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Forex Day Trading

  • #601
  • Sep 7, 2011 8:37pm Sep 7, 2011 8:37pm
Quoting doggybones
Wow I wasn't expecting that with the aussie results. Looks like at least a short term short for me.
Ya I was kind of expecting that as the general consensus lately here has been that the employment has not really been improving
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #602
  • Sep 7, 2011 8:39pm Sep 7, 2011 8:39pm
And the government here at the moment is not really the best. But I guess most have that problem at the moment
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  • #603
  • Sep 7, 2011 8:44pm Sep 7, 2011 8:44pm
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 put a pending order in and the news has been kind to me, got a bit lucky I guess.

BE is in already see how it pans out.
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  • #604
  • Sep 7, 2011 8:53pm Sep 7, 2011 8:53pm
I wanted to go short at 1.0660 but i got scared as I didnt want to go short on AUD. I thought the news would be better. I am posting a chart where two of my lines meets and 90% of the time I would go short but oh well as long as I wasnt long on that one.
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  • #605
  • Sep 7, 2011 9:09pm Sep 7, 2011 9:09pm
Going to bed. Will let the EU trade go as it pleases--have the stop and limit at place. I hope it will hit the profit when I am in bed. I will try to get up around 2 est to see what is going on.good luck guys.
  • #606
  • Sep 8, 2011 1:00am Sep 8, 2011 1:00am
hi dw it seems quite for asian session

may i ask a q about TL? the a-j chart is refer. u see, i could have drawn TL1 before the retrace X. but after X, that I could draw TL2. if so, which is the correct TL to use for chart analysis now?

thx 4 your time.

cheers
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  • #607
  • Sep 8, 2011 1:06am Sep 8, 2011 1:06am
hi dw, u-cad is another example of which TL iscorrect to use for analysis. but it is not that confusing comparing to a-j. btw i short this pair this morning after the doji followed by the bearish candle

backto work... chow... tq.
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  • #608
  • Sep 8, 2011 1:08am Sep 8, 2011 1:08am
Quoting nbafx
hi dw it seems quite for asian session

may i ask a q about TL? the a-j chart is refer. u see, i could have drawn TL1 before the retrace X. but after X, that I could draw TL2. if so, which is the correct TL to use for chart analysis now?

thx 4 your time.

cheers
They are both viable options, there is no real right and wrong when it comes to drawing trend lines. As long as your have 2 or more touches of highs/lows.

Generally though you dont want the slope of the line to be too steep.
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  • #609
  • Sep 8, 2011 1:53am Sep 8, 2011 1:53am
Quoting nbafx
hi dw it seems quite for asian session

may i ask a q about TL? the a-j chart is refer. u see, i could have drawn TL1 before the retrace X. but after X, that I could draw TL2. if so, which is the correct TL to use for chart analysis now?

thx 4 your time.

cheers
Adding to DW, IMO, the inner TL was the trend line at one time, and once it got broken there isn't a trend until the price turns around and moves significantly higher/lower than were that trend had ended (not just few pips or just wicks it up). At this point only, I would consider the break of the inner TL is an establishment of bottom within another outer trend, and draw the outer TL.

Let me know if this makes sence.

ipnee
  • #610
  • Sep 8, 2011 2:24am Sep 8, 2011 2:24am
Hi guys,

Well lets see what the London and NY sessions dish up for us today.

The attached chart of EU hourly, give a good example of why I like to pay attention to horizontal and RN areas.
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  • #611
  • Sep 8, 2011 2:37am Sep 8, 2011 2:37am
Quoting DarkWolF
Hi guys,

Well lets see what the London and NY sessions dish up for us today.

The attached chart of EU hourly, give a good example of why I like to pay attention to horizontal and RN areas.
Hi DW,

I see a lot of R/S areas around the current price and am sitting tight on EU. The daily suggests to me a potential of an upwards move, but the long wick in the hourly suggests to me to wait for its confirmation.

What is your take on it?

ipnee
  • #612
  • Sep 8, 2011 2:40am Sep 8, 2011 2:40am
Quoting DarkWolF
Hi guys,

Well lets see what the London and NY sessions dish up for us today.

The attached chart of EU hourly, give a good example of why I like to pay attention to horizontal and RN areas.
Beautiful

I've shorted the GBP after a restest of a congestion zone break.

Waiting to see if this lower support level can break. Could be a bit dicey, not a lot is happening.

Going to take a bit to move price below that level. However if it does it could be a decent move.
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  • #613
  • Sep 8, 2011 2:45am Sep 8, 2011 2:45am
Quoting ipnee
Hi DW,

I see a lot of R/S areas around the current price and am sitting tight on EU. The daily suggests to me a potential of an upwards move, but the long wick in the hourly suggests to me to wait for its confirmation.

What is your take on it?

ipnee
At the moment, I think it really could go either way. Stuck in between 1.4100 and 1.40500.

I am essentially waiting for a break of either one of those areas then I will look for a reason to take a trade.

Could play the range, but I guess will just see what happens.
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  • #614
  • Sep 8, 2011 2:47am Sep 8, 2011 2:47am
Quoting Musashi
Beautiful

I've shorted the GBP after a restest of a congestion zone break.

Waiting to see if this lower support level can break. Could be a bit dicey, not a lot is happening.

Going to take a bit to move price below that level. However if it does it could be a decent move.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #615
  • Sep 8, 2011 2:51am Sep 8, 2011 2:51am
Quoting DarkWolF
At the moment, I think it really could go either way. Stuck in between 1.4100 and 1.40500.

I am essentially waiting for a break of either one of those areas then I will look for a reason to take a trade.

Could play the range, but I guess will just see what happens.
Could be a slow night for me if this sideways chop just keeps going like it is.
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  • #616
  • Sep 8, 2011 3:07am Sep 8, 2011 3:07am
No point doing anything yet, price just consolidating below support levels still.

Need to give it a chance to move one way or the other.

Just sitting tight.
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  • #617
  • Sep 8, 2011 3:15am Sep 8, 2011 3:15am
Quoting Musashi
No point doing anything yet, price just consolidating below support levels still.

Need to give it a chance to move one way or the other.

Just sitting tight.
Bit of support on the longer TF though in this area. If can break that be all good.
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  • #618
  • Sep 8, 2011 3:31am Sep 8, 2011 3:31am
Quoting DarkWolF
Could be a slow night for me if this sideways chop just keeps going like it is.
Look for a prey

I've just realised that E/CH is moving in a nice range on the 15-min since I entered it after the intervention. I could have taken advantage of at least 2 pull-backs to re-enter at the bottom of the channel and take the trades off at the top. NOOOOOOOOO shorting at the moment.
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  • #619
  • Sep 8, 2011 3:37am Sep 8, 2011 3:37am
Quoting ipnee
Look for a prey

I've just realised that E/CH is moving in a nice range on the 15-min since I entered it after the intervention. I could have taken advantage of at least 2 pull-backs to re-enter at the bottom of the channel and take the trades off at the top. NOOOOOOOOO shorting at the moment.
Ya looks like a few opportunities there.

I am not going near the CHF pairs at the moment though. I have 2 of them in the pairs I follow on the longer terms and im even thinking of taking them off and switching with 2 other pairs.
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  • #620
  • Sep 8, 2011 3:38am Sep 8, 2011 3:38am
Showing some buying off of this level again.

Not too surprised by this at the moment.

Protecting capital with a break even stop in this instance.
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