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Forex Day Trading

  • #581
  • Sep 7, 2011 6:53pm Sep 7, 2011 6:53pm
AUDNZD could have some potential for a short on 4 hourly.

Daily has stalled at a resistance level, and the 4 hourly is showing some signs of rejection at that level.

Going short against the AUD at the moment makes me nervous though.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audnzd daily.jpg Size: 90 KB
Click to Enlarge Name: audnzd 4hourly.jpg Size: 88 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #582
  • Sep 7, 2011 6:57pm Sep 7, 2011 6:57pm
Quoting DarkWolF
AUDNZD could have some potential for a short on 4 hourly.

Daily has stalled at a resistance level, and the 4 hourly is showing some signs of rejection at that level.

Going short against the AUD at the moment makes me nervous though.
I wouldn't go short on the Aud too right now till the news comes out later.
  • #583
  • Sep 7, 2011 6:59pm Sep 7, 2011 6:59pm
I do have my eyes out to go long on EU around 1.4070 but that depends on the PA.
  • #584
  • Sep 7, 2011 7:01pm Sep 7, 2011 7:01pm
Quoting doggybones
Can you guys tell me how to upload a chart. I tried to do it as an attachment but that doesnt look like it works in the preview.
Are you seeing as per the attached image when you preview the post, if so it should be all good when you post it.

Is the image saved as a file format that is compatabile with what can be uploaded. Cant go wrong with jpg and assuming that is what you would be using. Also within the file size range otherwise it wont load.

First image is straight after uploading it.

Second image is after I hit preview post all I see is the little jpg image.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 173 KB
Click to Enlarge Name: 2.jpg Size: 81 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #585
  • Sep 7, 2011 7:05pm Sep 7, 2011 7:05pm
Quoting DarkWolF
Are you seeing as per the attached image when you preview the post, if so it should be all good when you post it.

Is the image saved as a file format that is compatabile with what can be uploaded. Cant go wrong with jpg and assuming that is what you would be using. Also within the file size range otherwise it wont load.

First image is straight after uploading it.

Second image is after I hit preview post all I see is the little jpg image.
It looks like i am doing it right. I will try.
  • #586
  • Sep 7, 2011 7:07pm Sep 7, 2011 7:07pm
Quoting doggybones
I do have my eyes out to go long on EU around 1.4070 but that depends on the PA.
I dont particularly like to trade 5 min charts during the asian session, at times I will but prefer to wait until the London and NY sessions before getting into the lower TF trading.

Usually just sideways range during asian session, but that range can be tradeable if it is wide enough.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #587
  • Sep 7, 2011 7:09pm Sep 7, 2011 7:09pm
Quoting doggybones
It looks like i am doing it right. I will try.
Just load any image in there and test it out, cant go wrong really
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #588
  • Sep 7, 2011 7:17pm Sep 7, 2011 7:17pm
The trade got triggered. Personally i dont care about the sessions as long as it meets my criteria. Lets see what happens.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.png Size: 40 KB
  • #589
  • Sep 7, 2011 7:18pm Sep 7, 2011 7:18pm
It did work.
  • #590
  • Sep 7, 2011 7:22pm Sep 7, 2011 7:22pm
EU is definately at a key area, and will be interesting to see how price plays out from here.

Could range back up to the top and continue the longer term trend. If it can break below we start to see some bearish sentiment creep in.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu 4 hour.jpg Size: 87 KB
Click to Enlarge Name: eu daily.jpg Size: 81 KB
Click to Enlarge Name: eu daily 1.jpg Size: 121 KB
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  • #591
  • Sep 7, 2011 7:22pm Sep 7, 2011 7:22pm
Quoting doggybones
It did work.
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  • #592
  • Sep 7, 2011 7:42pm Sep 7, 2011 7:42pm
Quoting doggybones
I do have my eyes out to go long on EU around 1.4070 but that depends on the PA.
my 2 cents opinion
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 23 KB
  • #593
  • Sep 7, 2011 7:46pm Sep 7, 2011 7:46pm
Quoting DarkWolF
Well said doggybones.

That pretty much sums it up.

And I think most traders at some point in thier journey will end up there. Its just a matter of how quickly you realise it, and do something about it, as it can be very destructive to both your trading account and your psychological mindset.

Like doggybones mentioned, discipline is the key to prevent yourself from overtrading and not simply chasing trades because you feel like you need to be in one.

Doggybones is also correct in saying the number of trades you take doesnt...
good morning to you two

i appreciate your feedback... i will reduce my trades... btw how many trades do you think a trader should based on when trading higher tf H1/H4/D?
  • #594
  • Sep 7, 2011 7:46pm Sep 7, 2011 7:46pm
Keep in mind though that the daily candle 2 days ago with the long upper wick was pretty much the result of the intervention of the SNB.

But in saying that EU pretty much came straight back down to where it was after that large spike.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #595
  • Sep 7, 2011 7:50pm Sep 7, 2011 7:50pm
Quoting DarkWolF
EU is definately at a key area, and will be interesting to see how price plays out from here.

Could range back up to the top and continue the longer term trend. If it can break below we start to see some bearish sentiment creep in.
very well explained, dw
again i missed the zoom-in view / analyst (tq for this)
got to work... happy pipping to you, mus and doggy
  • #596
  • Sep 7, 2011 8:00pm Sep 7, 2011 8:00pm
This is what I do when I place a trade. I dont look at the target profit but the target loss. If I am comfortable with that I get into that trade because I am willing to lose.
  • #597
  • Sep 7, 2011 8:29pm Sep 7, 2011 8:29pm
Quoting nbafx
good morning to you two

i appreciate your feedback... i will reduce my trades... btw how many trades do you think a trader should based on when trading higher tf H1/H4/D?
Hi nba,

I would say that there is no definitive answer to that question.

As long as what your trading meets all the cirteria of your trading plan and set ups as well as your risk management.

There may be times when you are going a whole week without a trade or there may be times where you have 3 nice potential entries in one day.

Essentially it is up to what you feel comfortable with. Personally I will not open too many trades at once. If I have a few open positions from long term charts, I do like to have BE entered if they are in profit before opening more. This essentially just minimising the risk at any given time.

Short term charts I will only have one on the go at time. The only time this will differ is if I have at least a BE in and I am trailing the position (even then I prefer to have at least some pips locked in as a trail), as there will be times when the market swings back to key levels that re entry is available.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #598
  • Sep 7, 2011 8:33pm Sep 7, 2011 8:33pm
Quoting doggybones
This is what I do when I place a trade. I dont look at the target profit but the target loss. If I am comfortable with that I get into that trade because I am willing to lose.
Yes, this is very similar to the way I look at a potential position.

You must look at every trade when it starts as a losing position, and are you willing to wear that loss or does it fit within your risk management criteria.

Too many traders do not understand or practice risk management correctly and can quickly lead to blown accounts if your not careful.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #599
  • Sep 7, 2011 8:35pm Sep 7, 2011 8:35pm
Wow I wasn't expecting that with the aussie results. Looks like at least a short term short for me.
  • #600
  • Sep 7, 2011 8:35pm Sep 7, 2011 8:35pm
Quoting doggybones
I wouldn't go short on the Aud too right now till the news comes out later.
Looks like the impact of the news for AUD was negative.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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