Well, short was the right thing to be. Here is another opportunity to be short as well. I do not typically initiate new positions this close to the US close.

 

Best Wishes,

 

Thales

[Gabe2004 10]

Had I been in this trade I would have been taken out for a small loss and probably I would have reversed and gone long but there is still too much resistance overhead.

 

Gabe

 

Moved stop to below most recent swing trough.

 

Gabe

 

PS I am not in this trade.

[johnjohn1hew 10]

The GBPUSD looks like it is rounding downwards in the 5 min. forming a double top. This could create a short setup.

[Cory2679 11]

Here we go ...

 

Funny thing too ... after having praised FXCM micro for the small spreads and the lack of slippage, I am getting creamed on my stops (both entries and exits) today. I could see if we were putting on $1,000,000 positions, but we are trading two mini lot equivalents. If this keeps up, we'll be posting trades basis futures only. Looks like FXCM may have taken a page out of Oanda's book. A small spread looks good, but it doesn't mean anything if you are going to get clipped for 3-5 ticks extra in and out.

 

Best Wishes,

 

Thales

 

Thales,

 

Am I right to assume that FXCM is back to normal (you're still posting spot fx charts)?

 

I was thinking about opening a mini (if not micro) account. I currently trade currency futures, which I like better than spot, but this approach is the most discretionary way to trade I've ever traded, and I felt scared to death thinking about putting on my first live trade with it this morning. Even though I have the capital to trade standard lots, I'd like to baby-step my way to them. I did really well sim trading last week, but based on how I felt when I went live today, I know I won't be able to do the same thing live unless I work my way up to full size.

 

The CME actually offers mini and micro currency futures, but the volume is very low...untradably so.

 

Thanks!