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Price Action and Trading Discussion

  • #761
  • Jan 24, 2012 5:56am Jan 24, 2012 5:56am
Quoting DarkWolF
Short position taken on EU 5 min.

Stops and target areas on image.
Closed it out at the first target area, done this mainly due to the RN area with the range we have been in putting some weight on it also.
Attached Image (click to enlarge)
Click to Enlarge Name: eu2.jpg Size: 78 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #762
  • Jan 24, 2012 7:09am Jan 24, 2012 7:09am
Nice trades DW, I keep missing these good setups. But your charts are helping me learn how to identify the correct ones.

Dan
  • #763
  • Jan 24, 2012 7:16am Jan 24, 2012 7:16am
Quoting dan89
Nice trades DW, I keep missing these good setups. But your charts are helping me learn how to identify the correct ones.

Dan
Glad I can help Dan.

As with all things trading, its a matter of being at your trading platform when the set up presents itself.

There are plenty of times when you wont be and that is when you need to be patient and wait for something that fits what your looking for rather than trying to force a trade.

If there is a reason for not taking then dont take it. There will "always" be plenty of trading opportunities.

The biggest trap for all traders is falling into overtrading. This can be a very very destructive habit, not only to your trading capital but also to your mindset.

When you take a trade win or lose it can be a good thing to walk away from your platform for a bit, let your thoughts clear and then start again.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #764
  • Jan 24, 2012 1:59pm Jan 24, 2012 1:59pm
Quoting DarkWolF
Glad I can help Dan.

As with all things trading, its a matter of being at your trading platform when the set up presents itself.

There are plenty of times when you wont be and that is when you need to be patient and wait for something that fits what your looking for rather than trying to force a trade.

If there is a reason for not taking then dont take it. There will "always" be plenty of trading opportunities.

[b]The biggest trap for all traders is falling into overtrading. This can be a very very destructive habit, not only to your trading...
Thanks for the advice mate. Yep overtrading had been a problem for me in the past .. constantly looking for trades. I didnt take any trades today anyway as I was out most of the afternoon.

By the way have you considered using FF trade explorer to log your trades in real time, could be quite usefull for those of still learning.

Cheers
Dan
  • #765
  • Jan 25, 2012 5:23am Jan 25, 2012 5:23am
Hi guys,

Unfortunately my work day today was quite long to the tune of 15 hours, not ideal so I am only just logging onto the charts now to see what is going on.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #766
  • Jan 25, 2012 5:27am Jan 25, 2012 5:27am
Quoting dan89
Thanks for the advice mate. Yep overtrading had been a problem for me in the past .. constantly looking for trades. I didnt take any trades today anyway as I was out most of the afternoon.

By the way have you considered using FF trade explorer to log your trades in real time, could be quite usefull for those of still learning.

Cheers
Dan
Hi Dan,

Yes I would imagine most if not all traders have been guilty of overtrading at some point in their trading journey. It is simply a matter of how quickly you realise you are doing it and can pull yourself out of it. Takes a lot of discipline.

I am sorry but I have no interest in posting my trading account. I am happy to show my trades via charts etc but that is where it stops for me. I understand why some would like to be able to view them but unfortunately I will not be posting mine up.

I hope this does not offend anyone just a personal preference.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #767
  • Jan 25, 2012 1:09pm Jan 25, 2012 1:09pm
Hey DW, no offence taken at all, its cool mate

Yeah im still learning how to keep myself from overtrading/taking trades that dont fit the my criteria well. Patience is key ... but difficult
  • #768
  • Jan 26, 2012 4:04am Jan 26, 2012 4:04am
Hi guys,

A couple of hours late on the charts today also, but here are some of the levels that I will be keeping an eye on.

For simplicity I will try and keep my charts on here EU based for now.

Have seen a nice break upwards of the asian session. Anyone who has been viewing my charts should be able to work out what I will be waiting for now.

On the medium term looking at the daily charts there could be potential for EU to at least reach the 1.33000 ish area.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 5 min.jpg Size: 81 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #769
  • Jan 26, 2012 4:31am Jan 26, 2012 4:31am
Quoting DarkWolF
Hi guys,

A couple of hours late on the charts today also, but here are some of the levels that I will be keeping an eye on.

For simplicity I will try and keep my charts on here EU based for now.

Have seen a nice break upwards of the asian session. Anyone who has been viewing my charts should be able to work out what I will be waiting for now.

On the medium term looking at the daily charts there could be potential for EU to at least reach the 1.33000 ish area.
Cheers for the chart mate.

Im guessing your going to wait for a retrace back to the round number or support area and a continuation signal. Question, When you have a round number quite a distance above the support area like on your chart, where would you take a trade, RN or Support, if a continuation signal/PA occurs ?

Cheers
Dan
  • #770
  • Jan 26, 2012 5:08am Jan 26, 2012 5:08am
Quoting dan89
Cheers for the chart mate.

Im guessing your going to wait for a retrace back to the round number or support area and a continuation signal. Question, When you have a round number quite a distance above the support area like on your chart, where would you take a trade, RN or Support, if a continuation signal/PA occurs ?

Cheers
Dan
Hi Dan,

Yes that is where it can get a little difficult at times. Wether to wait for the pullback to the main support area or use the RN.

There is no definitive answer there I am afraid. I think it just comes down to how you see price behaving.

I took this long on EU from the RN area, will it work out in my favour well I guess time will tell.

Had the break, pullback once to the RN and on the second time back to that level have the indecision candle. Personally I would have much preferred to see price move back closer to the break of the range.

Lets see how it turns out.
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.jpg Size: 83 KB
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  • #771
  • Jan 26, 2012 5:40am Jan 26, 2012 5:40am
Stopped
Attached Image (click to enlarge)
Click to Enlarge Name: eu2.jpg Size: 86 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #772
  • Jan 26, 2012 5:50am Jan 26, 2012 5:50am
Move back to the top of the asian range. Entered another long at 1.31441 stop just below the highs of the range.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #773
  • Jan 26, 2012 6:55am Jan 26, 2012 6:55am
Quoting DarkWolF
Move back to the top of the asian range. Entered another long at 1.31441 stop just below the highs of the range.
Time for me to head to bed, targets and stops in place am too damm tired to sit up any longer and see how it plays out.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #774
  • Jan 26, 2012 7:27am Jan 26, 2012 7:27am
Quoting DarkWolF
Move back to the top of the asian range. Entered another long at 1.31441 stop just below the highs of the range.
Took a long while to get there but target was eventually achieved.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu3.jpg Size: 74 KB
Click to Enlarge Name: eu4.jpg Size: 83 KB
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  • #775
  • Jan 26, 2012 7:30am Jan 26, 2012 7:30am
Now its sleep time
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #776
  • Jan 26, 2012 7:31am Jan 26, 2012 7:31am
Quoting dan89
Cheers for the chart mate.

Im guessing your going to wait for a retrace back to the round number or support area and a continuation signal. Question, When you have a round number quite a distance above the support area like on your chart, where would you take a trade, RN or Support, if a continuation signal/PA occurs ?

Cheers
Dan
I guess on this occasion Dan the lower support line being the top of the asian range was the better option
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #777
  • Edited 7:04am Jan 27, 2012 6:01am | Edited 7:04am
These are the levels for EU that ive drawn today. DW could you post up yours when you get a spare minute so I can compare ?

Price is currently testing that res turned support but im unsure about taking a trade here because price may go back down to the asian range support (I havnt drawn it on the chart)

What do you guys think ?

Attached Image (click to enlarge)
Click to Enlarge Name: 27-01-2012 11-57-36.jpg Size: 56 KB


Dan

EDIT:

Well I didnt take this trade but it would of worked out as expected.

Attached Image (click to enlarge)
Click to Enlarge Name: 27-01-2012 13-01-04.png Size: 14 KB
  • #778
  • Jan 30, 2012 3:10am Jan 30, 2012 3:10am
Quoting dan89
These are the levels for EU that ive drawn today. DW could you post up yours when you get a spare minute so I can compare ?

Price is currently testing that res turned support but im unsure about taking a trade here because price may go back down to the asian range support (I havnt drawn it on the chart)

What do you guys think ?

Attachment

Dan

EDIT:

Well I didnt take this trade but it would of worked out as expected.

Attachment
Hi Dan,

Apologies for no reply but I was not around on Friday.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #779
  • Jan 30, 2012 3:19am Jan 30, 2012 3:19am
Short just taken on EU 5 min off the sloping trend line.

I dont have my horizontal lines as yet I will get them up and post the levels.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu1.jpg Size: 70 KB
Click to Enlarge Name: eu2.jpg Size: 67 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #780
  • Jan 30, 2012 3:24am Jan 30, 2012 3:24am
Ok here are my levels that I will be looking at today for EU.
Attached Image (click to enlarge)
Click to Enlarge Name: eu5 min.jpg Size: 84 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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