[patrader]

15m ES chart(lite blue support line from daily chart 1067.00)

[Mr_black]

Originally Posted by Mr_black »

Target 1 filled moving remaining 1 contract to BE next target 10000

Target 2 (10000 level) is hit and Mr_Black is out ......

[patrader]

240m ES chart

[patrader]

ES Daily chart

[thalestrader]

Crude finishes between the lows of the previous two day sessions.





Best Wishes,

Thales

[MidKnight]

Originally Posted by thalestrader »

Also, the first entry was far to premature for the expectations I set for the trade. I knew as much to expect at least one new low.

The second entry was too late to initiate the position (or at least not as favorable a position as I would have liked. The ideal buy point, had I been following properly, would have been a buy stop 125.35 or 125.65. Had I been paying attention, rather than slacking off sleeping, I would have liked to have bought at 125.35, added at 125.65, and raised the stop to 125.80 on the break above 126.25.

So, the results so far have more, in fact, everything to do with poor execution of plan on my part than on the plan itself.

For what its worth, my daughter told me to do just as you said I should do on the first trade - stop and reverse. But, I guess it just didn't matter enough to me. Perhaps I shall have to take this more seriously, and only initiate positions when I can do so as I would do in an account that mattered to me. In other words, I guess I should trade it as though my equity depends upon it, and not as though its just a $25 chip I found on the casino floor for a free drop in the slots.

Best Wishes,

Thales

Hi Thales,

While I can see why you are saying what you are about trades 1 & 2 of the OIRC experiment, I also know you have taken trades that look just like that (as per what is shown on the 15m chart, not including other contexts) before and they have worked. Had those trades worked out instead you might be using words like, the first entry might have been premature because it looked incomplete but I still felt the odds were good for a sizable pop. I was just chatting with some trader friends about systems vs discretionary trading last night. Systems take away a lot of the responsibility one feels for having a losing trade. It's almost an attitude of it wasn't my fault it was a loser, the system did it. But with discretionary trading every trade can be 'fixed' in postmortem analysis whether it be the entry, exits, management etc. It's the complete acceptance of the results that I think make discretionary trading so hard. I'm not saying you don't accept them, your post just reminded me of this conversation, maybe I've taken things slightly off track....

Back on track then....you know what I'm saying here, I am sure. The leverage you are using one needs to get very lucky immediately because there just isn't any leeway for negative outcomes that are part of the probabilities. I wonder why you want to use the leverage this high?

FX trading is tough because of its 24 hour nature. In my review I see a lot of very obvious trades but.....maybe not so many during the hours I am available. In the past I have tried living around this by setting alarms on the computer at key areas and basically sleeping whenever I can. Like Brownie commented the other day, this will burn you out. The idea looked good on paper to me, but in practicality, it nearly killed me The set and forget type approach can work, I think, but maybe it is harder with a tight style of play that doesn't allow for probes - what do you think?

With kind regards,
MK

[thalestrader]

Hi Folks,

This thread is called Reading Charts in Real Time. When I started the thread, here is how I conceived of its purpose:

Originally Posted by thalestrader »

I thought it would be interesting if we had a thread where we could all post charts of potential price moves in real time. These do not have to be actual trades you are taking. The purpose would be for us to learn from one another how to recognize these opportunities in real time. Therefore, when you post a chart, be sure to clearly state the direction in which you anticipate price to move, and the reason you are interpreting price action in that manner. This is not a thread for secrets, show-offs, or salespeople selling systems.

That's it - let us learn from one another how to recognize opportunities in real time. Why? Well, that is how you make book in this business - reading price at the hard right edge of the chart, so to speak.

Furthermore, these charts can represent actual trades, demo trades, or just plain old passing time watching the market go by ... so long as they are posted before, at, or very soon after the moment of decision. I do not care who is trading what, who is on demo, who is trading 2M BP for a hedge fund, or who is whacking out a few hundred a day on a 5K trading account, and who is posting from within the walls of the State Mental Hospital. And neither should any of you. The purpose is to learn. That is all. Again, from the very first post of this thread:

Originally Posted by thalestrader »

This is not a thread for secrets, show-offs, or salespeople selling systems.

I have kept nothing in secret. I do not believe I have done anything that could be called "showing off," and I have not, do not, and will not sell anything to anyone. I have been running this thread since June. I have not once done anything to direct anyone off the TL site. When folks have PM's me, I PM them back asking them to repeat their question in the thread. I have not taken advantage of anyone. Kiwi said recently in another thread that the reason the vendors leave so quickly from TL is because they cannot stay too long before they run out of stuff they can give away for free. Well, if I have ulterior motives, I must be the dumbest flippin' snakeoil salesman the trading world has ever seen as I have given away everything and I have nothing left to sell!

I have posted hundreds, and I mean hundreds of charts in this thread clearly showing entry, stop loss, and profit target before the moment of truth. I have posted hundreds more charts within ticks and moments of entry having been made. I have posted other charts, in hindsight, with the intention of making points or answering questions. If you do not believe I have done so, then you have not been reading this thread in real time.

I cannot help how others feel. Their issues are their own. But let me tell you this - I would bet you dollars to donuts that most of the people who find fault with our thread, and who would argue that the trades are not real, are themselves net losers. I say this because I maybe would have felt the same way back when I was not having such a good time with the markets as they themselves do today when they see these posts.

Another PM I received questioned why my trades do not show up when I post my Ninjatrader charts. For what its worth, I do not trade off of Ninjatrader. I use IB's TWS bracket trader and I use Transact's YesTrader. The fund I trade for has me on a version of Genesis Laser. I trade off the DOM associated with the platform I am trading on at the time. The only thing I use Ninjatrader for is charting and demo trading. My black and white charts are of markets I trade or at least follow. If you see colors on one of my charts, then I am probably demo trading that market or following it out of a temporary interest. I try to very clear whether or not I am taking a trade.

And I have certainly posted my share of losers in plenty of time for you to play along and lose right beside me. There is no way to screen my trades ahead of time. If there were, I would stop posting the losing trades and only post the winners.

This thread had an almost a perfect rating going into this afternoon. It is now down to a 4.62, no doubt because of a recent visitor who feels himself qualified to rate a thread he has not taken the time to follow. Well, that is too bad, because this thread is not for him and those like him, and that rating can help new visitors determine what may be worth a look from what is not worth a dime.

If you haven't rated this thread, now would be a good time for you to do so - Give it a 1 or give it a 5, but be honest with your rating, and rate it only if you feel you have followed it enough to do it justice. If this is your first time, or if you have just been passing through, then be fair to us and yourself, and skip rating it until you feel you know it well enough to do so.

If you do not believe what you see and read in this thread, that is fine. That just means that this thread is not for you. There is a thread out there for you, I promise you. So don't waste your time polluting ours. Get on with your search. I hope you find what it is you are looking for.

Best Wishes,

Thales

[MidKnight]

Originally Posted by thalestrader »

When folks have PM's me, I PM them back asking them to repeat their question in the thread.

I never received replies from any of my PM's

while true I do not mind, just trying to crack a grin