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Price Action and Trading Discussion

  • #981
  • Feb 20, 2012 3:15am Feb 20, 2012 3:15am
Quoting N_Trader
Hi DarkWolf,

Good morning

Hope I'm not being too intruding by posting my charts here. I really enjoyed your threads and the way you look at the market.

Regards
Hi N_Trader,

Not at all mate, post as many charts as you like, its always good to see others analysis of the charts.

Sorry I was not around on Friday to trade and see the thread so I missed you guys on that day.

Good to see some nice clean charts and analysis.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #982
  • Feb 20, 2012 3:15am Feb 20, 2012 3:15am
Quoting dan89
nice one. I managed to get all the same levels except the bottom level
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #983
  • Feb 20, 2012 3:17am Feb 20, 2012 3:17am
Quoting DarkWolF
It held in there so back in the game with this one
Well my EURNZD trade on 4 hourly did not turn out for the best.

Just taken out over the stop and then some nice gapping down today.
Attached Image (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #984
  • Feb 20, 2012 3:24am Feb 20, 2012 3:24am
I put this pending order in on USDCAD which is now in play. Was triggered on Friday although there wasnt a lot of movement during that day. Slight gapping down so far today.
Attached Image(s) (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #985
  • Feb 20, 2012 3:28am Feb 20, 2012 3:28am
Quoting DarkWolF
I put this pending order in on USDCAD which is now in play. Was triggered on Friday although there wasnt a lot of movement during that day. Slight gapping down so far today.
  • #986
  • Feb 20, 2012 3:54am Feb 20, 2012 3:54am
just waiting for a pullback now on EU for a long position ... what do you guys think ?

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  • #987
  • Feb 20, 2012 4:47am Feb 20, 2012 4:47am
Quoting dan89
just waiting for a pullback now on EU for a long position ... what do you guys think ?

Attachment
EDIT:

Did'nt take the trade as there was no PA confirmation.

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  • #988
  • Feb 20, 2012 5:11am Feb 20, 2012 5:11am
Quoting dan89
EDIT:

Did'nt take the trade as there was no PA confirmation.

Attachment
Turned out to be a good call Dan.

Moved away nicely from the bottom line on the lower end of the asian range which could have been a potential. The second attempt at the top end of it provided an indecision candle above the line that could have been a potential entry.

Although it is always easier to analyse the chart in hindsight, not so easy when your trading live.
Attached Image (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #989
  • Feb 20, 2012 5:16am Feb 20, 2012 5:16am
Quoting DarkWolF
Turned out to be a good call Dan.

Moved away nicely from the bottom line on the lower end of the asian range which could have been a potential. The second attempt at the top end of it provided an indecision candle above the line that could have been a potential entry.

Although it is always easier to analyse the chart in hindsight, not so easy when your trading live.
Yeah price decided to shoot off when I decided to get something to eat ...

edit: just had a look at my charts and I probs would not have taken the trade as on my charts the bar showed up as a bearish pinbar.

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  • #990
  • Feb 20, 2012 5:33am Feb 20, 2012 5:33am
DW, I hope you dont mind me asking you this question but, how successful are you, percentage wise, on the short term time frame (5m) ? From the charts/trade you post you seem to be consistently successful which seems quite rare on forexfactory

Cheers
Dan
  • #991
  • Feb 20, 2012 5:39am Feb 20, 2012 5:39am
Hindsight ...

xx50 level
pin bar (sort of)

Opinion: did'nt really like the small size of the pinbar + was not close enough to xx50 level for my liking.

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  • #992
  • Feb 20, 2012 6:06am Feb 20, 2012 6:06am
Quoting dan89
DW, I hope you dont mind me asking you this question but, how successful are you, percentage wise, on the short term time frame (5m) ? From the charts/trade you post you seem to be consistently successful which seems quite rare on forexfactory

Cheers
Dan
No problems at all. Well I think that any kind of success whilst trading be it forex or stocks simply comes from patience, discipline and strict risk management principles.

Due to the fact that I do trade multiple time frames on multiple accounts as I do have more than one active account it can be a little hard to give you exact numbers on that information. But across the accounts average is between 70 to 80% at the moment. Of course I would like that statistic to be slightly higher. My aim is to be consistantly in the mid to upper 80% range. But on the other hand as long as I remain profitable I dont get too caught up in the statistic side of it all.

The one thing I would say, is that as appealing as the short term trading can be, longer term charts are usually much more reliable in what they offer. It simply requires much more patience to trade them, and I think that anyone who has been trading consistantly for some time would agree with me on that one.

I guess the problem that I see on many forum sites is that lots of traders like to talk about what they do but not show what they do. Which is part of the reason I started my own thread as there is sometimes way too much ego on some of the other threads around.

And I also believe that as a new trader there is nothing wrong with struggling a little as that is a natural path on the journey, one I went down and luckily enough came out the other side. I found people along my journey that helped me learn and develop, if I can share only a fraction of that then it is all good.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #993
  • Feb 20, 2012 6:07am Feb 20, 2012 6:07am
Quoting dan89
Hindsight ...

xx50 level
pin bar (sort of)

Opinion: did'nt really like the small size of the pinbar + was not close enough to xx50 level for my liking.

Attachment
Yes hindisght is a great thing.

But if your not 100% sold in then simply dont take it. Passing up a trade is much better than a losing trade. And there will always be other opportunities.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #994
  • Feb 20, 2012 6:16am Feb 20, 2012 6:16am
Quoting DarkWolF
No problems at all. Well I think that any kind of success whilst trading be it forex or stocks simply comes from patience, discipline and strict risk management principles.

Due to the fact that I do trade multiple time frames on multiple accounts as I do have more than one active account it can be a little hard to give you exact numbers on that information. But across the accounts average is between 70 to 80% at the moment. Of course I would like that statistic to be slightly higher. My aim is to be consistantly in the mid to upper 80% range....
Thanks for the reply mate. Patience in trading is something that i'm still learning. I usually find the urge to force a trade without knowing it. Im starting to get over this problem by taking short breaks away from the computer every so often to stop myself constently looking for trades to get into right away. 70-80% is damn good in my opinion. At the moment im like 70% wrong on trades I take .. but im learning so hopefully ill get to your level some day. BTW I appreciate you opening up this thread (and the previous one you had) and explaining your reasons for taking trades, what you look for etc. Has been a massive help so far.

Cheers
Dan
  • #995
  • Edited 6:41am Feb 20, 2012 6:28am | Edited 6:41am
Quoting dan89
Thanks for the reply mate. Patience in trading is something that i'm still learning. I usually find the urge to force a trade without knowing it. Im starting to get over this problem by taking short breaks away from the computer every so often to stop myself constently looking for trades to get into right away. 70-80% is damn good in my opinion. At the moment im like 70% wrong on trades I take .. but im learning so hopefully ill get to your level some day. BTW I appreciate you opening up this thread (and the previous one you had) and explaining...
Yes that forcing of trades is a dangerous trap to get caught in. Overtrading can quickly destroy accounts. At least now you are identifying that, which means you can fix it walking away from you computer is a great start. The worse thing to get caught up in can be that ever fateful "revenge trade".

Always remember the market is never wrong, the market does not care what position that you have or have just lost or won, the market will do what the market will do. All we want to do is get on at the bus stop, catch a small ride and get off at the next stop

There is many methods of trading out there, and I have looked at and tried many of them myself on my journey.

As long as you find something that you are comfortable with and works for you then that is half the battle.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #996
  • Feb 20, 2012 6:59am Feb 20, 2012 6:59am
GBPJPY Daily.

Will keep an eye on this one see how it closes.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #997
  • Feb 20, 2012 11:57pm Feb 20, 2012 11:57pm
I have taken the long train for this one. Let see if the market is kind enough to offer me something.

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regards
N
  • #998
  • Feb 21, 2012 12:32am Feb 21, 2012 12:32am
Quoting N_Trader
I have taken the long train for this one. Let see if the market is kind enough to offer me something.

Attachment

regards
N
The trend has most certainly been up on that pair N.

Seems to be struggling slightly at that .8400 ish level.

Hopefully it breaks up this time for you.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #999
  • Feb 21, 2012 1:05am Feb 21, 2012 1:05am
Quoting DarkWolF
The trend has most certainly been up on that pair N.

Seems to be struggling slightly at that .8400 ish level.

Hopefully it breaks up this time for you.
Thanks, DW.

You are spot on on the 0.8400 ish level.. I try to go with D1 trend until it show signs of reversal. Keeping my fingers crossed on this one.

The market will show in a couple of hours or maybe sooner...

Anything you are looking at today?

regards
  • #1,000
  • Feb 21, 2012 1:16am Feb 21, 2012 1:16am
Failure at 0.8400 seen on 15M... let's see where it goes from here.

Attached Image (click to enlarge)
Click to Enlarge Name: NU2.png Size: 38 KB


Quoting N_Trader
I have taken the long train for this one. Let see if the market is kind enough to offer me something.

Attachment

regards
N
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