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Price Action and Trading Discussion

  • #1,301
  • May 15, 2012 8:40pm May 15, 2012 8:40pm
SNB has to get rid of all those Euros somewhere..
  • #1,302
  • May 15, 2012 8:43pm May 15, 2012 8:43pm
Quoting EmeraldEyes
SNB has to get rid of all those Euros somewhere..
sorry snb?
  • #1,303
  • May 15, 2012 9:59pm May 15, 2012 9:59pm
Quoting jibjib210
whaats happening to the USD? Why is it soo strong?!?!

nzd/usd short + 100 pips just sold shorted another position.

Gold is dropping like nooo tommorrow!! It broke a 4 year TL -.-..... Missed 2 positions of me shorting already now im getting itchy feelings in my hand on whether i should just sell now or wait for 1500.
You don't know why USD so strong ? Because you don't know what Bernanke wants. You have to understand him.
BullShit BearShit
  • #1,304
  • May 15, 2012 10:03pm May 15, 2012 10:03pm
Quoting jibjib210
sorry snb?
Swiss National Bank. They've been accumulating a crappy Euro by actively defending the Eur/Chf floor. With an abundance of risky Euros, they have someone like the Bank of International Settlements (BIS) sell Euros on rallies. Eur/Usd is by far the most liquid pair and therefore won't show their order flow intentions as easily.

Proof is in the Swiss bank's currency inventory. Its been dropping Euros while gaining Dollars and Pounds. (GBP inventory doubled last quarter)

All this is shown on the charts as an aftermath.
  • #1,305
  • May 16, 2012 3:33am May 16, 2012 3:33am
Quoting jibjib210
whaats happening to the USD? Why is it soo strong?!?!

nzd/usd short + 100 pips just sold shorted another position.

Gold is dropping like nooo tommorrow!! It broke a 4 year TL -.-..... Missed 2 positions of me shorting already now im getting itchy feelings in my hand on whether i should just sell now or wait for 1500.

Quoting etrade360
You don't know why USD so strong ? Because you don't know what Bernanke wants. You have to understand him.
Hi guys,

Keep it simple, just follow the charts

Personally I try not to get too caught up in the fundamentals of it all, however at times they do play a significant part.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,306
  • May 16, 2012 3:58am May 16, 2012 3:58am
Quoting DarkWolF
Will have BE entered soon on this one also.
BE in place, came close to getting hit.
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD 4 hourly 16-05.jpg Size: 86 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,307
  • May 16, 2012 5:24am May 16, 2012 5:24am
Continue to manage this position, it is inevitable that I will eventually give some pips back to the market unless I decide to simply take the profit off.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD 16-05.jpg Size: 91 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,308
  • May 16, 2012 5:26am May 16, 2012 5:26am
Similar story on my EJ positions, will end up giving some back unless I decide to take it off.

Same as AUD I am just managing the positions as price moves around now.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY 16-05.jpg Size: 91 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,309
  • May 16, 2012 5:34am May 16, 2012 5:34am
No surprise this stalled where it did. Have not locked in any pips on this one yet.
Attached Image (click to enlarge)
Click to Enlarge Name: EU Daily 16-05.jpg Size: 87 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,310
  • Edited 7:44am May 16, 2012 7:03am | Edited 7:44am
Quoting DarkWolF
No surprise this stalled where it did. Have not locked in any pips on this one yet.
I'm also in with this one. I took this one from ~1.32, and have been waiting for retrace, but there has been almost only downward movement. The big weekend gap narrowing was the best attempt to get real retrace.

Whats your thought's on this one. Do you expect price to bounce hard from 1.265-1.27 area to test even 1.295-1.3 or maybe test ~1.29

Btw. Thanks for your great thread.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_2012-05-16.gif Size: 53 KB
  • #1,311
  • May 16, 2012 2:20pm May 16, 2012 2:20pm
Quoting DarkWolF
BE in place, came close to getting hit.
BE taken out overnight for me.
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD BE.jpg Size: 83 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,312
  • May 16, 2012 2:25pm May 16, 2012 2:25pm
Quoting rami_8
I'm also in with this one. I took this one from ~1.32, and have been waiting for retrace, but there has been almost only downward movement. The big weekend gap narrowing was the best attempt to get real retrace.

Whats your thought's on this one. Do you expect price to bounce hard from 1.265-1.27 area to test even 1.295-1.3 or maybe test ~1.29

Btw. Thanks for your great thread.
Hi Rami,

Nice work on the trade.

It is always a hard decision when price reaches major support or resistance levels wether to simply take it off and bank the pips or attempt to trail the position. More often than not I usually simply take the position off.

One can never say for certain what the market will do, but there is a very good chance that we may see some sort of retrace from this area. The 1.29 ish area would be the most logical area for it too head back to if it does make a hard retrace. So for me if it does unless I lock some pips away that will be pretty much my BE level.

So now is where you make that decision. Move stops down, leave your BE in place or simply take your profits and wait for the next opportunity.

The market will do what the market will do, all we can do is watch and get on for a ride when possible. What I am looking for is for it to break the support and that area hold as resistance. Will that happen, I guess only time will tell.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,313
  • Edited May 17, 2012 2:11am May 16, 2012 11:59pm | Edited May 17, 2012 2:11am
Quoting DarkWolF
Hi Rami,

Nice work on the trade.

It is always a hard decision when price reaches major support or resistance levels wether to simply take it off and bank the pips or attempt to trail the position. More often than not I usually simply take the position off.

One can never say for certain what the market will do, but there is a very good chance that we may see some sort of retrace from this area. The 1.29 ish area would be the most logical area for it too head back to if it does make a hard retrace. So for me if it does unless I lock some...
Thanks.

Trade management is definitely the hardest part. It is nice to catch a runner, but trading inside consolidation is much easier at least in terms of trade management. This was also in long term consolidation trade, but I thought that I would give it a try to get out from the box and it did.

I know I should plan my trades and especially my take profit places better, but at the moment I trade the situation and make my decisions based on what I see.
I have a dilemma with the planned trades and the way I do it now. If I had done my trade plan in EURUSD I probably would have taken most or all of my profits at 1.30 area. Now I saw the huge weekend gap and thought that price will close that and keep on going down. I did take 1/3 off at 1.298 and left my SL and BE. There is of course nothing wrong with bigger profits taken at 1.29, but I am just so greed .

Now I will manage EURUSD with my trendline and or with 1.28. I have my SL now at 1.29 area, but I wont let it go that far back. I just don't want to place my SL too close. I take my profits many times manually, because I don't use TP.

I will develop my trade management style, but it will take some time. I need more trades to gain more experience. I could test my trade plans in paper - maybe mark my predetermined TP's on the chart and see how I do with that compared to my current style.

As long as price will move opportunities will occur and trading is fun.

Edit: I just closed 1/3 of the EURUSD trade and manage the rest as said above.
  • #1,314
  • May 17, 2012 5:47am May 17, 2012 5:47am
Quoting rami_8
Thanks.

Trade management is definitely the hardest part. It is nice to catch a runner, but trading inside consolidation is much easier at least in terms of trade management. This was also in long term consolidation trade, but I thought that I would give it a try to get out from the box and it did.

I know I should plan my trades and especially my take profit places better, but at the moment I trade the situation and make my decisions based on what I see.
I have a dilemma with the planned trades and the way I do it now. If I had done my trade...
Hi Rami,

Indeed trade management can test even the best traders at times and yes trading inside a range or consolodated area can give you quite clear entry, stop and exit levels.

Most times I will aim to TP of at a certain area but the last few positions have had a crack at trailing some stops and it has worked out ok, maybe a little lucky there

Was a good decision with the gap, as quite often you will see exactly what you just stated with the gap closing and then price will continue on in the direction of the gap.

Be careful of that greed emotion. I have found that over time my results got better once I developed the ability to simply take profit off at set key levels. Be happy with what profit you have, dont get caught up in that "what if" this happens and I miss out on more. There will always, without doubt be another opportunity to get into the market. Or like you have just done take parital profits and then let the rest ride to manage if the position does take off.

It sounds like you have a good plan to develop your trading style, well done with that as many simply do not.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,315
  • May 17, 2012 7:25am May 17, 2012 7:25am
Quoting DarkWolF
Hi Rami,

Be careful of that greed emotion. I have found that over time my results got better once I developed the ability to simply take profit off at set key levels. Be happy with what profit you have, dont get caught up in that "what if" this happens and I miss out on more. There will always, without doubt be another opportunity to get into the market. Or like you have just done take parital profits and then let the rest ride to manage if the position does take off.

It sounds like you have a good plan to develop your trading style, well...
Thanks for your feedback and that you share your experience.

I think that trade management has much emotional and psychological aspect and from that perspective that has to meet personal needs/requirements. I don't know yet how I will manage trades in the future, but now I like to take partial profits and manage SL and take profits manually.

Partial profits release some pressure from trades. It is good to know that I am in profit and can play with the rest knowing I'm already in profit.
Full profits will naturally give bigger results, if managed wisely, but I want to bank profits and give a chance for the trade to run. Maybe I am not that greed after all..

I don't trust yet enough to my plans so I don't want to stick to them. If I develop my planning skills I might trust it more. I naturally spot the trouble areas where I will check PA to make my decision.

TP at key levels is one thing that I need to study and test with my trades, but I think that I need more trades so that I have something to go through. I like the simplicity aspect of TP's at key levels.

Rami
  • #1,316
  • May 18, 2012 3:00am May 18, 2012 3:00am
Starting to lock in some more pips now on my open positions.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD 18-05.jpg Size: 85 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,317
  • May 18, 2012 3:01am May 18, 2012 3:01am
Moved all stops down just above the parity level on AUDUSD.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD 4 hourly.jpg Size: 89 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,318
  • May 18, 2012 3:03am May 18, 2012 3:03am
Moving stops down on this one to protect against a bounce from the previous significant lows.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD Daily 18-05.jpg Size: 91 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,319
  • May 18, 2012 3:06am May 18, 2012 3:06am
EJ has been rather kind to me so locking in some more now.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY 4 hourly 18-05.jpg Size: 99 KB
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  • #1,320
  • May 18, 2012 9:37am May 18, 2012 9:37am
nicley done
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