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Price Action and Trading Discussion

  • #881
  • Feb 10, 2012 8:18am Feb 10, 2012 8:18am
A 4 hourly snap shot around the daily congested area and the resistance line.

A good example of patience and waiting for the market to come to where you expect it to go.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 105 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #882
  • Feb 10, 2012 8:40am Feb 10, 2012 8:40am
have a look this
Attached Image (click to enlarge)
Click to Enlarge Name: pa.gif Size: 27 KB
  • #883
  • Feb 12, 2012 7:10pm Feb 12, 2012 7:10pm
Hi Guys,

Well another week is upon us, now to see what might be on offer for us.

Thought I might start by having a quick look at the EURJPY chart.

What I have done here is given a view of a daily chart with some key areas on it. Then switched the same chart to the 4 hourly view to have a look at what PA has done.

I did not take this trade but it is a set up I was looking at over the weekend. Unfortunately I was not at my PC when the market opened to get a trade entered.

But it is a good example of drawing your lines, waiting for the market to do what you are expecting it might do.

In this case, resistance breaks, price pulls back to the old resistance area, there is some market indecision and old resistance holds as support. Now how often do you see this market characteristic repeat itself ?

Ok so from there where is the most obvious place that the market may go before stalling next. Straight to the bottom area of the where price stalled previously, also just so happens it lines up with a RN area. There is the target area.

For anyone who has been following my charts but cant work out what I am looking at, I hope this can give you a bit of insight.

Keep it simple and dont let GREED control your decisions when it comes to exiting a trade. At key levels look to exit or at the very least enter a break even position.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EJ daily.jpg Size: 156 KB
Click to Enlarge Name: EJ 4 hourly.jpg Size: 126 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #884
  • Feb 13, 2012 5:57am Feb 13, 2012 5:57am
Quoting DarkWolF
Hi Guys,

Well another week is upon us, now to see what might be on offer for us.

Thought I might start by having a quick look at the EURJPY chart.

What I have done here is given a view of a daily chart with some key areas on it. Then switched the same chart to the 4 hourly view to have a look at what PA has done.

I did not take this trade but it is a set up I was looking at over the weekend. Unfortunately I was not at my PC when the market opened to get a trade entered.

But it is a good example of drawing your lines, waiting for the market...
Nice clear analysis . Appreciate it mate.

So are you thinking that this could be a change of trend and looking for longs now ?

Cheers
Dan
  • #885
  • Feb 13, 2012 6:37am Feb 13, 2012 6:37am
Hi Dan,

Well that would depend on what pair your looking at.

If you are referring to EU then I would say if it can break that trend line on the daily chart where it stalled and the highs can hold then I would most definately be leaning towards the longs and unless price can move back below the previous congestion area I would be leaning towards long.

But as you know, trends can be relevant to the time frame you area trading. Short term may paint a very different picture to the longer term and vice versa.

But at this point in time I am looking for long entries to present themselves more so than short.

EJ is currently holding above the daily support line that was previous resistance, however would still like to see price continue to make new highs. A new short term up trend line is in place and as long as that holds true I will be looking for long opportunities on this one also, unfortunately I missed that one this morning.

GU is pretty much still caught in sideways market action with a clear range on the 4 hourly and a consoldated area on the daily.
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  • #886
  • Feb 13, 2012 6:56am Feb 13, 2012 6:56am
A quick snap shot of the AUDUSD chart.

A few lines on the chart and all of a sudden you have some entry and exit areas.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.jpg Size: 148 KB
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  • #887
  • Feb 13, 2012 7:13am Feb 13, 2012 7:13am
Quoting DarkWolF
A quick snap shot of the AUDUSD chart.

A few lines on the chart and all of a sudden you have some entry and exit areas.
  • #888
  • Feb 14, 2012 5:59am Feb 14, 2012 5:59am
Morning/afternoon all

Been having trouble identifying correct levels. I only have this level drawn off the line chart and candle chart on 1hr TF.

DW if you could post up yours that would be great.

1hr TF

Attached Image (click to enlarge)
Click to Enlarge Name: 14-02-2012 11-54-13.jpg Size: 57 KB


view on 5m TF

Attached Image (click to enlarge)
Click to Enlarge Name: 14-02-2012 11-56-05.jpg Size: 56 KB


Cheers
Dan
  • #889
  • Feb 14, 2012 7:17am Feb 14, 2012 7:17am
Quoting dan89
Morning/afternoon all

Been having trouble identifying correct levels. I only have this level drawn off the line chart and candle chart on 1hr TF.

DW if you could post up yours that would be great.

1hr TF

Attachment

view on 5m TF

Attachment

Cheers
Dan
Hi Dan,

Have only really managed to get a good look at the charts now for today, got a brief look after work but had to head out straight away.

Here area some of the levels that I would have potentially been having a look at.

Now if your struggling to identify areas take a look at the second chart, exactly the same lines tell me what you think.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 113 KB
Click to Enlarge Name: 2.jpg Size: 101 KB
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  • #890
  • Feb 14, 2012 7:25am Feb 14, 2012 7:25am
Quoting DarkWolF
Hi Dan,

Have only really managed to get a good look at the charts now for today, got a brief look after work but had to head out straight away.

Here area some of the levels that I would have potentially been having a look at.

Now if your struggling to identify areas take a look at the second chart, exactly the same lines tell me what you think.
Hi mate, cheers for the charts. Yeah the second chart where the levels are drawn off the line chart is alot clearer for me. I think ill stick to identifying levels off the line chart. The top level I had on my chart was off the line chart and was the same as one of yours so atleast I know im looking at the charts in a similar way.

Do you usually draw your lines of the line chart on the hourly then ?

Cheers
Dan
  • #891
  • Feb 14, 2012 7:31am Feb 14, 2012 7:31am
Quoting dan89
Hi mate, cheers for the charts. Yeah the second chart where the levels are drawn off the line chart is alot clearer for me. I think ill stick to identifying levels off the line chart. The top level I had on my chart was off the line chart and was the same as one of yours so atleast I know im looking at the charts in a similar way.

Do you usually draw your lines of the line chart on the hourly then ?

Cheers
Dan
Not usually I will simply use the candle chart, but if I am struggling to find any decent areas I will use the line chart.

That is simply a little thing I used to do when I first started looking at horizontal levels. If you do that for a while I would say that it wont be long and you will not need to switch either.

Remember though that line charts are calculated on closes not highs or lows, so if you would prefer your lines to be at highs or lows you will need to adjust them slightly after switching back.

I dont get too caught up in the highs/lows or close, in my opinion any where inbetween the highs/lows and the closes are the "area" you want to be looking at. Just an area, support and resistance mostly will not be exact although many times it may hit your line exactly.
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  • #892
  • Feb 14, 2012 7:38am Feb 14, 2012 7:38am
Here is a daily trade I took on the GBPNZD pair, rejection from a previous consolodation area, confluence of RN with a target of the previous lows.

Black line below the lows I placed would be the measured target to aim for if you wanted to try and push some more out of the position. But in that case BE at the lows at very least.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPNZD Daily.jpg Size: 112 KB
Click to Enlarge Name: gbpnzd daily tp.jpg Size: 109 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #893
  • Feb 14, 2012 7:43am Feb 14, 2012 7:43am
And an AUDUSD 4 hourly trade that I put a pending order in after work before heading out.

Looking for price to move away from that lower trend line. The blue line that it stalled at is the daily line and as you can see would probably have been a good target area but unfortunatley on this one I did not enter a TP level into the trade so now I am stuck watching it come back away from that level.

Guess will wait and see what happens here.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusd 4 hourly.jpg Size: 119 KB
Click to Enlarge Name: audusd 4 hourly 1.jpg Size: 112 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #894
  • Feb 14, 2012 8:17am Feb 14, 2012 8:17am
Quoting DarkWolF
Not usually I will simply use the candle chart, but if I am struggling to find any decent areas I will use the line chart.

That is simply a little thing I used to do when I first started looking at horizontal levels. If you do that for a while I would say that it wont be long and you will not need to switch either.

Remember though that line charts are calculated on closes not highs or lows, so if you would prefer your lines to be at highs or lows you will need to adjust them slightly after switching back.

I dont get too caught up in the highs/lows...
Thanks for the adivce mate. Also, how many days back do you usually look at when drawing your levels when trading off the 5min ? 1-2 days, or several weeks/months
  • #895
  • Feb 14, 2012 8:21am Feb 14, 2012 8:21am
Quoting dan89
Thanks for the adivce mate. Also, how many days back do you usually look at when drawing your levels when trading off the 5min ? 1-2 days, or several weeks/months
Usually just the last few days if its possible. But at times when there is not relevant levels to the left you may need to go back further.

Basically I just keep going back on the chart until I find the next significant area of PA that is relevant to the current PA
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #896
  • Feb 14, 2012 4:17pm Feb 14, 2012 4:17pm
Quoting DarkWolF
And an AUDUSD 4 hourly trade that I put a pending order in after work before heading out.

Looking for price to move away from that lower trend line. The blue line that it stalled at is the daily line and as you can see would probably have been a good target area but unfortunatley on this one I did not enter a TP level into the trade so now I am stuck watching it come back away from that level.

Guess will wait and see what happens here.
Stop got hit on this one.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd 4 hourly 2.jpg Size: 128 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #897
  • Feb 14, 2012 4:24pm Feb 14, 2012 4:24pm
EURNZD daily short, closed this manually slightly before the target line after looking at the chart this morning.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURNZD daily.jpg Size: 86 KB
Click to Enlarge Name: eurnzd daily TP.jpg Size: 88 KB
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  • #898
  • Feb 15, 2012 5:02am Feb 15, 2012 5:02am
Quoting DarkWolF
Stop got hit on this one.
Oh the joys of the trader

Stop taken out then straight back up to the target area.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd 4 hourly 3.jpg Size: 131 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #899
  • Feb 15, 2012 5:07am Feb 15, 2012 5:07am
Quoting DarkWolF
Here is a daily trade I took on the GBPNZD pair, rejection from a previous consolodation area, confluence of RN with a target of the previous lows.

Black line below the lows I placed would be the measured target to aim for if you wanted to try and push some more out of the position. But in that case BE at the lows at very least.
Well looks like the measured target area on this one was easily achieved.

No surprise it stalled where it did after making a nice short move.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZD daily after.jpg Size: 120 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #900
  • Feb 15, 2012 5:16am Feb 15, 2012 5:16am
Quoting DarkWolF
Oh the joys of the trader

Stop taken out then straight back up to the target area.
Unlucky mate !

If you've got a spare minute could you post up your 5min levels for EU ?

Cheers
Dan
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