Reading Charts in Real Time

[thalestrader 14]

7 trades taken today on 6E: 1 winner, 5 losers and 1 in progress

 

Hi TradeRunner,

 

I made some notes concerning your trades from yesterday (1/04/2010). Let me know what questions you have.

 

Best Wishes,

 

Thales

[thalestrader 14]

Hi Folks,

 

Here is the current look of the EURJPY. We took a short at 131.41, and were stopped out for +.8 (8 tenths) of a tick. Moved the stop to +1 quickly as price declined to within ticks of anticipated resistance, and the current action over the last few hours has produced a wedge-like structure, aka ending diagonal.

 

Best Wishes,

 

Thales

[thalestrader 14]

EURJPY ...

 

Best Wishes,

 

Thales

[thalestrader 14]

Here is the current look of the EURJPY ... the current action over the last few hours has produced a wedge-like structure, aka ending diagonal.

 

Here is how the pattern has played out over the last few hours.

 

 

 

 

 

 

A fairly reliable pattern, in most cases

 

Best Wishes,

 

Thales

[Rustie 10]

Was thinking of a short here but looks dangerous, Is that considered a break point up? Where the break down point would be?

[Rustie 10]

Sorry, image attached now

[thalestrader 14]

Long with EUR/USD

 

ADD: No follow-up, just 1 tick to trigger a Long position.

 

ADD: Got out, -10 tick

 

Hi Marko,

 

Did you also trade the ending diagonal you show in your chart?

 

Best Wishes,

 

Thales

[thalestrader 14]

Was thinking of a short here but looks dangerous, Is that considered a break point up? Where the break down point would be?

 

 

 

Sorry, image attached now

 

I'm shutting down now Rustie. I'd like to have helped you, but I assume you are asking about current price action, and yet the chart you attached is from almost two weeks ago. Unless its just been a long day and I'm not seeing what I think I'm seeing.

 

 

Maybe someone else can help you once you clarify what it is you are asking.

 

Best Wishes,

 

Thales

[Kiwi 16]

Hi Cory,

 

Take heart that you were able to stop and reverse out of a dead trade into a fresh trade. That alone is an ability that I see lacking in many long timers.

 

But discipline, discipline, discipline! Trade your plan. As you yourself see now, it is ok to have a losing trade (or two or three or four or however many). If you have a sound plan, which you do, and a sound approach, which you do, then apply both with discipline and the profits will take care of themselves. I promise you that they will. Control the desire to seek revenge (I'll get it all back on this one trade) and greed (wouldn't it be nice to finish today with $X.00 in my account).

 

Trade your plan, and a year from now your account will have a balance that will make you laugh that you risked letting a good trade go bad for the sake of a $300 balance.

 

Best Wishes,

 

Thales

 

 

Something I remind myself of:

 

"Focusing on the outcome of a single trade shows a lack of faith in your trading plan. Indulging yourself in such trivial judgments is, at best a distraction from your ultimate goal as a trader, and that is: to get your trading into the long run."

 

The thing is that this trade is the short run. And in the short run even the Casino can lose. In the long run probabilities play in your favour if, and only if, you do the same thing each time in the same situation - trade your plan!

 

When I'm watching a trade that could lose 40 points or make 300 points or anything in between I keep reminding myself of the quoted paragraph ... I'm here to take the losses and the wins ... but make each trade a good trade (good = follows my rules; learning = didn't follow the rules; there are no bad trades). If each trade is a good trade then the long run is going to be fine no matter what happens in to this trade.

[Rustie 10]

Was thinking of a short here but looks dangerous, Is that considered a break point up? Where the break down point would be?

 

Yes, it has been a long day, sorry once again.. correct image with luck this time!

[TradeRunner 10]

A better day today. (Yesterday was a real struggle)

 

8 Trades: 4 win, 3 loss, 1BE

 

Sorry I rushed to post yesterday and got my results wrong. I have attached an updated picture with some additional comments and corrected entries

 

9 Trades (+41)

3 Win (+90)

4 Loss (-49)

2 BE

 

Not as good as I first though but a postive day.

 

I have had to move from OEC to Sierra Charts because I just can't get OEC's market replay to work. I have used SC in the past but I've never used its replay feature or chart trading. SC replay feature is very good in that I don't have to record the market like in NT or OEC and it is easy to avoid seeing the days action before replaying (this is almost impossible with OEC as far as I can work out) but its reporting facility is poor and some of the fills /no fills are a bit odd.

[fxThunder 10]

Stalking this short on GU.

[Marko23 10]

Hi Marko,

 

Did you also trade the ending diagonal you show in your chart?

 

Best Wishes,

 

Thales

 

Hi Thales,

I do trade FGBL and FDAX with real money.

 

For EUR/USD I use the "SimBroker" from may chart program (Ensign), so that is just paper trading to learn the FX stuff. FX is somewhat different from futures.

 

"EDT" yes, but that was on Monday.

[Marko23 10]

EUR/USD retraced 50% .

[fxThunder 10]

Update on GU short: Stop moved to be now.

[fxThunder 10]

EU also has a short setup.

[ziebarf 10]

EU also has a short setup.

 

 

 

Beat me to it Emini! My only issue with this trade is that it would appear to be in the middle of the range. According to some theories, this area tends to be choppy. But other than that, I think it looks good.

[Marko23 10]

Short in direction of the trend

 

[ziebarf 10]

Looks like we are all on board

[Marko23 10]

Looks like we are all on board

 

The other possibility

 

 

ADD: Short triggered

Edited January 6, 2010 by Marko23

[fxThunder 10]

EU short entry triggered

[ziebarf 10]

Ditto, moved PT1 up to 1.4339 to account for potential support. Plus I normally have PT1 at around half my stop size (training wheels).

 

EDIT: PT1 hit.. stop goes to BE. Debating whether or not to start making my PT1 bigger. At half my stop size, my win rate has been high. In fact, I haven't had a loser in the last 8 or so trades. But I know this my luck getting stretched and am fearful of using inverse RR for my first profit target. Perhaps in the next few trades I will start making PT1 the size of my full stop and see where how it goes.

Edited January 6, 2010 by ziebarf

[Marko23 10]

Didn't make it to 50%, out with +4 tick.

 

[Marko23 10]

The other possibility is still there

 

[fxThunder 10]

GU short - target reached