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Price Action and Trading Discussion

  • #261
  • Nov 15, 2011 1:31am Nov 15, 2011 1:31am
Quoting Musashi
Perfect pull back to previous support zone on euro and bam... sellers come in..

Typical Price Action...
Nice trade there Musashi the good ol' range bars working a treat for ya looks like it shot back up pretty quickly also but ya got ya stop moved down to lock some in.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #262
  • Nov 15, 2011 1:32am Nov 15, 2011 1:32am
Quoting Musashi
EJ and GJ look set to drop off a cliff..

Nice Pin Bar on those two pairs.
Little bit of congestion going on at the moment though so think I will wait and see how that plays itself out. Certainly leaning towards more short action but with support evident who knows what could happen.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #263
  • Nov 15, 2011 3:40am Nov 15, 2011 3:40am
Quoting DarkWolF
Nice trade there Musashi the good ol' range bars working a treat for ya looks like it shot back up pretty quickly also but ya got ya stop moved down to lock some in.
When risking 3% of your equity on one trade and you stop size is 10 pips, your account can grow quite quickly...
  • #264
  • Nov 15, 2011 3:52am Nov 15, 2011 3:52am
Quoting Musashi
When risking 3% of your equity on one trade and you stop size is 10 pips, your account can grow quite quickly...
Indeed it can
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #265
  • Nov 15, 2011 4:34am Nov 15, 2011 4:34am
Sell rally mode.... EU 5min perfect pull back to previous support... throw up a rejection candle and back down it goes...

Simple and effective

Pretty easy to see the resistance levels...

Almost 2.5 x risk on that trade.... moved stop down just now
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eushort.jpg Size: 83 KB
Click to Enlarge Name: eushort2.jpg Size: 87 KB
  • #266
  • Nov 15, 2011 4:57am Nov 15, 2011 4:57am
Quoting Musashi
Sell rally mode.... EU 5min perfect pull back to previous support... throw up a rejection candle and back down it goes...

Simple and effective

Pretty easy to see the resistance levels...

Almost 2.5 x risk on that trade.... moved stop down just now

Nice work
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #267
  • Nov 15, 2011 4:59am Nov 15, 2011 4:59am
Quoting Musashi
Sell rally mode.... EU 5min perfect pull back to previous support... throw up a rejection candle and back down it goes...

Simple and effective

Pretty easy to see the resistance levels...

Almost 2.5 x risk on that trade.... moved stop down just now
nice musashi, awesome scalps man.
Have I got something on my face, SOLDIER?
  • #268
  • Nov 15, 2011 5:20am Nov 15, 2011 5:20am
Quoting bumapatria
nice musashi, awesome scalps man.
Now that's what I'm talking about... use the right risk management with the right plan...
Attached Image (click to enlarge)
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  • #269
  • Edited 1:42pm Nov 15, 2011 5:31am | Edited 1:42pm
hy mushashi,
very good tardes.Lotsize is big.
This a real acount?
thanks steve
Quoting Musashi
Now that's what I'm talking about... use the right risk management with the right plan...
  • #270
  • Edited 5:59am Nov 15, 2011 5:41am | Edited 5:59am
Quoting Musashi
Now that's what I'm talking about... use the right risk management with the right plan...
A good days work
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #271
  • Nov 15, 2011 5:51am Nov 15, 2011 5:51am
so what? lot size is no problem leverage is no problem if u got confidence, risk management, trade management, and profit
Have I got something on my face, SOLDIER?
  • #272
  • Nov 15, 2011 6:04am Nov 15, 2011 6:04am
Quoting bumapatria
so what? lot size is no problem leverage is no problem if u got confidence, risk management, trade management, and profit
Yep thats right, ya' never know what funds any particualar trader has at their disposal so lot size is going to be a personal preference to each trader.

As long as you practice the correct risk management and you have consistency and can constantly take profitable trades all is good.

Emphasis should be placed on ensuring you understand and practice correct risk management.

If you do not understand risk management and how to apply it to your trading, then I would suggest stop trading with any sort of live account, go and trade demo until you do understand and can practice it with each and every trade with discipline.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #273
  • Nov 15, 2011 8:00am Nov 15, 2011 8:00am
For me support/resistance lines are the simplest way to trade. I have attached a standard trade I executed this morning in a 5 minute chart. Whilst it pays to stay away from high and medium impact news that you can find on the Forex Factory calendar, it's also crucial to pay attention to the price level.

If I have a double top (as I do in my attachment), I would only trade it if the second hit is defined by a shadow. Trading bodies only works half the time because they are just 'there'. Whereas shadows mirror a fight between the bears and the bulls and in this instance the price was rejecting the resistance level. There's probably a million ways to trade it but this is my humble opinion.
Attached Image (click to enlarge)
Click to Enlarge Name: double top.JPG Size: 238 KB
  • #274
  • Nov 15, 2011 8:29am Nov 15, 2011 8:29am
Quoting Musashi
Sell rally mode.... EU 5min perfect pull back to previous support... throw up a rejection candle and back down it goes...

Simple and effective

Pretty easy to see the resistance levels...

Almost 2.5 x risk on that trade.... moved stop down just now
Hey M, What pip range are you using on these bars ?
  • #275
  • Nov 15, 2011 1:27pm Nov 15, 2011 1:27pm
Quoting dan89
Hey M, What pip range are you using on these bars ?
5 Pip Bars
  • #276
  • Nov 15, 2011 2:18pm Nov 15, 2011 2:18pm
Quoting Drag
For me support/resistance lines are the simplest way to trade. I have attached a standard trade I executed this morning in a 5 minute chart. Whilst it pays to stay away from high and medium impact news that you can find on the Forex Factory calendar, it's also crucial to pay attention to the price level.

If I have a double top (as I do in my attachment), I would only trade it if the second hit is defined by a shadow. Trading bodies only works half the time because they are just 'there'. Whereas shadows mirror a fight between the bears and the...
Hi Drag,

Totally agree
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #277
  • Nov 16, 2011 1:30am Nov 16, 2011 1:30am
Morning All

DW, Any chance you could post up your s/r levels for EU today so I can compare to mine ? Check chart below:

Attached Image (click to enlarge)
Click to Enlarge Name: 16-11-2011 07-27-59.jpg Size: 86 KB



Cheers
Dan
  • #278
  • Nov 16, 2011 2:03am Nov 16, 2011 2:03am
Quoting dan89
Morning All

DW, Any chance you could post up your s/r levels for EU today so I can compare to mine ? Check chart below:

Attachment


Cheers
Dan
Hi Dan,

No probs mate.

Here is what I put on and I did it before I checked yours

Looks like your getting the hang of it, are you finding it better having less lines on your charts ?
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 94 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #279
  • Nov 16, 2011 2:18am Nov 16, 2011 2:18am
hey darkwolf!

had good day so far i am over +3o pips on easy scalps so far in m5
Have I got something on my face, SOLDIER?
  • #280
  • Nov 16, 2011 2:22am Nov 16, 2011 2:22am
AUDUSD 4 hourly trade I took yesterday, BE entered today with price heading up towards the BE level, guess wait and see how it plays out.

Tried to push a few extra pips out of the target level rather than using the lows area. I guess that is what can happen at support areas
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusd 4 hourly.jpg Size: 119 KB
Click to Enlarge Name: audusd 4h 1.jpg Size: 125 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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