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Price Action and Trading Discussion

  • #901
  • Feb 15, 2012 5:18am Feb 15, 2012 5:18am
Quoting dan89
Unlucky mate !

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

Cheers
Dan
Yep no probs just give me a few mins as only got home from work not long ago had to do a late shift tonight so just checking out a few things.
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  • #902
  • Feb 15, 2012 5:25am Feb 15, 2012 5:25am
Ok here are the levels that I would be looking at. Again remember simply "areas"
Attached Image (click to enlarge)
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  • #903
  • Feb 15, 2012 5:29am Feb 15, 2012 5:29am
Short entered this morning before heading off to work on the daily chart. This one was EURAUD. Looking ok so far, but as we all know the trade isnt over until its over anything can happen.

Will think about putting BE in on it soon, depending on how its tracking before I head off for the day.
Attached Image(s) (click to enlarge)
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  • #904
  • Feb 15, 2012 5:38am Feb 15, 2012 5:38am
Here is one that I had marked for a trade entry but didnt take it as I dont like to have too many open positions at once unless I have BE in on running open trades.

EURCAD daily.
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  • #905
  • Feb 15, 2012 6:10am Feb 15, 2012 6:10am
Can see price on the EU 4 hourly stuck between 2 areas.

Confluence of numerous aspects.
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  • #906
  • Feb 15, 2012 7:07am Feb 15, 2012 7:07am
Any thoughts on taking a short from this level. Or would you not consider this a valid retrace ?

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  • #907
  • Edited 7:55am Feb 15, 2012 7:22am | Edited 7:55am
Quoting dan89
Any thoughts on taking a short from this level. Or would you not consider this a valid retrace ?

Attachment
Sorry Dan been away had to do a few things.

Lines up pretty much with one of my lines that I had drawn, and indecision bar, then yes I would say very much a valid trade, if you had taken it looks like would have been quite nice too.
Attached Image (click to enlarge)
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  • #908
  • Feb 15, 2012 7:26am Feb 15, 2012 7:26am
Quoting DarkWolF
Here is one that I had marked for a trade entry but didnt take it as I dont like to have too many open positions at once unless I have BE in on running open trades.

EURCAD daily.
Again I did not take this one but just following it to see what would have happened if I did.

Target area achieved.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURCAD.jpg Size: 131 KB
Click to Enlarge Name: EURCAD 1.jpg Size: 129 KB
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  • #909
  • Feb 15, 2012 7:29am Feb 15, 2012 7:29am
Quoting DarkWolF
Short entered this morning before heading off to work on the daily chart. This one was EURAUD. Looking ok so far, but as we all know the trade isnt over until its over anything can happen.

Will think about putting BE in on it soon, depending on how its tracking before I head off for the day.
BE entered on this one now to see if it can reach the target area.
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  • #910
  • Feb 15, 2012 7:50am Feb 15, 2012 7:50am
Quoting DarkWolF
Sorry Dan been away had to do a few things.

Lins up pretty much with one of my lines that I had drawn, and indecision bar, then yes I would say very much a valid trade, if you had taken it looks like would have been quite nice too.
Hi DW

Just got back myself and can see how quickly price shot down. I decided not to take the trade because I was unsure as to whether this would be a valid retracement/significant pullback in the sense that it was only one bar before the entry bar, and price had barley moved past the resistance area before it pulled back.

In regards to pullbacks what do you like to look for ?

No suprise price stoped where it did:

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  • #911
  • Feb 15, 2012 7:58am Feb 15, 2012 7:58am
Quoting dan89
Hi DW

Just got back myself and can see how quickly price shot down. I decided not to take the trade because I was unsure as to whether this would be a valid retracement/significant pullback in the sense that it was only one bar before the entry bar, and price had barley moved past the resistance area before it pulled back.

In regards to pullbacks what do you like to look for ?
Well I pretty much like to look for rejection or a market pause at levels/areas that I may deem to be a good horizontal level or trend line.

Sounds simplistic, thats because essentially it is. Does it always work, definatley not as seen in that AUD trade on 4 hourly I did.
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  • #912
  • Feb 15, 2012 12:17pm Feb 15, 2012 12:17pm


Well here is a rare successful trade that I took today. price was basically moving sideways so I decided to trade the range. Identified the res/area using the line graph on 5m and took the short on the break of the 2 doji candles targeting the lows. DW what do you think about this trade and the my reasons for taking it. Would it of been a trade that you would of considered taking yourself or was it just a 'fluke'. Oh and I used the stochs as confirmation for the sell when it was in the overbought and crossing

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Cheers
Dan
  • #913
  • Feb 15, 2012 2:39pm Feb 15, 2012 2:39pm
Quoting dan89


Well here is a rare successful trade that I took today. price was basically moving sideways so I decided to trade the range. Identified the res/area using the line graph on 5m and took the short on the break of the 2 doji candles targeting the lows. DW what do you think about this trade and the my reasons for taking it. Would it of been a trade that you would of considered taking yourself or was it just a 'fluke'. Oh and I used the stochs as confirmation for the sell when it was in the overbought and crossing

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Attachment ...
Hi Dan,

On my chart it doesnt quite go back to the RN line on yours, but that would be due simply to different feeds.

Yes a very good trade, good use of the range and good use of the stochastich to identify overbought. Stochastic can be quite helpful in rangebound markets to identify the overbought and oversold areas.

Good use of the target areas also

Remember its not how many trades you take each day its just a matter of being profitable. All you need really is one profitable trade per day and all is good. Be patient, be picky and only take those that tick all the boxes of your trade plan.

Good work also using the line chart to identify the areas
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  • #914
  • Feb 15, 2012 10:04pm Feb 15, 2012 10:04pm
phew...Im really behind on this thread... had quite a bit of reading to do lol

DW congrats on the good news, best wishes

On the trading front, just wanted to point this out (EU 4H chart). Still not ripe enough for a trade but a good level to keep an eye on. Price does have a tendency to contain itself, so Ill be looking for a long to develop. If it doesnt then the second option will be to look for a breakout and continued selling...

http://content.screencast.com/users/...2-22.03.05.png
  • #915
  • Feb 15, 2012 10:29pm Feb 15, 2012 10:29pm
Quote
Remember its not how many trades you take each day its just a matter of being profitable. All you need really is one profitable trade per day and all is good. Be patient, be picky and only take those that tick all the boxes of your trade plan.
Very nice quote DW. This is something came out from a ProTrader. Being consistent in trading and follow a setup of rules are way to become Pro trader. I'm listening...
  • #916
  • Feb 16, 2012 1:22am Feb 16, 2012 1:22am
cad/jpy daily put in a pin @ top of the range... also 79 RN confluence
77 looks like it may be in the cards

http://content.screencast.com/users/...2-01.21.05.png
  • #917
  • Feb 16, 2012 3:06am Feb 16, 2012 3:06am
Quoting mugged
phew...Im really behind on this thread... had quite a bit of reading to do lol

DW congrats on the good news, best wishes

On the trading front, just wanted to point this out (EU 4H chart). Still not ripe enough for a trade but a good level to keep an eye on. Price does have a tendency to contain itself, so Ill be looking for a long to develop. If it doesnt then the second option will be to look for a breakout and continued selling...
Hi Mugged,

Thanks for the best wishes, getting ever closer now and only about 2 weeks away.

Yep that is definately a good plan on EU. If it is going to head into a range again then its pretty much at a good area now for it to stall and head back up. There was a small pin of that RN area on the 4 hourly a few candles ago.
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  • #918
  • Feb 16, 2012 3:08am Feb 16, 2012 3:08am
Quoting blackhawkfx
Very nice quote DW. This is something came out from a ProTrader. Being consistent in trading and follow a setup of rules are way to become Pro trader. I'm listening...
Hi Blackhawk,

Yes but you must have the discipline to follow those rules, do not let greed creep into the equation.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #919
  • Feb 16, 2012 3:14am Feb 16, 2012 3:14am
Quoting mugged
cad/jpy daily put in a pin @ top of the range... also 79 RN confluence
77 looks like it may be in the cards

Ya I have an eye on that one but did not take any trade from it more waiting for it to make a pullback continuation set up.
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  • #920
  • Feb 16, 2012 3:23am Feb 16, 2012 3:23am
I have no open trades at the moment, but a couple of other ones I had marked for trades and did not take are NZDUSD and EURGBP both on daily charts.

It is always good though to keep an eye on the potential trades that you identify and see how it would have played out.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NU Daily.jpg Size: 127 KB
Click to Enlarge Name: EG Daily.jpg Size: 104 KB
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