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Forex Day Trading

  • #401
  • Sep 1, 2011 6:18pm Sep 1, 2011 6:18pm
Quoting DarkWolF
Hope so I still have open short positions on EJ
Daily Chart is a massively bearish pattern.

Correct me if I'm wrong but i do see a bearish wedge breakout on the daily.
  • #402
  • Sep 1, 2011 6:23pm Sep 1, 2011 6:23pm
Quoting Musashi
Daily Chart is a massively bearish pattern.

Correct me if I'm wrong but i do see a bearish wedge breakout on the daily.
Indeed you do, is what I have been following and looking for the continuation pattern.

So far so good
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ej daily.jpg Size: 99 KB
Click to Enlarge Name: EJ 4 hourly entry.jpg Size: 97 KB
Click to Enlarge Name: ej 4 hourly second entry.jpg Size: 109 KB
Click to Enlarge Name: EJ 4 hourly 1.jpg Size: 96 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #403
  • Sep 1, 2011 6:30pm Sep 1, 2011 6:30pm
Just looking over the daily charts for today, not much taking my interest today so will probably just stay with what I have on the table for now and see how they play out.

Will obviously monitor 4 hourly and 5 min charts during the day to see if any opportunities present.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #404
  • Sep 1, 2011 6:40pm Sep 1, 2011 6:40pm
AUDUSD 4 hourly could be potential for a bit of a short. The trend on this pair has been long though with a bit of sideways movement in recent times.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #405
  • Sep 1, 2011 7:06pm Sep 1, 2011 7:06pm
Quoting DarkWolF
Hi nba,

When plotting and using trend lines both sloping and horizontal, one thing to keep in mind is that there no "exact" line that price will touch. At times it will be almost exact. They should be looked at as more of an "area" where price may react. It may be just before, it may overshoot the line slightly or it may be pretty much right on the line. The same is to be said with RN areas. Sometimes it will be spot on others it will overshoot or fall slightly short of the area, but pay attention to how price is reacting.

Its more about...
v. much thank u for your comments again...
  • #406
  • Sep 1, 2011 7:11pm Sep 1, 2011 7:11pm
Quoting DarkWolF
Indeed you do, is what I have been following and looking for the continuation pattern.

So far so good
question on ur e-j...

u believed this pair would go south, so on H4 you placed a "sell stop" and it was hit when the long red candle pulled back?

this was the logic in your mind / trading plan for that moment, correct? or?

thx
Attached Image (click to enlarge)
Click to Enlarge Name: EJ 4 hourly entry.jpg Size: 143 KB
  • #407
  • Sep 1, 2011 7:17pm Sep 1, 2011 7:17pm
Quoting nbafx


RN is surely "planted" in in your mind. care to share where do you pick up this subject?

btw dw which are the lower tf you frequent most? 5M? 15M? or?

cheers
Hi nba,

I think this chart gives a very good example of why I pay attention to the RN areas. This is the EU hourly chart. EU has been very much sideways over the last few weeks, but this clearly shows the levels within the market that price has reacted to.

Study the charts you will see horizontal areas over and over again. Also keep in mind, charts will move sideways more often than they will trend. However most traders have their mindset on catching the "next big trend"

Price will move from level to level. Sideways, move to next level, sideways and so on. But there will be the nice trends on some charts and different time frames, just a matter of being on them when they do happen.
Attached Image (click to enlarge)
Click to Enlarge Name: RN.jpg Size: 120 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #408
  • Sep 1, 2011 7:23pm Sep 1, 2011 7:23pm
Quoting DarkWolF
AUDUSD 4 hourly could be potential for a bit of a short. The trend on this pair has been long though with a bit of sideways movement in recent times.
i closed a-u n g-u in view of the non-famr emp news today, for small gains 20 on a-u n 50 on g-u.

do u think my reason is good, dw, mus n traders?

relook at g-u, i find the chart for analysis is messy! u?

mus, have u closed ur trade on g-u?

cheers
Attached Image(s) (click to enlarge)
Click to Enlarge Name: a-u long 3008 01.gif Size: 27 KB
Click to Enlarge Name: a-u long 3008 99p.gif Size: 24 KB
Click to Enlarge Name: g-u short 1-9 02.gif Size: 41 KB
Click to Enlarge Name: g-u short 1-9 99p.gif Size: 28 KB
  • #409
  • Sep 1, 2011 7:25pm Sep 1, 2011 7:25pm
Quoting nbafx
question on ur e-j...

u believed this pair would go south, so on H4 you placed a "sell stop" and it was hit when the long red candle pulled back?

this was the logic in your mind / trading plan for that moment, correct? or?

thx
Hi nba,

Yes that is correct. Once price moved below the trend line and appeared as if it might hold based on the small indecision bar followed by a small PB away from the trend line. I then placed a sell stop position under that current price looking for a further move down.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #410
  • Sep 1, 2011 7:29pm Sep 1, 2011 7:29pm
Quoting DarkWolF
Hi nba,

I think this chart gives a very good example of why I pay attention to the RN areas. This is the EU hourly chart. EU has been very much sideways over the last few weeks, but this clearly shows the levels within the market that price has reacted to.

Study the charts you will see horizontal areas over and over again. Also keep in mind, charts will move sideways more often than they will trend. However most traders have their mindset on catching the "next big trend"

Price will move from level to level. Sideways, move to next level,...
thanks for your insight thoughts, v nice of u
yes i will study it,
  • #411
  • Sep 1, 2011 7:30pm Sep 1, 2011 7:30pm
Quoting nbafx
i closed a-u n g-u in view of the non-famr emp news today, for small gains 20 on a-u n 50 on g-u.

do u think my reason is good, dw, mus n traders?

relook at g-u, i find the chart for analysis is messy! u?

mus, have u closed ur trade on g-u?

cheers
Closing positions due to high impact economic news is sometimes a good thing and is something that I will definatley be reviewing later today on all my open positions. We all know how NFP can cause the market to move so locking in your profits is probably a wise move. Sometimes it may move the market in your favour and others it will go against you. If it does go in your favour you simply need to be happy with the good trade that you make profit on and look for the next opportunity. Do not get too caught up in the emotion of greed and what you might have missed out on. Any profit is a good trade. If you had it still open and the news spiked it to knock you out then you would be kicking yourself for taking the profits that you had.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #412
  • Sep 1, 2011 7:55pm Sep 1, 2011 7:55pm
Quoting DarkWolF
Closing positions due to high impact economic news is sometimes a good thing and is something that I will definatley be reviewing later today on all my open positions. We all know how NFP can cause the market to move so locking in your profits is probably a wise move. Sometimes it may move the market in your favour and others it will go against you. If it does go in your favour you simply need to be happy with the good trade that you make profit on and look for the next opportunity. Do not get too caught up in the emotion of greed and what you might...
agreed, dw!
i feel "indecision" due to NFP and thus the only "decision" i had was to close the pairs with small profits and look for next opp trade
thanks for your comments, pal.
  • #413
  • Sep 1, 2011 7:56pm Sep 1, 2011 7:56pm
Quoting nbafx


relook at g-u, i find the chart for analysis is messy! u?



cheers
If you are finding the chart hard to see or not seeing any sense in it then potentially drop down one TF level to see if it can make the PA clearer for you. If the daily view on GU is a bit messy then take a look on the 4 hourly where it may be a bit more obvious.

By looking at the attached chart you can see "reasons" as to why price may have stalled at certain "areas".

Remember its about "probability" of what price will do.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 4hr.jpg Size: 81 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #414
  • Sep 1, 2011 8:14pm Sep 1, 2011 8:14pm
Quoting DarkWolF
If you are finding the chart hard to see or not seeing any sense in it then potentially drop down one TF level to see if it can make the PA clearer for you. If the daily view on GU is a bit messy then take a look on the 4 hourly where it may be a bit more obvious.

By looking at the attached chart you can see "reasons" as to why price may have stalled at certain "areas".

Remember its about "probability" of what price will do.
yes this makes good sense... tq.

i like ur clean charts
my mind turns off when my eyes dislike seeing messy charts
  • #415
  • Sep 1, 2011 9:04pm Sep 1, 2011 9:04pm
dw, my chart analysis for e-g, using PA, TL, RN.

on D, i see the high-wave candle bounced from RL, followed by yesterday's bearish candle.
on H4, a long bearish broke the SL and a pull back is seen.
on H1, the SL was broken yesterday. it swing (back) high and again low. i set pending order for a sell stop at 0.8800 (can't decide to set RR on H1 - any guidance will appreciate)

any comment?

cheers

p.s.1 the H1 n H4 charts look messy to my eyes
p.s.2 i am still unable to use the low tf chart analysis for the moment... use to higher tf from H1 above
Attached Image(s) (click to enlarge)
Click to Enlarge Name: e-g po short 2-9 01.gif Size: 27 KB
Click to Enlarge Name: e-g po short 2-9 02.gif Size: 29 KB
Click to Enlarge Name: e-g po short 2-9 03.gif Size: 29 KB
  • #416
  • Sep 1, 2011 9:45pm Sep 1, 2011 9:45pm
Short EU 5 min for +12. Taking profits this time not like yesterday where was trying to squeeze a bit more out of the move and it simply ranged back up typical of asian session.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu1.jpg Size: 73 KB
Click to Enlarge Name: eu 2.jpg Size: 73 KB
Click to Enlarge Name: eu3.jpg Size: 69 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #417
  • Sep 1, 2011 10:09pm Sep 1, 2011 10:09pm
Quoting nbafx
dw, my chart analysis for e-g, using PA, TL, RN.

on D, i see the high-wave candle bounced from RL, followed by yesterday's bearish candle.
on H4, a long bearish broke the SL and a pull back is seen.
on H1, the SL was broken yesterday. it swing (back) high and again low. i set pending order for a sell stop at 0.8800 (can't decide to set RR on H1 - any guidance will appreciate)

any comment?

cheers

p.s.1 the H1 n H4 charts look messy to my eyes
p.s.2 i am still unable to use the low tf chart analysis for the moment... use to higher...
Ok, firstly I am not looking at this chart for any sort of entry so this is just a view of what I would "potentially" look for if I was looking for an entry.

I have put some thoughts on the 3 different TF and you can see how they are all different. The lower the TF the better you may be able to refine your entry. Simply apply the correct risk management to all positions that you may be looking at.

I cant emphasise enough the value of learning correct risk management with trading. Finding a trade is the easy part, using correct risk management and position sizing is where a high percentage of traders will fall down.

As you can see by these charts, that depending on the TF you are trading your stops are obviously placed in different areas. Always take stop loss size into consideration when planning your risk management.

How you manage the trade once its open is probably just as difficult. Get out at a set level or trail positions. This is an individual preference and each trader will handle this differently.

Trade to your trading plan at all times.

Plan your trade.... trade your plan....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eg daily.jpg Size: 89 KB
Click to Enlarge Name: EG 4 hr.jpg Size: 103 KB
Click to Enlarge Name: eg hourly.jpg Size: 98 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #418
  • Sep 1, 2011 10:13pm Sep 1, 2011 10:13pm
Quoting DarkWolF
AUDUSD 4 hourly could be potential for a bit of a short. The trend on this pair has been long though with a bit of sideways movement in recent times.
I was going to use the trend line as my TP area but decided I would do BE and see what eventuates.
Attached Image (click to enlarge)
Click to Enlarge Name: aud usd 4 hr.jpg Size: 72 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #419
  • Sep 1, 2011 10:18pm Sep 1, 2011 10:18pm
Quoting DarkWolF
Short EU 5 min for +12. Taking profits this time not like yesterday where was trying to squeeze a bit more out of the move and it simply ranged back up typical of asian session.
I took this one as well. Came in a little late, but got +8.

If it breaks 1.4253, you should see the previous Support at 1.4227
I am heading off to bed. I will set a really small pending just for fun

BTW, very enjoyable thread. My trading style is basically the same as yours. No greed, just pick the cherries.

Thanks,
FS
  • #420
  • Sep 1, 2011 10:25pm Sep 1, 2011 10:25pm
Quoting ForexSam
I took this one as well. Came in a little late, but got +8.

If it breaks 1.4253, you should see the previous Support at 1.4227
I am heading off to bed. I will set a really small pending just for fun

BTW, very enjoyable thread. My trading style is basically the same as yours. No greed, just pick the cherries.

Thanks,
FS
Hi FS

Good work on the trade.

Cherries are definately the way to go
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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