Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

thalestrader

Reading Charts in Real Time

Recommended Posts

EU - time to pay attention

 

Good eye ... EU continued to slide lower, but maintained an ending diagonal type structure. It looks finally to have come to an end and is ready for a pause in the slide. I do not trade between NY close and Tokyo open, but this is how it looks at the moment. By "pause," I mean maybe a bounce, maybe a strong rally, or maybe just a few hours of sideways before the downside resumes.

 

It is time to pay attention, patiently. Price will show the way soon enough.

 

Best Wishes,

 

Thales

5aa70f7cd2068_EURUSD1.thumb.jpg.a7ebfe06700b75e389b2071c6710cdb1.jpg

Share this post


Link to post
Share on other sites
attachment.php?attachmentid=16416&stc=1&d=1260300589

 

Stop to BE. Target of 1085. It's one or the other :cool:

 

I figure this is probably a BE trade. I'm only at around +5ES right now with a vulnerable stop going into the globex session, but you never know.

Share this post


Link to post
Share on other sites
Current look at the weekly GBPUSD. I am looking for a sell and hold opportunity, and it may be at hand right here.

 

Best Wishes,

 

Thales

 

Oh wow, that's a nice looking chart. Such a large time frame too. Looks like the dollar may start gaining some real strength soon!

Share this post


Link to post
Share on other sites
Oh wow, that's a nice looking chart. Such a large time frame too. Looks like the dollar may start gaining some real strength soon!

 

Need to wait and see. GBPUSD finally getting a bounce at that support level. A rally back to last weeks low before a break and hold of the 1.6200-1.6230 would be a preferred scenario.

 

Of course, what I prefer and what I get are often two very different things. My daughter and I had a nice bear run on the GBPUSD at the tail end of September, but it fizzled and led to a retest of the post-March rally high.

 

In the mean time, while waiting for the big campaign, just play the market from long or short as it gives and takes.

 

Best Wishes,

 

Thales

Share this post


Link to post
Share on other sites

Hi Folks,

 

Did anyone manage to get into this long EJ opportunity? I missed it. I do not know how. My daughter just came in, and she doesn't know how I missed it either. My excuse is that for the Tokyo open, I'm usually watching 6B and 6E, and I depend upon her to alert me to opportunities on the Yen pairs. And, since she was not here for the open, I blame her.

 

Right now we'd have out stop loss at break even (a theoretical 130.10), holding for PT's at +60 and +120.

 

Best Wishes,

 

Thales

5aa70f7cdc05f_12-08-2009EJAsiaLongMissedtheBoat1.thumb.jpg.118c77ab3e87e1c74129cdb16741e6c0.jpg

Share this post


Link to post
Share on other sites
Hi Folks,

 

Did anyone manage to get into this long EJ opportunity? I missed it. I do not know how. My daughter just came in, and she doesn't know how I missed it either. My excuse is that for the Tokyo open, I'm usually watching 6B and 6E, and I depend upon her to alert me to opportunities on the Yen pairs. And, since she was not here for the open, I blame her.

 

Right now we'd have out stop loss at break even (a theoretical 130.10), holding for PT's at +60 and +120.

 

Best Wishes,

 

Thales

 

 

Is this the FX pair or the future?

 

I'm looking for one more instrument to watch along with ES and 6E. I can't seem to find a another future I like so I thought maybe I should look for something in FX.

Share this post


Link to post
Share on other sites
Is this the FX pair or the future?

 

I'm looking for one more instrument to watch along with ES and 6E. I can't seem to find a another future I like so I thought maybe I should look for something in FX.

 

EJ is EURJPY spot fx. There is a futures contract, but no liquidity last I looked.

 

Best Wishes,

 

Thales

Share this post


Link to post
Share on other sites
EJ is EURJPY spot fx. There is a futures contract, but no liquidity last I looked.

 

Best Wishes,

 

Thales

 

Gotcha. My internet connection is acting up right now. I'm going to see how correlated it is with 6E. If its not too much so I may begin watching it to round out my instruments list.

Share this post


Link to post
Share on other sites

If you want a forex pair that trends then GBP.JPY is the one to beat. The spread is 3-4 points on IB's forex so you wouldn't want to trade sub 5 min timeframes but on 15/60/240 the quality of moves overcomes the higher spread.

 

The nice thing is that it has no underlying correlation to 6E either.

Share this post


Link to post
Share on other sites
Stop to BE. Target of 1085. It's one or the other :cool:

 

I figure this is probably a BE trade. I'm only at around +5ES right now with a vulnerable stop going into the globex session, but you never know.

 

 

Out BE. Looks like it wanted to run some stops before pushing down further.

Share this post


Link to post
Share on other sites
I do not find too much to recommend FXCM's charts, but one feature that I do like that is lacking in every other package I use is that the vertical price scale will stay stable and can only be adjusted by the user. Ninjatrader, on the other hand, automatically adjusts the scale, which distorts price action. I do not know why these developers all think that there is a benefit to what I call "auto-scrunching" during price moves that are large relative to the immediatley preceding activity. If anyone knows how to stop Ninjatrader from autoscaling, please let me know here.

 

Best Wishes,

 

Thales

 

What I would love to see is charts that not only are fixed in the Y scale but fixed in the X scale too and fill from the left to right without scrolling.. So the start of the session is at the left side always. Particularly for stocks, indicies and all the pit traded stuff. This is a wee bit more difficult for currency (trading 24 hours)........ pretty much like hand graphing. The advantage is that you can glance at a chart and immediately judge where you are (in price and time) and see changes in pace in a consistent way. You can also see instantly where and when things occured.

Share this post


Link to post
Share on other sites
What I would love to see is charts that not only are fixed in the Y scale but fixed in the X scale too and fill from the left to right without scrolling.. So the start of the session is at the left side always. Particularly for stocks, indicies and all the pit traded stuff. This is a wee bit more difficult for currency (trading 24 hours)........ pretty much like hand graphing. The advantage is that you can glance at a chart and immediately judge where you are (in price and time) and see changes in pace in a consistent way. You can also see instantly where and when things occured.

 

You can do this in NT 7, though the Y locking is a little counter-intuitive as of the latest release.

Share this post


Link to post
Share on other sites
Hey guys,

 

I'm just chiming in to give an update!

 

Well, I've read Nicolas Darvas's How I made 2,000,000 in the Stock Market & Edwin LeFevre's Reminiscences of a Stock Operator...twice!

 

Excellent reads.

 

That does it for "I. Psychology & Emotions" and now I'm moving on to "II. Reading Price - Theory."

 

So, tomorrow I'll begin by reading Stikky Stock Charts.

 

-Cory

 

I keep coming back to LeFevre must have read it close to a dozen times I guess. Apart from the many many pearls of wisdom there is so much to like about it.

Share this post


Link to post
Share on other sites
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

 

Sounds like you know exactly what the problem is :) Like many things admitting to the problem is the first step. By all means look at a few things to try and find something that resonates with you but at some stage you will need to focus on one thing and really work on that. Siming (or god forbid trading) before then is putting the cart before the horse at best you will simply waste time, at worse you may well pick up bad habits.

 

The advantage of this approach is that it is pretty simple to learn and apply. Of course that will immediately put some people right off it!

Share this post


Link to post
Share on other sites
What I would love to see is charts that not only are fixed in the Y scale but fixed in the X scale too and fill from the left to right without scrolling.. So the start of the session is at the left side always. Particularly for stocks, indicies and all the pit traded stuff. This is a wee bit more difficult for currency (trading 24 hours)........ pretty much like hand graphing. The advantage is that you can glance at a chart and immediately judge where you are (in price and time) and see changes in pace in a consistent way. You can also see instantly where and when things occured.

 

IB charts work exactly that way. You may start a day as a clean slate.

Edited by Marko23
Typo

Share this post


Link to post
Share on other sites

Hi Folks,

 

Here's a look at the current EJ. Two possible long entries, but right in the thick of potential resistance.

 

 

This could also be flipped to short as well.

 

I wanted to show how I sometimes take an early entry with a half position from within a chop zone if the swings are clear. I would not take the early entry on the short. The swing of one larger degree was up, so if I go early, it would be in the direction of that swing. Also, an early entry better move favorably immediately or I pull the rip cord and wait for the next opportunity.

 

 

Best Wishes,

 

Thales

5aa70f7d63205_12-09-2009EJTwoLongs.thumb.jpg.1c08479d65c00fdfd06b453a2f5c8e94.jpg

Share this post


Link to post
Share on other sites
Here's a look at the current EJ. Two possible long entries, but right in the thick of potential resistance.

 

This could also be flipped to short as well.

 

Hi Folks,

 

Sorry about the late post, but the first 20-30 minutes after the open is tough time for me to do anything but scan and get orders off.

 

The EJ short triggered, and attached is how I am looking at the trade.

 

Best Wishes,

 

Thales

5aa70f7d6f3d3_12-08-2009EJShort129point251.thumb.jpg.7c5e8f8fa124639522f148b35542788c.jpg

Share this post


Link to post
Share on other sites
The EJ short triggered, and attached is how I am looking at the trade.

 

And just like that a promising start turns into a break even effort.

 

I know that some have not agreed with my stop management, and they feel that I too quickly move to break even. "After all," they argue, "might the EJ not just be testing the break down level? And might it not resume its decline and hit both profit targets?"

 

Yes, of course it might. But it might also keep right on rallying and blast through any natural stop currently sitting above the market. At this point, I no longer care which it does with respect to the short trade that was just concluded. The market gives too many opportunities where my entry is triggered, and price moves smoothly in stair step fashion to my profit targets without ever threatening me with a loss for me to worry about the break even efforts that turn back in my favor.

 

By the way, I se I typed in yesterday's date when I saved a couple of screen shots. Just note that these picturs are of 12/09/2009's price activity.

 

 

Best Wishes,

 

Thales

5aa70f7d7496f_12-08-2009EJShort129point252.thumb.jpg.fafd3c724e203a83adcf3dfebe846fcd.jpg

Share this post


Link to post
Share on other sites
IB charts work exactly that way. You may start a day as a clean slate.

 

I use IB too but not there charts. They do improve little by little each release but they still feel 'clunky'. Once in a while I use them to a) See what improvements there are b) To prove a chart is a chart is a chart and c) To not be overly reliant on x y or z tool.

Share this post


Link to post
Share on other sites
And just like that a promising start turns into a break even effort.

 

I know that some have not agreed with my stop management, and they feel that I too quickly move to break even. "After all," they argue, "might the EJ not just be testing the break down level? And might it not resume its decline and hit both profit targets?"

 

Yes, of course it might. But it might also keep right on rallying and blast through any natural stop currently sitting above the market. At this point, I no longer care which it does with respect to the short trade that was just concluded. The market gives too many opportunities where my entry is triggered, and price moves smoothly in stair step fashion to my profit targets without ever threatening me with a loss for me to worry about the break even efforts that turn back in my favor.

 

By the way, I se I typed in yesterday's date when I saved a couple of screen shots. Just note that these picturs are of 12/09/2009's price activity.

 

 

Best Wishes,

 

Thales

 

Hi Thales,

 

For this specific trade, at what point did you move your stop to BE?

 

Thanks for your help!!!

Share this post


Link to post
Share on other sites
Hi Thales,

 

For this specific trade, at what point did you move your stop to BE?

 

Thanks for your help!!!

 

I would have gone to BE if price had printed at 128.89, which is reprsented by the dotted magenta line in the picture. However, I went to break even once price traded to a lower low after the first reaction against the trade.

 

Best Wishes,

 

Thales

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date: 16th May 2024. Market News – Stagflationary Risk for Japan; Bonds & Stocks Higher.   Economic Indicators & Central Banks:   Stocks and bonds gave a big sigh of relief after CPI and retail sales came in below expectations, supporting beliefs the FOMC will be able to cut rates by September. The markets had positioned for upside surprises. Wall Street surged with all three major indexes climbing to fresh record highs. Technical buying in Treasuries was also supportive after key rate levels were breached, sending yields to the lows since early April. Fed policy outlook: there is increasing optimism for a September rate cut, according to Fed funds futures, BUT most officials say they want several months of data to be confident in their actions. Plus, while price pressures are receding, rates are still well above the 2% target, keeping policy on hold. But the market is now showing about 22 bps in cuts by the end of Q3, with some 48 bps priced in for the end of 2024. Stagflationary Risk for Japan: GDP contracted much sharper than anticipated, for a 3rd quarter in a row. This is mainly due to consumer spending. The GDP deflator though came in higher than expected but still down from the previous quarter. The sharper than anticipated contraction in activity will complicate the outlook for the BoJ, and dent rate hike bets. Financial Markets Performance: The USDIndex slumped to 103.95, the first time below the 104 level since April 9. Yen benefitted significantly, with USDJPY currently at 154.35 as easing US inflation boosted bets on the Fed easing monetary policy this year, weakening USD, boosting the Yen. Gold benefited from a weaker Dollar and a rally in bonds and the precious metal is trading at $2389 per ounce. At the same time, the precarious geopolitical situation in the Middle East is underpinning haven demand. Oil prices rebounded slightly after the shinking of US stockpiles and the risk-on mood due to declined US Inflation. However USOil is still at the lowest level in 2 months, at 78.57. Market Trends:   The NASDAQ popped 1.4% to 16,742. The S&P500 advanced 1.17% to 5308, marking a new handle. And the Dow rose 0.88% to 39,908. Treasury yields tumbled sharply too on the increasingly dovish Fed outlook. Additionally, the break of key technical levels extended the gains to the lowest levels since early April before the shocking CPI data on April 10 boosted rates. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Date: 17th May 2024. Market News – Asian and European futures followed Wall Street lower. Economic Indicators & Central Banks:   The Dow topped 40,000 for the first time ever, but was unable to close with that historic handle. Concurrently, the S&P tried for its 24th record high this year but failed too. The rise in Treasury yields after stronger than expected import prices, and a drumbeat from Fed officials that rates need to remain high for longer, encouraged profit taking. Most Asian equity markets and European futures have followed Wall Street lower, after US data dented rate cut hikes. Chinese data showing slowed consumption and a drop in home sales, although industrial production numbers looked relatively robust. Japan’s core consumer inflation slowed for a 2nd month in a row in April from a year earlier, while the core consumer prices index (CPI) is expected to decelerate to 2.2% from 2.6% in March, the lowest level in 3 months, but still at or above the central bank’s 2% target for more than two years. Financial Markets Performance: The USDIndex firmed slightly to 104.518 and up from the day’s nadir of 104.080. But it held a 104 handle for a second straight day. It traded above the 105 level from April 10 until May 15. Silver has surged nearly 25% this year, outpacing Gold and becoming a top-performing commodity, though it remains relatively inexpensive compared to gold. Both metals have hit record highs due to central-bank buying and increased interest in China. USOil is 0.75% higher at $79.23. Market Trends:   All three major US indexes closed slightly in the red after posting all-time highs on Wednesday. The NASDAQ closed with a -0.26% decline, while the S&P500 lost -0.21%, and the Dow was off -0.1% at 39,869. It was a corrective day for Treasuries too. Bonds unwound part of their recent rally that took rates down to the lows since early April. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • GOTU Gaotu Techedu stock breakout, https://stockconsultant.com/?GOTU
    • FSLR First Solar stock bull flag breakout watch, https://stockconsultant.com/?FSLR
    • VLO Valero Energy stock attempting to move higher off the 156.97 support area, high trade quality, https://stockconsultant.com/?VLO
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.