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Forex Day Trading

  • #421
  • Sep 1, 2011 10:25pm Sep 1, 2011 10:25pm
Quoting DarkWolF
I was going to use the trend line as my TP area but decided I would do BE and see what eventuates.
Thanks for this one. Short and already +5 and BE set. Not looking for much.

FS
  • #422
  • Sep 1, 2011 10:35pm Sep 1, 2011 10:35pm
Quoting ForexSam
Thanks for this one. Short and already +5 and BE set. Not looking for much.

FS
Closed at BE ... AU and EU will probably run together, but tomorrow is another day for me. NFP tomorrow. G'Nite

FS
  • #423
  • Sep 1, 2011 11:49pm Sep 1, 2011 11:49pm
Quoting DarkWolF
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...
dw, your analysis is perfect ! i accept it all it is so much clear to understand... i just myself with the RN. it seems i would be comfortable and stay in the higher tf for a start ?! As much as i want to apply RN in the lower tf, i think i am struggling anyway i will try.
  • #424
  • Sep 2, 2011 12:05am Sep 2, 2011 12:05am
Quoting nbafx
dw, your analysis is perfect ! i accept it all it is so much clear to understand... i just myself with the RN. it seems i would be comfortable and stay in the higher tf for a start ?! As much as i want to apply RN in the lower tf, i think i am struggling anyway i will try.
nba do not be in a rush to move to the lower TF. You must be able to have a good understanding on the longer TF before moving the quicker faster TF. Simply watch the lower TF to start with and look at where you might get in and out and see if it would have turned out for you. Or start on the lower TF with a demo account at first until you feel comfortable with what your doing before committing your live account to the lower TF trades. By using a demo to start with this may give you a feel for the market at the lower TF and let you find your feet without using live account.

If you feel more comfortable in the longer terms charts then that is where you should trade from. There is no need to lower TF unless you feel comfortable doing so. I trade it as I feel comfortable doing so.

There is no hurry. The market will always be there for you to look at trades.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #425
  • Sep 2, 2011 1:20am Sep 2, 2011 1:20am
Another one away from a RN area that did not go in my favour. Stopped on this one for -12 pips. In hindsight it is a strong support area on hourly so maybe wasnt the best place to be selling.

I always find it useful to reflect on failed trades to see what I might have missed.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 76 KB
Click to Enlarge Name: 2.jpg Size: 67 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #426
  • Sep 2, 2011 1:34am Sep 2, 2011 1:34am
Moved stops a bit further down with some of my open longer term trades to secure some more of the pips. With the London session soon to begin thought be a good time to lock in some profits.

EJ +45 on first and +30 on second locked in.

EC with +335 locked in.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ej 4 hourly trailed 1.jpg Size: 96 KB
Click to Enlarge Name: EURCHF stop move 3.jpg Size: 88 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #427
  • Sep 2, 2011 1:39am Sep 2, 2011 1:39am
I've been out for most of the day today, just got back but missed this trading opportunity as price come back to retest some previous support levels.

Very clearly see the regions to watch for.

EJ chart.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 81 KB
  • #428
  • Sep 2, 2011 1:42am Sep 2, 2011 1:42am
Quoting DarkWolF
Another one away from a RN area that did not go in my favour. Stopped on this one for -12 pips. In hindsight it is a strong support area on hourly so maybe wasnt the best place to be selling.

I always find it useful to reflect on failed trades to see what I might have missed.
Looks like I might have got in a bit too early price went to the bottom of the range then moved down nicely. A good example of the "areas" not being exact. This was the move I was looking for but was moving stops on the longer term charts so didnt take a re entry at all.

But you can still see how the horizontal level worked a treat.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 70 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #429
  • Sep 2, 2011 1:47am Sep 2, 2011 1:47am
Maybe we might be in for some nice movement tonight rather than the usual sideways congestion before NFP
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #430
  • Sep 2, 2011 2:17am Sep 2, 2011 2:17am
Finally got some pips out of it +22 on this one
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 68 KB
Click to Enlarge Name: 2.jpg Size: 65 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #431
  • Sep 2, 2011 2:25am Sep 2, 2011 2:25am
Quoting nbafx

. i set pending order for a sell stop at 0.8800
Looking ok so far
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #432
  • Sep 2, 2011 3:39am Sep 2, 2011 3:39am
With the onset of NFP later I am closing all my open longer term positions and taking my profits. Been some nice trades I dont want to risk giving too much back to the market. Next week will start the search for more opportunities.

Still keep an eye on the 5 min EU for any opportunities but I think between now and NFP best to stay out.

AUDUSD +22
EURJPY +103
EURJPY +88
EURCHF +548
NZDUSD -3
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 67 KB
Click to Enlarge Name: ej 2.jpg Size: 98 KB
Click to Enlarge Name: ec 3.jpg Size: 75 KB
Click to Enlarge Name: nzdusd 4.jpg Size: 66 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #433
  • Sep 2, 2011 5:56am Sep 2, 2011 5:56am
Hi Dark Wolf,

Nice thread. I like your approach. Thank you for showing - will be following with keen interest.

livindaylite
  • #434
  • Sep 2, 2011 7:41am Sep 2, 2011 7:41am
Quoting livindaylite
Hi Dark Wolf,

Nice thread. I like your approach. Thank you for showing - will be following with keen interest.

livindaylite
Hi livindaylite,

Thanks and welcome.

Feel free to join the discussion and post some charts.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #435
  • Sep 2, 2011 8:11am Sep 2, 2011 8:11am
Quoting DarkWolF
nba do not be in a rush to move to the lower TF. You must be able to have a good understanding on the longer TF before moving the quicker faster TF. Simply watch the lower TF to start with and look at where you might get in and out and see if it would have turned out for you. Or start on the lower TF with a demo account at first until you feel comfortable with what your doing before committing your live account to the lower TF trades. By using a demo to start with this may give you a feel for the market at the lower TF and let you find your feet...
agreed perfectly, pal! many thanks to enlighten me currently i find myself suiting to the higher tf. i in fact need more efforts to correct and perfect my trades on D and H4.

as for RN, what i would do is to practice watching on 5M on E-U (one pair is suffice for the moment). hope u don't mind to receive my query

one question, from your chart, i notice often you use the candle's closes to draw the SLs, NOT the lows. is there any reason?
p.s. in year back, i read one trader cum author, in his book he also mentioned to use the closes instead lows to draw SLs.



Quoting DarkWolF
With the onset of NFP later I am closing all my open longer term positions and taking my profits. Been some nice trades I dont want to risk giving too much back to the market. Next week will start the search for more opportunities.

Still keep an eye on the 5 min EU for any opportunities but I think between now and NFP best to stay out.

AUDUSD +22
EURJPY +103
EURJPY +88
EURCHF +548
NZDUSD -3
bravo... bravo...
pls. continue your good trading and advises.
many thanks to you, pal.
Attached Image (click to enlarge)
Click to Enlarge Name: eu closeline.jpg Size: 109 KB
  • #436
  • Sep 2, 2011 8:29am Sep 2, 2011 8:29am
Quoting nbafx

one question, from your chart, i notice often you use the candle's closes to draw the SLs, NOT the lows. is there any reason?
p.s. in year back, i read one trader cum author, in his book he also mentioned to use the closes instead lows to draw SLs.

Hi nba,

It does not matter overly where the line is unless there is large spike and then you will need to look at what looks like the more logical area. I would say that anywhere between the high/low and the close is suitable, as again its simply an "area" as to where price might go it is not an exact level. Simply look for what appears to be the area that price has respected the most that could be the lows/highs or could be the closes.

Another way to look at it sometimes is to switch your chart to a line chart and then plot your lines from the spikes on the line chart and then switch back to a candle chart. This will give you the closes on a candle chart. This will give you a clearer view of where you can potentially plot the lines if your having problems pickng where to put them. See the attached charts, both exactly the same chart of the same time frame one candle one line.

To me its more just a visual of the "areas" on the chart that price has respected. Dont get too caught up in trying to get the levels "exact" as you will find over time anywhere generally inbetween the close and the lows/highs will give you a good indication.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu candle.jpg Size: 77 KB
Click to Enlarge Name: EU 5 min line.jpg Size: 64 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #437
  • Sep 2, 2011 8:31am Sep 2, 2011 8:31am
Quoting DarkWolF
Looking ok so far
yes, so far

just that after reading your reply then i decided to stay on with the higher tf (as opposed to the lower tf which i was indecisive) to short the pair, sori.

again my ambiguity is the RR?
i use the large scale RR-Large in this trade, instead small scale RR-Small.

cheers
Attached Image (click to enlarge)
Click to Enlarge Name: e-g short 2-9 01.gif Size: 45 KB
  • #438
  • Sep 2, 2011 8:33am Sep 2, 2011 8:33am
Hi DW, any chance you could post your indi for the xx00 and xx50 round numbers ? The dotted green and red lines

Cheers
Dan
  • #439
  • Sep 2, 2011 8:37am Sep 2, 2011 8:37am
Quoting nbafx
yes, so far

just that after reading your reply then i decided to stay on with the higher tf (as opposed to the lower tf which i was indecisive) to short the pair, sori.

again my ambiguity is the RR?
i use the large scale RR-Large in this trade, instead small scale RR-Small.

cheers
R:R is a personal thing to each respective trader and each will have different opinions. My opinion would be vastly different to most as I pay more attention to market levels than R:R and I would probably make quicker use of BE on a trade than most would also.

General rule of thumb your probalby going to need at very least 1:1 and most would suggest at leat 1.5:1 or 2:1. Obviously the better the R:R the better trade, but again something I would probably do a little different to most by concentrating more on market levels and not letting R:R influence my decisions too much.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #440
  • Sep 2, 2011 8:42am Sep 2, 2011 8:42am
Quoting dan89
Hi DW, any chance you could post your indi for the xx00 and xx50 round numbers ? The dotted green and red lines

Cheers
Dan
Hi Dan,

I am sorry but I am not willing to put that indi up to be downloaded simply because it is one that I have had made for me and paid for.

My apologies but im sure if you search around on forums etc you will be able to find one pretty easily. Google search would probably find one rather quickly.

Cheers
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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