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thalestrader

Reading Charts in Real Time

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Post away, Jon! I have said repeatedly that this is a "Reading Charts ..." thread not a "Thales Way or the Highway" thread. There are probably folks here who can't get a handle on what I'm doing but they might see something you post and all of a sudden they'll be on their way.

 

Best Wishes,

 

Thales

 

Cool, I'll remember that.

 

Even though the exits have been crap on these last two 6E trades (watching 50 ticks turn into BE's twice) the entries were pretty good. For this particular setup what I'm looking for on the 6E, and ES occasionally, are large time frame breakouts. My entry is always at market and I usually take two different approaches: As soon as I see S or R starting to break down WITH volume expansion I enter at market. About 2/3 of the time, this is the entry that works and I'm able to watch price continue breaking out in my direction.

 

Sometimes though, price wants to retest (flip) the S/R, or it can just be a probe. For this reason if price begins to stall, move against me, or if volume dries up, I exit. This is what I did on the chart I just posted and I exited for a 4 tick loss.

 

I then wait to see if price wants to make a LL or HH, in the last case it was a LL. If so I get in on that tick, again at market. This was the entry that worked in the last trade.

 

The thing I keep in mind about these trades is that they are momentum trades. Price should be breaking out on high volume in my direction. If it doesn't, then I'm out. I give myself 2 tries max.

 

My R/R is usually pretty high. On this last trade that missed target by 4 ticks, the R/R was around 8:1.

 

Here is an example of what I'm looking for on ES. Or the same thing could happen if the 6E decided to break above 1.5140.

 

This is just for my BO set up. The bread and butter S/R plays are the ones where I'm just starting to employ the 1-2-3 method. Though I am tempted to just look for this set up on different instruments haha. It just doesn't happen that often on ES. The 6E seems to always be moving somewhere.

 

attachment.php?attachmentid=16387&stc=1&d=1260245304

BOstrat.thumb.png.b896ae55e21112a9bc075befcbb207e7.png

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Im having a tough time in ranges, I see way to many trading oportunities, any suggestions would be really appreciated

 

Mind sharing which opportunities you see, and why, on that chart?

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I'm not trading the Thales method but this was as clear as day to me on your chart:

 

attachment.php?attachmentid=16389&stc=1&d=1260247065

 

I see that, it is clear as day for sure, its really while that range is forming it kills me. Im looking more into Thales method in some of the posts. Its frustrating me that i cant stay out of that chop.. ahh them demons..

Thanks for your help btw

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Im having a tough time in ranges, I see way to many trading oportunities, any suggestions would be really appreciated

 

Get out of that 5 minute chart and spend a couple of weeks loking at a 15 minute for trades and a 240 minute for S/R.

 

Best Wishes,

 

Thales

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Get out of that 5 minute chart and spend a couple of weeks loking at a 15 minute for trades and a 240 minute for S/R.

 

Best Wishes,

 

Thales

 

Yeah, i understand where your coming from. I usually watch 15 and 89 min along with Daily.

5 minute to refine entries.. I think its a complete lack of a decent trading plan with rules for set ups clearly defined. Hence i take everything i see.

Im looking into your posts as the H,L, LH looks interesting.. along with a few other posts...

Cheers

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EU is chop suey at the moment.. Moved stop up a few ticks to next swing..

 

 

EDIT: Trade is toast, stopped out. Looks actually like a decent short has formed.

5aa70f7c8194c_EURUSD12_8_2009(10Min).thumb.jpg.7044fcabedff03f4b6fa738a91995e03.jpg

Edited by ziebarf

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Hi Folks,

 

No time to grab a shot of a chart as I have to run, but GU looks like a long setting up here if it gets back above yesterday's LOD.

 

Best Wishes,

 

Thales

 

Sorry, new to all terms, what is 'LOD' please?

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