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Forex Day Trading

  • #1,181
  • Oct 4, 2011 4:49am Oct 4, 2011 4:49am
Short GU at 1.53822 see how it goes.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,182
  • Oct 4, 2011 6:13am Oct 4, 2011 6:13am
Quoting DarkWolF
Short GU at 1.53822 see how it goes.
Out with a BE on this one.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,183
  • Oct 4, 2011 6:47am Oct 4, 2011 6:47am
Quoting DarkWolF
Out with a BE on this one.
Sucks when it moves after that.
  • #1,184
  • Oct 4, 2011 7:35am Oct 4, 2011 7:35am
Afternoon all, Just had a look at the charts now, been out most of the morning. Did anyone take this trade ? Would of failed though

Attached Image (click to enlarge)
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  • #1,185
  • Oct 4, 2011 8:03am Oct 4, 2011 8:03am
Quoting dan89
Afternoon all, Just had a look at the charts now, been out most of the morning. Did anyone take this trade ? Would of failed though

Attachment
Dan, When the price is in the middle of the range for the day like that I rarely take a trade even at a RN. The price is around the midpoint of yesterdays move. If things look good I might short here.
  • #1,186
  • Oct 4, 2011 4:13pm Oct 4, 2011 4:13pm
Quoting doggybones
Dan, When the price is in the middle of the range for the day like that I rarely take a trade even at a RN. The price is around the midpoint of yesterdays move. If things look good I might short here.
any reasons as to why you would not take a trade in the middle of the days range ?
  • #1,187
  • Oct 4, 2011 4:31pm Oct 4, 2011 4:31pm
Good morning guys, looks like a bit of bullish movement after I went to bed last night.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,188
  • Oct 4, 2011 4:35pm Oct 4, 2011 4:35pm
Quoting dan89
any reasons as to why you would not take a trade in the middle of the days range ?
Just my personal preference. I found out that my winning percent is much better when I trade on the top or bottom than somewhere in the middle.
  • #1,189
  • Oct 4, 2011 4:37pm Oct 4, 2011 4:37pm
Quoting DarkWolF
Good morning guys, looks like a bit of bullish movement after I went to bed last night.
There were some decent opportunity today DW but I missed them all. Staying at home is making me lazy.
  • #1,190
  • Oct 4, 2011 5:14pm Oct 4, 2011 5:14pm
Quoting doggybones
There were some decent opportunity today DW but I missed them all. Staying at home is making me lazy.
Ya I know that feeling doggy, I have been off work now for 5 weeks and it is very easy to get those lazy days.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,191
  • Oct 4, 2011 5:48pm Oct 4, 2011 5:48pm
Short EU after a typical break pullback set up. +12 pips
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eu2.jpg Size: 81 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,192
  • Oct 4, 2011 6:46pm Oct 4, 2011 6:46pm
Quoting dan89
Afternoon all, Just had a look at the charts now, been out most of the morning. Did anyone take this trade ? Would of failed though

Attachment
Hi DW, what are you thoughts on this (quote) trade ?
  • #1,193
  • Oct 4, 2011 8:30pm Oct 4, 2011 8:30pm
Quoting dan89
Hi DW, what are you thoughts on this (quote) trade ?
Hi Dan,

It is always easier to say in hindsight. But there is a number of reasons as to why I potentially would not have taken that trade.

Firstly there has just been a large move to the upside some 80 ish pips making new highs in the process.( I wasnt watching the charts at this point in time was that due to a news release ?)

Secondly the resulting pullback away from the RN was a little large for my liking and would have resulted in either larger risk than I normally like or would have to reduce position sizing to enable the risk to be correct.

After such a move I would like to think if I was trading it I would have potentially waited for a pullback to the breakout area of that move and then looked for a long. Kind of similar to what you would do of a breakout of the asian range.

But like I said in hindsight it is always much easier to review the chart. It quite potentially could have been a very valid trade away from the RN area. But a good thing to look at when your looking for potential trades is to look for reasons not to take the trade. Does it tick the boxes to your trade plan ? If in doubt leave it and wait for another opportunity. Can be easier said than done at times though and is a discipline that is hard learnt.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,194
  • Oct 4, 2011 10:59pm Oct 4, 2011 10:59pm
Took a long this time on EU, similar sort of set up as the last one simply on the other side of that RN area. Had a BE in rather quickly so it was all good after that. +13 pips.

Back in about an hour or so to see what is going on.
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  • #1,195
  • Oct 5, 2011 12:03am Oct 5, 2011 12:03am
Ok guys some of the key areas I will be looking at marked on the chart of EU. We have had price so far today move around the 1.3000 level with it currently respecting a sloping channel.

Obviously as the session continues lines will be changed.
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  • #1,196
  • Oct 5, 2011 12:14am Oct 5, 2011 12:14am
Just took this one short off the top end of the channel, I put a BE pretty quickly again, only to see it be taken out straight after and now price moving down some more. At times getting that quick BE in works against me but I would rather that than a losing position.

Thats the joys of trading. Cant get them all unfortunately.
Attached Image(s) (click to enlarge)
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  • #1,197
  • Oct 5, 2011 1:39am Oct 5, 2011 1:39am
Attempted a short not too long ago just before the news release. Short after a move below the lower channel line, it was probably a bit early to short it but had a crack.

Got stopped -15 pips. Sorry no image as was a bit busy working on something else.

Gotta let this congestion sort itself out before looking for anything else.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,198
  • Oct 5, 2011 3:03am Oct 5, 2011 3:03am
Bit of a range at the moment.
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  • #1,199
  • Oct 5, 2011 6:52am Oct 5, 2011 6:52am
Hi guys,

Havent done many longer term trades of late.

Looking at NZDUSD and potentially EURUSD on 4 hourly for short entries.

Will review daily charts tomorrow for any potential set ups.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,200
  • Oct 5, 2011 7:04am Oct 5, 2011 7:04am
Quoting DarkWolF
Hi guys,

Havent done many longer term trades of late.

Looking at NZDUSD and potentially EURUSD on 4 hourly for short entries.

Will review daily charts tomorrow for any potential set ups.

Cheers.
Hi DW, whats the highest time frame you would look at to dertermine the trend when trading the 5min chart. Im thinking that the 1hr chart would be high enough since you could get a 5min trend within just 1 4hr candle
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