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Price Action and Trading Discussion

Quoting jibjib210
Lol obviously you are much more experienced than i am and it sounds so much better better in theory than when practised.

I obviously did start out playing demo accounts, blew a couple of those till i got the hang of it. After i tripled my account in about 8 months i dont think i cant take it seriously anymore. There is no risk involved and like you pointed no emotions. In demo you can take any trade and be carefree where as in live you have emotions attached to it.

I believe i am pretty good when it comes to risk managment. Now and on my demo...
Absolutely, although not ideal. You are very correct that live trading emotionally is very different and it can not be learnt on demo, you will only every experience those emotions when trading live. But it is the discipline that can be learnt on demo.

But if you are still blowing accounts then if that was me I would still be trading demo. Or at the very least only be trading be capital that I am comfortable losing while you are learning. You have many years in front of you and the markets are not going anywyere. Most at the age of 17 would not even be thinking about the markets.

Trading most certainly is not easy. But can be very rewarding.
Quoting DarkWolF
Ya just a little bit higher was what I would ideally have liked. Then seeing a good bar that I could have entered below.

Ok now you just went long on it. What was the reasoning ? was there any particuar reason, and chart pattern, any support and resistance or was it simpy because you think it will move back ?
Haha after analyzing further i believe it was more of a revenge trade. On daily chart it made double bar high low close as well as a BEB.

On the flip side its been making hi lows since febuary. Also there is resistance at the bottom of the big bar it created on daily today. Big bar alongside the resistance usually tends to be a retracement i noticed.

The trade could have gone either way it was not the best trade i agree.
Quoting DarkWolF
Absolutely, although not ideal. You are very correct that live trading emotionally is very different and it can not be learnt on demo, you will only every experience those emotions when trading live. But it is the discipline that can be learnt on demo.

But if you are still blowing accounts then if that was me I would still be trading demo. Or at the very least only be trading be capital that I am comfortable losing while you are learning. You have many years in front of you and the markets are not going anywyere. Most at the age of 17 would...
HAHA thanks alot i much appreciate your advice. Dw i am not betting my life savings i got university tuition to worry about next year . I am trading pocket change knowing if i cannot handle a few bucks here and there no way will i be able to handle a big account .
btw, what is your intake on eurgbp. It made a pin bar on the daily chart but closed above resistance. Though on the H4 bar that just closed 5 mins ago it made a BEB as well as closed below resistance?
Quoting jibjib210
HAHA thanks alot i much appreciate your advice. Dw i am not betting my life savings i got university tuition to worry about next year . I am trading pocket change knowing if i cannot handle a few bucks here and there no way will i be able to handle a big account .
Good to hear. And that is absolutely the right attitude to have

And as we know anthing can happen with the marekets, the market will do what the market will do no matter how good our analysis is.

The EA short has a very good possibility of heading down. The over all daily trend has been down and we are at the toppish area of the current range. All factors that will be going in favour of your analysis, peronally I just like to be a bit more conservative.
Quoting jibjib210
btw, what is your intake on eurgbp. It made a pin bar on the daily chart but closed above resistance. Though on the H4 bar that just closed 5 mins ago it made a BEB as well as closed below resistance?
EG is one that I do keep an eye on. There have been many potential entries on this pair that I have passed up, I do not know why but its one of those pairs that I am cautious to trade.

It is certainly looking promising and it is trending down nicely it has broken out of the long term range that it was in and is likely to continue down I would say. All things point to down and trading in the direction of the trend is always the best option. The PB from a few days ago was probably the better option as it spiked up nicely away from the current price almost to the lows of the range.

More often than not I simply dont trade this pair but it is no doubt looking pirme for short.
Gotta take off wont be back unitl around about the NY session start.

Good luck with those trades Jib.
shorted eur/gbp as well. Thats enough trading for one night. Guessing that pair to you is one of those unlucky pairs that never goes the way you want it no matter how gud it looks :P?

Yes good night sir talk to you later. Thanks a ton for your help. By the looks of it you have around the same time frame as me I am heading for some homework and sleep as well. See you around the NY session
Quoting jibjib210
shorted eur/gbp as well. Thats enough trading for one night. Guessing that pair to you is one of those unlucky pairs that never goes the way you want it no matter how gud it looks :P?

Yes good night sir talk to you later. Thanks a ton for your help. By the looks of it you have around the same time frame as me I am heading for some homework and sleep as well. See you around the NY session
Looks like both those positions ended up going well for you Jib, EA came down nicely

Good work.
Thanks, EA retraced though am currently up 50 pip total all 3 trades.

My hands tied now just sitting back and letting the market do work itself it can easily retrace and hit SL, not out of the woods yet .

Though eurgbp looks clear if it closes below the resistance on the daily. Thoughts on adding another lot?
Quoting jibjib210
Thanks, EA retraced though am currently up 50 pip total all 3 trades.

My hands tied now just sitting back and letting the market do work itself it can easily retrace and hit SL, not out of the woods yet .

Though eurgbp looks clear if it closes below the resistance on the daily. Thoughts on adding another lot?
Adding to postitions is not something that I would normally do unless I have a BE already in place and get another good entry signal on the same pair
no good trades coming along dark?
Quoting jibjib210
no good trades coming along dark?
Hi Jib,

Hasnt been too much going on for me as late on the longer term charts. Everything is pretty much sideways or choppy.

There are few that are starting to break out of the ranges so it will now be a waiting game to see what happens from here, see if we can get a decent pullback move with a good reason to enter.
Has been a break of the sideays market, now the waiting game to see if that area can hold or if the RN area will simply push price back into the range again.

Only concern on a retrace will be it will still have the RN area to contend with unless we can see a further break down with a retrace to the RN area acting as resistance.
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Similar story to the NZDUSD with price breaking the sideways market action.

This one I like a slightly better as it has the ability to have the bottom of range confluenced with RN area as resistance rather than retracing and having to contend with the RN again.
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I posted this one at the end of last week also. There is some potential on this pair but some patience will be needed to see how it plays out.
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Slowly starting to go in my direction.

Looking for the lows of the current sideways action to now hold as resistance.

As the market goes, sideways (box), break, sideways (another box) with the high or low of the previous sideways action acting as support or resistance.

Will have BE on this one not too far away.
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NFP out later today, so good chance pretty much have slow sideways action on the lower timeframes today.

Anyone trading the shorter timeframes later today would be good to be out of any positions leading into it or at very least have your stops and BE positions in place in case you get lucky and it shoots in your favour, have your finger on the trigger button to jump out quickly if it does
Quoting DarkWolF
Hi Jib,

Hasnt been too much going on for me as late on the longer term charts. Everything is pretty much sideways or choppy.

There are few that are starting to break out of the ranges so it will now be a waiting game to see what happens from here, see if we can get a decent pullback move with a good reason to enter.
I am playing on the retracement and have bought nzd/usd with a very tight stop loss and tp just below the resistance you have pointed out.

gbp/aud will take awhile was really hoping to get in on that trade but not find a good opportunity.

My EA trade hit SL after the retracement today missed my TP by around 25 pips

Still in eur/gbp.

Also what was your rationale for shorting aud/jpy. From the chart you posted it had resistance at the time you sold it and was at the bottom. Why did you choose to hold off and not sell near the RN with the resistance?
Quoting jibjib210
I am playing on the retracement and have bought nzd/usd with a very tight stop loss and tp just below the resistance you have pointed out.

gbp/aud will take awhile was really hoping to get in on that trade but not find a good opportunity.

My EA trade hit SL after the retracement today missed my TP by around 25 pips

Still in eur/gbp.

Also what was your rationale for shorting aud/jpy. From the chart you posted it had resistance at the time you sold it and was at the bottom. Why did you choose to hold off and not sell near the RN with the...
Did your EA position give you enough space to at least have a BE in place. Protect with a BE if it gets hit then so be it move on to the next position.

Here is my thought process on the AJ short that I took.
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