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Forex Day Trading

  • #301
  • Aug 30, 2011 7:49pm Aug 30, 2011 7:49pm
Quoting dan89
Nice thread DW ! Learning alot from you and M. Will be watching this thread closely

Dan
Hi Dan,

Thanks. I am happy to help in any way I can. Feel free to post any charts or discussion.

"Success is the result of good judgement, good judgement is the result of experience, experience is the result of bad judgement"

I like that saying of yours

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #302
  • Aug 30, 2011 7:54pm Aug 30, 2011 7:54pm
Hey DW, thanks for the welcome, just wondering - whats program are you using to take screen shots ?

Dan
  • #303
  • Aug 30, 2011 8:10pm Aug 30, 2011 8:10pm
Quoting dan89
Hey DW, thanks for the welcome, just wondering - whats program are you using to take screen shots ?

Dan
I use a program called SnagIt.

http://www.techsmith.com/snagit/default.asp
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #304
  • Aug 30, 2011 8:17pm Aug 30, 2011 8:17pm
Quoting DarkWolF
I use a program called SnagIt.

http://www.techsmith.com/snagit/default.asp
cheers mate ! Seems alot better then Jing that im using now
  • #305
  • Aug 30, 2011 8:26pm Aug 30, 2011 8:26pm
Quoting DarkWolF
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.
yeap... i am practicing on PBs, engulfing candles, false breaks of 3-4 candles... at confluence lines like RLs n SLs... now to add yours TLs... preferably on H4 n D... o man... so much to acquire the trading skills!
thx.




Quoting DarkWolF
Hi nba,

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.
agreed.



Quoting DarkWolF
Hi nba,

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.
thx for your chart... quite a detailed analysis

p.s. l look for potential PA in many pairs as long as the spreads are reasonable e.g. 1 to 4
  • #306
  • Aug 30, 2011 8:33pm Aug 30, 2011 8:33pm
Quoting dan89
cheers mate ! Seems alot better then Jing that im using now
the MT4 is offering us the "Save As Picture" feature (and i attach these pictures into ff)... this is what i have been using


Quoting dan89
Nice thread DW ! Learning alot from you and M. Will be watching this thread closely

Dan
o... welcome to dw thread! looking forward for your inputs... cheers
  • #307
  • Aug 30, 2011 11:37pm Aug 30, 2011 11:37pm
...it is lousy day due to the expired of my demo acct with go mkt. i will have to open a new demo acct to start tracking my trades

add: is there any other mt4 broker allowing no expiring date demo acct? and in NY closing time?
  • #308
  • Aug 30, 2011 11:46pm Aug 30, 2011 11:46pm
Quoting nbafx
...it is lousy day due to the expired of my demo acct with go mkt. i will have to open a new demo acct to start tracking my trades

add: is there any other mt4 broker allowing no expiring date demo acct? and in NY closing time?
Try out Alpari UK, as far as I know as long as you keep the demo account active and the account data is correct they will leave your demo account open. And they have the same bar times as Go Markets.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #309
  • Aug 31, 2011 12:31am Aug 31, 2011 12:31am
Quoting DarkWolF
Try out Alpari UK, as far as I know as long as you keep the demo account active and the account data is correct they will leave your demo account open. And they have the same bar times as Go Markets.
thanks, dw.

i tried it 1-2 years ago, i experienced slow executions and server dropped often. alpari had wider spreads than go (thou it is not that critical). i stay on go after comparing both.

lately i tried another one located in australia, it seemed fine until i found out their registration is via online and without paper id verifications, which i dont quite agree with it (go very strict on paper id verifications), and thus i dont use it 2 weeks ago once its demo acct terminated (i mentioned it here).
  • #310
  • Aug 31, 2011 12:38am Aug 31, 2011 12:38am
dw and traders

i try not to add in more indy to avoid confusion like i used to. i started using PA, SL, RL and just 2 MAs recently.

i tried the TLs but i am at times confused which is the correct TL to draw. Pls. see the attachment. Obviously TL1 is not correct for the time being. What about TL2 and TL3? Any advise?

Another one is the 200 MA, which I have kept it so long whether to use or not? Any comment?

Thanks for your times.
Happing Trading.
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  • #311
  • Aug 31, 2011 1:06am Aug 31, 2011 1:06am
Quoting nbafx
i tried the TLs but i am at times confused which is the correct TL to draw. Pls. see the attachment. Obviously TL1 is not correct for the time being. What about TL2 and TL3? Any advise?
Hi buddy,

From my personal experience with using trend lines, the more times price touches the trend line and reacts to it, the stronger its relevance becomes. I don't think there's a golden rule as to how many times a trend line needs to be touched or reacted to before you would consider using it.

A trend line for me is just something to be aware of. It's the pattern that price makes which is more important that the actual line itself.

Horizontal Levels of S/R at which price reacts are far more important to me than the actual sloping trend line.

They have their uses for drawing on the chart to help see a picture of what is happening with price and seeing the levels at which price is reacting to.

I hope this is helpful information.

You can see many examples of a good trend line, however typically this occurs after the fact.
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  • #312
  • Aug 31, 2011 1:19am Aug 31, 2011 1:19am
Quoting nbafx
dw and traders

i try not to add in more indy to avoid confusion like i used to. i started using PA, SL, RL and just 2 MAs recently.

i tried the TLs but i am at times confused which is the correct TL to draw. Pls. see the attachment. Obviously TL1 is not correct for the time being. What about TL2 and TL3? Any advise?

Another one is the 200 MA, which I have kept it so long whether to use or not? Any comment?

Thanks for your times.
Happing Trading.
Like Musashi said nba there is no golden rule as such as where to place trend lines. You simply need to connect the highs or lows. You do need at a minimum 2 highs or 2 lows to begin with obviously, drawing the line from the first to the second. It can sometimes be personal preference of what angle and what highs or lows you may connect, but you would not want the line to be too steep as such.

On that particular chart I would put the line as in the chart below. However all the lines that you have placed can all have some relevance. The lines will also obviously be relevant to whatever time frame you are trading but more weighting should be placed on the longer term lines once shorter term time frames are getting close to that area.

The more that you draw them and look at them the more you will see what seems to work best. But they should be used only as a guide and like Musashi states the more times price respects the line the more relevance it will have.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #313
  • Aug 31, 2011 1:20am Aug 31, 2011 1:20am
GU M15 Chart.

These are the levels that are more important that using a sloping trend line, for me they are anyway.

Why has price not gone any higher this session?

Why has price not gone any lower this session?

What is likely to happen if price does go higher or lower?

At what point would you consider yourself wrong and exit a position?

At what point would you consider yourself right and hold your position?

These are the types of questions you need to ask yourself.
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  • #314
  • Aug 31, 2011 1:45am Aug 31, 2011 1:45am
mus n dw
thank you much for sharing your thoughts about the TLs. i shall put on practice of often. u 2
cheers

p.s. any comment on MA200?
  • #315
  • Aug 31, 2011 1:52am Aug 31, 2011 1:52am
Significant sellers around appears to me.

Spiked above that nice little range. Telling me that those that move the market are trying to gauge the reaction to price moving above that range to test for buyers.

Going fishing in other words.

If you have a lot of money to sell and you want to get the best price possible. What do you do?

You move the market to a place where there's a lot of buyers. Where is that usually located?

In a place where there's a lot of stop orders and limit orders.

Fairly confident we'll see selling this session.
  • #316
  • Aug 31, 2011 2:09am Aug 31, 2011 2:09am
Short on EU 5 min chart with BE the result. Sometimes can be best to close out just before the support "area"
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #317
  • Aug 31, 2011 3:03am Aug 31, 2011 3:03am
A few different news releases spread across the night tonight for EU might be a night to be careful or to simply be on the sidelines.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #318
  • Aug 31, 2011 4:24am Aug 31, 2011 4:24am
A perfect example of horizontal levels in the market. Almost text book this one.

I dont trade cable much and didnt get this one but was checking out the chart as nothing much going on with EU 5 min.

Im sure Musashi would have got on this one though

Draw the lines on your chart and pay attention to PA once price gets to those levels.

The asian session range once broken and retested is almost a given
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #319
  • Edited 5:04am Aug 31, 2011 4:45am | Edited 5:04am
You are totally correct, appears my original assessment of the market condition was correct.

This appears it could be one of those trades where it doesn't work out.

Stop is just above that previous support level.
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  • #320
  • Aug 31, 2011 4:50am Aug 31, 2011 4:50am
Same horizontal level again on cable. Moved back up retested and straight off the level basically to the pip

Easy pips. This is what I like to trade when the opportunity comes along.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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