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Forex Day Trading

  • #741
  • Sep 12, 2011 6:54pm Sep 12, 2011 6:54pm
Took a 7 pip loser. Hopefully one day I can be good like you DW.
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  • #742
  • Sep 13, 2011 1:03am Sep 13, 2011 1:03am
Been out most of the day today pretty much only just got back, missed the test of that low, but took it short on EU 5min as it came back down again. +20 pips on this one.
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  • #743
  • Sep 13, 2011 1:10am Sep 13, 2011 1:10am
Quoting google
Took a 7 pip loser. Hopefully one day I can be good like you DW.
Hi google,

The losing trades are going to happen its just part of trading, dont get too concerned about it unless your having a major losing streak then you need to step back and assess what is gonig on.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #744
  • Sep 13, 2011 1:37am Sep 13, 2011 1:37am
Was very tempted to take this one long off the lows but didnt take it as against the trend. Bit of range evident at the moment though so would like to see these lows broken. Ranging markets is when the losing trades start to occur.
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  • #745
  • Sep 13, 2011 2:08am Sep 13, 2011 2:08am
As quick as the pips come the go sometimes, took this entry looking for the continution move away from the RN. Stopped -18 pips

This is where ya' need to be careful in rangebound markets as the continuation moves simply dont happen and you will get easily stopped.
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  • #746
  • Sep 13, 2011 3:24am Sep 13, 2011 3:24am
Stopped again for -20 pips attempting a short off a RN area and what was essentially the base of the asian range today.

Time to step away for a bit and come back later I think.
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  • #747
  • Sep 13, 2011 3:28am Sep 13, 2011 3:28am
Quoting DarkWolF
As quick as the pips come the go sometimes, took this entry looking for the continution move away from the RN. Stopped -18 pips

This is where ya' need to be careful in rangebound markets as the continuation moves simply dont happen and you will get easily stopped.
To me, I was hesitant in both cases and decided to avoid them the first one was counter trend and the second bounced off a 2-time tested support. Good 20 pips though, DW I did not spot it.
  • #748
  • Sep 13, 2011 3:34am Sep 13, 2011 3:34am
Quoting ipnee
To me, I was hesitant in both cases and decided to avoid them the first one was counter trend and the second bounced off a 2-time tested support. Good 20 pips though, DW I did not spot it.
Ya I am leaning towards the long side at the moment and yet I find myself taking short trades today. If the market is going to range on the short term charts also gotta be careful.

I am expecting to see the daily EU make some sort of bullish move.

But as with all things trading one really never knows whats going to happen all we can do is follow the charts.
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  • #749
  • Sep 13, 2011 3:43am Sep 13, 2011 3:43am
The same here. I was counting on the daily hammer but who knows.

G/U is sitting nicely above a major support. I may take a short now if I see something convening or wait for a break down the daily support.
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  • #750
  • Sep 13, 2011 3:48am Sep 13, 2011 3:48am
Quoting ipnee
The same here. I was counting on the daily hammer but who knows.

G/U is sitting nicely above a major support. I may take a short now if I see something convening or wait for a break down the daily support.
Ya EU daily stopped at a good support area, but in the current move it has smashed through support pretty easily.
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  • #751
  • Sep 13, 2011 4:18am Sep 13, 2011 4:18am
Long EU 5 min at a previous low level and indecision bar +30 pips
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  • #752
  • Sep 13, 2011 4:44am Sep 13, 2011 4:44am
Quoting DarkWolF
Long EU 5 min at a previous low level and indecision bar +30 pips
good to see u r returning to profit


dw, mus, doggy, ipnee n traders

for low tf trading like u all do now, what are the usual SLo in pips you would set?

cheers
  • #753
  • Sep 13, 2011 4:53am Sep 13, 2011 4:53am
Quoting nbafx
good to see u r returning to profit


dw, mus, doggy, ipnee n traders

for low tf trading like u all do now, what are the usual SLo in pips you would set?

cheers
Hi nba,

SL will vary slightly depending on the candle that the postion was taken on. Usually SL is placed below/above the bar that the trade is signalled on. RN or horizontal levels may also help stop placement, if a candle is right near the RN area I would tend ot move my stop a few pips so it is on the other side of the RN.

However if the candle is a large one that signals I will tend to not take the trade or adjust my position sizing to match the the stop to be relevant to my risk management. On average my stops are usually in between 10 to 20 pips.
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  • #754
  • Sep 13, 2011 5:13am Sep 13, 2011 5:13am
EU came back down nicely off the top of the range.
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  • #755
  • Sep 13, 2011 5:14am Sep 13, 2011 5:14am
Good Morning all, Didnt take any trades last night. So the markets looks like it is ranging for now. Tricky on the shorter time frames.

NBA, my SLs are usually set the same way as DW is.

Lets see what we get this morning.
  • #756
  • Sep 13, 2011 7:00am Sep 13, 2011 7:00am
Quoting doggybones
Good Morning all, Didnt take any trades last night. So the markets looks like it is ranging for now. Tricky on the shorter time frames.

NBA, my SLs are usually set the same way as DW is.

Lets see what we get this morning.
Hi doggy,

Im still looking for this EU to make a long move, been pretty choppy so far.
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  • #757
  • Edited 7:26am Sep 13, 2011 7:12am | Edited 7:26am
how does one take trade on g-a?
it has been range in a "equal box" for 7-8 bars by now

my g-cad survives so far with, lower SLo to lock 90 pips, so a tree trade

add: g-cad chart
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  • #758
  • Sep 13, 2011 7:17am Sep 13, 2011 7:17am
Quoting doggybones
Good Morning all, Didnt take any trades last night. So the markets looks like it is ranging for now. Tricky on the shorter time frames.

NBA, my SLs are usually set the same way as DW is.

Lets see what we get this morning.

Quoting DarkWolF
Hi nba,

SL will vary slightly depending on the candle that the postion was taken on. Usually SL is placed below/above the bar that the trade is signalled on. RN or horizontal levels may also help stop placement, if a candle is right near the RN area I would tend ot move my stop a few pips so it is on the other side of the RN.

However if the candle is a large one that signals I will tend to not take the trade or adjust my position sizing to match the the stop to be relevant to my risk management. On average my stops are usually in between...
hey... thanks for your inputs... it re-confirmed and re-inforced my thoughts, u all
  • #759
  • Sep 13, 2011 7:22am Sep 13, 2011 7:22am
Quoting DarkWolF
Hi doggy,

Im still looking for this EU to make a long move, been pretty choppy so far.
Hi DW. Got busy at work. Havent really got a chance to look at anything yet. With such a strong pin bar from yesterday I think the EU will try to get to at least 1.4 but with all these news hanging around I think we will see choppy actions. If we just look at fundies it looks like they are propping up the Euro with the Italy news yesterday and the German France news today for a big fall. But who knows. Thats why I like the small time frames. I dont really have to listen to the news.
  • #760
  • Edited 7:37am Sep 13, 2011 7:27am | Edited 7:37am
Quoting nbafx
how does one take trade on g-a?
it has been range in a "equal box" for 7-8 bars by now

my g-cad survives so far with, lower SLo to lock 90 pips, so a tree trade
Hi nba,

Well this could be done either by trading the break of the range simply by taking a position when price breaks the outer edge of the range, or you could take the more conservative trade and wait for price to break, pullback and show a continuation pattern.

With a bit of support evident there with the black line you could also zoom to lower time frames and try to get an entry from the support line. A bit more aggressive approach though.
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