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Forex Day Trading

  • #541
  • Sep 6, 2011 8:39pm Sep 6, 2011 8:39pm
Quoting DarkWolF
This one started off nicely, moved back overnight from the support area.

Few economic data releases due out today for JPY so this could end up going either way.
Closed this one on EJ for only a very small profit of +2 pips.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #542
  • Sep 7, 2011 12:36am Sep 7, 2011 12:36am
Quoting DarkWolF
Hi guys,

Would not surprise me if we see a bullish or indecision day today. 6 consecutive days short does not happen very often. If its going to break through we may see some bullish movement before the move through support. Or quite simply we may see some range back up to the top as seen over the last few weeks. These are the areas to be watching PA.
Took this one earlier today from 5 min EU, I opened 2 seperate positions. Just closed one for +37 pips and the other is at BE which im going to hold just in case we do see some movement back up on the daily chart.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eu2.jpg Size: 65 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #543
  • Sep 7, 2011 1:01am Sep 7, 2011 1:01am
Quoting DarkWolF
Took this one earlier today from 5 min EU, I opened 2 seperate positions. Just closed one for +37 pips and the other is at BE which im going to hold just in case we do see some movement back up on the daily chart.
Quoting DarkWolF
Closed this one on EJ for only a very small profit of +2 pips.
dw, what can i say? u

hi dw and traders

i short gold this morning... and a moment ago i noticed my tp was almost hit but not yet and it retraced up... i have about 280 pips now... what would you advise... to grap what i have or just leave it as per my trade plan?

i appreaciate your comments tq.

happy pipping.

(chow... got to get back to work)
Attached Images
  • #544
  • Sep 7, 2011 1:09am Sep 7, 2011 1:09am
Quoting nbafx

i short gold this morning... and a moment ago i noticed my tp was almost hit but not yet and it retraced up... i have about 280 pips now... what would you advise... to grap what i have or just leave it as per my trade plan?


Hi nba,

I do not follow gold so am not familiar with the chart. This is not something that I cant advise on as this is purely your personal choice on how you want to manage any open positions.

Do you at least have a trailing stop in to protect some profits if the position was to retrace. It is always frustrtating watching pips go back to the market.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #545
  • Sep 7, 2011 1:29am Sep 7, 2011 1:29am
Long EU 5 min +14 pips
Attached Image(s) (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #546
  • Sep 7, 2011 1:45am Sep 7, 2011 1:45am
Quoting DarkWolF
Hi nba,

I always look at whats going on in the day for economic news releases. It is particulary important when trading the lower time frames as it can make the market swing around a bit.

Or simply go to the calender on Forex Factory and click the envelope icon next to the release. This will give you some inforamtion about each release.
Does anyone know of a news calendar that I can import into Google's Calendar?
  • #547
  • Sep 7, 2011 2:07am Sep 7, 2011 2:07am
Quoting BongaBonga
Does anyone know of a news calendar that I can import into Google's Calendar?
Hi BongaBonga,

No cant say that I do, cant help you on that one sorry.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #548
  • Sep 7, 2011 2:59am Sep 7, 2011 2:59am
Long entry EU 5min, I put a BE in reasonably quickly on this one, it may very well have been too early, but thats trading. Wait for the next opportunity.

Break even taken out
Attached Image(s) (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #549
  • Sep 7, 2011 3:03am Sep 7, 2011 3:03am
Quoting DarkWolF
Long entry EU 5min, I put a BE in reasonably quickly on this one, it may very well have been too early, but thats trading. Wait for the next opportunity.

Break even taken out
Right after BE hit moves straight up to the highs that was my target
Attached Image (click to enlarge)
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  • #550
  • Sep 7, 2011 4:10am Sep 7, 2011 4:10am
Well its gone pretty quiet on EU after that 90 pip spike up and down with the news release.

Might take a break and come back for NY session.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #551
  • Sep 7, 2011 7:11am Sep 7, 2011 7:11am
Well unfortunately the long position I was holding on EU after being up nicely was knocked out BE.

Looks like NY session may have re-invigorated some price movement.

Just took this short EU 5min for +18 pips.
Attached Image(s) (click to enlarge)
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  • #552
  • Sep 7, 2011 7:21am Sep 7, 2011 7:21am
Nice trade DW. I got to the computer too late to take it.

Is there reason why you didn't enter right after the first red candle? or you wanted a conformation?

Thanks

google
  • #553
  • Sep 7, 2011 7:33am Sep 7, 2011 7:33am
Quoting google
Nice trade DW. I got to the computer too late to take it.

Is there reason why you didn't enter right after the first red candle? or you wanted a conformation?

Thanks

google
There was always potential that the move may have gone long. After a close below the trend line I took it short instead.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #554
  • Sep 7, 2011 8:00am Sep 7, 2011 8:00am
Quoting DarkWolF
Hi nba,

I do not follow gold so am not familiar with the chart. This is not something that I cant advise on as this is purely your personal choice on how you want to manage any open positions.

Do you at least have a trailing stop in to protect some profits if the position was to retrace. It is always frustrtating watching pips go back to the market.

Cheers.
i read often the use of "trailing stop" but i don't how to use? i always use TP... maybe it is an easy out n think no more way for me...

dw, i appreciate your comments all the times (and also others). i am a person responsible for my trading decisions. i no blame the advice / comment. no worry ok

cheers
  • #555
  • Sep 7, 2011 8:08am Sep 7, 2011 8:08am
i took a short on aud-usd yesterday... after seeing the PB pulled back from the TL (i knew it was a late entry but went ahead to trigger).

too bad, it rebounded up north and hit my SLo for 110 pips loss

a H1 PB was formed a no. hours ago... is it a bounce again i am watching if it is a good short trade again in NY session.

any comment (for my failure trade)?

thanks
Attached Image(s) (click to enlarge)
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  • #556
  • Sep 7, 2011 8:27am Sep 7, 2011 8:27am
Short again EU 5 min after indecision at the trend line. +21 pips
Attached Image(s) (click to enlarge)
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  • #557
  • Sep 7, 2011 8:31am Sep 7, 2011 8:31am
dw i just saw my gold H1 almost hit the SLo 2nd time... and it was seen on the way up... and i not to let it went off (again... to go up)... i decided to close it manually and graped 490 pips (sori a demo ok he he)

cheers
Attached Image(s) (click to enlarge)
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  • #558
  • Sep 7, 2011 8:34am Sep 7, 2011 8:34am
i am watching to short if PA forms on a-j, a-u + e-g... anyone? comment? thanks
  • #559
  • Sep 7, 2011 8:45am Sep 7, 2011 8:45am
Quoting nbafx
i read often the use of "trailing stop" but i don't how to use? i always use TP... maybe it is an easy out n think no more way for me...

dw, i appreciate your comments all the times (and also others). i am a person responsible for my trading decisions. i no blame the advice / comment. no worry ok

cheers
Hi nba,

There is the option within Metatrader to use an actual trailing stop that trails price down x amount of pips of movement which can be good if your not going to be able to monitor your position.

Or you can just adjust the stops manually as the trade progresses.

The simplest way to do this is simply to manually place a line on the chart where you you want your trailing stop to be and then manually adjust your stop to that level. This will move your automatic stop down in the market (assuming your short) therefore if price retraces back up moving past your stop it will take you out with your predermined amount of profit.

This is how I pretty much play them out when I decide to trail a position. You just need to decide where your going to place your stops. Above the swings, horizontal levels or RN's etc.

This essentially lets you lock in profit and allow you to take advantage of the larger move if it goes that way.

Eventually you are going to give some profits back by letting the market move back up to where your stop is in place.

So with such a good trade in play, I would say at least try and lock in some profits.

I done similar kind of thing today, did not lock in some profits on the way, and 110 pips at one stage was given back and a BE hit.

If you do a google for Metatrader trailing stop im sure you find something about entering the trailing stop in, try searching on youtube possibly. If you cant find anything by doing that let me know and I can help you out.

Cheers.
Attached Image (click to enlarge)
Click to Enlarge Name: stops.jpg Size: 94 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #560
  • Sep 7, 2011 8:54am Sep 7, 2011 8:54am
Quoting nbafx
dw i just saw my gold H1 almost hit the SLo 2nd time... and it was seen on the way up... and i not to let it went off (again... to go up)... i decided to close it manually and graped 490 pips (sori a demo ok he he)

cheers
490 pips. Fantastic. Well done.

Many people do not agree with demo trading.

I believe that demo trading has its place, but you must absolutely trade it exactly like you would if you were using your own account. Its about getting the confidence and methodolgy right so that you can simply do the same thing with confidence when you switch to a live account.

You must be able to show consistant profits on your demo over a period of time before moving to your real account. When you feel comfortable that you can do this, maybe start off on your real account with small risk and as you get the confidence with that start increasing your risk.

The only thing that differs are the emotions, they are completely different when your watching your $$$$ given to the market.

Trading is not a game, you need to treat it like business. Do not burn your capital.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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