Price Action and Trading Discussion | Page 25 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Price action at the core = family members' discussion project 2,214 replies

Price Action discussion 26 replies

Volume Price Level Trading Discussion Area 1 reply

Trading and Exchanges Discussion Thread 17 replies

Maxsmarts Trading Journal and Discussion 164 replies

Attachments: Price Action and Trading Discussion
Exit Attachments

Price Action and Trading Discussion

  • #481
  • Dec 5, 2011 12:19pm Dec 5, 2011 12:19pm
Quoting DarkWolF
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
No probs mate. Checked the charts again and price respected the levels I had so its all good. Hope you enjoyed the concert
  • #482
  • Dec 6, 2011 6:43am Dec 6, 2011 6:43am
Quoting dan89
No probs mate. Checked the charts again and price respected the levels I had so its all good. Hope you enjoyed the concert
Concert was great.

Did you manage to take any positions from the levels that you had on the charts ?
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #483
  • Dec 6, 2011 7:05am Dec 6, 2011 7:05am
Hi DW, I did not take any trades yesterday as I was a bit busy doing other things ... but when I did have a look at the charts I could not find any entries that I would of taken. There wasnt any clear break, pullback, continuation on EU or GU. AU bounced nicely off the res level which I see happen quite often on pairs, however im not sure of how to range trade. DW you mentioned that when you started trading you were a range trader ...any chance you could give me some more info of you method ?

Cheers
Dan
  • #484
  • Dec 6, 2011 7:13am Dec 6, 2011 7:13am
Quoting dan89
Hi DW, I did not take any trades yesterday as I was a bit busy doing other things ... but when I did have a look at the charts I could not find any entries that I would of taken. There wasnt any clear break, pullback, continuation on EU or GU. AU bounced nicely off the res level which I see happen quite often on pairs, however im not sure of how to range trade. DW you mentioned that when you started trading you were a range trader ...any chance you could give me some more info of you method ?

Cheers
Dan
Well it was pretty straight forward. I looked at the charts with the belief (and I still do) that the market is range bound more than it trends.

So simply all I was doing was placing lines on the chart to identify where the range extremes were and then was looking for trades from those levels with stops x amount of pips from the edges of the ranges. The only difference back then was that I traded a lot simply from touches of the ranges rather than waiting for a candle to confirm an entry.

So if the market is range bound more than it trends then it makes sense to me that range trades are worth paying attention to. Either way you are going to get stops. If you trade trends the trend will eventually break and you stop out, if you range trade eventually the range will break and you stop out.

Even though I did range trade and still do at times, I tend to take the position in the direction of the overall larger trend. So if it is down on the larger time frames, I would take the range trade short from top of range rather than long from the bottom.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #485
  • Dec 6, 2011 10:50am Dec 6, 2011 10:50am


EU 5min .. 2 failed trades today.

Broke sup then retraced showing pinbar at what I thought would be resistance. Tried again as shown on chart and price went the opposite way.

Any suggestions as to what was wrong with my analysis. These were on my demo account but its still just as frustrating

Dan

Attached Image (click to enlarge)
Click to Enlarge Name: 06-12-2011 16-44-25.jpg Size: 98 KB
  • #486
  • Dec 6, 2011 10:52am Dec 6, 2011 10:52am
Quoting DarkWolF
Well it was pretty straight forward. I looked at the charts with the belief (and I still do) that the market is range bound more than it trends.

So simply all I was doing was placing lines on the chart to identify where the range extremes were and then was looking for trades from those levels with stops x amount of pips from the edges of the ranges. The only difference back then was that I traded a lot simply from touches of the ranges rather than waiting for a candle to confirm an entry.

So if the market is range bound more than it trends then...
Thanks for the reply DW. Will take the info onboard
  • #487
  • Dec 7, 2011 4:49am Dec 7, 2011 4:49am
Quoting dan89


EU 5min .. 2 failed trades today.

Broke sup then retraced showing pinbar at what I thought would be resistance. Tried again as shown on chart and price went the opposite way.

Any suggestions as to what was wrong with my analysis. These were on my demo account but its still just as frustrating

Dan

Attachment
Hi Dan,

The first trade was quite a valid entry with rejection at a previous resistance area, a little but unlucky to get spiked out by the bar that moved above that PB. The second one also a valid entry, maybe in a little bit of a congested area though.

Sorry I have not been able to reply a bit sooner I have been a bit busy in the last week ish and probably will be over the next couple of weeks leading into the xmas and new year period, between work and social events there is not much time to be checking out the charts but doing my best to squeeze some time in.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #488
  • Dec 7, 2011 7:01am Dec 7, 2011 7:01am
Quoting DarkWolF
Hi Dan,

The first trade was quite a valid entry with rejection at a previous resistance area, a little but unlucky to get spiked out by the bar that moved above that PB. The second one also a valid entry, maybe in a little bit of a congested area though.

Sorry I have not been able to reply a bit sooner I have been a bit busy in the last week ish and probably will be over the next couple of weeks leading into the xmas and new year period, between work and social events there is not much time to be checking out the charts but doing my best to...
Thanks for taking the time out to reply to my questions, really appreciate it.

Well it seems as if I am taking the correct trades, I just keep getting stopped out.

The frustrating thing is not knowing what I’m doing wrong because every trade I have taken has gone in the exact opposite direction, seriously.. If I had taken the exact opposite side of my trades I would of had a lot of winning trades these past few months.

If you get a spare min DW could you check that sup/res line I had on my chart and see if it was one that you would have drawn yourself?

Also, you mentioned in an earlier post that you take range trades in the direction of the major trend. How do you personally determine the overall trend (time frame etc), if you don’t mind me asking? I know that some people use above/below certain sma/ema, but I have found this not to very accurate

Cheers
Dan
  • #489
  • Dec 8, 2011 5:39am Dec 8, 2011 5:39am
Quoting dan89
Thanks for taking the time out to reply to my questions, really appreciate it.

Well it seems as if I am taking the correct trades, I just keep getting stopped out.

The frustrating thing is not knowing what I’m doing wrong because every trade I have taken has gone in the exact opposite direction, seriously.. If I had taken the exact opposite side of my trades I would of had a lot of winning trades these past few months. ...
Hi Dan,

Here is a pic of where I most likely would have had lines on that particular day. Remembering that give or take a little bit of movement around those certain areas. I do prefer when the areas that I draw tend to line up with RN areas to give some added weight to the "area".

As far as looking for trend, I simply have a look at daily and 4 hourly charts. A simple visual check should identify the overall direction of the market. Use of trend lines can be helpful simply joining the major highs and lows.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 88 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #490
  • Dec 8, 2011 5:42am Dec 8, 2011 5:42am
Once the xmas and new year period is over I will try and get up some levels each day of where I am looking and do it for a couple of other pairs also.

If I am home and the beginning of sessions over the next couple of weeks I will get some up, but work etc will be taking up a lot of time for me during xmas and new year.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #491
  • Dec 8, 2011 5:49am Dec 8, 2011 5:49am
These are the levels I have just put on for today, again not really lining up with the RN areas or close to them and you can also see that price has been over shooting the RN area ranging around it during the asian session today rather than giving some nice clean rejection levels. However price did move away from the top level, but no real clear PA to have given an entry potentially the lower high after the second attempt to reach it could have been an opportunity.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.jpg Size: 74 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #492
  • Dec 8, 2011 5:51am Dec 8, 2011 5:51am
Hi guys, just wanted to share a nice breakout I traded this morning on m5. News out in 8 mins so I'm out till about 13.30 UK time.
Attached Image (click to enlarge)
Click to Enlarge Name: bo.JPG Size: 265 KB
  • #493
  • Dec 8, 2011 5:57am Dec 8, 2011 5:57am
Quoting Drag
Hi guys, just wanted to share a nice breakout I traded this morning on m5. News out in 8 mins so I'm out till about 13.30 UK time.
Hi Drag,

Nice chart with the trend lines. Did you enter on the break or wait for the pullback and continuation move ?
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #494
  • Dec 8, 2011 6:04am Dec 8, 2011 6:04am
I waited for a pullback - I tend to trade in this fashion as I like to have 'double confirmation' that the trend is going in my direction. Seems to work a treat even though I got smashed around a bit yesterday due to the news being all over the place and the world thinking Europe will end.
  • #495
  • Dec 8, 2011 6:16am Dec 8, 2011 6:16am
Quoting Drag
I waited for a pullback - I tend to trade in this fashion as I like to have 'double confirmation' that the trend is going in my direction. Seems to work a treat even though I got smashed around a bit yesterday due to the news being all over the place and the world thinking Europe will end.
Yes the pullback continuation is what I do like to look for also.

Ya the EU certainly isnt giving much up of late. Has been largely sideways though so plenty of opportunities to play the range.

This is a view of the of the lines that I put on for today now zooming in the chart shows clearly how much it has been heading overall sideways.

Coincidence that some of these levels are being respected ? Key horizontal areas are worth keeping an eye on in my opinion. Throw in the odd sloping trend line
Attached Image (click to enlarge)
Click to Enlarge Name: 3.jpg Size: 90 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #496
  • Dec 8, 2011 7:06am Dec 8, 2011 7:06am
QUOTE=DarkWolF;5205765]Yes the pullback continuation is what I do like to look for also.

Ya the EU certainly isnt giving much up of late. Has been largely sideways though so plenty of opportunities to play the range.

This is a view of the of the lines that I put on for today now zooming in the chart shows clearly how much it has been heading overall sideways.

Coincidence that some of these levels are being respected ? Key horizontal areas are worth keeping an eye on in my opinion. Throw in the odd sloping trend line [/quote]

Yeah I see your point. It's funny - even with a naked eye I can see plenty of downward and upward sloping break opportunities in your chart. Hope you have a good day.
  • #497
  • Dec 8, 2011 7:09am Dec 8, 2011 7:09am
And when you can spot them like that simply by looking, your on the right path
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #498
  • Dec 8, 2011 7:13am Dec 8, 2011 7:13am
Night time here for me Drag getting close to midnight, so my day is almost over
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #499
  • Dec 8, 2011 7:29am Dec 8, 2011 7:29am
More news about to come out. Lets see what comes of the ECB press conference.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #500
  • Dec 8, 2011 7:35am Dec 8, 2011 7:35am
Go to bed! Speak to you tomorrow.
1 trader viewing now