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Forex Day Trading

  • #841
  • Sep 20, 2011 8:58am Sep 20, 2011 8:58am
Good trades DW. I decided to sleep last night as I had a good start of the week. Seems like everything is still rangebound. Lets see if i can get anything in this session.
  • #842
  • Sep 20, 2011 9:51am Sep 20, 2011 9:51am
Hey DW, nice charts and explanations as always ! How much do you risk per trade ..1%, 2% ?

Cheers
Dan
  • #843
  • Sep 20, 2011 10:14am Sep 20, 2011 10:14am
Quoting doggybones
Good trades DW. I decided to sleep last night as I had a good start of the week. Seems like everything is still rangebound. Lets see if i can get anything in this session.
Hi doggy,

Ya its definately pretty much still sideways, just moved from one range to another that is slightly higher.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #844
  • Sep 20, 2011 10:15am Sep 20, 2011 10:15am
Quoting dan89
Hey DW, nice charts and explanations as always ! How much do you risk per trade ..1%, 2% ?

Cheers
Dan
Hi dan,

Thanks. I keep my risk pretty conservative, I only risk 1% per trade, but I find that is more than enough at the moment.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #845
  • Sep 20, 2011 1:09pm Sep 20, 2011 1:09pm
Nice wedge forming on the EU. Lets see which side it breaks.
Attached Image (click to enlarge)
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  • #846
  • Sep 20, 2011 2:13pm Sep 20, 2011 2:13pm
Still watching it.
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  • #847
  • Sep 20, 2011 2:36pm Sep 20, 2011 2:36pm
Finally got broken to the downside. I am hoping it goes a little further down so I can short it on the retest of that area.
  • #848
  • Sep 20, 2011 3:16pm Sep 20, 2011 3:16pm
Something looks fishy. Price is acting really weird. Cant make heads or tails out of it. Will let it break on either side and then decide.
  • #849
  • Sep 20, 2011 6:26pm Sep 20, 2011 6:26pm
Quoting doggybones
Something looks fishy. Price is acting really weird. Cant make heads or tails out of it. Will let it break on either side and then decide.
Hi Doggy,

Its still very much sideways, but you can clearly see how the horizontal areas are holding it and how the RN areas work well in containing the range. Lower range was between the lower RN areas and now its caught between the next level up of RN. Been in that 100 pip range since the open yesterday.

Need to be a little careful of sloping lines in rangebound markets as price will tend to just move sideways through them eventually. They will work once maybe twice then it will just continue on its merry way.

The horizontal areas are the ones to keep an eye on but those too will eventually break, and if your on it your going to get stopped, with any luck you will be on it from the opposite direction when it breaks out
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 119 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #850
  • Sep 20, 2011 6:30pm Sep 20, 2011 6:30pm
Yet again, daily and 4 hourly not giving much up to start the day.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #851
  • Sep 20, 2011 6:46pm Sep 20, 2011 6:46pm
I was home early from work so I guess I was trying to make something out of nothing. I rarely use the trend lines to get in a trade. The US equities sold off at the end of the day so I thought I would try to get a nice short off of that. Then when I saw the prices stalling I took the dog for a walk to clear my mind.
  • #852
  • Sep 20, 2011 6:50pm Sep 20, 2011 6:50pm
Quoting doggybones
I was home early from work so I guess I was trying to make something out of nothing. I rarely use the trend lines to get in a trade. The US equities sold off at the end of the day so I thought I would try to get a nice short off of that. Then when I saw the prices stalling I took the dog for a walk to clear my mind.
Ya when you find yourself trying to push trades out of nothing it is sometimes best to walk away from your charts for a bit or it can sometimes get messy.

I try to avoid paying attention to anything to do with correlation, simply look at the PA on the chart im trading and the longer term view of that chart to be aware of the key areas.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #853
  • Sep 20, 2011 7:04pm Sep 20, 2011 7:04pm
Quoting DarkWolF
Ya when you find yourself trying to push trades out of nothing it is sometimes best to walk away from your charts for a bit or it can sometimes get messy.

I try to avoid paying attention to anything to do with correlation, simply look at the PA on the chart im trading and the longer term view of that chart to be aware of the key areas.
Believe me DW. I learned that the hard way. I paid a lot to the forex college
  • #854
  • Sep 20, 2011 7:14pm Sep 20, 2011 7:14pm
Quoting doggybones
Believe me DW. I learned that the hard way. I paid a lot to the forex college
Oh yes it is a hard college to graduate from that one with many lessons to be learnt along the way, most are learnt the hard way
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #855
  • Sep 20, 2011 7:43pm Sep 20, 2011 7:43pm
It looks like EU is trying to break to the upside but if it tries that in the Asian session it usually reverses. I am just letting it play it out till the london session and see what that brings. I am closing this and have dinner with the bride and see what the next session brings. Good night all from here and I will see you guys when the Europeans wake up.
  • #856
  • Edited 7:11pm Sep 21, 2011 1:44am | Edited 7:11pm
Took this trade earlier today from the top of the range area. I got very lucky with this I think with price coming pretty close to my stop on a number of occassions. I decided to let the trade run and simply see what happens with it.

Took most of the day for anything to eventuate. Once price did break there was a good opportunity for a second entry so I added to it but put a BE in quite quickly to minimise any risk. Price hit the BE and as soon as hit it moved on down nicely, but thats trading I guess. +32 pips from the original position so happy with that one.
Attached Image(s) (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #857
  • Sep 21, 2011 2:14am Sep 21, 2011 2:14am
I had to make a couple of phone calls, so missed this entry but as you can see would have been a good trade.
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  • #858
  • Sep 21, 2011 7:36am Sep 21, 2011 7:36am
Good morning, the price is a bit lower but still range bound. I might as well wait till the feds speak this afternoon.
  • #859
  • Sep 21, 2011 3:46pm Sep 21, 2011 3:46pm
Well what a day. We made a higher high and a lower low than yesterday. I managed to grab 50 pips on the downmove. I was at work so couldnt post anything then.
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  • #860
  • Sep 21, 2011 5:52pm Sep 21, 2011 5:52pm
Quoting doggybones
Well what a day. We made a higher high and a lower low than yesterday. I managed to grab 50 pips on the downmove. I was at work so couldnt post anything then.
Nice work on the 50 pips doggy.

Well I headed off to sleep kind of early last night looks like I missed a bit of action.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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