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Price Action and Trading Discussion

  • #281
  • Nov 16, 2011 12:23am Nov 16, 2011 12:23am
Quoting bumapatria
hey darkwolf!

had good day so far i am over +3o pips on easy scalps so far in m5
Hi Buma,

Good work, what did you pick them up on ?

Just gotta be careful not to lose them now.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #282
  • Nov 16, 2011 12:24am Nov 16, 2011 12:24am
Quoting DarkWolF
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 ?
Hi DW, Thanks for the chart. It helps to know that im getting the lines correct now. Im definitely finding it easier having less lines on the chart. I think im getting the hang of it now, just trying to take it one step at a time. BTW thanks for all the time and help you have been giving me over the last couple weeks/months, really appreciate it mate

Cheers
Dan
  • #283
  • Nov 16, 2011 12:24am Nov 16, 2011 12:24am
Quoting DarkWolF
Hi Buma,

Good work, what did you pick them up on ?

Just gotta be careful not to lose them now.
eur usd aud usd, basic PA at s/r supply demand levels. momentum trading
Have I got something on my face, SOLDIER?
  • #284
  • Nov 16, 2011 12:25am Nov 16, 2011 12:25am
Short entry in play also on USDJPY not a pair that I trade too often and now I know why, it simply does not have a good ADR.

But its in play now so see how it goes.

Short @ 76.961
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #285
  • Nov 16, 2011 12:27am Nov 16, 2011 12:27am
Quoting DarkWolF
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
Hey DW, What was the PA that you entered on for this trade. Was it the doji candle that made you think short below the swing low ?
  • #286
  • Nov 16, 2011 12:27am Nov 16, 2011 12:27am
Quoting dan89
Hi DW, Thanks for the chart. It helps to know that im getting the lines correct now. Im definitely finding it easier having less lines on the chart. I think im getting the hang of it now, just trying to take it one step at a time. BTW thanks for all the time and help you have been giving me over the last couple weeks/months, really appreciate it mate

Cheers
Dan
No probs at all.

Patience and discipline are the key points
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #287
  • Nov 16, 2011 12:29am Nov 16, 2011 12:29am
Quoting DarkWolF
No probs at all.

Patience and discipline are the key points
yup. never chase the market. ull get run over that way.



once u get ur 'signal'

tradde if not, leave it and let it work it out for u
Have I got something on my face, SOLDIER?
  • #288
  • Nov 16, 2011 12:34am Nov 16, 2011 12:34am
Quoting dan89
Hey DW, What was the PA that you entered on for this trade. Was it the doji candle that made you think short below the swing low ?
Ya pretty much.

Doji at previous lows and RN area but I played a bit safe because of the higher lower and put the entry below the lows of the last move.
Attached Image (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #289
  • Nov 16, 2011 12:35am Nov 16, 2011 12:35am
Quoting bumapatria
yup. never chase the market. ull get run over that way.



once u get ur 'signal'

tradde if not, leave it and let it work it out for u
Wait for the train at the station.

Get on and ride it to the next stop.

Be careful of trying to ride it to the end.

Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #290
  • Nov 16, 2011 12:46am Nov 16, 2011 12:46am
Quoting DarkWolF
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
BE triggered. Pips given back to the market but I guess thats trading !

Now only UJ as an open position.

Back in about an hour to check the next 4 hourly candle start.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #291
  • Nov 16, 2011 3:20am Nov 16, 2011 3:20am
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
Looks like that top line would have been a nice spot
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 84 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #292
  • Nov 16, 2011 4:31am Nov 16, 2011 4:31am
If you are trading the m5 (like me) might be worth sitting out between 13:30 and 14:15. Cluster of news is coming out of the US.
  • #293
  • Nov 16, 2011 4:56am Nov 16, 2011 4:56am
Quoting Drag
If you are trading the m5 (like me) might be worth sitting out between 13:30 and 14:15. Cluster of news is coming out of the US.
Hi Drag,

Yes indeed it is always good to be aware of the news and the adverse effects it can have on the markets.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #294
  • Nov 16, 2011 5:01am Nov 16, 2011 5:01am
When I first started out it taught me the hard way. Even medium impact news such as speeches (where news traders are listening out for specific words) can effect the market massively for a short time period - no thanks. It has been drilled in my head since my rookie days to avoid trading in every shape and form in situations like this.
  • #295
  • Nov 16, 2011 5:21am Nov 16, 2011 5:21am
Quoting Drag
When I first started out it taught me the hard way. Even medium impact news such as speeches (where news traders are listening out for specific words) can effect the market massively for a short time period - no thanks. It has been drilled in my head since my rookie days to avoid trading in every shape and form in situations like this.
Yep im hearing ya'

I had the same lesson taught to me by the market the hard way when I was a novice to forex.

It is one mistake you only need to make once. Although I have been caught off guard a few times over the years now by forgetting to check the releases for the session and getting stops hit, and on the flip side have had some nice trades by getting lucky with the news going in my favour.

I even spent some time trading the news releases by using the straddle method with quite a bit of success but I do not do that anymore.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #296
  • Nov 16, 2011 6:18am Nov 16, 2011 6:18am
Hi all,

I am new to Price action trading. I have attended some courses and was taught to trade using indicators. Initially, when the market was trending well, I made pips. Then, the indicators stopped working and I started to lose. Was taught new "method" using other indicators but some works some of the time and I got really frustrated with trading. Almost gave up until one day, I read about price action. So far, I have been trading price action for a couple of mths and am trying to learn.

I have read this thread with interest and hope to learn from you guys/gals.

Hope I can contribute to this thread.

Anyway, I have a newbie question, what is "RN"?

thanks in advance, Fuzzy
  • #297
  • Nov 16, 2011 12:17pm Nov 16, 2011 12:17pm
Quoting fuzzy
Hi all,

I am new to Price action trading. I have attended some courses and was taught to trade using indicators. Initially, when the market was trending well, I made pips. Then, the indicators stopped working and I started to lose. Was taught new "method" using other indicators but some works some of the time and I got really frustrated with trading. Almost gave up until one day, I read about price action. So far, I have been trading price action for a couple of mths and am trying to learn.

I have read this thread with interest and hope to...
Hi Fuzzy,

Welcome to the thread. RN is the Round Numuber.

Any type of question is all good, if we can help will be glad to.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #298
  • Nov 17, 2011 1:02am Nov 17, 2011 1:02am
We're all here to help Fuzzy
  • #299
  • Nov 17, 2011 2:40am Nov 17, 2011 2:40am
Quoting DarkWolF
Short entry in play also on USDJPY not a pair that I trade too often and now I know why, it simply does not have a good ADR.

But its in play now so see how it goes.

Short @ 76.961
Hey DW, Just wondering how you personally use ADR in your trading ?

Cheers
Dan
  • #300
  • Nov 17, 2011 5:36am Nov 17, 2011 5:36am
Quoting dan89
Hey DW, Just wondering how you personally use ADR in your trading ?

Cheers
Dan
Hi Dan,

I will use this in 2 ways.

Firstly I like to look for pairs that have a good ADR as that would indicate that at least there is likely to be some good movement on most days.

Secondly I sometimes like to use the ADR as profit target areas when trading the daily time frames.

Can also be good to keep an eye on with the shorter time frames as often once a particular pair has reached its ADR it will stall and not go too much more for the day or it may begin to retrace slightly.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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