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Price Action and Trading Discussion

  • #1,321
  • May 19, 2012 9:41pm May 19, 2012 9:41pm
Quoting DarkWolF
Moving stops down on this one to protect against a bounce from the previous significant lows.
Trailing stop was hit.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD Daily 18-05.jpg Size: 91 KB
Click to Enlarge Name: EU Daily 19-05.jpg Size: 95 KB
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  • #1,322
  • May 19, 2012 10:07pm May 19, 2012 10:07pm
This pair is one that I was watching for an entry. I did not take an entry though as already had quite a few open positions.

This is screaming confluence of areas. Can you see how it unfolded and why this could have been an excellent entry.

Key horizontal areas, top of range, the RN and parity area. Price closed above this area with a pretty solid bullish bar.

Break of the trendline, pullback and continuation away from it with the parity level holding.

I will leave you to your own conclusions, the only thing that could put doubt on the trade is a slightly stronger break of the top of the range.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD Daily.jpg Size: 80 KB
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  • #1,323
  • May 19, 2012 10:19pm May 19, 2012 10:19pm
Another one of those areas where the Bears meet the Bulls. This could give a good potential long trading opportunity, but one I will pass up and wait for a potential pullback continuation if it plays out that way.
Attached Image (click to enlarge)
Click to Enlarge Name: cable Daily.jpg Size: 112 KB
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  • #1,324
  • May 21, 2012 5:44am May 21, 2012 5:44am
Rather quiet so far this session.
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  • #1,325
  • May 21, 2012 6:40am May 21, 2012 6:40am
Quoting DarkWolF
Rather quiet so far this session.
Not much market moving news today
  • #1,326
  • May 21, 2012 7:01am May 21, 2012 7:01am
Quoting Vitaluna
Not much market moving news today
Hi Vitaluna,

No there certainly is not.

Let's see if the NY session can provide some movement. Im looking for EU on 4 hourly to make a continuation move away from the 1.28 ish level.

EJ could also have some potential if it can break back past that 101 level
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  • #1,327
  • May 21, 2012 7:10am May 21, 2012 7:10am
Quoting DarkWolF
Another one of those areas where the Bears meet the Bulls. This could give a good potential long trading opportunity, but one I will pass up and wait for a potential pullback continuation if it plays out that way.
Nice chart.
I was also tempted, but was not convinced of the setup.
Thoughts are things
  • #1,328
  • May 21, 2012 7:16am May 21, 2012 7:16am
Quoting Quezoy
Nice chart.
I was also tempted, but was not convinced of the setup.
Hi Quezoy,

Ya' with such a strong bearish market I am more inclined to simply wait and see if it does retrace first. Much more inclined to continue to look for short opportunities at this point in time, rather than trying to pick a bottom.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,329
  • May 21, 2012 7:17am May 21, 2012 7:17am
Waiting for price to come back up to sell http://gyazo.com/143b01c5f6e55aae0320cf07ec5c386f
  • #1,330
  • May 21, 2012 7:21am May 21, 2012 7:21am
Quoting Vitaluna
Waiting for price to come back up to sell http://gyazo.com/143b01c5f6e55aae0320cf07ec5c386f
Some support evident in this area so now we just wait and see who is going to win out, the bulls or the bears
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  • #1,331
  • May 21, 2012 7:24am May 21, 2012 7:24am
Quoting DarkWolF
Hi Quezoy,

Ya' with such a strong bearish market I am more inclined to simply wait and see if it does retrace first. Much more inclined to continue to look for short opportunities at this point in time, rather than trying to pick a bottom.
How you'd go short? After continuation down, pending order at 1.58-ish?
Thoughts are things
  • #1,332
  • May 21, 2012 7:28am May 21, 2012 7:28am
Anyone looking at aussie, nice confluence around 985x level. Looks like a pigs ear but should be still readable http://gyazo.com/cdecd93b37abf1fa335e86ea15fb3da0
  • #1,333
  • May 21, 2012 7:29am May 21, 2012 7:29am
Quoting Quezoy
How you'd go short? After continuation down, pending order at 1.58-ish?
Depending on the TF you area looking at and your style of trading wether you like breakouts or continuations there could be different options.

4 hourly you could simply play the break of the small consolodated area that we currently have with a stop just above the area.

Daily to me would simply depend on how the todays candle finishes and then I would make a decision from there, with a potential entry after a pause or to wait for a pullback continuation pattern through the support area.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,334
  • May 21, 2012 7:30am May 21, 2012 7:30am
Quoting DarkWolF
Some support evident in this area so now we just wait and see who is going to win out, the bulls or the bears
Yeah, I bet bears
  • #1,335
  • May 21, 2012 7:31am May 21, 2012 7:31am
Quoting Vitaluna
Anyone looking at aussie, nice confluence around 985x level. Looks like a pigs ear but should be still readable http://gyazo.com/cdecd93b37abf1fa335e86ea15fb3da0
I am currently holding some short positions already on AUD so simply managing the positions now.

Vitaluna have you tried simply attaching files to the post through the forum so the appear on the page ?
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,336
  • May 21, 2012 7:34am May 21, 2012 7:34am
Quoting DarkWolF
I am currently holding some short positions already on AUD so simply managing the positions now.

Vitaluna have you tried simply attaching files to the post through the forum so the appear on the page ?
Sorry I think I know, was just being lazy
  • #1,337
  • May 21, 2012 7:36am May 21, 2012 7:36am
Quoting Vitaluna
Sorry I think I know, was just being lazy
Well I certainly know that feeling, am a bit like that myself tonight
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  • #1,338
  • May 21, 2012 7:40am May 21, 2012 7:40am
Quoting DarkWolF
Depending on the TF you area looking at and your style of trading wether you like breakouts or continuations there could be different options.

4 hourly you could simply play the break of the small consolodated area that we currently have with a stop just above the area.

Daily to me would simply depend on how the todays candle finishes and then I would make a decision from there, with a potential entry after a pause or to wait for a pullback continuation pattern through the support area.
Im trading the daily.

What do you mean by "entry after pause"?
Thoughts are things
  • #1,339
  • May 21, 2012 7:57am May 21, 2012 7:57am
Quoting Quezoy
Im trading the daily.

What do you mean by "entry after pause"?
Usually after a strong down or up move you will see the market "pause" or "rest" at a support or resistance area.

Following that you can at times have a nice solid break of that level and see the move simply continue on. You could take the position under the bar that has paused, wait for the next bar to see what is going to happen, or the more conservative option which on most occassions is what I prefer to do.

NZDUSD chart attached shows a short position I took after a pause.

Does this make sense ?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cable 21-05.jpg Size: 120 KB
Click to Enlarge Name: 1.jpg Size: 93 KB
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  • #1,340
  • May 21, 2012 8:02am May 21, 2012 8:02am
tnx, makes sense, yes.

Seems like g/u wants to go lower.
Thoughts are things
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