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Price Action and Trading Discussion

  • #401
  • Nov 24, 2011 7:58pm Nov 24, 2011 7:58pm
Quoting dan89
Ok 1 sec
Well, on EU im thinking this is a good time to exit since price has just hit previous Support + the bullish bar indicates buying pressure from that level. Plus EU on lower TF is in a range and price tends to bounce from resitance to support ...

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Dan

Edit:

made a really stupid mistake and posted the 30min chart. Was rushing ... but the same basically applies to the 5min chart + a hammer type candle indicates buyers are in, hence a good reason to exit ... i think

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  • #402
  • Nov 24, 2011 8:03pm Nov 24, 2011 8:03pm
What do the narrow range bars tell you? What do the wide range bars tell you?
  • #403
  • Nov 24, 2011 8:15pm Nov 24, 2011 8:15pm
Quoting Musashi
What do the narrow range bars tell you? What do the wide range bars tell you?
hmm... im not exactly sure but i have read that narrow/small bars indicate a potential reversal. My guess is that small bars indicate in this case that sellers have run out of steam and unable to push prices lower, the buyers are taking over and pushing prices back up ... Wide range bars indicate either the bulls or bears are more dominant, pushing prices higher/lower quickly resulting in a wider range .....
  • #404
  • Nov 24, 2011 8:22pm Nov 24, 2011 8:22pm
Quoting Musashi
What do the narrow range bars tell you? What do the wide range bars tell you?
momentum?
Have I got something on my face, SOLDIER?
  • #405
  • Nov 24, 2011 8:27pm Nov 24, 2011 8:27pm
Quoting dan89
hmm... im not exactly sure but i have read that narrow/small bars indicate a potential reversal. My guess is that small bars indicate in this case that sellers have run out of steam and unable to push prices lower, the buyers are taking over and pushing prices back up ... Wide range bars indicate either the bulls or bears are more dominant, pushing prices higher/lower quickly resulting in a wider range .....
Small range bars indicate just that... small range bars... price has moved the range of the bar in the time frame of the bar...

Wide range bars indicate the same thing... a particular amount of price movement in a given time frame...

How you interpret it, that is the question.

Well look at where the bar appears on the chart. Look at what has happened previously in this region on the chart. This will help you interpret what the bar means.

But at the end of the day, a candlestick just represents price movement in a particular amount of time.

The most important aspect is where they are found on the chart, and what has happened previously on the chart.
  • #406
  • Nov 24, 2011 8:41pm Nov 24, 2011 8:41pm
Quoting Musashi
Small range bars indicate just that... small range bars... price has moved the range of the bar in the time frame of the bar...

Wide range bars indicate the same thing... a particular amount of price movement in a given time frame...

How you interpret it, that is the question.

Well look at where the bar appears on the chart. Look at what has happened previously in this region on the chart. This will help you interpret what the bar means.

But at the end of the day, a candlestick just represents price movement in a particular amount of time.

The...
what an intersting aspect!
Have I got something on my face, SOLDIER?
  • #407
  • Nov 24, 2011 8:43pm Nov 24, 2011 8:43pm
Quoting Musashi
Small range bars indicate just that... small range bars... price has moved the range of the bar in the time frame of the bar...

Wide range bars indicate the same thing... a particular amount of price movement in a given time frame...

How you interpret it, that is the question.

Well look at where the bar appears on the chart. Look at what has happened previously in this region on the chart. This will help you interpret what the bar means.

But at the end of the day, a candlestick just represents price movement in a particular amount of time....
I understand the importance of where price is on a chart e.g. previous sup/res and what price has done in the past at those levels. In regards to interpreting what a bar means, do you mean looking at the size of the bar at these sup/res levels. E.g. price is in a general down trend, price then retraces to previous resistance and starts showing smaller bars which could indicate a futher move down off of the resistance level ... is this what you mean ?
  • #408
  • Nov 24, 2011 8:45pm Nov 24, 2011 8:45pm
Quoting dan89
I understand the importance of where price is on a chart e.g. previous sup/res and what price has done in the past at those levels. In regards to interpreting what a bar means, do you mean looking at the size of the bar at these sup/res levels. E.g. price is in a general down trend, price then retraces to previous resistance and starts showing smaller bars which could indicate a futher move down off of the resistance level ... is this what you mean ?
Yes exactly what it means.
  • #409
  • Nov 24, 2011 8:48pm Nov 24, 2011 8:48pm
Look at where price has stopped on eu now, look to the left and price has found resistance here before.... will it find it again and fall back to the daily low levels?

Possibly... will it rise above resistance and make it back to the daily open... possibly...

Can you make money off of either event?

Damn straight you can..
  • #410
  • Nov 24, 2011 8:49pm Nov 24, 2011 8:49pm
Quoting Musashi
Yes exactly what it means.
Cheers, Thanks for the advice M, really appreciate it.

Dan
  • #411
  • Nov 24, 2011 9:33pm Nov 24, 2011 9:33pm
Prices in congestion.. typical asian session indeed...

Still enough room to make pips if you are scalping...

All pointing to short side still...
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  • #412
  • Edited 10:07pm Nov 24, 2011 9:43pm | Edited 10:07pm
Buyers or Sellers in this area on the chart ??

2 x risk on this trade as well...

Thanks for coming $$$

3% risk per trade

2 trades @ 2 x risk in asian session =
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  • #413
  • Nov 24, 2011 10:17pm Nov 24, 2011 10:17pm
14 Total Trades.

+98.6% increase to equity risking 3% per trade.

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  • #414
  • Nov 24, 2011 10:21pm Nov 24, 2011 10:21pm
Quoting Musashi
14 Total Trades.

+98.6% increase to equity risking 3% per trade.

okay seriously wtf.

no really, wtf.

is this live?



You're nuts.

heres a V
Have I got something on my face, SOLDIER?
  • #415
  • Nov 25, 2011 12:55am Nov 25, 2011 12:55am
Ready to make some more $$$
  • #416
  • Nov 25, 2011 1:12am Nov 25, 2011 1:12am
EJ H1 looks set to make a move down, nice congestion zone ready to break..

Selling EU still the way to go at the moment as well.
  • #417
  • Nov 25, 2011 1:38am Nov 25, 2011 1:38am
Took this one short on EU, BE is in so its all good either way.

See how it goes from here looking for it to break that RN area but so far is stalling on it.
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  • #418
  • Nov 25, 2011 1:43am Nov 25, 2011 1:43am
EJ 4 hour trade still in play, moving very slowly though and did come very close to my stop at one stage. Price still being contained by the resistance area.
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  • #419
  • Nov 25, 2011 1:48am Nov 25, 2011 1:48am
Quoting DarkWolF
Took this one short on EU, BE is in so its all good either way.

See how it goes from here looking for it to break that RN area but so far is stalling on it.
BE taken out, once again goes to show how taking profit at certain levels should be obeyed, with the RN acting as a support area so far. Unfortunately on this one I tried to squeeze a little more out of it but oh well
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #420
  • Nov 25, 2011 2:17am Nov 25, 2011 2:17am
Here's a retest on EJ previous support zone... plus the 103.00 level... good spot to be a seller IMO..

Stop above the 103.15 level
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