[thalestrader]

Hi Folks,

This has turned out to be a far sleepier thread than I thought it would be. But reading charts from the "hard right edge" as they say is what this business is all about, so I'll carry on for a bit longer.

The first two charts, BNI (+30 cents) and AET (+06 cents) are trades that are finished and in the books.

The next two show AKS and NUE consolidating at the highs of the day, and may be long trades for me later in the day (while not a hard and fast rule, I try not to enter new positions between 11:30 am and 1-1:30pm unless the move is exceptionally strong).

The last chart shows HUM, and the sometimes result of trading breakouts to new highs/lows. I didn't take HUM, as I saw it after the fact, but I would have been tempted to trade that breakout (which would have resulted in a quick loss.

Best Wishes,

Thales

[thalestrader]

Originally Posted by thalestrader »

The next two show AKS and NUE consolidating at the highs of the day, and may be long trades for me later in the day (while not a hard and fast rule, I try not to enter new positions between 11:30 am and 1-1:30pm unless the move is exceptionally strong).

NUE false breakout - I didn't take that one either (but not to worry, I do my part to take more than my share of fakeouts!)

[thalestrader]

This stock should see 7.25 before the end of the day, and it might see 0.

[thalestrader]

Originally Posted by thalestrader »

This stock should see 7.25 before the end of the day, and it might see 0.

Looks like it has been halted - I hate when that happens.

[Dinerotrader]

Thought I would give ths a shot. I am not trading this with real money. My green line show where a new high broke out and would have been my buy point. The red lines shows where my stop would be and the blue lines shows where I think upper resistence might come based on prior days resistence. I would set a sell at the blue line in order to just take profits and move onto the next trade. Hopefully my attachment worked.

[thalestrader]

AET, a long from this morning is now a short trade, as is NUE, a potenital long from this morning (had a false bullish breakout).

[thalestrader]

I wanted to post this 6B (Pound Futures) or GBPUSD short trade as it was setting up, but I was busy getting a bunch of orders entered. It has progressed nicely while I was trying to annotate the chart.

First chart is the GBPUSD as the trade got started, and the second is the futures contract 6B (it has reached first support/profit target).

[Dinerotrader]

Everything has turned to the downside over the past hour so short positions would be what I am giving more attention to. Would you agree?