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Forex Day Trading

  • #1,301
  • Oct 24, 2011 6:44am Oct 24, 2011 6:44am
Hi DW, thanks for the charts and advice, really appreciate it

The problem i had with drawing my s/r levels is that i was going too far back on the charts. Today i drew my lines using the last few days and got them spot on. Price stalled at each level.

I didnt notice those 2 entries that you posted. they would of been nice trades.

I did take this one though ... again it was a loss.
Took the break of the trend line above the pinbar

What do you guys think of this particular trade. I think i had my TP to high up.

Attached Image (click to enlarge)
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Cheers
Dan
  • #1,302
  • Oct 24, 2011 7:01am Oct 24, 2011 7:01am
Quoting dan89
Hi DW, thanks for the charts and advice, really appreciate it

The problem i had with drawing my s/r levels is that i was going too far back on the charts. Today i drew my lines using the last few days and got them spot on. Price stalled at each level.

I didnt notice those 2 entries that you posted. they would of been nice trades.

I did take this one though ... again it was a loss.
Took the break of the trend line above the pinbar

What do you guys think of this particular trade. I think i had my TP to high up.

Attachment ...
I would have taken my profit around the high or at least put my stop to BE when the price hit the high around there at 3870. 20 pips profit goes a long way especially if you are trading the 5 min charts. Just my two cents here Dan.
  • #1,303
  • Oct 24, 2011 7:14am Oct 24, 2011 7:14am
Quoting doggybones
I would have taken my profit around the high or at least put my stop to BE when the price hit the high around there at 3870. 20 pips profit goes a long way especially if you are trading the 5 min charts. Just my two cents here Dan.
Hi DB, yeah i would of taken profit at the previous high i guess but i was at the charts. Also i took the break of the trendline on that chart i showed to it would of only been around 10 pips or so.
  • #1,304
  • Oct 24, 2011 8:26am Oct 24, 2011 8:26am
Quoting dan89
Hi DW, thanks for the charts and advice, really appreciate it

The problem i had with drawing my s/r levels is that i was going too far back on the charts. Today i drew my lines using the last few days and got them spot on. Price stalled at each level.

I didnt notice those 2 entries that you posted. they would of been nice trades.

I did take this one though ... again it was a loss.
Took the break of the trend line above the pinbar

What do you guys think of this particular trade. I think i had my TP to high up.

Attachment ...
Price eventually got to my TP area. Got stopped out though on that swing low. Im assuming i had my stoploss in a logical area. below the pinbar/swing low. But what kinda gets to me is that i was about to take a short at the pinbar that hit the res level. only reason i didnt was i thought i should just leave the trading for the rest of the day. had i taken it would of been a loss. It just seems that every trade i take goes straight in the opposite direction On the upside my sup/res lines were pretty bang on today.

Attached Image (click to enlarge)
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Dan
  • #1,305
  • Oct 24, 2011 4:02pm Oct 24, 2011 4:02pm
Quoting dan89
Price eventually got to my TP area. Got stopped out though on that swing low. Im assuming i had my stoploss in a logical area. below the pinbar/swing low. But what kinda gets to me is that i was about to take a short at the pinbar that hit the res level. only reason i didnt was i thought i should just leave the trading for the rest of the day. had i taken it would of been a loss. It just seems that every trade i take goes straight in the opposite direction On the upside my sup/res lines were pretty bang on today.

Attachment ...
If I had taken the trade I would also have my SL there. But I rarely take a trade of a trend line in between a range. DW is pretty good with trend lines so he might be able to give you some pointers there.

I would not have the second trade at all. What I saw in the charts in the US session was that the european pushed the price down and after that the price was just ranging. Then in the US session price broke the upper part of the range. I was waiting for the price to come back to 3870 and I would have gone long on that.But it never made down to that.
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  • #1,306
  • Oct 24, 2011 4:03pm Oct 24, 2011 4:03pm
So around the same time Au had the same scenario and I took that trade.
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  • #1,307
  • Oct 24, 2011 4:13pm Oct 24, 2011 4:13pm
Dan, I would say you are looking too much at the pinbars. I think your lines are pretty good. But you have to realize that you are trading a 5 min chart too. In a 5 min chart the the trend lines and the bars you see dont mean as much as they do in the higher time frames. Treat one session as one day and go with what that session gives you.
If that session is bullish I look to buy only and if the session is bearish I look to sell only. I usually look for a break of a range and try to buy or sell on the retrace. I take a trade on the touch of the line and if a pinbar forms there it is one of the signs that shows I might be right.I look at five different pairs and I get a fair amount of trades a week. I just dont have time to trade all of those.

Just trying to give you my opinion and a little bit of how I trade. I hope it helps with your trading.
  • #1,308
  • Oct 24, 2011 5:27pm Oct 24, 2011 5:27pm
Quoting DarkWolF
Hi Dan,

No probs. What I basically do it take my 5 min chart switch it to the hourly view. Then I will look for the "most obvious" highs and lows from the previous day or maybe the previous 2 days and draw my lines from there. Then switch it back down to the 5 min view and see if there are any that may be better to be looking at. I try to keep my major lines to only 3 or 4 on the chart.

If you are struggling try doing this. Switch to an hourly view. Then switch to a line chart. Then draw some lines from the most obvious spikes on the line...
a very good lesson for novice like me tq
ur tips always enhance my trading
  • #1,309
  • Oct 25, 2011 1:08am Oct 25, 2011 1:08am
Quoting dan89
Hi DW, thanks for the charts and advice, really appreciate it

The problem i had with drawing my s/r levels is that i was going too far back on the charts. Today i drew my lines using the last few days and got them spot on. Price stalled at each level.

I didnt notice those 2 entries that you posted. they would of been nice trades.

I did take this one though ... again it was a loss.
Took the break of the trend line above the pinbar

What do you guys think of this particular trade. I think i had my TP to high up.

Attachment ...
No probs Dan.

That particular trade if I had taken it I would probably have targeted those most recent highs as my TP area. Or if I was going to go for the RN area those highs are where I would have been looking to have a BE in. The obvious Resistance and Support areas are where you need to make those decisions.

On a 5 min chart you shouldn't be too ambitious with your profit targets as the larger moves are usually few and far between. They will come and when you get on them its great and usually quite lucky. Utilise BE at the resistance areas if you are planning on attempting to hold it, that way at the very least you are protecting capital. On that trade you could have taken 12 ish pips pretty easily depending on spreads etc, price pulls back makes an indecision bar at a support area and you could have got back on for another 12 to 15 pips. Again, it is easy in hindsight to look at the chart, but much more difficult in real trading.

Target most recent highs and lows, dont be greedy, look back over charts and look for how often price stalls at those levels. Take you pips, move on, sit and wait for another opportunity, or better still shut down and come back tomorrow.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,310
  • Oct 25, 2011 1:12am Oct 25, 2011 1:12am
Sorry guys, I didnt read a bit further before posting, I see that you had already discussed that trade result so I basically repeating what doggy had said
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,311
  • Edited 3:46am Oct 25, 2011 1:32am | Edited 3:46am
Quoting dan89
Price eventually got to my TP area. Got stopped out though on that swing low. Im assuming i had my stoploss in a logical area. below the pinbar/swing low. But what kinda gets to me is that i was about to take a short at the pinbar that hit the res level. only reason i didnt was i thought i should just leave the trading for the rest of the day. had i taken it would of been a loss. It just seems that every trade i take goes straight in the opposite direction On the upside my sup/res lines were pretty bang on today.

Attachment ...
Dan check out the Daily and 4 hourly over the last week on EU. Pretty much choppy range. This is where it is very easy to get whipsawed around a little and end up with streaks of losing positions.

Look for the box ranges and potentially look to trade the ranges or as doggy said a little earlier, the break of the ranges, pullback and continuation. If the larger TF are ranging hard then smaller time frames are going to likely be consolodation, move, consolodation, move etc within the overall range.

When this kind of market is in play it can pay to be especially patient and take the trades from the extremes of ranges. The hourly tends to give you the best view as you break it down from the daily down of where those levels are, it then comes down to patience.

Just my opinion, but I think the market is range bound more than it trends. If you can idendify the smaller ranges within the overall range then the pips can flow for you. The range will eventually break and you will take a stop but that is no different from trading with the trend and eventually that trend turns and you take a stop. However if the market ranges more than trends then I dont see why the range areas cant be traded for pips with success.

Making that decision of range or trend is the hardest part I guess. Trading is by no means easy that is for sure.

Be careful of the beast that is overtrading. Be very careful of "revenge" trading if you find yourself taking losses, the market owes you nothing, and the market most definatley is not trading against you, even though at times it can feel that way. Walk away and come back when you have a clear mind.

Just some thoughts hmmmm.....
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,312
  • Oct 25, 2011 4:56am Oct 25, 2011 4:56am
Thanks DW and DB I really appreciate the help and advice your giving me, I am learning alot. I hope you dont mind about all the questions im asking.

Thanks
Dan
  • #1,313
  • Oct 25, 2011 5:02am Oct 25, 2011 5:02am
Quoting dan89
Thanks DW and DB I really appreciate the help and advice your giving me, I am learning alot. I hope you dont mind about all the questions im asking.

Thanks
Dan
Hi Dan,

No probs at all.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,314
  • Oct 25, 2011 7:58am Oct 25, 2011 7:58am
Quoting dan89
Thanks DW and DB I really appreciate the help and advice your giving me, I am learning alot. I hope you dont mind about all the questions im asking.

Thanks
Dan
No problem Dan. Keep it coming. I think it helps me too.
  • #1,315
  • Oct 25, 2011 3:19pm Oct 25, 2011 3:19pm
DW, Just wondering if you have got a response yet from the FF team about why this thread was moved to the trading journals forum ?

Dan
  • #1,316
  • Oct 26, 2011 12:47am Oct 26, 2011 12:47am
Quoting dan89
DW, Just wondering if you have got a response yet from the FF team about why this thread was moved to the trading journals forum ?

Dan
Hi Dan,

I got no response at all from FF.

I attempted to contact them on three different occasions and each time nothing was sent back to me at all.

I still do not know why the did that, there are other threads with similar to content to this one so I cant see why they would feel they needed to move it.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,317
  • Oct 26, 2011 12:57am Oct 26, 2011 12:57am
Had trailing stop hit on AUDUSD 4 houlry trade during the course of today.

CADJPY from daily chart still in play but not really going in any real direction at the moment.

Ended up putting an order in for USDJPY 4 hourly currently slightly in my favour but see how that goes.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,318
  • Oct 26, 2011 12:59am Oct 26, 2011 12:59am
Looking for the potential of an EU long on 4 hourly also, the daily resistance area does look ominous though.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,319
  • Oct 26, 2011 1:08am Oct 26, 2011 1:08am
Quoting DarkWolF
Looking for the potential of an EU long on 4 hourly also, the daily resistance area does look ominous though.
Morning DW, Have you got a chart as to why your looking for a long. Are you looking for the break of the res area at 1.3950 ?

Dan
  • #1,320
  • Oct 26, 2011 1:32am Oct 26, 2011 1:32am
Quoting dan89
Morning DW, Have you got a chart as to why your looking for a long. Are you looking for the break of the res area at 1.3950 ?

Dan
It is pretty much sideways at the moment so really it can go either way from this range bound area.

Just have to wait and see what way price wants to go then make the decisiion.

But this is what im looking at.
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