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Forex Day Trading

  • #481
  • Sep 5, 2011 6:33am Sep 5, 2011 6:33am
I didnt take this one, but a great example of simply using lines and PA.

Patience to wait for the market to come to you. Does not always go your way but on most occassions it will get you some pips

Keep it simple...

Plan your trade... trade your plan
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  • #482
  • Edited 7:12am Sep 5, 2011 6:33am | Edited 7:12am
Quoting DarkWolF
Had another crack at shorting EU from the RN area. Had an itchy trigger finger at +20pips but hought I might have a go at trailing the position, not something that I do a lot. That didnt last too long and was quickly taken out on the trail.
Quoting DarkWolF
And another entry short EU 5 min chart, +12 pips.
Might leave it at that for now wait for the NY session see what eventuates.
But as usual ill keep one eye on the charts just in case
you made it


Quoting Musashi
Going to hold for a bit, moved stop down, so guess will just have to hold and see as usual. There's some support around this level on daily chart however.
good man.


Quoting DarkWolF
Looking ok so far nba
it reversed up but didnit hit my SLo=BE.
hope the PB on H4 and H1 work out nicely... let see how it goes, of course to south lor

cheers
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  • #483
  • Sep 5, 2011 6:58am Sep 5, 2011 6:58am
Quoting DarkWolF
EU short 5 min chart, I was going to target the RN area below on this one but jumped out for +21 pips.
Hi DW, Could you explain your reasonings for taking this trade please ?

Cheers
Dan
  • #484
  • Sep 5, 2011 7:00am Sep 5, 2011 7:00am
Quoting DarkWolF
And another entry short EU 5 min chart, +12 pips.

Might leave it at that for now wait for the NY session see what eventuates.

But as usual ill keep one eye on the charts just in case
And this one please ... what were you reasons for entry at those positions on those trades ?

Cheers
Dan
  • #485
  • Sep 5, 2011 7:17am Sep 5, 2011 7:17am
Quoting dan89
Hi DW, Could you explain your reasonings for taking this trade please ?

Cheers
Dan
Hi Dan,

Here are the charts with some explanations on them.

Hope this helps.

Cheers.
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  • #486
  • Sep 5, 2011 7:18am Sep 5, 2011 7:18am
Quoting dan89
And this one please ... what were you reasons for entry at those positions on those trades ?

Cheers
Dan
And this one.

Cheers.
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  • #487
  • Sep 5, 2011 7:27am Sep 5, 2011 7:27am
Nice one DW, these charts are a major help !!

Cheers
Dan
  • #488
  • Sep 5, 2011 7:30am Sep 5, 2011 7:30am
1 more question ... which PA do you usually use ? I see you usually take the break of the low/high of pinbars and doji ... do you use inside and outside bars ? and how would you define a rejection bar ?

Cheers
Dan
  • #489
  • Sep 5, 2011 9:26am Sep 5, 2011 9:26am
I am in a short position carried out from last week with around 230 pips profit locked. As the the pair is approaching a significant support level, I am watching out for either breaking down the current range which will open it up to 1. 38 35 or bouncing off to the upside probably 1.4400 or 1.4540.

I expected this drop last week and mentioned it in my post here, although I did not find a suitable entry point to add to my current position.

Good luck for all,

ipnee
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  • #490
  • Edited 9:42am Sep 5, 2011 9:28am | Edited 9:42am
Quoting dan89
Nice one DW, these charts are a major help !!

Cheers
Dan
No probs, glad to help.

Another thing to keep in mind, is the time of day you are trading. If its the start of the London session, your likely to see a break of asian range. Look for break of range, then a continuation pattern.

First 2 to 3 hours of the London sesson and first 2 to 3 hours of the NY session are probably the best times for short term trading.

Asian session will more often than not simply produce range bound market, of course which is quite tradeable if your looking at the levels correctly.
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  • #491
  • Sep 5, 2011 9:35am Sep 5, 2011 9:35am
Quoting dan89
1 more question ... which PA do you usually use ? I see you usually take the break of the low/high of pinbars and doji ... do you use inside and outside bars ? and how would you define a rejection bar ?

Cheers
Dan
Its probably a bit hard to narrow it down as I will simply assess it at the time and it does differ depending on the time frame of the chart.

I would say the PA I like the best are the indecision bars. I will pretty much use all four of those. PB, indecision bar, inside and outside bars but sometimes it can be a combination of different bars at key levels.

Rejection is pretty much simply looking for key levels to hold with PA.

Look for your key areas and then look for how price reacts when it reaches that level. It may not reach the exact level or it may overshoot the level. Bit like the losing trade I took attempting to get the continuation at the RN, price continued up past the RN but then came back down to head where I was originally looking for it to go.
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  • #492
  • Sep 5, 2011 10:03am Sep 5, 2011 10:03am
Quoting ipnee
I am in a short position carried out from last week with around 230 pips profit locked. As the the pair is approaching a significant support level, I am watching out for either breaking down the current range which will open it up to 1. 38 35 or bouncing off to the upside probably 1.4400 or 1.4540.

I expected this drop last week and mentioned it in my post here, although I did not find a suitable entry point to add to my current position.

Good luck for all,

ipnee
+230 pips locked in, nice trade ipnee. If we can get break low of the current range you could be in for quite a trade
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  • #493
  • Sep 5, 2011 10:35am Sep 5, 2011 10:35am
Short EU 5min +17 pips on this one.

Think that is going to be me done for the night, getting quite tired, tomorrow is another day.

Good trading all.

Cheers.
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  • #494
  • Sep 5, 2011 5:47pm Sep 5, 2011 5:47pm
it had retraced from MA with a long upper wick, so the down momentum is seem there... let see how the market moves today
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  • #495
  • Edited 6:26pm Sep 5, 2011 6:13pm | Edited 6:26pm
hi dw, mus and traders

i spotted the horizontal line at X and drew a TL. on top there is a strong bearish candle formed on last fri + yesterday another bearish candle with GAP closed under MA but just touched on TL.

i seek your trading advice on this pair due to my ambiguity to take a short today or to wait for a pull back?

cheers

add: is it right to draw the RL/SL based on the "far away" peak spot like the above mentioned X?
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  • #496
  • Sep 5, 2011 6:24pm Sep 5, 2011 6:24pm
Quoting nbafx
it had retraced from MA with a long upper wick, so the down momentum is seem there... let see how the market moves today
Should hopefully make that target today nba
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  • #497
  • Sep 5, 2011 6:29pm Sep 5, 2011 6:29pm
Quoting nbafx
hi dw, mus and traders

i spotted the horizontal line at X and drew a TL. on top there is a strong bearish candle formed on last fri + yesterday another bearish candle with GAP closed under MA but just touched on TL.

i seek your trading advice on this pair due to my ambiguity to take a short today or to wait for a pull back?

cheers

add: is it right to draw the RL/SL based on the "far away" peak spot like the above mentioned X?
the pairs nz-usa and aud-usd are having the similar patterns as described above. thank you for your time and appreciate your comment.

p.s. i have to go to work. good trading day to all.
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  • #498
  • Sep 5, 2011 6:32pm Sep 5, 2011 6:32pm
Quoting nbafx
hi dw, mus and traders

i spotted the horizontal line at X and drew a TL. on top there is a strong bearish candle formed on last fri + yesterday another bearish candle with GAP closed under MA but just touched on TL.

i seek your trading advice on this pair due to my ambiguity to take a short today or to wait for a pull back?

cheers

add: is it right to draw the RL/SL based on the "far away" peak spot like the above mentioned X?
Hi nba,

Yes the lines are correct

As far as the trade goes, it would be a valid trade (however this is a decision for you to choose) stop loss placement would be the only issue wether to put it above the highs or above yesterdays bar, as there is always the potential for a pullback to the line or just over it.

No trade is a guarantee but I have been watching for exactly the same move and took a position yesterday on the same pair on a 4 hour chart I will post an image soon.

Good work on identifying the areas for the lines
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  • #499
  • Sep 5, 2011 6:40pm Sep 5, 2011 6:40pm
No daily trades today for me to look at and I slept in a little so missed the first 4 houlry bar so nothing with that.
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  • #500
  • Sep 5, 2011 6:57pm Sep 5, 2011 6:57pm
Ok so the trades I ended up with yesterday off both daily and 4 hourly time frames are tracking ok so far, but guess I will have to wait and see how todays movement pans out.

I took AJ short off a daily chart, jumped the gun slightly on this one but is ok so far.

AUDUSD was taken short off a 4 hourly chart.

USDCHF short off a 4 houlry chart, not overly confident on this one due to Fridays daily candle and the support evident from the sideways channel on the 4 hourly but lets just see how it plays out.
Attached Image(s) (click to enlarge)
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