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Price Action and Trading Discussion

  • #1,401
  • May 29, 2012 2:16pm May 29, 2012 2:16pm
Quoting Quezoy
AUD/NZD downside break?
I am currently waiting for that trade also. I have it marked similar to yours. Waiting for the 1.2850 resistance + TL area before doing anything. Aud has been sideways past couple days.
  • #1,402
  • May 29, 2012 8:29pm May 29, 2012 8:29pm
Quoting DarkWolF
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.
Hi DW, Q,

this is what I see on the AudNzd on H4 chart. Potential trade at 50% retracement of Pin bar formed.
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  • #1,403
  • May 29, 2012 9:57pm May 29, 2012 9:57pm
Quoting fuzzy
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.
Nice work on this trade Fuzzy I like it

Now we need that 1.25000 area to hold as resistance.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,404
  • May 29, 2012 9:59pm May 29, 2012 9:59pm
Quoting jibjib210
I am currently waiting for that trade also. I have it marked similar to yours. Waiting for the 1.2850 resistance + TL area before doing anything. Aud has been sideways past couple days.
Is making a reasonable break of that channel now.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,405
  • May 29, 2012 10:07pm May 29, 2012 10:07pm
Quoting fuzzy
Hi DW, Q,

this is what I see on the AudNzd on H4 chart. Potential trade at 50% retracement of Pin bar formed.
I dont tend use the 50% retracement of bar for entries, although it is a good method to reduce the risk slightly I simply prefer to play it a bit more conservative and wait for closes or lows to break.

Very good spot Fuzzy I have been watching the same area with some interest, but have not taken any positions on this one. I have quite a few open positions in play across AU, EJ and EU and have now added another to the EJ via the daily chart.

Here is how I have my chart for AUDNZD and the areas I was watching. Can see the break of the channel, pullback to the bottom of the channel and rejection away closing below the RN area in the process. I really like to see these kind of setups but chose to stay out of this one for now.

Good entry on your behalf at a good area of confluence. RN, break of channel with pullback, rejection evident at previous support now acting as resistance.
Attached Image (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,406
  • May 29, 2012 10:20pm May 29, 2012 10:20pm
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.
EURJPY has now moved below the market pause and triggered a pending order I had set there to get me in on another position on this pair.

We can see a consolidation area at the 98.000 to 97.000 area below which is where I will look to manage the current position if price can make it there.

I will soon be moving down my trailing stop on my other positions to secure more pips.
Attached Image (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,407
  • May 29, 2012 10:56pm May 29, 2012 10:56pm
Quoting DarkWolF
EURJPY has now moved below the market pause and triggered a pending order I had set there to get me in on another position on this pair.

We can see a consolidation area at the 98.000 to 97.000 area below which is where I will look to manage the current position if price can make it there.

I will soon be moving down my trailing stop on my other positions to secure more pips.
O wow.... Way to sit tight and have patience.... Something everyone needs to learn in order to be successful here..

How many pips are you up in total?
  • #1,408
  • May 29, 2012 11:03pm May 29, 2012 11:03pm
Quoting DarkWolF
Here is how I have my chart for AUDNZD and the areas I was watching. Can see the break of the channel, pullback to the bottom of the channel and rejection away closing below the RN area in the process. I really like to see these kind of setups but chose to stay out of this one for now.
Your zone to watch on Aud/Nzd @ ~1.2850 is also 200pips from recent highs on 5/18. I like to watch for 100/200pip retraces after moves.
  • #1,409
  • May 29, 2012 11:10pm May 29, 2012 11:10pm
Quoting EmeraldEyes
Your zone to watch on Aud/Nzd @ ~1.2850 is also 200pips from recent highs on 5/18. I like to watch for 100/200pip retraces after moves.
Hi Emerald,

It is an obvious area in the market, I think if you are holding a short position that is where you will definately wanting to start looking at managing the position potentially even just before it.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,410
  • May 29, 2012 11:16pm May 29, 2012 11:16pm
Quoting jibjib210
O wow.... Way to sit tight and have patience.... Something everyone needs to learn in order to be successful here..

How many pips are you up in total?
I dont particularly like to talk pips etc as a trade is not done until its done.

With all cumulative positions on EJ at the moment it is 1900 ish pips up as it stands now with 725 of those locked away with trailing stops. I will be locking more in soon. One of the entries I took 2 positions with the intent of taking one of at a set level, but I ended up keeping both which has ended up quite nicely for me also. So really with that in mind I have counted both positions as seperate pip values.

Last position has nothing locked away or a BE in place so that still has the potential to be a full stop loss hit for me.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,411
  • May 29, 2012 11:17pm May 29, 2012 11:17pm
Very obvious. A steep decline like we're seeing now in to the area is even better, IMO.
  • #1,412
  • Edited 11:40pm May 29, 2012 11:27pm | Edited 11:40pm
This is my take on this pair and is why at the moment on the 4 hourly I am just watching to see how things play out, even though to me the break out and pullback of the channel on the 4 hourly would have been a very valid trade and one set up that I do like to take positions from.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,413
  • May 30, 2012 2:06am May 30, 2012 2:06am
Quoting fuzzy
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.
Nicely done.
I may be to cautious of the stoping power of round numbers. In the end there was no recent support zone in this area, so not much cause for caution.
Thoughts are things
  • #1,414
  • May 30, 2012 2:08am May 30, 2012 2:08am
AUD/NZD update.

Took 1/2 of the table at 1.291, moved SL a bit further down, watching for chances to add to my position.
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Thoughts are things
  • #1,415
  • Edited 3:00am May 30, 2012 2:33am | Edited 3:00am
Quoting Quezoy
AUD/NZD update.

Took 1/2 of the table at 1.291, moved SL a bit further down, watching for chances to add to my position.
Good work so far on the trade Quezoy. There is plently of potential for this to keep on going, especially if it can break through the support area, we could then have a new resistance level.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,416
  • May 30, 2012 3:05am May 30, 2012 3:05am
Anything on your radar ATM?

I'm watching CAD/JPY pausing at support.
This can go in both directions, but I am inclined towards south.
If this 4H candle closes nicely on the low I will go for it.
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Thoughts are things
  • #1,417
  • May 30, 2012 4:02am May 30, 2012 4:02am
Quoting Quezoy
Anything on your radar ATM?

I'm watching CAD/JPY pausing at support.
This can go in both directions, but I am inclined towards south.
If this 4H candle closes nicely on the low I will go for it.
Good spot on that one Quezoy. Price it at major support area and if we can see it break through nicely after pausing we may see support area become resistance area. I had not been watching that one but I am now
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,418
  • May 30, 2012 4:16am May 30, 2012 4:16am
Quoting Quezoy
Anything on your radar ATM?
Took a short on AUDJPY Daily the areas marked on the chart are what I am looking for the market to hold as resistance. There is some obvious levels below to keep an eye on.

Played this one with a reasonably wide stop, it simply made more sense to place it there above the resistance area and previous RN.

Just got back a little late before the next candle started having a quick review of the 4 hourly charts now.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: AUDJPY -1 Daily 30-05.jpg Size: 81 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,419
  • May 30, 2012 4:27am May 30, 2012 4:27am
Quoting Quezoy
Anything on your radar ATM?
There was a couple of potential opportunities on 4 hourly.

NZDUSD, NZDJPY both showing signs of continuation but I was not looking closely at either of them. GBPUSD has broken nicely after the pause also.

AUDNZD reached the support level and paused just as we expected it would. Now we wait and see what takes place from here.
Attached Image (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,420
  • May 30, 2012 6:29am May 30, 2012 6:29am
Quoting DarkWolF
AUDNZD reached the support level and paused just as we expected it would. Now we wait and see what takes place from here.
Update.
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Thoughts are things
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