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Price Action and Trading Discussion

  • #1,341
  • Edited 9:10am May 21, 2012 8:05am | Edited 9:10am
Quoting Quezoy
tnx, makes sense, yes.

Seems like g/u wants to go lower.
As with any trade, the market will do what the market will do and it can go either way. Keep your risk management and stops in place and trade your plan.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,342
  • May 22, 2012 5:25am May 22, 2012 5:25am
Took this position short looking for price to move away from the 61.00 level.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDJPY 4 hourly 22-05.jpg Size: 79 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,343
  • May 22, 2012 3:07pm May 22, 2012 3:07pm
Hi all!

Hows it going? Hopefully another good week today . Lots to learn!

Ive been looking at the aussies and gbpusd latley as well. Gbp/usd still sitting on my fib+resistance line tho...

aud/usd lookingg good to me at the moment.

any thoughts?
  • #1,344
  • May 23, 2012 4:33am May 23, 2012 4:33am
Quoting DarkWolF
Current positions short on AUDUSD.
Very nice stacking of positions.
Question: How do you determine on which pair or in which situation you will do this? I asume, you dont add to your position on all open pairs.

Really nice thread, keep it up. There are many PA threads up here, but your charts are among the ones I get the most from.
Thoughts are things
  • #1,345
  • May 23, 2012 6:51am May 23, 2012 6:51am
Here a setup I went for.
Attached Image (click to enlarge)
Click to Enlarge Name: 23.5.jpg Size: 178 KB
Thoughts are things
  • #1,346
  • May 23, 2012 7:15am May 23, 2012 7:15am
Quoting DarkWolF
Took this position short looking for price to move away from the 61.00 level.
I am a little late getting a view at the charts today and have only just opened them up to see what has been going on.

The NZDJPY short I entered on the 4 hourly charts has made a nice move down, breaking the lows. We can now see price stalling at the lows as it pushes slightly back up again.

I have locked in some pips on this one also just above the 60.00 RN area.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NZDJPY 4 hourly 22-05.jpg Size: 79 KB
Click to Enlarge Name: NZDJPY 4 hourly 23-05.jpg Size: 87 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,347
  • May 23, 2012 7:27am May 23, 2012 7:27am
Quoting jibjib210
Hi all!

Hows it going? Hopefully another good week today . Lots to learn!

Ive been looking at the aussies and gbpusd latley as well. Gbp/usd still sitting on my fib+resistance line tho...

aud/usd lookingg good to me at the moment.

any thoughts?
Hi Jib,

All is well here. Yes hopefully the week is kind to us all.

Aussie has continued its move down so far with the major support area now being between the .9660 ish area and the .9500 level.

GBPUSD has broken the lows of the market pause after the large move down. Im still not totally sold on this one just yet I would have liked to have seen yesterdays candle close below the lows, it is however still looking to the bearish side, the 4 hourly is currently holding the lows as resistance.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,348
  • May 23, 2012 7:34am May 23, 2012 7:34am
Quoting Quezoy
Very nice stacking of positions.
Question: How do you determine on which pair or in which situation you will do this? I asume, you dont add to your position on all open pairs.

Really nice thread, keep it up. There are many PA threads up here, but your charts are among the ones I get the most from.
Hi Quesoy,

I will tend only to add to my positions only if I have pips locked in or at the very least a BE in place on any other positions.

If profitable pips or a BE area locked in then that position essentially becomes a risk free trade and all you need to do is manage the position. I therefore see no reason not to enter further positions just as long as the entry is following your trade plan and you keep stops in place to respective positions that are relevant to your risk management criteria.

I am happy to see that some of my charts are helping out
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,349
  • May 23, 2012 7:43am May 23, 2012 7:43am
Quoting Quezoy
Here a setup I went for.

Logical place to enter, I do prefer to wait for bars to end. Trend has been stong up on this pair be careful with shorts especially as price moves back into the 1.4900 area. If it breaks through potentially look to start locking in some pips or at the very least get your BE in place. Daily view shows price moving up from support, be cautious with shorts.

Interesting to see that price has moved back to fill the gap and then shot straight back up from the bottom of the gap area. We do see this quite often after a gapping of some description.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,350
  • May 23, 2012 7:45am May 23, 2012 7:45am
I added another position to my AUD chart and have a BE in on this one also. But there are not pips locked in as yet on this one. If price continues a little lower I will lock in some pips and move my other current positions down slightly lower also.

Its not a profitable trade until some pips are locked in.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD 23-05.jpg Size: 97 KB
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  • #1,351
  • May 23, 2012 7:48am May 23, 2012 7:48am
Similar story to AUD I added another position to the NZDUSD chart.

Second position added on this one was however taken off the 4 hourly chart.

Again no pips locked in yet so not a profitable trade as yet.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD 23-05.jpg Size: 72 KB
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  • #1,352
  • May 23, 2012 7:50am May 23, 2012 7:50am
Another position added on EJ 4 hourly also. BE locked away but like the others am yet to lock in some pips on the last position.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY 23-05.jpg Size: 93 KB
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  • #1,353
  • May 23, 2012 7:54am May 23, 2012 7:54am
Quoting DarkWolF
Logical place to enter, I do prefer to wait for bars to end. Trend has been stong up on this pair be careful with shorts especially as price moves back into the 1.4900 area. If it breaks through potentially look to start locking in some pips or at the very least get your BE in place. Daily view shows price moving up from support, be cautious with shorts.

Interesting to see that price has moved back to fill the gap and then shot straight back up from the bottom of the gap area. We do see this quite often after a gapping of some description.
I will lock 1/2 some 45 pips in plus and set to BE.

The first major support I see at 1.475, where is also the 38.2 fib ret. This is still 150 pips away.
At the moment I would say we are in a downtrend and I have entered on the retracement of this downtrend.
Even if this "downtrend" is just a correction of the uptrend, it probably wont happen before the 38.2

Well, thats my reasoning.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 225 KB
Thoughts are things
  • #1,354
  • May 23, 2012 8:15am May 23, 2012 8:15am
Quoting Quezoy
I will lock 1/2 some 45 pips in plus and set to BE.

The first major support I see at 1.475, where is also the 38.2 fib ret. This is still 150 pips away.
At the moment I would say we are in a downtrend and I have entered on the retracement of this downtrend.
Even if this "downtrend" is just a correction of the uptrend, it probably wont happen before the 38.2

Well, thats my reasoning.
There is reasoning on this pair to look for trades both ways, I guess it simply depends on how you interperet your chart and what TF you want to focus on.

Daily has pushed back below the 1.5000 area which could potentially hold as resistance.

On ther other hand the gap and previous highs also holding so far.

4 hourly shows some previous sideways market areas that could now potentially hold as support.

If the entry fits your trade plans, keep your risk management in place and all is good.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 76 KB
Click to Enlarge Name: 2.jpg Size: 60 KB
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  • #1,355
  • Edited 8:36am May 23, 2012 8:17am | Edited 8:36am
Lets see how this one closes today. Trend line plus the 80.00 RN area.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY Daily 23-05.jpg Size: 63 KB
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  • #1,356
  • May 23, 2012 10:11am May 23, 2012 10:11am
Quoting DarkWolF
There is reasoning on this pair to look for trades both ways, I guess it simply depends on how you interperet your chart and what TF you want to focus on.

Daily has pushed back below the 1.5000 area which could potentially hold as resistance.

On ther other hand the gap and previous highs also holding so far.

4 hourly shows some previous sideways market areas that could now potentially hold as support.

If the entry fits your trade plans, keep your risk management in place and all is good.
Made a loss on the trade. You were right.

You look at candles highs or close's as res/sup points?
Thoughts are things
  • #1,357
  • May 23, 2012 10:50am May 23, 2012 10:50am
Nice tight entries on the aussie and kiwi TW

I bet you're lickin your chops
  • #1,358
  • May 23, 2012 3:54pm May 23, 2012 3:54pm
Quoting Quezoy
Made a loss on the trade. You were right.

You look at candles highs or close's as res/sup points?
I was hoping for you that it would have made its way lower.

I simply look at the most "obvious" areas that may cause the market to react. On this particular chart you just happened to have a horizontal area that had previous highs, aligned with the gap area and a RN area that had previously caused a reaction also.

The levels are not always exact but simply an "area" on the chart. This one had some confluence of combined areas so to me it was simply to be played with caution.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,359
  • May 23, 2012 3:56pm May 23, 2012 3:56pm
Quoting Vitaluna
Nice tight entries on the aussie and kiwi TW

I bet you're lickin your chops
Well I think I have been a little lucky to some extent on these trades. The last lot are only at BE so there is no actual profit locked in yet. It is inevitable that I will eventually give back some pips once the market decides its time to retrace.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,360
  • May 24, 2012 2:47am May 24, 2012 2:47am
Quoting DarkWolF
Lets see how this one closes today. Trend line plus the 80.00 RN area.
Still keeping an eye USDJPY daily, to see what price does from this current level.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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