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thalestrader

Reading Charts in Real Time

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I downloaded and read the George (must be a Dyslexic writer) Taylor book over the weekend.

The way I do these things is to read it makes some notes. Put it down and leave it for a week let the subconscious work on it, then try again (and possibly again) as Thales said you need the "aha" moment.

So far my take is he provides an interesting take on the structure of how a market moves, that if you can get into sync with it can certainly help with visualising the flow of the market, and objective points. This can really hep a trader pre plan the next days likely action.

My first thought is not to think too much in terms of days as he talks about - but in terms of swings and flow of the market (especially not with near 24 hr trading)

I may be wrong here but I think Thales hints at this with the hint of looking at highs, lows, and the moves between them.

If I find it fits in with my mindset, I get the aha moment and find it adds value the associated website certainly looks a great tool to save me the work of trying to crunch numbers myself.

lets see what the future holds.

 

You will certainly find value in Taylor, his work is genius, he understood market manipulation like no other, was obviously a trader first and a writer last, don't think he scored much at writing essays in school:)

 

Where most people goof up is due to designation of days as BUY,SELL, SELL SHORT days, he could have just called them Day1, Day2, Day3, it is the cycle that is of paramount importance, do not make the crucial mistake of fitting the days action into the cycle.

If once you get the hang of the rules that govern each day, then the focus is on the primary play for the day, this is what the big boys do.

The exact calculations of the projected levels etc are important but you don't have to get into that if you don't want to, for a very small subcription you can obtain all that plus much more from Richbois.

I am in no way promoting his service for I have learnt to keep the book, albeit not to the same standard and sophistication as Richbois who obviously is adept at programming in Excel:)

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If once you get the hang of the rules that govern each day

 

I need to go back through that TTT thread to see if anyone ever listed out the rules you mention above. I spent an hour last night trying to get something from one of Taylor's chapters and it was painful.

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I wrote a small document tittled The Guide to Trading TTT E-Books. My English is a little better than Taylor's (at least I have an excuse as English is my second language) :)

 

I believe that it is a usefull brief resume of Taylor's book.

 

If any of you is interested, please email me at rich@taylortradingtechnique.net and I will be happy to send you a copy.

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Oil

 

We haven't seen a big volume push today. I'm expecting some sort of break either above or below this consolidation area.

 

Lots of resistance. A big player is going to have to make the move to get a good break.

 

attachment.php?attachmentid=19762&stc=1&d=1267547896

5aa70fdf5b26a_3-2-201002.thumb.png.599dd69511c4c1833e9ff875b2f7924a.png

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I spent an hour last night trying to get something from one of Taylor's chapters and it was painful.

 

Then you are on the right track ...

 

I really do suggest that you try to get your understanding by reading Taylor directly, rather than what anyone else has to say about what Taylor may or may not have meant. It is painful, I agree. My currency trading friend (also a TTT user) calls Taylor "tortuous" to read. But tortuous as it may be, no service or internet forum can substitute the understanding that can only come from directly wrestling with the original book itself. Do not be in a hurry to make it a part of your trading. You are doing fine without it. I think it can only help, if you approach it properly. But it will only cause harm if you try quickly to incoprate it based upon an incomplete or flawed understanding.

 

Best WIshes,

 

Thales

Edited by thalestrader

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Oil

 

We haven't seen a big volume push today. I'm expecting some sort of break either above or below this consolidation area.

 

Lots of resistance. A big player is going to have to make the move to get a good break.

 

...and BINGO was his namo! :rofl:

 

attachment.php?attachmentid=19765&stc=1&d=1267548966

5aa70fdf73436_3-2-201003.png.9396e5c98491976fff7d7239982cdd03.png

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Here is my CL play of the day at the moment - short at 79.40 (yesterday's break down point), with a stop loss one tick above this morning's 79.48 high - risk is 9 ticks.

 

Profit target is 2 Bills at 77.40 - 200 ticks ...

 

I would have rather this took place after the pit opens at 9AM EST, but, you got to take them when they are offered.

 

 

 

attachment.php?attachmentid=19739&stc=1&d=1267535648

 

 

 

Best Wishes,

 

Thales

 

 

 

Was looking for the same trade, a short at 79.40. Would have been a nice flip of the breakdown area from yesterday. I didn't get the confirmation I wanted and stayed out. I'm looking for a short up here near 80.48 now.

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I haven't been able to post in a while but i've been keeping an eye on things thanks to all the contributors. makes for excellent reading.

 

here's a longer term trade on gold...inspired by reading trader vic at the moment.

5aa70fdf7a529_gold2310.thumb.gif.7071159f7f32140b4050ddd9f6e20bad.gif

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Was looking for the same trade, a short at 79.40. Would have been a nice flip of the breakdown area from yesterday. I didn't get the confirmation I wanted and stayed out. I'm looking for a short up here near 80.48 now.

 

I hear you on the short - test of yesterday's high was nearly a given once price tried twice and failed to break and hold back below yesterday's break down level. I have a buy stop at 80.51 as well, though it is getting late in the day for me as I have to be at my daughter's elementary school for an assembly program at 1:30 ...

 

Best Wishes,

 

Thales

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I haven't been able to post in a while but i've been keeping an eye on things thanks to all the contributors. makes for excellent reading.

 

here's a longer term trade on gold...inspired by reading trader vic at the moment.

 

Hi motion100,

 

I like your gold chart. I added to my longs yesterday and today, adding to an initial position established by an earlier 123 type entry from about a month ago - 123's are the gift that keeps giving ...

 

Gold also looks as though it may be setting itself up for a rally ...

 

attachment.php?attachmentid=19134&stc=1&d=1265855003

 

attachment.php?attachmentid=19135&stc=1&d=1265855003

 

Best Wishes,

 

Thales

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I hear you on the short - test of yesterday's high was nearly a given once price tried twice and failed to break and hold back below yesterday's break down level. I have a buy stop at 80.51 as well, though it is getting late in the day for me as I have to be at my daughter's elementary school for an assembly program at 1:30 ...

 

Best Wishes,

 

Thales

 

That would likely be a nice BO to the upside if price can break through the 80.48 area. I'm currently trying to play a short off of that level, thinking we may retest 79.40. It's not going well at the moment though!

 

20100302-bi1m3u5hr2q98ximtkgh3hcxyf.preview.jpg

Click for full size - Uploaded with plasq's Skitch

 

20100302-qcka1qe71gsjft1asmrx67phty.preview.jpg

Click for full size - Uploaded with plasq's Skitch

 

Just got filled and am down a few ticks.

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Just got filled and am down a few ticks.

 

Hmmm ... not what I expectfrom jonbig, that's for sure. A sell limit a few ticks on the short side of 80.48 with a stop loss a few ticks on the long side of it should have been the play, don't you think?

 

Best Wishes,

 

Thales

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Hmmm ... not what I expectfrom jonbig, that's for sure. A sell limit a few ticks on the short side of 80.48 with a stop loss a few ticks on the long side of it should have been the play, don't you think?

 

Best Wishes,

 

Thales

 

Yeah I got burnt on that one haha. As you said, should have played it closer to 80.48.

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There that BO haha. My stops at BE. Figure if it wants to pullback and flip 80.48, I can get long there.

 

20100302-rt9quwhyaywa2tmxew4dt2hwdc.preview.jpg

Click for full size - Uploaded with plasq's Skitch

 

That was a strange ride. I managed to get in on the break out, though with worse fill than Thales entry. Price quickly fell back and I went out BE. It has sice fallen back through the R I was hoping for it to flip. Hmm. Sitting on hands now.

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question for the OIL traders

 

do you use the full 24 hours of data or only the pit session which I believe is from 9AM to 2:30PM EST

 

Thanks

 

I normally only consider pit hour price action in my trading analysis so I do have opening gap up/down considerations.

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question for the OIL traders

 

do you use the full 24 hours of data or only the pit session which I believe is from 9AM to 2:30PM EST

 

Thanks

 

I use 24 hour high/low 9am to 9 am ...

 

Best Wishes,

 

Thales

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question for the OIL traders

 

do you use the full 24 hours of data or only the pit session which I believe is from 9AM to 2:30PM EST

 

Thanks

 

I use the whole session. There seems to be some good action at night.

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Great intraday volatility. Unable to take out the previous days developing R 1.4980 - 1.5000 area does not bode so well for my 'capitulation theory'. Despite having yesterdays buy zone a little inaccurate, I will stick with this theory until PDL is exceeded and holds.

 

Keen to buy in the 1.4850 - 1.4900 area, but maybe this is in the process of making HLs, if that is the case, it is possible to buy in the 1.4910/30 area. Any longs taken down here will be out of 1/2 before breaking the R stopping at 1.5016 with a ultimate target way up into 1.51. If the market instead breaks out of the immediate R, then I'll be looking to buy a flip as it tests it for S. Ultimate target for this again would be the 1.5100/40 area.

 

I'm having difficulty seeing short scenarios. That may be a huge warning sign! Stay alert for the possibility that my long bias blinds me to the short side. A classic warning would be too many losing longs, stay open minded today for the possibility that my theory is wrong! Any short taken will just be scalps unless we clearly break the 1.4850 area and then come back to test it.

20100303_plan_240m.thumb.png.656909470350a100b20d744f3b3ca463.png

20100303_plan_60m.thumb.png.98a19e0bf1405806450392ba08e8aa25.png

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