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Forex Day Trading

  • #621
  • Sep 8, 2011 3:51am Sep 8, 2011 3:51am
Quoting Musashi
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.
Nothing wrong with that, BE is not a bad thing.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #622
  • Sep 8, 2011 4:14am Sep 8, 2011 4:14am
Took a short on this one, thought I would try and squeeze a few pips out, missed my entry by a few pips as was flicking screens. Stopped for -11 pips

Im sitting out now until this chop clears up, otherwise might end up getting whipsawed around. Gonna sit and wait for my original plan.
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  • #623
  • Sep 8, 2011 4:29am Sep 8, 2011 4:29am
Quoting DarkWolF
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.
which ones and short or long?
  • #624
  • Sep 8, 2011 4:33am Sep 8, 2011 4:33am
Quoting ipnee
which ones and short or long?
EURCHF and USDCHF. Long or short doesnt matter will just depend on whats going on with PA at the time.

Am in no trades with them they are just 2 of the 12 pairs that I monitor for daily or 4 hourly trades.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #625
  • Sep 8, 2011 4:39am Sep 8, 2011 4:39am
Bit of news out today, could be keeping the market pretty quiet until that comes out.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #626
  • Sep 8, 2011 6:06am Sep 8, 2011 6:06am
text book continuation pattern. Will it confirm in a nice set-up?
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  • #627
  • Sep 8, 2011 6:54am Sep 8, 2011 6:54am
Quoting DarkWolF
Bit of news out today, could be keeping the market pretty quiet until that comes out.
One more lot of news to wait for another 45 mins
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #628
  • Sep 8, 2011 7:18am Sep 8, 2011 7:18am
hi dw & traders
sori if this question sounds silly... about TL n HL (RL/SL).
for the pair a-j, i located 4 HLs based on common "points."
how possible to trade when there are many HLs like in a-j?
to wait until the break of HL1 or HL4 then trade?
or what is your trading experience for such situation?
again thanks for your time.
cheers
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  • #629
  • Sep 8, 2011 7:39am Sep 8, 2011 7:39am
Quoting nbafx
hi dw & traders
sori if this question sounds silly... about TL n HL (RL/SL).
for the pair a-j, i located 4 HLs based on common "points."
how possible to trade when there are many HLs like in a-j?
to wait until the break of HL1 or HL4 then trade?
or what is your trading experience for such situation?
again thanks for your time.
cheers
Tops and bottoms in the middle of a trend are week level as far as they keep their trend intact. Also the more recent trends override the older ones. In your example those tops and bottoms (except the highest one) were overridden by the rally which followed the plunge of tsunami, and once again by the plunge of the S&P downgrade.

Let me know if that makes sence.

ipnee
  • #630
  • Sep 8, 2011 7:51am Sep 8, 2011 7:51am
Took this trade EG on 4 hourly chart. Seems I got very lucky with some of the news that come out tonight and pushed price down to target profit area reasonably quickly. +75 pips.

Now that all the news is over maybe we will see some normal market movement again.
Attached Image (click to enlarge)
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  • #631
  • Sep 8, 2011 7:54am Sep 8, 2011 7:54am
Quoting DarkWolF
Took this trade EG on 4 hourly chart. Seems I got very lucky with some of the news that come out tonight and pushed price down to target profit area reasonably quickly. +75 pips.

Now that all the news is over maybe we will see some normal market movement again.
  • #632
  • Sep 8, 2011 9:04am Sep 8, 2011 9:04am
Just got a chance to look at the charts. My EU overnight got stopped out for -20 pips. And nothing looks good in the chart for me right now. Might call it a day as I have errands to run. See you guys in the asian session.
  • #633
  • Sep 8, 2011 9:08am Sep 8, 2011 9:08am
Quoting ipnee
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
Quoting ipnee
Tops and bottoms in the middle of a trend are week level as far as they keep their trend intact. Also the more recent trends override the older ones. In your example those tops and bottoms (except the highest one) were overridden by the rally which followed the plunge of tsunami, and once again by the plunge of the S&P downgrade.

Let me know if that makes sence.

ipnee
v good... you explained both well... thx
  • #634
  • Sep 8, 2011 9:19am Sep 8, 2011 9:19am
Quoting doggybones

And nothing looks good in the chart for me right now. Might call it a day as I have errands to run. See you guys in the asian session.
Hi doggybones,

Ya its been a pretty ordinary day on the short term charts, lots of news around think caused too much uncertaintity and when it did happen there was a few spikes, overall been a pretty ordinary day on the charts.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #635
  • Sep 8, 2011 9:33am Sep 8, 2011 9:33am
Quoting DarkWolF
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.
thx for feedback... ok no "slope" type TL



Quoting DarkWolF
Took this trade EG on 4 hourly chart. Seems I got very lucky with some of the news that come out tonight and pushed price down to target profit area reasonably quickly. +75 pips.

Now that all the news is over maybe we will see some normal market movement again.
i was also fortunate to browse the H4 charts and spotted the PB pull back at the critical Daily HL... so i went short the pair e-g... in fact like normal i didn't aware of the upcoming news, which is after that unfavored the EUR and boom... it went down until this moment of writing +90 pips

but again my headache comes... where to set the SLo and TP... (any advise is welcome )

after awhile i moved the SLo down to 50% fibo and let it runs...

about TP... well i will wait until the close of candle to decide then tomorrow

cheers
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  • #636
  • Sep 8, 2011 9:51am Sep 8, 2011 9:51am
Quoting nbafx
thx for feedback... ok no "slope" type TL





i was also fortunate to browse the H4 charts and spotted the PB pull back at the critical Daily HL... so i went short the pair e-g... in fact like normal i didn't aware of the upcoming news, which is after that unfavored the EUR and boom... it went down until this moment of writing +90 pips

but again my headache comes... where to set the SLo and TP... (any advise is welcome )

after awhile i moved the SLo down to 50% fibo and let it runs...

about TP... well i will...
Hi nba,

Nice pips on that trade for you, good work.

Look for key levels to place your trailing stops behind if your looking to trail the position yet lock in some profits to protect the pips.
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  • #637
  • Sep 8, 2011 10:08am Sep 8, 2011 10:08am
Quoting DarkWolF
Hi nba,

Nice pips on that trade for you, good work.

Look for key levels to place your trailing stops behind if your looking to trail the position yet lock in some profits to protect the pips.
ye... i like to try

sori to ask... i got the pop up windows to trail the stop... but what should i enter the no. of pips?
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  • #638
  • Edited 10:22am Sep 8, 2011 10:11am | Edited 10:22am
Quoting nbafx
ye... i like to try

sori to ask... i got the pop up windows to trail the stop... but what should i enter the no. of pips?
OK so on there 500 would be 50 pips trailing behind price. So every 50 pips it will automatically move your stop down 50 pips keeping your stop always 50 pips behing the current price. I think thats how it works, some one please correct me if im wrong.

400 be 40 pips
40 be 4 pips etc etc
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #639
  • Sep 8, 2011 10:13am Sep 8, 2011 10:13am
I find it better to manually enter the lines and modify your positions, but if you cant be at your computer then using the auto trail is a good way.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #640
  • Sep 8, 2011 10:43am Sep 8, 2011 10:43am
Quoting DarkWolF
OK so on there 500 would be 50 pips trailing behind price. So every 50 pips it will automatically move your stop down 50 pips keeping your stop always 50 pips behing the current price. I think thats how it works, some one please correct me if im wrong.

400 be 40 pips
40 be 4 pips etc etc
tq.



Quoting DarkWolF
I find it better to manually enter the lines and modify your positions, but if you cant be at your computer then using the auto trail is a good way.
this suits me due me a lazy guy always look for simple way


dw and traders

is there a way to adjust the resolution on the chart display in MT4?

sori for this silly question... i wish to view the chart display that is soothing my eye

i turned the "+" sign to maximum view, then reduced 1 point and then 2 points, as shown in the images attached.

i want to have 1.5 point view chart... is it possible to adjust?

cheers
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