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Price Action and Trading Discussion

  • #1,381
  • May 28, 2012 3:56am May 28, 2012 3:56am
Quoting Quezoy
Took a short from the upper trendline
First profit and BE pretty fast at the first trouble area 20 pips away.

I will trail it now.
If we reach the swing low support, I'll watch the PA and if its favorable for a down continuation I will add to myposition.

p.s. server problems - thats why a recent candle is missing
Hi Quezoy,

Good work on that one. I was keeping an eye on this pair myself, but was not around to watch the chart and had no pending orders in the system as I left for work a little early today before the market was open.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,382
  • May 28, 2012 4:02am May 28, 2012 4:02am
The EURAUD that we were looking at on Friday has also made the move we expected it to but again I missed this one also as had no pending orders set.

Break, pullback, continuation from the trend line
Attached Image (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,383
  • May 29, 2012 2:49am May 29, 2012 2:49am
Quoting Quezoy
Took a short from the upper trendline
First profit and BE pretty fast at the first trouble area 20 pips away.

I will trail it now.
If we reach the swing low support, I'll watch the PA and if its favorable for a down continuation I will add to myposition.

p.s. server problems - thats why a recent candle is missing
First profit was taken and SL moved to BE. later I've moved it some 10 pips below BE and it was hit during the night (in Europe).
Not much profit but a positive trade.
Thoughts are things
  • #1,384
  • May 29, 2012 5:12am May 29, 2012 5:12am
Quoting Quezoy
First profit was taken and SL moved to BE. later I've moved it some 10 pips below BE and it was hit during the night (in Europe).
Not much profit but a positive trade.
Any profitable trade is a good trade in my books Quezoy.

Good work.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,385
  • May 29, 2012 5:26am May 29, 2012 5:26am
A lot of consolidation going on at the moment. After the recent large moves that was just a matter of time. The market is taking a rest, pausing, before the next directional move.

We wont know how long this consolidation period will last but keep that eye out for when it does.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,386
  • May 29, 2012 5:52am May 29, 2012 5:52am
I am watching this area on EURJPY with some interest. When parity levels are at play the certainly get my attention. Of all the RN areas these are the ones that stand out to be watched.

We have the same area causing a market pause in January to early Feb, before a strong bullish move took place.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY Dialy 29-05.jpg Size: 88 KB
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  • #1,387
  • May 29, 2012 8:29am May 29, 2012 8:29am
Quoting DarkWolF
I am watching this area on EURJPY with some interest. When parity levels are at play the certainly get my attention. Of all the RN areas these are the ones that stand out to be watched.

We have the same area causing a market pause in January to early Feb, before a strong bullish move took place.
Watching it to.
I guess the probability of an up move is much higher then of a dowm move?!

You'd go for it after break of parity or would you wait for retrace?
I'm asking cause Im not sure how to approach those siuation.
Thoughts are things
  • #1,388
  • May 29, 2012 8:36am May 29, 2012 8:36am
Quoting Quezoy
Watching it to.
I guess the probability of an up move is much higher then of a dowm move?!

You'd go for it after break of parity or would you wait for retrace?
I'm asking cause Im not sure how to approach those siuation.
Well I know this wont help you either, but when the market is in periods of consolidation they reallly can go either way.

This is exactly one of those market areas where I would say the probability is that it really can go either way.

I am more inclined at this point to be looking for the short move to continue after the market pause.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,389
  • May 29, 2012 8:49am May 29, 2012 8:49am
Quoting DarkWolF
I am more inclined at this point to be looking for the short move to continue after the market pause.
For what reasons?
Thoughts are things
  • #1,390
  • May 29, 2012 9:06am May 29, 2012 9:06am
Quoting Quezoy
For what reasons?
This is what I am looking at on the weekly chart with a potential price projection.

If you throw some fibs on the chart also you will see pretty much a 50% retracement on there but I left off in order to keep the chart clean and easier to see.

Will this take place ? who knows. There really is just as much chance that the parity level may act as support and price will bounce away from that area.
Attached Image (click to enlarge)
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  • #1,391
  • May 29, 2012 9:13am May 29, 2012 9:13am
Range, move, range .... it is how the market can best be described.

Notice how price reacts around the RN areas.

Psychological areas within the markets. Horizontal support and resistance, RN areas.

Look at when broken, the range bound or consolidated areas are often retested and act as resistance.

This is the exact reason as to why I like to trade at or away from these areas.

We all now how economic data can affect the market at times also. Anything can happen, keep your initial stops, BE positions or trailing stops in place.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY 4 hourly 29-05.jpg Size: 107 KB
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  • #1,392
  • May 29, 2012 9:27am May 29, 2012 9:27am
Thank you for the explanation.
Now we just have to wait
Thoughts are things
  • #1,393
  • May 29, 2012 9:29am May 29, 2012 9:29am
AUD/NZD downside break?
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Thoughts are things
  • #1,394
  • May 29, 2012 9:37am May 29, 2012 9:37am
Quoting Quezoy
Thank you for the explanation.
Now we just have to wait
No probs at all.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,395
  • May 29, 2012 9:41am May 29, 2012 9:41am
Quoting Quezoy
AUD/NZD downside break?
This how I am currently looking at this pair. I would like to see a break of that 1.29 ish area.

Looks as if its holding up ok for you so far with your short entry.

If that 1.29 area can break and hold you could be looking at the next lot of highs at the previous market range as next support area, right where you have it marked on your chart also.
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  • #1,396
  • Edited 1:23pm May 29, 2012 9:48am | Edited 1:23pm
It was congesting, so I just went for it.
1st TP ~40 pips.
Thoughts are things
  • #1,397
  • May 29, 2012 9:51am May 29, 2012 9:51am
Quoting Quezoy
It was congesting, so I jut went to it.
1st TP ~40 pips.
Good work
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,398
  • May 29, 2012 10:57am May 29, 2012 10:57am
Hi All,

trade update. I entered Short of EurUsd as indicated in my earlier post.

This pair is doing well, currently at +1.5R (~80 pips) and I have moved my SL to BE. Did not close half at +1R because Eur seems to be very bearish. Decided to let it continue to run as a free trade. Will look at the PA tomorrow to decide if I will close partial or target 3R.
Attached Image (click to enlarge)
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  • #1,399
  • May 29, 2012 11:37am May 29, 2012 11:37am
Quoting Quezoy
First profit was taken and SL moved to BE. later I've moved it some 10 pips below BE and it was hit during the night (in Europe).
Not much profit but a positive trade.
congrats Quezoy. Any profitable trade is a good trade.
  • #1,400
  • May 29, 2012 2:14pm May 29, 2012 2:14pm
Quoting Quezoy
Watching it to.
I guess the probability of an up move is much higher then of a dowm move?!

You'd go for it after break of parity or would you wait for retrace?
I'm asking cause Im not sure how to approach those siuation.
Depends what TF you play at i guess. I am currently short in eur/jpy as soon as it broke the 100.00 and made a pinbar on friday.

TP at 97.00 right where the bullish placement took place in febuary or whatever. Risk to reward is lik 1:6 so for me it was a good trade
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