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Price Action and Trading Discussion

  • #381
  • Nov 24, 2011 3:30am Nov 24, 2011 3:30am
Quoting DarkWolF
Hi Drag,

I have never traded on the M1 chart, but the strategies should be just as sound. Just need to remember that the lower the time frame the less the SL and TP targets will obviously be. Apply your risk management appropriately.

Cheers.
Thanks very much. I ended up testing a new continuation strategy and it did actually work. As you say SL and profit targets were smaller but targets were achieved quicker with plenty entry opportunities. We'll see what today brings.
  • #382
  • Nov 24, 2011 5:11am Nov 24, 2011 5:11am
Quoting dan89
Morning all

DW any chance you could post up your 5min EU levels for today so i can compare them to mine ?

Cheers
Dan
Hi Dan,

Sorry have been away from the charts until now I drew my lines on earlier as attached. Looks like the GU lines were almost spot on.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #383
  • Nov 24, 2011 5:12am Nov 24, 2011 5:12am
Quoting Musashi
H1 showing a Reversal Bar... shorts are looking good
Been mostly sideways yet again
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #384
  • Nov 24, 2011 6:09am Nov 24, 2011 6:09am
Quoting DarkWolF
Hi Dan,

Sorry have been away from the charts until now I drew my lines on earlier as attached. Looks like the GU lines were almost spot on.
No probs DW, I had my lines drawn pretty much the same as you except the bottom one. At least im getting at identifying key levels. Btw, do you always draw your 5min lines off the 1hr chart ? Or do you zoom out on the say 15 min chart and draw them off there. Also, what are the red lines on your chart ... im assuming the blue lines are you main s/r

For EU im thinking break and retest of .3400 + res level should indicate upward trend
  • #385
  • Nov 24, 2011 6:28am Nov 24, 2011 6:28am
Quoting dan89
No probs DW, I had my lines drawn pretty much the same as you except the bottom one. At least im getting at identifying key levels. Btw, do you always draw your 5min lines off the 1hr chart ? Or do you zoom out on the say 15 min chart and draw them off there. Also, what are the red lines on your chart ... im assuming the blue lines are you main s/r

For EU im thinking break and retest of .3400 + res level should indicate upward trend
I tend to use mainly the hourly chart and adjust them slightly on the 5 min chart if needed. Yes at times I will look at the 15 min chart if I feel that I cant get any good areas on both the hourly and 5 min.

The blue lines are the main areas. The red lines are the ones I move about on my chart for entry levels and stop loss placement.

1.3400 ish area is also resistance on the 4 hourly chart so is a good area to be keeping an eye on.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #386
  • Nov 24, 2011 9:22am Nov 24, 2011 9:22am
Was looking for a short, but price didnt quite make it back to s/r level + no PA. Will wait for the next opportunity

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Dan
  • #387
  • Nov 24, 2011 5:20pm Nov 24, 2011 5:20pm
Ready to make more $$$... sell EU again today...
  • #388
  • Nov 24, 2011 6:35pm Nov 24, 2011 6:35pm
Quoting Musashi
Ready to make more $$$... sell EU again today...
Reasons ? Chart if possible?
  • #389
  • Nov 24, 2011 6:40pm Nov 24, 2011 6:40pm
Quoting dan89
Reasons ? Chart if possible?
S/R levels in the market.

Just had TP hit 2 x risk
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  • #390
  • Nov 24, 2011 7:05pm Nov 24, 2011 7:05pm
Quoting Musashi
S/R levels in the market.

Just had TP hit 2 x risk
Nice one and thanks for the charts

just out of interest, what are those 3 lines you have on your charts and how do you use them ?
  • #391
  • Nov 24, 2011 7:14pm Nov 24, 2011 7:14pm
Quoting dan89
Nice one and thanks for the charts

just out of interest, what are those 3 lines you have on your charts and how do you use them ?
Moving average 20, 100, 200

Price below or price above all 3 moving averages provides a decent filter.

However price bouncing off of xx50 or xx00 levels provides a good reason to enter a trade...

Price reaching a previous S/R level in the Market provides a good reason to exit a trade..
  • #392
  • Nov 24, 2011 7:20pm Nov 24, 2011 7:20pm
Quoting Musashi
Moving average 20, 100, 200

Price below or price above all 3 moving averages provides a decent filter.

However price bouncing off of xx50 or xx00 levels provides a good reason to enter a trade...

Price reaching a previous S/R level in the Market provides a good reason to exit a trade..
Thanks for the reply. When you say 'a decent filter', a filter for what ?
  • #393
  • Nov 24, 2011 7:22pm Nov 24, 2011 7:22pm
Ask yourself this... where would you rather be selling and where would you rather be buying?

Look at the chart and look at previous areas where sellers and buyers have entered....
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  • #394
  • Nov 24, 2011 7:23pm Nov 24, 2011 7:23pm
Quoting dan89
Thanks for the reply. When you say 'a decent filter', a filter for what ?
Filter for what to do... sell or buy of course.
  • #395
  • Nov 24, 2011 7:27pm Nov 24, 2011 7:27pm
Quoting Musashi
Filter for what to do... sell or buy of course.
Oh ok, as in buy when price is above all 3 and sell if below ?
  • #396
  • Nov 24, 2011 7:28pm Nov 24, 2011 7:28pm
Quoting dan89
Oh ok, as in buy when price is above all 3 and sell if below ?
Yes my friend, buy when price is above all three and they're pointing up and sell if below all three and they're pointing down...

Have you studied any indicators or price action before?
  • #397
  • Nov 24, 2011 7:32pm Nov 24, 2011 7:32pm
Quoting Musashi
Yes my friend, buy when price is above all three and they're pointing up and sell if below all three and they're pointing down...

Have you studied any indicators or price action before?
Indicators .. not so much. Price action / candle patterns .. yes. Im still learning so I apologise for what may seem as stupid questions.
  • #398
  • Nov 24, 2011 7:40pm Nov 24, 2011 7:40pm
Quoting dan89
Indicators .. not so much. Price action / candle patterns .. yes. Im still learning so I apologise for what may seem as stupid questions.
No such thing as a stupid question.. price is what determines what indicators tell you, watch how price reacts to areas on the chart, there's no one indicator that's going to tell you when to enter or exit a position, they can assist you in giving you a picture as to what has happened, but never tell you what will happen.

Just remember you don't need to know what will happen to make $$$

You only need to know when to exit and stick to it.

As soon as you decide that you are wrong, you probably are, and the first available exit is typically the cheapest... in other words don't let a position trend against you...

I've just seen a good reason to enter a position based on what price is doing... do I know what it will do... of course not... will i exit at a predetermined level... indeed i will..
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  • #399
  • Nov 24, 2011 7:49pm Nov 24, 2011 7:49pm
Look at your M5 chart Dan and tell me if you can spot any reasons to enter or exit..

Post me a chart with some narration... and show me your thoughts..
  • #400
  • Nov 24, 2011 7:53pm Nov 24, 2011 7:53pm
Quoting Musashi
Look at your M5 chart Dan and tell me if you can spot any reasons to enter or exit..

Post me a chart with some narration... and show me your thoughts..
Ok 1 sec
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