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Price Action and Trading Discussion

  • #461
  • Nov 29, 2011 4:11am Nov 29, 2011 4:11am
Here's a trade I took on AudUsd, which I shorted using Price action, based on H4 chart.

My Analysis:
- general downtrend for AudUSD
- Support at 17-Nov became Resistance on 29-Nov
- price retraced and Pin bar formed showing price rejection

Shorted at 0.9969 with SL 1.0060 (91 pips) and TP 0.9677 (292 pips)
RR: 3.2

Any feedback on this trade will be greatly appreciated.
Attached Image (click to enlarge)
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  • #462
  • Nov 29, 2011 4:45am Nov 29, 2011 4:45am
Quoting fuzzy
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...
Hi Fuzzy,

Welcome to the thread.

Yes indeed you need to be careful of all the so called "successful" systems out there.

When in a trending market the pips will come no doubt about that, but when it is range bound and your trading a trending method it will wipe pips from your account quickly if your not careful.

I hope those that in this thread can help you on your trading journey.

Good luck and remember no question is a stupid question if we can help we will certainly try.

I look forward to seeing some of your charts.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #463
  • Nov 29, 2011 4:47am Nov 29, 2011 4:47am
Quoting fuzzy
Here's a trade I took on AudUsd, which I shorted using Price action, based on H4 chart.

My Analysis:
- general downtrend for AudUSD
- Support at 17-Nov became Resistance on 29-Nov
- price retraced and Pin bar formed showing price rejection

Shorted at 0.9969 with SL 1.0060 (91 pips) and TP 0.9677 (292 pips)
RR: 3.2

Any feedback on this trade will be greatly appreciated.
I think you had good justification for wanting to short after price stalled at that level.

Losses happen and, you just have to make sure you stick to your planned exit point. Do not try to be proved right, just accept that you are being proved wrong and wait for the next sign of price hitting a key level.
  • #464
  • Nov 29, 2011 4:50am Nov 29, 2011 4:50am
Quoting fuzzy
Here's a trade I took on AudUsd, which I shorted using Price action, based on H4 chart.

My Analysis:
- general downtrend for AudUSD
- Support at 17-Nov became Resistance on 29-Nov
- price retraced and Pin bar formed showing price rejection

Shorted at 0.9969 with SL 1.0060 (91 pips) and TP 0.9677 (292 pips)
RR: 3.2

Any feedback on this trade will be greatly appreciated.
I must have a slightly different feed to yours as my candles are slightly different. The feed that I use is GMT +2.

Personally I prefer to wait for price to move above or below the rejecting candle before looking to enter. Every now and then I may attempt a slightly more aggressive trade and take a position upon price touching an "area".

Looks like it was a little unfortunate for you on that one with the market moving sharply upwards on AUD over the last couple of candles.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #465
  • Nov 29, 2011 4:52am Nov 29, 2011 4:52am
EJ short position on 4 hourly that I was holding was stopped out last night.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #466
  • Nov 29, 2011 4:53am Nov 29, 2011 4:53am
Zooming the chart out a bit and looking at it on the M30 time frame it's celar where the previous congestion levels are.

These are the significant areas to look for when price comes back to those areas.

No doubt in my mind that price will struggle to break higher past this region.
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  • #467
  • Nov 29, 2011 5:18am Nov 29, 2011 5:18am
As you can see price respected that level... now someone care to explain the reason for this?

Lucky maybe?
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  • #468
  • Nov 30, 2011 2:35am Nov 30, 2011 2:35am
Hi guys,

Who is looking at what today ?

EU daily could be looking good for further short movement with some rejection evident at resistance area.
Attached Image (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #469
  • Nov 30, 2011 4:13am Nov 30, 2011 4:13am
Quoting DarkWolF
Hi guys,

Who is looking at what today ?

EU daily could be looking good for further short movement with some rejection evident at resistance area.
Hi DW, just had a look at your chart. Is there any reason you decided not to enter / wait after the previous 2 rejections (on either side of the bearish bar) of the same level ?

Im currently not looking at any charts of my own after sustaining more losses this week. So im taking some time off and might trade again from next week.
  • #470
  • Nov 30, 2011 6:39am Nov 30, 2011 6:39am
Quoting dan89
Hi DW, just had a look at your chart. Is there any reason you decided not to enter / wait after the previous 2 rejections (on either side of the bearish bar) of the same level ?

Im currently not looking at any charts of my own after sustaining more losses this week. So im taking some time off and might trade again from next week.
Hi Dan,

I actually did take an entry, now to see how it goes.

Didnt start off too well.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd daily.jpg Size: 147 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #471
  • Nov 30, 2011 6:49am Nov 30, 2011 6:49am
Quoting dan89
Im currently not looking at any charts of my own after sustaining more losses this week. So im taking some time off and might trade again from next week.
Dan, could I suggest potentially trading a demo account for a while. At least that way you are not eroding your capital but still having the ability to practice and develop with your trading.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #472
  • Nov 30, 2011 7:49am Nov 30, 2011 7:49am
Quoting DarkWolF
Dan, could I suggest potentially trading a demo account for a while. At least that way you are not eroding your capital but still having the ability to practice and develop with your trading.
Hi DW, I think I'll take your advice and go back to demo trading untill I have some consistency. Although I have been live trading I always stuck to 0.5-1% risk so I haven't lost that much of my capital. Ill post my demo trades and analysis here if thats ok.

Dan
  • #473
  • Edited 2:26am Dec 1, 2011 2:05am | Edited 2:26am
Quoting dan89
Hi DW, I think I'll take your advice and go back to demo trading untill I have some consistency. Although I have been live trading I always stuck to 0.5-1% risk so I haven't lost that much of my capital. Ill post my demo trades and analysis here if thats ok.

Dan
Hi Dan,

No probs at all. I do not mind if anyone posts any kind of charts be it demo or live. Got to remember its about the methodology of your trading. Even if its demo but your showing what you do is practical and profitable its all good be it demo or live.

I would always highly recommend getting it right on demo first and then make the switch to live. And if you find yourself not trading with consistant results it can definately be a good thing to back to the demo to find the consistancy again.

Well done on keeping your risk to a manageable level. Many traders fall into the trap of risking too much or after taking a string of losing trades increasing their risk to try and recover losses only to lose more.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #474
  • Dec 1, 2011 2:09am Dec 1, 2011 2:09am
Quoting DarkWolF
Hi Dan,

I actually did take an entry, now to see how it goes.

Didnt start off too well.
Stopped out on the daily EU trade.
Attached Image (click to enlarge)
Click to Enlarge Name: eu daily.jpg Size: 147 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #475
  • Dec 1, 2011 2:42am Dec 1, 2011 2:42am
Took this one on GU 5 min short for +18 pips
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #476
  • Dec 1, 2011 1:53pm Dec 1, 2011 1:53pm
Quoting DarkWolF
Took this one on GU 5 min short for +18 pips
Nice trade DW

I was watching the charts today but I keep missing opportunities like this.

Just out of interest, are there any other pairs that you would consider trading the 5min / short TF with besides EU and GU ?

Dan
  • #477
  • Dec 1, 2011 2:06pm Dec 1, 2011 2:06pm
Quoting dan89
Nice trade DW

I was watching the charts today but I keep missing opportunities like this.

Just out of interest, are there any other pairs that you would consider trading the 5min / short TF with besides EU and GU ?

Dan
Hi Dan,

EU, GU, AU and EJ would be the main ones I would watch for 5 min trades. Although I mainly watch EU recently I have been keeping an eye on GU and AU also.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #478
  • Dec 4, 2011 7:09pm Dec 4, 2011 7:09pm
Thought I would just post up a few 5m charts with my levels... lets see how price reacts ... DW if you get a chance could you post up yours with you lines so I can compare with my charts ?

Cheers
Dan

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  • #479
  • Dec 4, 2011 11:06pm Dec 4, 2011 11:06pm
Quoting dan89
Thought I would just post up a few 5m charts with my levels... lets see how price reacts ... DW if you get a chance could you post up yours with you lines so I can compare with my charts ?

Cheers
Dan

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Hi Dan,

I can not post any charts as no trading for me today. Just cracked my first beer while waiting for the Foo Fighters concert
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #480
  • Dec 4, 2011 11:27pm Dec 4, 2011 11:27pm
Looking fairly bearish to me.. but still price holding up at the xx00 levels.
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