[thalestrader]

Hi Folks,

Here is current 15 minute EURJPY worth pondering.

Best Wishes,

Thales

PS Courtesy of my little girl - she loves the "EuroYen"

[forrestang]

Just found this, this is a great thread Thales, very practical!!!

Will read it.

[thalestrader]

Originally Posted by forrestang »

Just found this, this is a great thread Thales, very practical!!!

Will read it.

Thank you. I hope you find it useful.

Best Wishes,

Thales

[Dinerotrader]

Originally Posted by forrestang »

Just found this, this is a great thread Thales, very practical!!!

Will read it.

I totally agree forestang. I keep meaning to start posting on it but get bogged down at my day job. This thread could grow huge and be even more beneficial if we can get more posting to it with. Thales' stuff alone is so good.

[BlowFish]

Seems that it would be a good place to post up and coming 'levels' as was discussed in the Al Brooks thread.

[forrestang]

I have a few questions. I would appreciate comments from anyone.

1) How does a trader pick the bias for going long or short....as someone mentioned in the other thread, I sometimes feel like I'm guessing?

2) Is it ever useful to place orders on both sides of the area of consolidation?

3) The actual zone to trade the breakout, does it actually have to be a rectangle of some sort?

4) Do you collect your levels, or do you just basically trade what you see on the screen?

5) Stops - do we just look for some sort of swing high or low to define these 'natural' stops?

6) Are breakout charts more useful than a time based charts?

Again, I am in agreement with Blow and Morgan, that this is an extremely useful and PRACTICAL thread. So if ANYONE has insights into the above questions, please post.

Forrest

[thalestrader]

Originally Posted by forrestang »

I have a few questions. I would appreciate comments from anyone...

Good questions, and I'll contribute a few comments later but right now I'm short on time.

But I think this thread by Db is an excellent place to start re-orienting yourself to identifying S/R: http://www.traderslaboratory.com/for...html#post69836

I'd also recommend a look at the chart Db posted here on post #134, page 17 of the following thread: http://www.traderslaboratory.com/for...t-3843-17.html

Best Wishes,

Thales

[forrestang]

Some things I was looking at. No urgency here, just throwing ideas I have into the conversation.

Will post charts of the NQ.

I was just playing around with some playback files trying to trade breakouts. Didn't do so well. But I was pretty much looking to take a trade anywhere, no matter if it occured near significant S/R or not.

So stepping back looking at a time frame with less noise, i.e. the 10K CVB chart.

You can see I've got 3 charts to look at, 5 min, 5tick breakout chart and a 10K CVB chart. Not sure which chart between the breakout chart and the 5min chart as to which will make the best chart for intraday candidates?

Looking for areas of congestion/consolidation and S/R on the 10K chart.

Right now, price closed Friday right in the middle of that box shown. Seems like good trading conditions will occur at the extremes of the box. Will look for opportunities, which ever way they begin to develop at those extremes?

So in my mind, there seems to be 3 clear opportunities.....

IF PRICE REMAINS INSIDE THE RANGE:
There will probably be opportunities to fade the range as price finds its value vascilating in between.

IF PRICE BREAKS ABOVE:
If price approaches that 1427 area, and breaks above, can expect move towards the next resistance area @ 1446.

IF PRICE BREAKS BELOW:
If price goes below, the short term support area is 1392 (which really isn't much room to move).

Below that is resistance of 1388, from the 27th of may. Below that is 1377 from the 25th of May.

Below even farther is 1341 found around that same time frame in May.

I will try to catch this real time and post whilst trading if any of these conditions unfold.

BTW...this logic could be completely wrong, but I am just throwing ideas out there.

Forrest