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thalestrader

Reading Charts in Real Time

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1/2 off

2nd half to BE

Final target looking for area of last 4th wave and 38% retrace of down move.

I should note that all trades today have been in sim. Just trying to get the hang of this thing!

5aa71064be94b_GBPCHF(15Min)3_24_2011.thumb.jpg.92a025cd8c4b678178c86457fc7c5b5d.jpg

5aa71064c7e5e_GBPCHF(15Min)3_24_2011halfoffupdate.thumb.jpg.05fe32e4e152585a7222b6963740bf64.jpg

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Not sure what happened here. I could have sworn the stop on the final 1/2 was at my entry but somehow I got stopped out at the first profit target level. I have had some funny things happen with this broker.

 

Total gain on trade: 0.63R sim

5aa71064d054d_GBPCHF(15Min)3_24_2011.thumb.jpg.933ae969921bc51874a29be1ad360b40.jpg

5aa71064d9aae_GBPCHF(15Min)3_24_2011halfoffupdate.thumb.jpg.bb2c79f9099e188254c647241f2e6ba1.jpg

5aa71064e1775_GBPCHF(15Min)3_24_2011final.thumb.jpg.5b8f523d5e845f4f46186667590a76c0.jpg

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Cory, I am somewhat new to Forex. I have been trading futures for the past two years. The fills and spreads in futures are very tight and consistent. With forex I have gotten a lot of weird fills both with live trades and sim trades. The attached chart is an example. It was in sim so it may not reflect what would have actually happened. My stop was way down there. I am not sure if this is my broker or if it is the way forex is. I recall reading about this type of thing somewhere in this thread.

 

What has been your experience? Who is you broker and do you like them?

 

By the way, I have read through the entire thread and followed your progress. Your entries have gotten very good over time. Feel free to critique my trades anytime. It would be an honor!

5aa71064ea5d9_USDJPY(15Min)3_24_2011question.thumb.jpg.745ff893680d3ddb1bc22237e5060bd0.jpg

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Looks like it went the other way. I actually managed to catch some of the move, albeit on the EUR/USD...I entered way late, but I jumped into the impulsive move (with a tight stop) and still managed to eke out about 1R...had I entered the trade at what should have been my entry, it would have resulted in about +2.3R...

 

(EDIT: I hesitated to post an after-the-fact trade, but I decided to anyway since it was basically an extension of the potential trade from the previous post. ;))

 

Hi Cory,

 

Good long there.. that move caught me off guard.. my short was stopped where you entered the long. btw are you cash now?

 

Cheers

 

JW

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Cory, I am somewhat new to Forex. I have been trading futures for the past two years. The fills and spreads in futures are very tight and consistent. With forex I have gotten a lot of weird fills both with live trades and sim trades. The attached chart is an example. It was in sim so it may not reflect what would have actually happened. My stop was way down there. I am not sure if this is my broker or if it is the way forex is. I recall reading about this type of thing somewhere in this thread.

 

What has been your experience? Who is you broker and do you like them?

 

By the way, I have read through the entire thread and followed your progress. Your entries have gotten very good over time. Feel free to critique my trades anytime. It would be an honor!

 

Hi todds,

 

I much prefer currency futures to spot fx...I hope to get back to futures someday. But, for now, to trade the small size I prefer, I'm stuck with forex dealers.

 

Make sure you know what is being plotted on the chart...the bid price, ask price, average of the two, etc. That's important when considering where to put your orders. If, for example, it's simply plotting the bid (which would be my guess), when you place orders above where price currently is, you'll need to take the bid price and add the spread +1 tick (or something along those lines).

 

Make sure you're aware of how your broker handles news and spread spikes. Oanda, for example, will spike the spread insanely (10-20 pips on major pairs!) for several moments during relatively insignificant news reports throughout the day.

 

If you genuinely believe that your broker is doing something fishy, you can always switch.

 

I'm currently with FXCM Micro. They're not necessarily the best (they could be, who knows), but I made the decision a little while back to quit broker-hopping and just focus on trading...it was a distraction. FXCM Micro is okay...the spreads used to be good but now they're not that great. They used to offer contingent OCO orders, but now they don't. At any rate, relative to other brokers, I don't have any major complaints. I've never experienced anything fishy either live or demo...and the demo has become more realistic in recent months now that it allows slippage (that's another thing...live or demo, one used to get virtually no slippage with FXCM Micro...no longer the case). If you want a demo account, you have to get a standard FXCM demo...FXCM Micro no longer has a demo (it's the same thing though, just a bigger balance and lot size). Typing all this makes me really miss the old FXCM Micro. haha. You don't know what you have until it's gone!

 

If I ever work up to a little size, I'd like to move to Interactive Brokers ECN forex...

 

Thanks for the compliment, but you give me too much credit...really. I have some good streaks but I usually get derailed. haha. I'm lacking real consistency. I've got issues. ;) That being the case, I really don't feel comfortable critiquing anyone else's trades...I fear I could do more harm than good.

 

I'm hoping to increase my posting here over the next couple weeks...no guarantee, though.

 

Cory

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Hi Cory,

 

Good long there.. that move caught me off guard.. my short was stopped where you entered the long. btw are you cash now?

 

Cheers

 

JW

 

If what you're asking is if that trade was taken with a live account with real money, no, it was not...that was on a demo account. haha...I wish I was trading live with that kind of size...someday...hopefully...

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Hi todds,

 

I much prefer currency futures to spot fx...I hope to get back to futures someday. But, for now, to trade the small size I prefer, I'm stuck with forex dealers.

 

Make sure you know what is being plotted on the chart...the bid price, ask price, average of the two, etc. That's important when considering where to put your orders. If, for example, it's simply plotting the bid (which would be my guess), when you place orders above where price currently is, you'll need to take the bid price and add the spread +1 tick (or something along those lines).

 

Make sure you're aware of how your broker handles news and spread spikes. Oanda, for example, will spike the spread insanely (10-20 pips on major pairs!) for several moments during relatively insignificant news reports throughout the day.

 

If you genuinely believe that your broker is doing something fishy, you can always switch.

 

I'm currently with FXCM Micro. They're not necessarily the best (they could be, who knows), but I made the decision a little while back to quit broker-hopping and just focus on trading...it was a distraction. FXCM Micro is okay...the spreads used to be good but now they're not that great. They used to offer contingent OCO orders, but now they don't. At any rate, relative to other brokers, I don't have any major complaints. I've never experienced anything fishy either live or demo...and the demo has become more realistic in recent months now that it allows slippage (that's another thing...live or demo, one used to get virtually no slippage with FXCM Micro...no longer the case). If you want a demo account, you have to get a standard FXCM demo...FXCM Micro no longer has a demo (it's the same thing though, just a bigger balance and lot size). Typing all this makes me really miss the old FXCM Micro. haha. You don't know what you have until it's gone!

 

If I ever work up to a little size, I'd like to move to Interactive Brokers ECN forex...

 

Thanks for the compliment, but you give me too much credit...really. I have some good streaks but I usually get derailed. haha. I'm lacking real consistency. I've got issues. ;) That being the case, I really don't feel comfortable critiquing anyone else's trades...I fear I could do more harm than good.

 

I'm hoping to increase my posting here over the next couple weeks...no guarantee, though.

 

Cory

 

Cory, thanks for taking the time to respond. I am starting to get how this thing works. I don't think my broker is doing anything funny, and they are an ECN, it's just a matter of getting used to how forex works. It's a little different than futures. Your suggestions have helped.

 

Reading through all 500+ pages of the thread was interesting because I was able to see how everything progressed. People come and go. You should look back on your early posts and compare to now. Your trades now look very much like those that Thales would take. I think it is just a matter of being extremely picky about which trades you take and which you pass on. I am learning that once one gets the general concepts about the entries, being ultra picky and only taking the ones that scream to be taken is the difference. The charts I posted recently have not been ultra picky but I just wanted to get something on the board. I am still working on this part of trading.

 

I hope this thread picks up again with the veterans. I was disappointed to see that it had slowed down after I got caught up, but certainly understand that people need a break. I do very much appreciate what Thales and everyone have contributed. They really could charge for this stuff. It has given me a whole new perspective on trading and led to other discoveries about price action.

 

Happy trading

 

Todd

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If what you're asking is if that trade was taken with a live account with real money, no, it was not...that was on a demo account. haha...I wish I was trading live with that kind of size...someday...hopefully...

 

keeping that kind of performance up you will soon enough!

 

cheers

 

JW

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I'm currently with FXCM Micro...They used to offer contingent OCO orders, but now they don't...

 

Contingent OCO orders (entry orders with a profit target and stop-loss attached) are back with FXCM! Yay!!

 

Now if only they could also go back to the old micro spreads...

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Here's a short that looks interesting in GBP/USD. I am just watching this one but I like the big down move preceding the correction. I would have preferred to see the shooting star candle in the blue circle nearer the top of the correction.

5aa710670af47_2011-04-06-TOS_CHARTS.pngGU15min.thumb.png.04c8307c52b163c278542ff5eaa32a87.png

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Here's a short that looks interesting in GBP/USD. I am just watching this one but I like the big down move preceding the correction. I would have preferred to see the shooting star candle in the blue circle nearer the top of the correction.

 

Here's another look at a short on the GBP/USD (larger degree of swing).

 

However, I wouldn't be opposed to a potential long in this area either...looking at the 4H chart, I can see where my "entry" could also serve as support in a resumption of the uptrend...

5aa710670f095_GBPUSD(15Min)4_6_2011.jpg.2684e1153c786a2a3cb3607380774580.jpg

gu4h.gif.7c5514e5fd3caae7867e177697460c1a.gif

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Here's a short that looks interesting in GBP/USD. I am just watching this one but I like the big down move preceding the correction. I would have preferred to see the shooting star candle in the blue circle nearer the top of the correction.

 

Even though I didn't take it it's nice to know they work sometimes. 1st PT, stop at BE

5aa710671c26e_2011-04-06-TOS_CHARTS.pngGU15min.thumb.png.e0c23b298834b1dfb47ac2cf6a320618.png

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I hope this one works because I am already in at lower levels on a daily time frame. I'll be really watching what happens at that light blue line though.

5aa71067247bc_GBPCAD(15Min)4_6_201115min.thumb.jpg.817306986d2ff7ddd7d39a7e8fcecfa2.jpg

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Here's another look at a short on the GBP/USD (larger degree of swing).

 

However, I wouldn't be opposed to a potential long in this area either...looking at the 4H chart, I can see where my "entry" could also serve as support in a resumption of the uptrend...

 

Indeed! A nimble trader should have been able to catch that long at the support...

5aa7106728a9f_GBPUSD(15Min)4_6_20112.jpg.ddb1553b0e1c13299d6a4b817c386d4a.jpg

gu4h2.gif.1188e5b7c3e2493f644a2c8ef93ab9ba.gif

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I like the story behind this one:

 

5 waves completed

Bouncing off of a Support zone

 

Ultimate target is retracement back to previous 4th and 50% fib area

5aa710673da69_GBPAUD(15Min)4_6_201115min.thumb.jpg.516029ecbff227b08184d97b2f65ad1c.jpg

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I like the story behind this one:

 

5 waves completed

Bouncing off of a Support zone

 

Ultimate target is retracement back to previous 4th and 50% fib area

 

Good story, unhappy ending. I bailed at -0.5R when the price action signaled a reversal on lower time frames. It still might work but I am taking Thales' cue to get out with minor losses when price doesn't behave as expected. Next!

5aa71067c6e42_GBPAUD(15Min)4_6_201115min.thumb.jpg.6dcff7ae5433d382afbd0ab7c2d49c75.jpg

5aa71067d080e_GBPAUD(15Min)4_6_201115minFinal.thumb.jpg.6a77a7ea6b576e174a29020b72d6104e.jpg

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I hope this one works because I am already in at lower levels on a daily time frame. I'll be really watching what happens at that light blue line though.

 

stop to BE. It's a slow mover but what you might expect for a retracement. Getting 1st PT would be nice.

5aa71067daa81_GBPCAD(15Min)4_6_201115min.thumb.jpg.5c0028872349b45ed9de238a5fd59440.jpg

5aa71067e338b_GBPCAD(15Min)4_6_201115minstoptoBE.thumb.jpg.11125d4d8445cd76acc08272347e0814.jpg

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stop to BE. It's a slow mover but what you might expect for a retracement. Getting 1st PT would be nice.

 

The 2nd PT is probably a little ambitious. It will likely need a big retracement before it gets there and I don't want to go through that. Took 1st PT and will trail stop for as long as she'll let me.

5aa7106807994_GBPCAD(15Min)4_6_201115min1stPTtrailingstop.thumb.jpg.bf91707b8696f8f4fadde3fc382908fc.jpg

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The 2nd PT is probably a little ambitious. It will likely need a big retracement before it gets there and I don't want to go through that. Took 1st PT and will trail stop for as long as she'll let me.

 

It never made it to 2nd target but the trade was good for +0.86R nonetheless.

5aa7106822d76_GBPCAD(15Min)4_6_201115min.thumb.jpg.dc14e056cc72e575957bce7e88746d2f.jpg

5aa710682b5f1_GBPCAD(15Min)4_6_201115min1stPTtrailingstop.thumb.jpg.72be07c0a738f60d4b7a314ac5d8e96c.jpg

5aa7106833910_GBPCAD(15Min)4_6_201115minfinal.thumb.jpg.1539f9b5591a651da27f37550ff6bdb7.jpg

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Here is something I will be following with great interest today. GBP/JPY is extended well beyond 1 std Deviation from the 800 SMA

I will short on a candle close below the TL on the 15 Min TF. The TP is over 400 pips away, SL is 14000 + spread... Nice R/R.

Here's the chart:

gj15mboss.thumb.gif.83b1ea0142a4ed90d267e565b7a1fbd3.gif

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here's a short I'm looking at on NZD/USD.

 

Update: 1st profit taken move stop for free trade

 

Update: wow, that wasn't very nice. I didn't expect it to retrace that whole down bar. Pretty much a BE trade.

5aa710684aa3a_2011-04-07-TOS_CHARTS.pngNU15min.thumb.png.42fda55ef975fffb3b8406e0b94700ed.png

5aa7106854581_2011-04-07-TOS_CHARTS.pngNU15min1stprofit.thumb.png.8bd8ccc6f506348f92c23293e6faa283.png

5aa71068643fb_2011-04-07-TOS_CHARTS.pngNU15final.thumb.png.4ac784dc94de7c3dfec8757ec08f858a.png

Edited by todds
update

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Todds,

 

Looks very inticing to me. what TP are you seeing?

 

I like the Weekly Pivot, as yet not hit, or , the 800 SMA about 12 pips above the weekly pivot. So far south you can't see either on the 15M chart.

What do you use for entry?

nu15m.thumb.jpg.e0e282ebf8766102e920e039c7d7412b.jpg

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Todds,

 

Looks very inticing to me. what TP are you seeing?

 

I like the Weekly Pivot, as yet not hit, or , the 800 SMA about 12 pips above the weekly pivot. So far south you can't see either on the 15M chart.

What do you use for entry?

 

Mystic, my entry is the blue line, stop is the red line and TP's are the green lines. I caught my first TP then it retraced the entire move on the next bar and stopped me out for a BE trade. See updated post above for the entire trade. Brutal!

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    • Those who take quick and payday loans and refuse to pay them back are now hooked.   Normally, it is not a good thing to go into debt unless that is your last resort. We know that people are fond of borrowing and they seriously hate paying it back. Even when it comes to paying back what was borrowed, your creditor will become your enemy. Such is the nature of human beings.   Debtors don’t want to return money even when they eventually have means of repayment. If anyone borrows money and returns it, it means the person has a Godly spirit in him.   If people ponder the power of compound interest, they would stay away from loans. If you pay 1.33% or 1.79% interest per month on a loan, you will need to pay back roughly 16% or 20% per annum. And this will begin to compound as long as you don’t pay.   Most borrowers who are now in trouble have realized that the interest rates are eventually higher than the capitals borrowed. They realize that the creditors are using an indirect way to enslave borrowers (go and work for me, bring back the capital plus profits).   The banks themselves know that business environment is very tough and are now indirectly asking people to work with or spend the banks’ funds and bring the funds plus profits back to them. Many borrowers really have poor mentality and they don’t know the gravity of what they’re putting themselves into.   If a bank could lend out 1 billion USD per annum, it would reap a return of 150 million USD (at least on paper). Do you think they will forget about you if you owe them even a small amount?   Loans without collateral are now popular. But your collateral is your BVN – unless you don’t want to operate accounts again in the country.   I have heard people saying” Don’t pay to my Access Bank account again, but pay into my UBA bank account.” “Don’t send that cash into my GTBank account again, but send it to Zenith Bank.” It’s like postponing the evil day.   Ti iya o ba i tii je eniyan, iya nri nkan panu lowo ni (Yoruba adage). I literally means: If Suffering has not come to attack you, it means Suffering is currently busy with something. If you think you can avoid payment by abandoning the account you used to borrow money, you’re only postponing the evil day.   They cannot come for you when your debt is small, but the debt will begin to compound and compound till it would make sense for them to come for you.   BAD NEWS FOR DEBTORS CBN has given banks permission to deduct from funds a debtor has in another bank account. For example, if you borrow quick loans from FCMB and you abandon your FCMB account and you are now operating another account with First Bank, FCMB can make a request to First Bank, and the money you owed will be deducted once or gradually from your account at First Bank, without your permission.   Would you now keep money at home, so that bad boys will come to you to take their dues?   Borrowing isn’t a good thing, no matter how plausible it looks.   Profits from games of knowledge: https://www.predictmag.com/   
    • LITECOIN (LTC) SUSTAINS RECENT RALLIES, FACES RESISTANCE AT $90 HIGH Key Highlights Litecoin rallies to the high of $90 The crypto may be range-bound between $80 and $90 Litecoin (LTC) Current Statistics The current price: $89.20 Market Capitalization: $5,900,735,267 Trading Volume: $7,953,660,011 Major supply zones: $70, $80, $90 Major demand zones: $50, $30, $10 Litecoin (LTC) Price Analysis November 24, 2020 Litecoin has continued its rallies as the coin reached a high of $89.86. LTC price has been making a series of higher highs and higher lows. The upward move has been facing resistance at $90. On the upside, if buyers can push LTC above $90, the coin will rally above $100 high. However, if buyers fail to resume the upside momentum, LTC will be compelled to a sideways move for a few days. If the uptrend is resisted the coin will be range bound between $80 and $90. LTC/USD – Daily Chart Litecoin (LTC) Technical Indicators Reading LTC price broke the resistance line of the ascending channel. This indicates a further upward movement of the coin. The crypto is at level 74 of the Relative Strength Index period 14. It indicates that the coin is in the overbought region of the market. LTC/USD – 4 Hour Chart Conclusion Litecoin has made an impressive bullish run on the upside. Nevertheless, the retraced candle body on October 31 tested the 61.8% Fibonacci retracement level. It indicates that the coin will rise to a level of 1.618 Fibonacci extension level. This extension is equivalent to $70 high. Meanwhile, the price action is above the projected price level. Source: https://learn2.trade 
    • XRP/USD PULLS BACK AT RESISTANCE LEVEL OF $0.72 XRP/USD MARKET NOVEMBER 26 After the price retracement, it may resume its bullish trend and the resistance level of $0.79 and $0.88 may be reached. Below the current price, the level is found the support levels at $0.55, $0.44, and $0.39. However, the relative strength index period 14 is at 70 levels bending down to indicate a sell signal which may be a pullback. KEY LEVELS: Resistance levels: $0.72, $0.79, $0.88 Support levels: $0.61, $0.55, $0.49 XRP/USD Long-term Trend: Bullish XRPUSD is bullish in the long-term outlook; the crypto soars towards the north by the strong bullish momentum. The bulls’ momentum breaks up the resistance levels of $0.28, $0.33, and $0.36. The price has tested the resistance level of $0.79 on October 24. The price pulls back to retest the broken level of $0.61. Today, the XRP market is dominated by the bears and the daily candle is bearish. The price may increase further after the pullback. XRPUSD Daily chart, November 26 The two EMAs are located below the coin and it is trading far above 9 periods EMA and 21 periods EMA which indicate a strong bullish momentum. After the price retracement, it may resume its bullish trend and the resistance level of $0.79 and $0.88 may be reached. Below the current price, the support levels is found at $0.55, $0.44, and $0.39. However, the relative strength index period 14 is at 70 levels bending down to indicate a sell signal which may be a pullback. XRP/USD medium-term Trend: Bullish The bulls dominate the XRPUSD market. Immediately after the breakout from the consolidation zone, the bulls push the price high above the September high. It is currently pulling back at the resistance level of $0.72. The price is testing the support level of $0.55 at the time of writing this report. In case the just mentioned level does not hold, there will be a further price reduction. XRPUSD 4-Hour chart, November 26 The price has penetrated the two EMAs downside and it is trading below 9 periods EMA and 21 periods EMA. The fast-moving EMA is trying to cross the slow-moving EMA downside. The relative strength index period 14 is pointing down at 50 levels which connotes a sell signal and it may be a pullback.   Source: https://learn2.trade 
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