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Forex Day Trading

  • #901
  • Sep 24, 2011 4:17pm Sep 24, 2011 4:17pm
Quoting tradpat
hi dw

am i making a mistake or an incorrect analyst on eur-gbp?

i should have zoomed-in the chart before triggered long yesterday.
this view gave me to see a triangle pattern.
the price is seemed to burst soon - either up thru the TL/DHL3 or down thru the DHL2

i long bcos the PB shown up the day before. i now have a 47 pips loss.

should i manual exit the trade on monday ? any opinion?
I would exit this trade.

On the daily, the triangle is too loose, strongly penetrated and has a lot of room to complete, and on the 4-hour, the trend line was broken completely. Plus, you've entered in the middle of the triangle and a triangle is not meant to be traded like that.

Another point, are you sure you wanna trade with 1:1 risk/reward ratio?

Having said that, the price still can shoot as high as it wants.

ipnee
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  • #902
  • Sep 24, 2011 4:33pm Sep 24, 2011 4:33pm
I have just pulled up my report of last week. It was good with nearly 1000 pips of profit . I'd like share with you before the start of the week the following chart of G/U. It is sitting on a major daily support level coinciding with a round #, 1.5300. Keep an eye on it. I don't know where it will go from here, but my take is bearish as of this momnet.

Good trading for all,

ipnee
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  • #903
  • Sep 24, 2011 11:01pm Sep 24, 2011 11:01pm
Quoting ipnee
I would exit this trade.

On the daily, the triangle is too loose, strongly penetrated and has a lot of room to complete, and on the 4-hour, the trend line was broken completely. Plus, you've entered in the middle of the triangle and a triangle is not meant to be traded like that.

Another point, are you sure you wanna trade with 1:1 risk/reward ratio?

Having said that, the price still can shoot as high as it wants.

ipnee
good inputs, ipnee, tq.


Quoting ipnee
I have just pulled up my report of last week. It was good with nearly 1000 pips of profit . I'd like share with you before the start of the week the following chart of G/U. It is sitting on a major daily support level coinciding with a round #, 1.5300. Keep an eye on it. I don't know where it will go from here, but my take is bearish as of this momnet.

Good trading for all,

ipnee
wow congrate for profiting 1000 pips, u v good

hey, i have the similar opinion
http://www.forexfactory.com/showthre...89#post4984689

happy trading next week.
  • #904
  • Sep 25, 2011 1:53pm Sep 25, 2011 1:53pm
Hey DW, I was wondering if i could ask you for a favour, Is there any chance you could post a chart before the london open and new york open on E/U showing your horizontal S/R levels ? The reason i ask is becuase i tend to draw too many and im trying to narrow it down to the main levels. If you post your charts then i can compare and learn ?

Also do you wait for price to reach your horizontal levels and then take a trade if there is correct price action at these levels e.g. downtrend - move up to resistance - pinbar - entry below low of PB ?

Cheers
Dan
  • #905
  • Sep 25, 2011 6:24pm Sep 25, 2011 6:24pm
Quoting dan89
Hey DW, I was wondering if i could ask you for a favour, Is there any chance you could post a chart before the london open and new york open on E/U showing your horizontal S/R levels ? The reason i ask is becuase i tend to draw too many and im trying to narrow it down to the main levels. If you post your charts then i can compare and learn ?

Also do you wait for price to reach your horizontal levels and then take a trade if there is correct price action at these levels e.g. downtrend - move up to resistance - pinbar - entry below low of PB ?...
Hi Dan,

No problems, if I am at my PC at or around the time of each open today I will try and get some images up.

Yes that is pretty much what I look for. But remember, no line is exact support or resistance is simply an "area" at times it will look like its prety much exact and others it will over shoot the area or not quite make it there.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #906
  • Sep 25, 2011 6:25pm Sep 25, 2011 6:25pm
Quoting ipnee
I have just pulled up my report of last week. It was good with nearly 1000 pips of profit . I'd like share with you before the start of the week the following chart of G/U. It is sitting on a major daily support level coinciding with a round #, 1.5300. Keep an eye on it. I don't know where it will go from here, but my take is bearish as of this momnet.

Good trading for all,

ipnee
Nice work ipnee, thats a pretty good week I would say, you would have to be happy with those results
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #907
  • Sep 25, 2011 6:49pm Sep 25, 2011 6:49pm
Quoting tradpat
hi dw

am i making a mistake or an incorrect analyst on eur-gbp?

i should have zoomed-in the chart before triggered long yesterday.
this view gave me to see a triangle pattern.
the price is seemed to burst soon - either up thru the TL/DHL3 or down thru the DHL2

i long bcos the PB shown up the day before. i now have a 47 pips loss.

should i manual exit the trade on monday ? any opinion?
Hi Tradpat,

Potentially I would suggest that certain PB's should not be taken. I tend to look for the ones with protruding tails from current market movement, and preferably in the direction of the overall trend. But its easy to look at a chart in hindsight and see that each bar would have been ok, much harder to trade in real time
Attached Image (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #908
  • Sep 25, 2011 7:52pm Sep 25, 2011 7:52pm
Quoting DarkWolF
Hi Tradpat,

Potentially I would suggest that certain PB's should not be taken. I tend to look for the ones with protruding tails from current market movement, and preferably in the direction of the overall trend. But its easy to look at a chart in hindsight and see that each bar would have been ok, much harder to trade in real time
hello dw

points taken. your explanation in chart is v good. appreciated. thanks.

hope u dont mind to seek your opinion on yen pairs. most pairs look temptation to me but my seeing/feeling want me to hold until a better PA appears thanks for your time.
http://www.forexfactory.com/showthre...46#post4984746

happy trading for the week.

cheers
  • #909
  • Sep 26, 2011 1:56am Sep 26, 2011 1:56am
Hi guys,

Just setting up my charts getting ready for the London session. Whilst getting things ready had this move away from Trend line and RN area. Turned out ok with +16 pips.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #910
  • Sep 26, 2011 2:15am Sep 26, 2011 2:15am
Quoting dan89
Hey DW, I was wondering if i could ask you for a favour, Is there any chance you could post a chart before the london open and new york open on E/U showing your horizontal S/R levels ? The reason i ask is becuase i tend to draw too many and im trying to narrow it down to the main levels. If you post your charts then i can compare and learn ?

Also do you wait for price to reach your horizontal levels and then take a trade if there is correct price action at these levels e.g. downtrend - move up to resistance - pinbar - entry below low of PB ?...
Hi Dan,

Ok so I have put together some thoughts that I see as areas that I will keeping an eye on. Sloping trend lines will change as the price moves around during the sessions but can sometimes be handy. I have included some longer term views simply to give an overview of the bigger picture also. I will move horizontal lines as price moves past the levels etc to keep the lines on my chart to a minimal.

Daily chart is at a level that could potentially provide some sort of support, but the way this market has been going major support areas are getting belted.

Just remember they are just "areas" though not exact lines of where I think price will stall etc.

Hope this helps a little.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #911
  • Sep 26, 2011 2:15am Sep 26, 2011 2:15am
E/U currently at Res, short opportunity is PA signals ?

Attached Image (click to enlarge)
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  • #912
  • Sep 26, 2011 2:35am Sep 26, 2011 2:35am
Quoting dan89
E/U currently at Res, short opportunity is PA signals ?

Attachment
It could have been Dan but nothing evenutated from it.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #913
  • Sep 26, 2011 2:39am Sep 26, 2011 2:39am
Yeah price is now just consolidating.

On the chart i posted, once price had closed above that res area would you have considered long position ?

Btw, what are you current sup/res levels on EU ?

Cheers
Dan
  • #914
  • Sep 26, 2011 2:51am Sep 26, 2011 2:51am
Quoting dan89
Yeah price is now just consolidating.

On the chart i posted, once price had closed above that res area would you have considered long position ?

Btw, what are you current sup/res levels on EU ?

Cheers
Dan
I tend to wait for price to move past the areas of S and R and then move back to retest them. If they retest and exhibit some kind of PA then I will look for entry. For anything long I would be waiting for price to moe above the highs in the 1.34365 is area and then retest it. That is an area that has been respected a number of times during the asian session.

The blue lines on my charts are the current areas that I am looking at. Current price action is moving away from one of them at the moment, but it is a little messy in the move. I would like to see it move it back below the 1.3400 area and retest etc before looking for shorts.

Its just a patience game to wait and see what presents itself. Dont chase it.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #915
  • Sep 26, 2011 2:55am Sep 26, 2011 2:55am
Cheers DW for the help. Oh I didnt' see all those charts your posted earlier with you levels, Thanks mate, its nice to see what your looking at on your charts, this should really help me out

Dan
  • #916
  • Sep 26, 2011 2:57am Sep 26, 2011 2:57am
Quoting dan89
Cheers DW for the help. Oh I didnt' see all those charts your posted earlier with you levels, Thanks mate, its nice to see what your looking at on your charts, this should really help me out

Dan
No probs
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #917
  • Sep 26, 2011 3:41am Sep 26, 2011 3:41am
was thinking about taking a long position on the break of this pinbar but due to the large upper wicks on the previous pinbars i decided it was a little risky

Attached Image (click to enlarge)
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DW, do you usually take a trade into a nearby round number like the chart above ?

Cheers
Dan
  • #918
  • Sep 26, 2011 3:45am Sep 26, 2011 3:45am
Quoting dan89
was thinking about taking a long position on the break of this pinbar but due to the large upper wicks on the previous pinbars i decided it was a little risky

Attachment

DW, do you usually take a trade into a nearby round number like the chart above ?

Cheers
Dan
No I did not take that one decided with RN and resistance with the lows that it might have proven too strong, but if we had seen price move up past the the resistance and move back I probably would have but it stalled pretty much on the lows that I had my line on.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #919
  • Sep 26, 2011 3:53am Sep 26, 2011 3:53am
Looks like it might have been ok after all

Oh well cant get them all.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #920
  • Sep 26, 2011 3:57am Sep 26, 2011 3:57am
See if we can get some sort of continuation set up if it does break up further. The RN and reisistance area could act as support for a continuation if it looks as if its going to break.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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