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Price Action and Trading Discussion

  • #441
  • Nov 28, 2011 2:33am Nov 28, 2011 2:33am
Quoting dan89
...Thinking of taking a long position if price retraces to 1.3300 and forms some kind of bullish PA
Be careful when price seems to be ranging around the RN.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #442
  • Nov 28, 2011 2:40am Nov 28, 2011 2:40am
Quoting dan89
...Thinking of taking a long position if price retraces to 1.3300 and forms some kind of bullish PA
Can't argue with that.

That's for sure.

Could be a sideways trading day today... but then again who knows.. as long as you stick to your planned exits... that's all that matters...

I see some support possible around the 3305 area no doubt about it.

Struggling at theses asian session highs... if it can break past should be a decent run up coming...

Locked away 1.5 x risk now to hold tight and see if it can break higher..
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  • #443
  • Nov 28, 2011 2:40am Nov 28, 2011 2:40am
Quoting DarkWolF
Be careful when price seems to be ranging around the RN.
thanks for the advice ... its these little things that I need to learn
  • #444
  • Nov 28, 2011 2:44am Nov 28, 2011 2:44am
Anyways I will be back in an hour ish when the the next 4 hour candle starts to see what is going on.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #445
  • Nov 28, 2011 2:47am Nov 28, 2011 2:47am
Quoting Musashi
Can't argue with that.

That's for sure.

Could be a sideways trading day today... but then again who knows.. as long as you stick to your planned exits... that's all that matters...

I see some support possible around the 3305 area no doubt about it.

Struggling at theses asian session highs... if it can break past should be a decent run up coming...

Locked away 1.5 x risk now to hold tight and see if it can break higher..


Do you usually take a straight break out of a RN like you did in this trade or wait for a break, retest, continuation ? Anything in particular you look for when taking a straight break out compared to a retest, continuation ?
  • #446
  • Nov 28, 2011 2:51am Nov 28, 2011 2:51am
Closed at the highs... +2.96 x risk on this trade.
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  • #447
  • Nov 28, 2011 3:05am Nov 28, 2011 3:05am
looking for a retest of asian highs.
  • #448
  • Nov 28, 2011 4:04am Nov 28, 2011 4:04am
Certainly looks like Musashi was right on this one. Went long nicely.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #449
  • Nov 28, 2011 4:12am Nov 28, 2011 4:12am
Quoting dan89
looking for a retest of asian highs.
... or not
  • #450
  • Nov 28, 2011 4:19am Nov 28, 2011 4:19am
Quoting DarkWolF
Certainly looks like Musashi was right on this one. Went long nicely.
Well that was a decent move after breaking those highs....

Small bit of consolidation at the xx50 level before continuing to run higher.

You could possibly of entered after the consolidation took place at the xx50 level.

Hindsight yea I know...
  • #451
  • Nov 28, 2011 4:37am Nov 28, 2011 4:37am
Notice anything in patiular here...
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  • #452
  • Nov 28, 2011 4:43am Nov 28, 2011 4:43am
Resistance area on 4 hourly also so be interesting to see where it heads now.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #453
  • Nov 28, 2011 4:55am Nov 28, 2011 4:55am
Musashi, On that EU trade you took earlier ...do you usually take a straight break out of a RN like you did in this trade or wait for a break, retest, continuation ? Anything in particular you look for when taking a straight break out compared to a retest, continuation ?
  • #454
  • Nov 28, 2011 5:06am Nov 28, 2011 5:06am
Quoting dan89
Musashi, On that EU trade you took earlier ...do you usually take a straight break out of a RN like you did in this trade or wait for a break, retest, continuation ? Anything in particular you look for when taking a straight break out compared to a retest, continuation ?
In that EU long trade I was looking at the way price was moving.

I could see that it failed to break the lows, and I was tracking lower swing highs, waiting for price to make a higher high or a break above resistance.

This occured and then this is what made me get long. I hope that is clear. I'll give a picture.
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  • #455
  • Nov 28, 2011 5:22am Nov 28, 2011 5:22am
Quoting DarkWolF
Hi Tradpat,

Well that is perched nicely there to essentially go either way.

There is quite a bit of support evident both horizontal, sloping trend line and 61 fib retracement. Based on that one might be inclined to lean towards long positions.

For a short I think I would be inclined to wait for a break of the lows and then a retest of some description.

The larger picture is showing a triangle.
Thanks for the input, DW.

It is strangely to see most pairs having big gap each and shooting to the direction as it is opened. Will it last till the NY closed? Indicating the trend change? I am watching closely and hope to catch a good pattern on D.

Happy Trading.
  • #456
  • Nov 28, 2011 6:19am Nov 28, 2011 6:19am
Quoting Musashi
In that EU long trade I was looking at the way price was moving.

I could see that it failed to break the lows, and I was tracking lower swing highs, waiting for price to make a higher high or a break above resistance.

This occured and then this is what made me get long. I hope that is clear. I'll give a picture.
Thanks for the explanation M, appreciate the help.

Dan
  • #457
  • Nov 28, 2011 7:33pm Nov 28, 2011 7:33pm
Musashi, Just wondering if you could give me your thoughts on this particular trade I took.

Price is clearly in a downtrend, so looking for short opportunity. Price breaks xx00 level and retraces back forming a bearish candle. I took the break of the low with stop just above the high. Price went down a little then reversed back up stopping me out.

This seems to happen to me all the time. What are your thoughts on this, a trade you would of taken yourself ? Any ideas on how to filter out these mistakes ?

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Cheers
Dan
  • #458
  • Nov 28, 2011 10:55pm Nov 28, 2011 10:55pm
Quoting dan89
Musashi, Just wondering if you could give me your thoughts on this particular trade I took.

Price is clearly in a downtrend, so looking for short opportunity. Price breaks xx00 level and retraces back forming a bearish candle. I took the break of the low with stop just above the high. Price went down a little then reversed back up stopping me out.

This seems to happen to me all the time. What are your thoughts on this, a trade you would of taken yourself ? Any ideas on how to filter out these mistakes ?

Attachment

Cheers
Dan...
A trading plan represents losers and winners my friend... you cannot possibly eliminate all losses... If I was you I would stick to the first two hours of the european session, since this is when price is likely to move the most.
  • #459
  • Nov 29, 2011 4:04am Nov 29, 2011 4:04am
Hi all,

firstly, let me say that I am glad to have found this thread and have been reading it with great interest.

Like most newbies, I have been through the indicators craze cum search for holy grail. Paid money to learn from trainers on indicators and EA's. At the end, I feel very discouraged with all these which seem to work for a while, then stop working. When the market is trending well, I make pips with such systems but after a while they stop working.

After a lot of searching, I started to learn price action and have been reading threads and asking questions.

I hope to join this thread and share what I know, and hopefully to learn from your guys who have been through it.

Thanks for starting this thread and kudos to you guys for the informative information here.

more.....
  • #460
  • Edited 4:25am Nov 29, 2011 4:07am | Edited 4:25am
Quoting Musashi
A trading plan represents losers and winners my friend... you cannot possibly eliminate all losses... If I was you I would stick to the first two hours of the european session, since this is when price is likely to move the most.
Thanks for the reply and advice M. I understand that losing trades are inevitable, I just seem to be constantly loosing. I know that I wont be able to eliminate all bad trades but was just wondering what your thoughts are on that particular one. That trade was taken at a time I would'nt normally trade so from now on Ill just stick to the London open and see how that goes for a while.
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