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Forex Day Trading

  • #501
  • Sep 5, 2011 9:15pm Sep 5, 2011 9:15pm
USDCAD 4 hourly could be worth keeping an eye on, currently at resistance area. Been trading in sideways range for a few weeks now.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #502
  • Sep 5, 2011 10:03pm Sep 5, 2011 10:03pm
What do you think of this entry ?
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PATIENCE IS A VIRTUE OF KINGS
  • #503
  • Sep 5, 2011 10:29pm Sep 5, 2011 10:29pm
Quoting GermanGS
What do you think of this entry ?
Hi German,

Its a bit hard to see where you took entry on that chart.

This is not normally a pair that I follow, but a quick look at the chart I would say trade long with caution as there is some potential here for a continuation to the short side. There has been a long term down trend and this pattern quite often plays out to be a continuation.

But all trends eventually come to an end, with price stuck in a channel essentially it can break to either side.

The daily chart gives a total different story though, with price trading in a clear sidweays range for sometime now. A good example of how different TF's give you a different view of the market. Again all comes down to your trading plan and how you trade it.
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  • #504
  • Sep 5, 2011 10:41pm Sep 5, 2011 10:41pm
I entered were the black vertical line is, also this picture shows an adjusted position my TP was originally 10 pips higher.

As to the continuation of the trend i agree. however my targets are not that high, within 2 candles of the average heights for current time period so i consider them reachable, also when i was entering i was thinking in terms that this move needs to correct itself so before continuing, so i was going with the correction.

What are your thoughts ?
PATIENCE IS A VIRTUE OF KINGS
  • #505
  • Sep 5, 2011 11:10pm Sep 5, 2011 11:10pm
Quoting GermanGS
I entered were the black vertical line is, also this picture shows an adjusted position my TP was originally 10 pips higher.

As to the continuation of the trend i agree. however my targets are not that high, within 2 candles of the average heights for current time period so i consider them reachable, also when i was entering i was thinking in terms that this move needs to correct itself so before continuing, so i was going with the correction.

What are your thoughts ?
Looks like a good trade from your entry point.

As far as the correction, it would be hard to say. Based on purely the hourly chart I would lean towards trading with the direction of the trend. Based on where price is situated on the daily chart there is a good possibity that price may indeed quite simply range back up. Oh the joys of trading decisions
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #506
  • Sep 5, 2011 11:22pm Sep 5, 2011 11:22pm
Quoting GermanGS
I entered were the black vertical line is, also this picture shows an adjusted position my TP was originally 10 pips higher.

As to the continuation of the trend i agree. however my targets are not that high, within 2 candles of the average heights for current time period so i consider them reachable, also when i was entering i was thinking in terms that this move needs to correct itself so before continuing, so i was going with the correction.

What are your thoughts ?
Zoomed it up a little for a closer look.

Is this where you took entry and where you have your profit targets ?
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  • #507
  • Sep 5, 2011 11:32pm Sep 5, 2011 11:32pm
Interest rate decisions about to come out for AUD pairs.
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  • #508
  • Sep 5, 2011 11:33pm Sep 5, 2011 11:33pm
Stayed on hold as expected...

Good for my home loans
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  • #509
  • Sep 5, 2011 11:39pm Sep 5, 2011 11:39pm
Was RBA statement straight after the cash rate release, entered BE on both my positions AUDUSD and AUDJPY just in case.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #510
  • Sep 6, 2011 1:59am Sep 6, 2011 1:59am
Quoting DarkWolF

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.
Stopped on this one -57 pips
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #511
  • Sep 6, 2011 2:22am Sep 6, 2011 2:22am
Could be seeing some bullish movement starting.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #512
  • Sep 6, 2011 2:53am Sep 6, 2011 2:53am
Quoting DarkWolF

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.
AJ I closed out for +40pips

AUDUSD was hit for BE
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #513
  • Sep 6, 2011 4:16am Sep 6, 2011 4:16am
Quoting DarkWolF
Stopped on this one -57 pips
just took a break at 5 pm local time and surprisingly to see the "burst out" on all chf pairs

the yen pairs are seen the same

Quoting DarkWolF
AJ I closed out for +40pips

AUDUSD was hit for BE
good for you , dw... now the market is really weird sorry me poorer in fundamental knowledge (comparing to technical)
  • #514
  • Edited 7:22am Sep 6, 2011 4:19am | Edited 7:22am
Quoting DarkWolF
Should hopefully make that target today nba

at last but oops... SLo/BE was hit for 10 pips gains
edit: 10 pips loss due set incorrect SLo previously
  • #515
  • Sep 6, 2011 4:29am Sep 6, 2011 4:29am
Crazy market movement after intervention. Time to sit out let the market settle back to some sort of normal movment.
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  • #516
  • Sep 6, 2011 4:34am Sep 6, 2011 4:34am
Quoting DarkWolF
+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
It could have dw , but did not and closed at 303 pips.

now bullish engulfing has already formed on the daily even before ny session opens. let's see if it holds or leaves a long wick to the upside. I find lower time frames are risky at this time because of the parabolic nature of the move, plus previous trend line may act as a resistance.
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  • #517
  • Sep 6, 2011 5:15am Sep 6, 2011 5:15am
Quoting ipnee
It could have dw , but did not and closed at 303 pips.

now bullish engulfing has already formed on the daily even before ny session opens. let's see if it holds or leaves a long wick to the upside. I find lower time frames are risky at this time because of the parabolic nature of the move, plus previous trend line may act as a resistance.
Hi ipnee,

At least you had your trailing stop in, im sure many did not and got a bit caught out by that move.

I think any sort of patterns created by intervention need to be considered void. Wait for the market to come back to "normal" movement.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #518
  • Sep 6, 2011 5:18am Sep 6, 2011 5:18am
I'm just catching up with the news about SNB intervention, and read statements like these for the snb

FRANC APPRECIATIONS POSING DEFLATION RISKS
WONT TOLERATE FRANC-EURO MOVES BELOW 1.20
IT WILL DEFEND FX TARGET WITH "UTMOST DETERMINATION"
IT IS READY TO BUY FOREIGN CURRENCIES IN UNLIMITED AMOUNTS

since the current price is very close to 1.20, i decided to buy it. i put my stop just blow the daily/4h support. it came 57 pips, not very big for a potential of few hundred pips. hopefully as they sound very aggressive as of this moment.

let me know your take.

Also, why do u thing they did not push it higher already? it's just 30 pips above their target!
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  • #519
  • Sep 6, 2011 5:24am Sep 6, 2011 5:24am
Quoting DarkWolF
I think any sort of patterns created by intervention need to be considered void. Wait for the market to come back to "normal" movement.
I see what you mean and prefer to put it in another way. intervention creates types of price patterns that are risky to trade by nature such as extremely long wicks from up and down. So as far as technical analysis concerns, they give you good information about the volatility which you may want to take into consideration when finding a more tradable pattern.
  • #520
  • Sep 6, 2011 5:33am Sep 6, 2011 5:33am
Quoting ipnee
I'm just catching up with the news about SNB intervention, and read statements like these for the snb

FRANC APPRECIATIONS POSING DEFLATION RISKS
WONT TOLERATE FRANC-EURO MOVES BELOW 1.20
IT WILL DEFEND FX TARGET WITH "UTMOST DETERMINATION"
IT IS READY TO BUY FOREIGN CURRENCIES IN UNLIMITED AMOUNTS
Ya' was interesting to see price on EURCHF stopped pretty much on 1.20 ish.

Well if you think bank to when the BOJ intervened with the market during the disasters the markets still eventually continued back to previous levels even after they intervened. I guess after such statments you can never be sure what is going to happen. But its a bold statement by the SNB. It will be interesting to see what takes place with the CHF crosses over the next week or so. I know one thing for sure, I will probably stay clear of them until I see normal kind of movement back on the charts.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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