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  • #1,781
  • May 25, 2012 9:10am May 25, 2012 9:10am
Quoting Balhana
Cut the trade 60.32 for -34 pips. This is not a lucky day for me!
Decided to watch this pair just before pressing the button.
  • #1,782
  • May 25, 2012 9:21am May 25, 2012 9:21am
Quoting Balhana
Decided to watch this pair just before pressing the button.
Very starnge price action!! Just moved SL to 60.32
Attached Image (click to enlarge)
Click to Enlarge Name: NJ 15M 02.jpg Size: 180 KB
  • #1,783
  • May 25, 2012 9:53am May 25, 2012 9:53am
Quoting lovejoy80
Do you mean the zones on this chart?

http://www.forexfactory.com/showthre...32#post5689232

If so then they are two very different zones so I'd trade them separately.

The only time I'd look to trade zones together and scale into an overall position if we have stacked SD zones on top of each other and they would have to be strong untested zones.

Otherwise for the most part I'm just either putting my SL the other side of the zone I'm trading or more often than not I can find a tighter SL by zooming in...for example if...
Thanks LJ, yes that was the one I was referring to. But perhaps this chart by Balhana is a better picture - he realised there were 2 more demand zones beneath after entry. Would you have personally taken any trades of any of these demand zones?

Quoting Balhana
Regarding the NU trade, I just wanted to be in that trade longer because of the 2 bar pinbar in the daily chart, as I said in the previous post. But I don't think those two demands in the !M chart looked strong.

(EDIT: I try to not adjust my initial SL. The SL for the NU trade I adjusted was BE+5 after I closed 1/2. )

I usually adjust my SL based on real-time PA because I believe BE+1 without any logic is many times a waste of pips. But I still habitually do that.

Last night, I had to adjust my SL for the EJ trade before going to bed because...
Oic, ok, adjusted SL after taking partial is a different story then.
  • #1,784
  • May 25, 2012 10:08am May 25, 2012 10:08am
Quoting Balhana
Very starnge price action!! Just moved SL to 60.32
Just closed the NJ trade near BE because I have no idea where it will go.

One big loser (the EJ trade) today, but ended this week in positive gain (about 310 pips).
  • #1,785
  • May 26, 2012 9:14am May 26, 2012 9:14am
USD/CAD is on my watchlist. The previous demand (1.0310-0319) that is now supply was tested on January 9. This is the second test so not so fresh, but look at how this pair (USD/CAD) went up to this level. It is extremely compressed, IMO.

The level could be a very good area to look for shorts. Will be watching for reaction and entry south next Monday.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCAD 4H 01.jpg Size: 121 KB
Click to Enlarge Name: USDCAD 4H 02.jpg Size: 75 KB
  • #1,786
  • May 26, 2012 10:17am May 26, 2012 10:17am
Quoting Balhana
USD/CAD is on my watchlist. The previous demand (1.0310-0319) that is now supply was tested on January 9. This is the second test so not so fresh, but look at how this pair (USD/CAD) went up to this level. It is extremely compressed, IMO.

The level could be a very good area to look for shorts. Will be watching for reaction and entry south next Monday.
Maybe need to short this pair as soon as the market opens next Monday. Look at the false breakout on the 1H chart....
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD 1H.jpg Size: 90 KB
  • #1,787
  • May 26, 2012 12:52pm May 26, 2012 12:52pm
Balhana, looks like a good location on the USDCAD.

Don't forget that Monday is a holiday in the USA, UK, France and Gernmany.
  • #1,788
  • May 27, 2012 6:44am May 27, 2012 6:44am
Quoting unlv_tj
Balhana, looks like a good location on the USDCAD.

Don't forget that Monday is a holiday in the USA, UK, France and Gernmany.
Thanks. US/Europe session would probably have low liquidity.

AU and EA are on my watchlist too. Again, low liquidity....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AU 8H.jpg Size: 73 KB
Click to Enlarge Name: EA Daily.jpg Size: 207 KB
  • #1,789
  • May 27, 2012 3:51pm May 27, 2012 3:51pm
Quoting Balhana
Maybe need to short this pair as soon as the market opens next Monday. Look at the false breakout on the 1H chart....
I agree - price spiked into supply and formed an FB with a clear compression which can be seen through the converging wedge on H1 / H4. Shame this occurred late Friday.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ucad2.gif Size: 18 KB
Click to Enlarge Name: ucad-h4.gif Size: 20 KB
  • #1,790
  • May 27, 2012 10:02pm May 27, 2012 10:02pm
AU short @ 0.9846, hovering near my entry now.....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AU 5M.jpg Size: 64 KB
Click to Enlarge Name: AU 30M.jpg Size: 147 KB
  • #1,791
  • May 28, 2012 12:13am May 28, 2012 12:13am
Quoting Balhana
AU short @ 0.9846, hovering near my entry now.....
I don't like this slow pace....
Attached Image (click to enlarge)
Click to Enlarge Name: AU 5M 02.jpg Size: 162 KB
  • #1,792
  • May 28, 2012 2:13am May 28, 2012 2:13am
Quoting Balhana
I don't like this slow pace....
Added one more short at 0.9870, now two shorts. SL @ 0.9903

Hmmmm, stacked zones are difficult to trade. Let's see how it will play out.
  • #1,793
  • May 28, 2012 2:28am May 28, 2012 2:28am
Small positions only today...
Attached Image (click to enlarge)
Click to Enlarge Name: nj1.jpg Size: 81 KB
  • #1,794
  • May 28, 2012 4:29am May 28, 2012 4:29am
Quoting lovejoy80
Small positions only today...
As things are rather quiet this morning, I'll talk through my trade management on this trade.

1. I was looking for the converging wedge to break (which it did) and for price to move down to the demand zone marked in the previous chart. It didn't reach there as price hit former supply which held as demand. When price did break the Wedge and moved towards my first target I lowered my SL to just above the consolidation zone which I would be expecting price to hold on any retrace (plus spread) - thus SL was moved down from 60.70 to 60.59

BTW when I took the NJ trade I also like the location of USDx at the time - although not directly correlated at all they are indirectly correlated as JPY and USDx are risk sentiment driven currencies.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NJ5.png Size: 241 KB
Click to Enlarge Name: NJ6.jpg Size: 58 KB
Click to Enlarge Name: USDx1.jpg Size: 65 KB
  • #1,795
  • May 28, 2012 4:32am May 28, 2012 4:32am
2. Price did retrace to the consolidation zone and there was a reaction. But there was no follow through to this reaction and price eventually consumed this supply.

Therefore this is now a trade setup which has decreased in probability of going to where I want price to go. There is still a chance that the top of the zone (which can be seen on the M1 TF - 2nd chart below) could act as supply so I don't want to cut the whole trade but I want to reduce my risk exposure. So I cut 50% of the trade as can be seen in the chart below.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NJ7.png Size: 211 KB
Click to Enlarge Name: NJ8.png Size: 231 KB
  • #1,796
  • May 28, 2012 4:55am May 28, 2012 4:55am
Quoting Balhana
Added one more short at 0.9870, now two shorts. SL @ 0.9903

Hmmmm, stacked zones are difficult to trade. Let's see how it will play out.
Closed the first short at BE and the second one for +24 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: AU 5M 04.jpg Size: 125 KB
  • #1,797
  • Edited 6:01am May 28, 2012 5:26am | Edited 6:01am
Quoting lovejoy80
2. Price did retrace to the consolidation zone and there was a reaction. But there was no follow through to this reaction and price eventually consumed this supply.

Therefore this is now a trade setup which has decreased in probability of going to where I want price to go. There is still a chance that the top of the zone (which can be seen on the M1 TF - 2nd chart below) could act as supply so I don't want to cut the whole trade but I want to reduce my risk exposure. So I cut 50% of the trade as can be seen in the chart below.
The final supply zone ahead of my entry didn't hold and I took a loss on the final position.

Entry was @ 60.537, SL @ 60.70, 50% off @ 60.505, 50% off @ 50.59. So that's a net P/L of -0.13R.

The point of sharing this trade was to highlight trade management, you'll never notice me making the typical mistakes novices make:

(a) Panic and cut the trade if price starts to retrace.
(b) Panic and move to BE without a good reason.
(c) Stay in the whole trade because they don't want to take a loss and thus convince themselves price might still turn around.

Professional price action trading is about looking at what price is doing when in a trade and evaluating whether that is is giving you a reason to change your original view of the setup - and acting accordingly - all in a calm emotion free environment.

I'd much rather accept a partial loss than sit here with profit having cut the trade for no reason other than seeing the P/L decrease as price retraced.
Attached Image (click to enlarge)
Click to Enlarge Name: nj9.png Size: 12 KB
  • #1,798
  • May 28, 2012 5:50am May 28, 2012 5:50am
Quoting lovejoy80
The point of sharing this trade was to highlight trade management, you'll never notice me making the typical mistakes novices make:

(a) Panic and cut the trade if price starts to retrace.
(b) Panic and move to BE without a good reason.
LOL, these mistakes sound familiar to me, thanx for sharing
Pipcrawler
  • #1,799
  • May 28, 2012 6:16am May 28, 2012 6:16am
Quoting Balhana
Thanks. US/Europe session would probably have low liquidity.

AU and EA are on my watchlist too. Again, low liquidity....
Simply distracted my attention from the big picture!!! Look at the 4H and 5M charts on EA.
Attached Image (click to enlarge)
Click to Enlarge Name: EA 4H.jpg Size: 253 KB
  • #1,800
  • May 28, 2012 6:45am May 28, 2012 6:45am
Took a short at 1.2582 on EU, SL @ 1.2600. Expecting to fill the gap....
Attached Image (click to enlarge)
Click to Enlarge Name: EU 15M 01.jpg Size: 211 KB
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