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DarkWolF Oct 27, 2011 8:52am | Post# 1

Price Action and Trading Discussion.


Price action, horizontal support and resistance, trend lines, round number areas and throw in some candle patterns also.


I welcome any general discussion in regards to trading and any thoughts around price action trading no matter what pair or combination of pairs that you may trade.


Charts with reasoning as to why you took the trade or are thinking of taking a trade would be appreciated.


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DarkWolF Oct 27, 2011 8:55am | Post# 2

2 Attachment(s)
To get an idea of what I look for on the charts here is a recent trade I took on AUDUSD 4 hourly.

I moved the stop up to lock in some pips with the news that was due out, so far so good it has stayed above that area after the news release.
Click to Enlarge

Name: aud 4 hourly.jpg
Size: 125 KB
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Name: aud 4r 1.jpg
Size: 119 KB

dan89 Oct 27, 2011 1:10pm | Post# 3

Nice trade

DW, do you usually only take trades if there is confluence of several factors e.g. round number and general S/R. Would you ever take a trade simply off a round number ?

Dan

forexman77 Oct 27, 2011 1:20pm | Post# 4

Price Action
 
1 Attachment(s)
Hello,
Here is my Price Action EA.
Forexman77
PriceactionEA.ex4

dan89 Oct 27, 2011 2:12pm | Post# 5

Hello,
Here is my Price Action EA.
Forexman77
What is this indicator .. you seem to be posting indi's everywhere and renaming them to suit the thread ...

doggybones Oct 27, 2011 2:51pm | Post# 6

Finally
 
Finally DW. I am still on a tight schedule till the first week of November. After that I will start looking at the charts more and posting my trades again.

doggybones Oct 27, 2011 2:53pm | Post# 7

To get an idea of what I look for on the charts here is a recent trade I took on AUDUSD 4 hourly.

I moved the stop up to lock in some pips with the news that was due out, so far so good it has stayed above that area after the news release.
That turned out to be a really nice trade DW . I wont be surprised if it goes and tests 1.1.

greatpips Oct 27, 2011 3:43pm | Post# 8

what?
 
What is this indicator? It would be great if you can post more info but FYI, not going to download an unknown file for obvious reasons..

DarkWolF Oct 27, 2011 4:31pm | Post# 9

Nice trade

DW, do you usually only take trades if there is confluence of several factors e.g. round number and general S/R. Would you ever take a trade simply off a round number ?

Dan
Hi Dan,

The more areas that line up the better, but yes I would take a trade simply off the RN area.

Pays to be picky with your trades though, it does not matter if you miss one or two as there will always be another opportunity.

DarkWolF Oct 27, 2011 4:31pm | Post# 10

Finally DW. I am still on a tight schedule till the first week of November. After that I will start looking at the charts more and posting my trades again.
No probs doggy.

Cheers.

DarkWolF Oct 27, 2011 4:35pm | Post# 11

That turned out to be a really nice trade DW . I wont be surprised if it goes and tests 1.1.
Let's hope...

For more than one reason, I want it high for when I take my holiday to the US next year maybe I should just exchange some US dollars now

There is talk of the RBA dropping rates next week though so that might not be favourable for it. However I think they will more than likely leave them on hold again.

thegunslinger Oct 27, 2011 4:55pm | Post# 12

I took the same exact AUD/USD trade, but I had set my TP to the 1.0630 R level. I'm now fading the rally with a short @ 1.720 with a TP at 1.0640. My thought being that we'll see some profit taking after this rally and price needs to retest the former R level there as S before it moves higher.

DarkWolF Oct 27, 2011 5:04pm | Post# 13

I took the same exact AUD/USD trade, but I had set my TP to the 1.0630 R level. I'm now fading the rally with a short @ 1.720 with a TP at 1.0640. My thought being that we'll see some profit taking after this rally and price needs to retest the former R level there as S before it moves higher.
Hi Gun,

Ya that is a likely scenario. The long term trend line on the daily that was recently broken extends up to around the 1.09 area I will be interested to see if it does make it up there if that holds as a resistance area.

I am happy to keep my trail in place for now and see how it goes.

DarkWolF Oct 27, 2011 5:12pm | Post# 14

Hello,
Here is my Price Action EA.
Forexman77
Hi forexman,

I am not one to use EA's but for those that do, maybe you should think of putting together a document that shows the settings etc and how it works, potentially with some images of some trades it takes and some tested results.

Cheers.

thegunslinger Oct 27, 2011 5:35pm | Post# 15

Failure to break previous high
 
1 Attachment(s)
Just illustrating my last post. Failure to break above previous swing high.
Click to Enlarge

Name: 2011-10-27_AUDUSD.jpg
Size: 69 KB

DarkWolF Oct 28, 2011 3:37am | Post# 16

I'm now fading the rally with a short @ 1.720 with a TP at 1.0640. My thought being that we'll see some profit taking after this rally and price needs to retest the former R level there as S before it moves higher.
Looks like that target was pretty spot on for ya' gun... nice work.

dan89 Oct 28, 2011 3:47am | Post# 17

Morning all.

DW could you show me your lines for today on EU 5min if you have got them up ?

Cheers

dan89 Oct 28, 2011 4:07am | Post# 18

EU, Price ranging between 1.4200 and 1.4150 .. will look for break and retrace to enter long on short.

DarkWolF Oct 28, 2011 4:16am | Post# 19

2 Attachment(s)
Morning all.

DW could you show me your lines for today on EU 5min if you have got them up ?

Cheers

Hi Dan,

No probs mate.

Here is a trade I just took on the 5 min. Closed for +14 pips.

I thought about targeting the next RN but figured bugger it take it off no need to get greedy on my first trade for the night.

Entered on the indecision bar off the support line.

The second chart will show where I have my lines set.
Click to Enlarge

Name: eu1.jpg
Size: 79 KB
Click to Enlarge

Name: eu2.jpg
Size: 80 KB

DarkWolF Oct 28, 2011 4:19am | Post# 20

EU, Price ranging between 1.4200 and 1.4150 .. will look for break and retrace to enter long on short.
Spot on Dan, or trade the range

But with the current sentiment being bullish I am inclined only to trade the range from support.


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