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Price Action and Trading Discussion

  • #1,541
  • Edited 11:55pm Jun 10, 2012 11:51pm | Edited 11:55pm
Quoting DarkWolF
Hi biDc,

I was thinking of trading the gaps also but think I am simply going to watch for now and see how it all plays out.

More often than not though the gaps will be closed.
Hey Dark Wolf and others,
Are you referring to the gap caused by over weekend as the prices moved alot over this last weekend.. Spanish news... with oanda forex charts show price over weekend as well so there is no gap on my chart as seen below.. I think the gap you see is just missing over weekend data, not so much a gap per say..

http://img836.imageshack.us/img836/5994/uschfnogap.jpg

And then this one..

http://img207.imageshack.us/img207/1512/eurusdnogap.jpg

As can be seen no gap on either charts as it shows weekend data.. I hope that helps..

http://img707.imageshack.us/img707/5392/83560008.jpg
  • #1,542
  • Jun 11, 2012 2:43am Jun 11, 2012 2:43am
Quoting tinny79
Hey Dark Wolf and others,
Are you referring to the gap caused by over weekend as the prices moved alot over this last weekend.. Spanish news... with oanda forex charts show price over weekend as well so there is no gap on my chart as seen below.. I think the gap you see is just missing over weekend data, not so much a gap per say..




Hi Tinny,

Interesting to see the difference with the weekend data on it.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,543
  • Jun 11, 2012 3:30am Jun 11, 2012 3:30am
Quoting DarkWolF
Hi biDc,

I was thinking of trading the gaps also but think I am simply going to watch for now and see how it all plays out.

More often than not though the gaps will be closed.
The Sunday gap of euro can be a profitable trade at times !

Stop moved; target in place. Good night all!
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  • #1,544
  • Jun 11, 2012 3:33am Jun 11, 2012 3:33am
Could you please explain more on Inside Bar Trading Strategy. How you enter, whats you determine your target and where you exit.

Thanks
  • #1,545
  • Edited 4:22am Jun 11, 2012 4:04am | Edited 4:22am
Quoting biDc
The Sunday gap of euro can be a profitable trade at times !

Stop moved; target in place. Good night all!
So far this year it has closed 19 of 22 within the week for EUR/USD. The 3 times it didn't close within the same week accounts for a cumulative loss of 563 pips by fridays close. The combined result of all 22 weeks is -220 pips. I factored in a spread of 3 pips.

http://www.top-forex-systems.com/backtests/backtests
  • #1,546
  • Jun 11, 2012 5:10am Jun 11, 2012 5:10am
Hey all

As a rule I dont trade 4hour during the first session on a monday.

Had it been during London session I would of taken the inside bar
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  • #1,547
  • Jun 11, 2012 5:27am Jun 11, 2012 5:27am
Quoting Spongebob123
Hey all

As a rule I dont trade 4hour during the first session on a monday.

Had it been during London session I would of taken the inside bar
Yep, that is the short that biDC took from that level.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,548
  • Jun 11, 2012 8:21am Jun 11, 2012 8:21am
Has anyone taken usd/cad bullish engulfing off support?
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  • #1,549
  • Jun 11, 2012 8:45am Jun 11, 2012 8:45am
Quoting Spongebob123
Has anyone taken usd/cad bullish engulfing off support?
Hey, I saw that but I'm affraid about this gap and that on third test support would be broken. Hope i'm wrong and good for u.

Cheers.
  • #1,550
  • Jun 11, 2012 9:03am Jun 11, 2012 9:03am
Quoting Spongebob123
Has anyone taken usd/cad bullish engulfing off support?
Hi Spongebob,

No I didnt take that one.

Looking ok so far though. You can see that the gap has now been closed so now its just a matter of where to from here.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,551
  • Jun 11, 2012 9:18am Jun 11, 2012 9:18am
Quoting 2+2=4ex
So far this year it has closed 19 of 22 within the week for EUR/USD. The 3 times it didn't close within the same week accounts for a cumulative loss of 563 pips by fridays close. The combined result of all 22 weeks is -220 pips. I factored in a spread of 3 pips.

http://www.top-forex-systems.com/backtests/backtests
That's interesting to note, thanks! I normally do it with 1.5:1 to 2:1 risk/reward on gap plays. I haven't been playing them directly in a while though.

I decided to close eur/usd early, and trail usd/chf normally
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  • #1,552
  • Jun 11, 2012 3:45pm Jun 11, 2012 3:45pm
Still trailing..
Attached Image
  • #1,553
  • Jun 11, 2012 4:17pm Jun 11, 2012 4:17pm
Quoting biDc
Still trailing..
Good job on the gap trades
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,554
  • Jun 11, 2012 8:39pm Jun 11, 2012 8:39pm
Quoting DarkWolF
Good job on the gap trades
Thanks

Looks like some light profit taking at Asia open. I'm thinking there could be a potential reversal but I don't want to be too hasty. I'll keep my stop in place and let it take me out. If that happens, I'll most likely jump in a new trade in the new direction.
  • #1,555
  • Jun 11, 2012 9:28pm Jun 11, 2012 9:28pm
Just closed my USD/CHF trade for 2R.

Now setting up pending orders
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  • #1,556
  • Edited 10:35pm Jun 11, 2012 9:45pm | Edited 10:35pm
Quoting 2+2=4ex
So far this year it has closed 19 of 22 within the week for EUR/USD. The 3 times it didn't close within the same week accounts for a cumulative loss of 563 pips by fridays close. The combined result of all 22 weeks is -220 pips. I factored in a spread of 3 pips.
It is now 20 of 23, with this last one netting +122 pips (3 pip spread factored in). That is the largest gap close of the year.

http://www.top-forex-systems.com/backtests/backtests
  • #1,557
  • Jun 12, 2012 4:18am Jun 12, 2012 4:18am
Have had this one in play on AUDNZD daily for about a week now, entered into congestion pretty much straight after entry, so far managing to stay below the sloping trendline. Starting to move below the lows now but we still have some support evident just below the current price levels.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,558
  • Jun 12, 2012 4:37am Jun 12, 2012 4:37am
Keeping an eye on this one to see what happens from here.
Attached Image (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,559
  • Jun 12, 2012 5:40am Jun 12, 2012 5:40am
Hey guys

I see some of you got eur/usd and usd/chf. Typical support/resistance holding and pin formed, not the most convincing of pins though.

Cheers
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  • #1,560
  • Jun 12, 2012 6:02am Jun 12, 2012 6:02am
Quoting Spongebob123
Hey guys

I see some of you got eur/usd and usd/chf. Typical support/resistance holding and pin formed, not the most convincing of pins though.

Cheers
Hi Spongebob,

Ya biDc had a crack at the long position on EU, at the moment I am still not sold on longs, not long term anyway.

I have a sell stop in place short EU below yesterdays daily bar. But that could be completely wrong and we see price bounce up towards the 1.2600 ish level.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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