Reading Charts in Real Time

[thalestrader 14]

Just thinking out loud ... GBPUSD hovering above midpoint of recent range, eventually it will test one end or the other of it, right?

 

GBPUSD has broken toward the upper end of its recent range ...

 

Best Wishes,

 

Thales

[thalestrader 14]

Hi Folks,

 

We've noted the 134.30 - 134.50 level on the EURJPY has a posible rally target/resistance level. Price has traded into this level, and a potential short opportunity is presenting itself on the 15 minute.

 

Best Wishes

 

Thales

[Cory2679 11]

Hey guys,

 

I got on at 9:30 AM EST and I haven't really seen anything worth posting/taking so far with what I'm watching (with my "untrained" eye). I could have easily missed something, though.

 

I've attached a potential EU long opportunity...

 

-Cory

Edited January 11, 2010 by Cory2679

[thalestrader 14]

We've noted the 134.30 - 134.50 level on the EURJPY has a posible rally target/resistance level. Price has traded into this level, and a potential short opportunity is presenting itself on the 15 minute.

 

That takes care of PT1.

 

Interestingly I see that the Gain data on Ninja show a higher high by a tick on the little run up, but FXCM does not.

 

Best Wishes,

 

Thales

[Cory2679 11]

...I haven't really seen anything worth posting/taking so far with what I'm watching...

 

I guess hindsight would tell I should have taken this. I was obviously watching the EJ, especially because of Thales's post, but I thought it had maybe fizzled out and wasn't looking ideal. :doh:

[Cory2679 11]

That takes care of PT1.

 

I'm surprised you held through that run up. It was pretty impulsive relative to what price had done for the last 30 minutes. I would have been really uneasy, if not pulled out.

[forrestang 10]

Tentative NQ Long. I may be chasing ghosts given the fast and furious move down?

 

But, I think we may be extended a bit, and currently waiting for a HL to be put in place. There were other possible entries but the stops where too large. So this picture may change if price doesn't break through the 2 point shortly.

 

 

-------------------Update(10:53EST)---------------------

In the trade, tgts and stops set.

 

-------------------Update(11:08EST)---------------------

Stopped

 

-------------------Update(11:38EST)---------------------

It's lunch time and this might be accum or something so chop could occur. But here is re-entry

Edited January 11, 2010 by forrestang

[thalestrader 14]

That takes care of PT1.

 

And that takes care of PT2

 

 

Best Wishes,

 

Thales

[patrader 10]

http://www.sierrachart.com/userimages/upload_2/1263225233_90_UploadImage.png

[Cory2679 11]

I've attached a potential EU long opportunity...

 

Woohoo!

 

I traded a little bit smaller size on this. All my charts were falling and I was getting long. We had printed a lower-low. I just felt like it wasn't the highest probability trade. I guess live and learn...

[thalestrader 14]

I'm surprised you held through that run up. It was pretty impulsive relative to what price had done for the last 30 minutes. I would have been really uneasy, if not pulled out.

 

My daughter took it in her account, and she had logged in on her computer. She got lucky, because I was wrapped up in other things, and had we logged her in on my work station, I probably would have taken her out (don't worry - she is in school - her order was filled before 8 AM so she went to school with an open trade).

 

By the way, I am not trading my own little micro yet. Probably in a day or so. I am trying to decide on whether I will trade it cowboy style (5%/trade risk), rodeo clown cowboy style, or super crazy rodeo clown style. Hwever, when I do start trading it, I plan on trading it more like jonbig style and sit on my hands rather than play with my stops while in the trade. It is, after all, an exercise in position sizing more than anything else.

 

For now, I am trading 6E, 6B, 6J for my own account, and I am long the 6E at 1.4528, which is the same opportunity you showed in your EURUSD post.

 

Best Wishes,

 

Thales

[patrader 10]

http://www.sierrachart.com/userimages/upload_2/1263225587_37_UploadImage.png

[fxThunder 10]

Been battling to get onto this forum all day.

 

Update on GU long: closed it for more or less +50ticks.

 

Charts attached herewith.

 

Cheers,

eNQ

[daedalus 10]

Did a lot of backtesting over the weekend and decided to start using smaller initial stops. The trades I usually take are pretty good and if they are going to work, they work right away, thus having a larger initial stop is usually not necessary at all. However, when I get caught in a bad setup, I leave too much exposed and get hit for a bigger loss than necessary. So I changed my rule set over the weekend.

 

But like any change to your method the first trade you do with the new rules always seems to come back in your face and put doubt in your mind. Ain't that always the way?

 

So I had two trades this morning, both in the 6E - as you can see I bought the same move basically twice (but on different timeframes and setup logic). My stop was placed at the 50% retracement and was taken out for a -4 tick loss. Had I kept my stops outside the swing low it would've been a winner. However, I got back in on the actual breakout and got +6 out of the move to put me at net +2 - yay.

 

I still reiterate that the smaller stops are a better choice for me personally. Wish there was more to walk away with today, but nothing else developed as per my rules. Hope you all did MUCH better (not hard to do!).

 

Cheers!

[forrestang 10]

Tentative NQ Long. I may be chasing ghosts given the fast and furious move down?

 

But, I think we may be extended a bit, and currently waiting for a HL to be put in place. There were other possible entries but the stops where too large. So this picture may change if price doesn't break through the 2 point shortly.

 

]

 

-------------------Update(10:53EST)---------------------

In the trade, tgts and stops set.

 

 

-------------------Update(11:08EST)---------------------

Stopped

 

-------------------Update(11:38EST)---------------------

It's lunch time and this might be accum or something so chop could occur. But here is re-entry

 

Another real time re-entry attempt. I added to my prior post. If this doesn't pan out that's probably it for today. As I was worried about the first trade, the way we're consolidating this could either be accum or re-distribution, so i expect chop. The problem is my stop is IN the chop zone, just like my first entry attempt. Get what I'm saying?

 

-------------------Update(12:08EST)---------------------

Getting a bit of cooperation and since we have moved out of what I have deeemed the chop zone, I have moved my stop up shown by the new red line. I am so tempted to close out and erase my losses with a small profit on the day....aaargh. At BE +1 now.

 

 

-------------------Update(12:46EST)---------------------

Stopped at BE.

Edited January 11, 2010 by forrestang

[thalestrader 14]

We've noted the 134.30 - 134.50 level on the EURJPY has a posible rally target/resistance level. Price has traded into this level ...

 

S/R ...

 

Best Wishes,

 

Thales

Edited January 11, 2010 by thalestrader
added updated chart

[Cory2679 11]

Going the other way now...

 

EU Short...

[thalestrader 14]

6B(GBPUSD) - here is the one I'm stalking: Sell stop at 1.6110, stop loss will be about 30 ticks, with a profit target at 159.80.

 

 

Best Wishes,

 

Thales

[thalestrader 14]

Update on GU long: closed it for more or less +50ticks.

 

Excellent!

 

So was it more, or was it less?

 

Regardless, anytime you pull 50 ticks out of the market its a good thing.

 

Best Wishes,

 

Thales

[Cory2679 11]

...EU Short...

 

Stop moved. Not looking very promising.

 

Guess maybe I shouldn't have faded that explosive upmove.

[fxThunder 10]

Excellent!

 

So was it more, or was it less?

 

Regardless, anytime you pull 50 ticks out of the market its a good thing.

 

Best Wishes,

 

Thales

 

Thanks Thales!

 

It was +56 ticks, to be more precise.

 

I am certainly happy with the result!

 

Cheers,

eNQ

[Cory2679 11]

Stop moved. Not looking very promising.

 

Guess maybe I shouldn't have faded that explosive upmove.

 

Maybe I shouldn't have, but I did, and I got lucky!

 

PT1 hit. Stop moved to BE second half.

 

EDIT: Woops, I forgot to attach the image...

Edited January 11, 2010 by Cory2679
Typo + Forgot Image

[Cory2679 11]

PT1 hit. Stop moved to BE second half.

 

Second half was stopped at PT1...not really a great technical reason...I just hate to see trades that hit PT1 work their way toward PT2, only to come back and reduce the average ticks of the trade...it seems to happen more often than not. I'm battling with whether just to have 1 PT. I've gone back and forth. You'll notice my charts vary.

 

6B(GBPUSD) - here is the one I'm stalking: Sell stop at 1.6110, stop loss will be about 30 ticks, with a profit target at 159.80.

 

I was very tempted by this. I had my order in for the longest time, but I just pulled it. I don't know if I have the patience for that. Maybe if it were earlier in the day, but I have a feeling that trade would take hours...might not even hit PT until Tokyo!

 

I'm just going to quit now. I'm 2 for 2 today, and I'm happy.

 

I have the night free so I'll actually probably be on for the first part of Tokyo. I may just watch, but if a nice opportunity presents itself, I might place a trade. We'll see.

 

-Cory

[MBAGearhead 10]

Thank you for the share! Do you trade the mini-R2K? If so, I think it would be great if you were to post the opportunities you find there.

 

I trade it sometimes. Also, ES, ZS, 6E, 6B, 6J, CL...

 

Here's a current look at mini-Russ. Could break either way (or just die into the close). Note: I'm just watching this.

[forrestang 10]

-------------------Update(12:46EST)---------------------

Stopped at BE.

 

Still liking this area.

 

Update---2:00EST

Out BE this thing just not moving for me.

Edited January 11, 2010 by forrestang