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Price Action and Trading Discussion

  • #1,421
  • May 30, 2012 6:32am May 30, 2012 6:32am
Quoting Quezoy
Update.
Good to see you have locked in some pips, I hope the second lot of positions go your way also.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,422
  • May 30, 2012 6:39am May 30, 2012 6:39am
Quoting DarkWolF
Good to see you have locked in some pips, I hope the second lot of positions go your way also.
Its a risky trade, I know, but I'm still a green noob and I have to experience situations to learn from them.
Thoughts are things
  • #1,423
  • May 30, 2012 6:41am May 30, 2012 6:41am
Quoting Quezoy
Its a risky trade, I know, but I'm still a green noob and I have to experience situations to learn from them.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,424
  • May 30, 2012 7:59am May 30, 2012 7:59am
Quoting Quezoy
Its a risky trade, I know, but I'm still a green noob and I have to experience situations to learn from them.
RN area providing some resistance protecting those positions for you so far Quezoy
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,425
  • May 30, 2012 8:39am May 30, 2012 8:39am
Quoting DarkWolF
RN area providing some resistance protecting those positions for you so far Quezoy
It also 50 fib ret of the down move.
Thoughts are things
  • #1,426
  • May 30, 2012 8:45am May 30, 2012 8:45am
CAD/JPY update

Nice move down, SL at BE.

Unfortunately, I've made a tactical mistake.
I always open 2 positions. On one I set a TP and on the other I set trailing SL.
This time was a TP of 35 and a TSL of 33.
Price reached 33 pips plus, trigger my TSL, but did not continue further to hit my TP. It came back and hit my SL (now at BE), before continuing down.

So now, because of this mistake, I have one position closed at BE, not 35 pips plus

Another lesson learned.
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Thoughts are things
  • #1,427
  • May 30, 2012 8:45am May 30, 2012 8:45am
Quoting Quezoy

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.
I didnt end up putting any orders in place for this one as have a couple on the go that do not have BE in as yet so did not want to put any more on. This is now moving past the lows breaking away nicely from the small conolidation.

Now to see if it can hold down slightly lower and support to become resistance.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,428
  • May 30, 2012 8:48am May 30, 2012 8:48am
Quoting Quezoy
CAD/JPY update

Nice move down, SL at BE.

Unfortunately, I've made a tactical mistake.
I always open 2 positions. On one I set a TP and on the other I set trailing SL.
This time was a TP of 35 and a TSL of 33.
Price reached 33 pips plus, trigger my TSL, but did not continue further to hit my TP. It came back and hit my SL (now at BE), before continuing down.

So now, because of this mistake, I have one position closed at BE, not 35 pips plus

Another lesson learned.
Must have been looking at exactly the same chart I posted before seeing this one.

Well it is a BE position that is all good. At least price did not keep going and cause you to incur a loss.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,429
  • May 30, 2012 10:39am May 30, 2012 10:39am
Quoting Quezoy
Watching USD/TRY.
A bearish bat pattern is in the making, which would be completed at RN 1.9

Right now, we have a retracement in the uptrend.
Im tempted to set a pending buy at the 50 fib ret, but would rather wait till monday.
And price went up.
Was watching it on monday and yesterday but nothing happended. Today it did.
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Thoughts are things
  • #1,430
  • Edited 10:58am May 30, 2012 10:42am | Edited 10:58am
Pinbar forming on gold.
Support area and RN, but, its allready the 5th time price returns to it. Lets see if we have some demand left.

AY break of support. Retracement and continuation...
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Thoughts are things
  • #1,431
  • May 30, 2012 11:00am May 30, 2012 11:00am
Some more setups. I hope you dont mind.

GU approaching BRN, trendline confluence.
EY approaching long time lowest point
EA retracement to resistance?
EN rejected from support + 50 fib ret
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Thoughts are things
  • #1,432
  • May 30, 2012 8:24pm May 30, 2012 8:24pm
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.
Hi All,

closed this trade with 1:3.5R. 187pips profit.
  • #1,433
  • May 31, 2012 3:02am May 31, 2012 3:02am
Quoting fuzzy
Hi All,

closed this trade with 1:3.5R. 187pips profit.
Nicely done.
You enter pins generally on a retracement?
Thoughts are things
  • #1,434
  • May 31, 2012 3:46am May 31, 2012 3:46am
Hi Quezoy,

For entering of Pin bars, I have 2 entries, either at break of Nose or on 50% retracement.

If the Pin has a long tail, I will normally enter on retracement. Logic is that if it has a long tail, setting my SL at the tail will mean a larger SL and it is more difficult to get 1:2RR. This means that I sometimes miss trades if the price does not retrace 50% before taking off.

However, I am fine with it as there will be other trades, other opportunities.

I prefer this method to reduce the amount of SL I need for the trade which gives me an easier 1:2RR target.

My SL rule of thumb is 50-60 pips and almost never more than 100 pips. This is to help me select trades which gives me better RR. i.e. the 50-60 pips SL must be at a logical area (a few pips above Key S/R, above nearest high in a short trade).

In a nutshell, I look for trades where my SL can be 50-60 pips only at a logical place.

If the Pin has a short tail, I would normally put a pending order to enter at the break of the nose.
  • #1,435
  • May 31, 2012 4:04am May 31, 2012 4:04am
Thats very similar to what I am doing. (when Im not braking my rules).

Well, keep the setups coming. DW made a good thread, lets keep it alive.
Thoughts are things
  • #1,436
  • May 31, 2012 4:07am May 31, 2012 4:07am
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.
Hi All,

trade update. Entry at 50% retracement triggered.

I am not so sure of the momentum of this pair and have put a TP at 1:2RR to close automatically.
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  • #1,437
  • May 31, 2012 4:12am May 31, 2012 4:12am
Quoting Quezoy
Update.
I've entered prematurely yesterday, but in the end it was not a bad entry.
Price could not close above the TL, but it did spike up during the Asian session and hit my SL for the added position. Small SL, 22 pips.
It then continued down to where my 1st TP was.
Initiall position still open.
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Thoughts are things
  • #1,438
  • May 31, 2012 4:16am May 31, 2012 4:16am
E/A entered on retracement.
Took 1/2 at 22 pips plus and set now SL to BE.
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Thoughts are things
  • #1,439
  • May 31, 2012 4:19am May 31, 2012 4:19am
Quoting fuzzy
Hi All,

trade update. Entry at 50% retracement triggered.

I am not so sure of the momentum of this pair and have put a TP at 1:2RR to close automatically.
1.285 is critical, as there is support now where old resistance was.
Thoughts are things
  • #1,440
  • May 31, 2012 4:22am May 31, 2012 4:22am
A/Y

Break, retracement.
Lets see.
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Thoughts are things
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