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Forex Day Trading

  • #281
  • Aug 30, 2011 4:46am Aug 30, 2011 4:46am
Quoting Musashi
Some factors which can lead to a successful trade. Especially trading the GU pair.

1. Intraday Previous Support.
2. 50% Fibonacci Level.
3. xx00 Price Level in the Market.
4. Resistance Evident.

Study it and watch for the signs.
Indeed definately those are the areas to keep an eye on
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #282
  • Aug 30, 2011 4:49am Aug 30, 2011 4:49am
Also this type of pattern can potentially lead to a market reversal intraday.

1.2.3 pattern where price closes higher than some intraday resistance level, once a Higher Low is formed.
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  • #283
  • Aug 30, 2011 4:55am Aug 30, 2011 4:55am
Quoting Musashi
Also this type of pattern can potentially lead to a market reversal intraday.

1.2.3 pattern where price closes higher than some intraday resistance level, once a Higher Low is formed.
Be careful of breakout entries though. Many times breakout entries can lead to false breaks and stops.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #284
  • Aug 30, 2011 4:59am Aug 30, 2011 4:59am
Some key intraday levels to watch can easily be identified. Simple fibonacci levels combined with other important factors.

Most notably xx00 and xx50 levels. 50%-61% retraces, and Previous Support/Resistance Levels.

Can't make it any more simpler.

Taking the counter trend is always going to be low probability.
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  • #285
  • Aug 30, 2011 5:29am Aug 30, 2011 5:29am
4 hourly charts not looking at any entries as yet after the new bar but keeping an eye on AUDNZD.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #286
  • Aug 30, 2011 5:37am Aug 30, 2011 5:37am
A bit of hindsight here, however you can see candle which indicates some selling pressure evident at a previous level.

Not an ideal setup, better would of been if this was evident at the xx50 level. 38% fib or 50% fib.
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  • #287
  • Aug 30, 2011 5:42am Aug 30, 2011 5:42am
EU is on a 4 hour trendline support area, keeping a close on on 5 min chart for PA.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #288
  • Aug 30, 2011 7:35am Aug 30, 2011 7:35am
Quoting DarkWolF
EU is on a 4 hour trendline support area, keeping a close on on 5 min chart for PA.
Bit of range going on at the moment
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #289
  • Aug 30, 2011 9:00am Aug 30, 2011 9:00am
Quoting DarkWolF
Bit of range going on at the moment
Squeezed another +10 pips long out of this tight market tonight but think thats me done for day. News just about to come out so see how this affects the price.

Good trading all.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #290
  • Aug 30, 2011 9:08am Aug 30, 2011 9:08am
Quoting DarkWolF
Squeezed another +10 pips long out of this tight market tonight but think thats me done for day. News just about to come out so see how this affects the price.

Good trading all.
u r a sniper, pal. u crushed out more than 30 if not 40 today in e-u what can i say!

add: hope yours operations went on fine.
  • #291
  • Aug 30, 2011 9:13am Aug 30, 2011 9:13am
Quoting nbafx
u r a sniper, pal. u crushed out more than 30 if not 40 today in e-u what can i say!

add: hope yours operations went on fine.
Yes sometimes the small trades all add up and can be easier to achieve than the larger moves

Thanks, it seems like eveything went fine, 3 days of pretty much lying on my couch before getting up and about slowly again to get some movement happening again.

Think the pain killers are helping at the moment though
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #292
  • Aug 30, 2011 9:15am Aug 30, 2011 9:15am
Was just about to take short on AUDNZD 4 hourly when my connection dropped and when came back on price had moved up slightly so still not in on that one and thinking now might just sit on the fence at the moment with that.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #293
  • Aug 30, 2011 9:19am Aug 30, 2011 9:19am
my silver is "recovery" but still in red
btw just noticed both silver vs gold are having similar PA on H4 n D
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  • #294
  • Aug 30, 2011 9:21am Aug 30, 2011 9:21am
Quoting nbafx
my silver is "recovery" but still in red
btw just noticed both silver vs gold are having similar PA on H4 n D
Good to see your silver making a move back up.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #295
  • Aug 30, 2011 9:35am Aug 30, 2011 9:35am
Quoting DarkWolF
Was just about to take short on AUDNZD 4 hourly when my connection dropped and when came back on price had moved up slightly so still not in on that one and thinking now might just sit on the fence at the moment with that.

Quoting nbafx
monitoring the PA on a-nz, u-sg and g-j...
arent u? welcome your feedback (tq).
good nite to all
i was looking for a bearish candle for yesterday close... too bad it didnt work out... but today it is now in making a solid bearish candle... that is moving toward the SL!
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  • #296
  • Aug 30, 2011 10:01am Aug 30, 2011 10:01am
Quoting nbafx
i long one of the chf pair... eur-chf
the momentum was seen going up by the past week 2 PBs
the MAs crossed up
the strong bull candle formed last fri

just that i again hope my RR 2.0 is acceptable (?)
any comment on RR or TP is welcome
cheers
Quoting nbafx
i took long e-j bcos last fri long lower wick PB... giving a sign of strong momentum to north + aligning with the TL.
should the momentum stays strong... then my TP is reachable... let see how it works out
cheers
Quoting DarkWolF
Be careful of buying into "potential" resistance.

dw i drew the TLs n i see both e-j n e-chf are "fighting" to survey "long"
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  • #297
  • Aug 30, 2011 5:24pm Aug 30, 2011 5:24pm
Havent had a decent daily trade for some time now and still not a lot that is grabbing my attention. A lot of sideways movement at the moment. There is a few pairs that could potentially be setting up for some short continuations. EJ, AJ, EC, NJ, NU. Will simply monitor some of these to see what happens with price, have no pending orders in as yet.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #298
  • Aug 30, 2011 6:44pm Aug 30, 2011 6:44pm
Quoting DarkWolF
Havent had a decent daily trade for some time now and still not a lot that is grabbing my attention. A lot of sideways movement at the moment. There is a few pairs that could potentially be setting up for some short continuations. EJ, AJ, EC, NJ, NU. Will simply monitor some of these to see what happens with price, have no pending orders in as yet.
good morning... thanks, dw. i always pick up good advice from you via your charts like the ej n echf... i think me a pictorial guy... easy to learn from pictures/charts

i am watching usd-sgd... something going to burst soon any idea, guys?

happy trading
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  • #299
  • Aug 30, 2011 7:12pm Aug 30, 2011 7:12pm
Nice thread DW ! Learning alot from you and M. Will be watching this thread closely

Dan
  • #300
  • Edited 7:52pm Aug 30, 2011 7:39pm | Edited 7:52pm
Quoting nbafx
good morning... thanks, dw. i always pick up good advice from you via your charts like the ej n echf... i think me a pictorial guy... easy to learn from pictures/charts

i am watching usd-sgd... something going to burst soon any idea, guys?

happy trading
Hi nba,

Take the time to really look at the charts, look for patterns or bars that repeat themselves. When you can identify them they will stand out to you on the chart.

But as with all things trading nothing is certain and you are going to get those patterns that will not play out the way you planned.

USDSGD is not a pair that I monitor but took a quick look at the chart. It is definately in a long term down trend. There is no real long term support areas underneath except for the daily, Weekly and Monthly does not show any so it can be hard to plot below the current lows.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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