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Price Action and Trading Discussion

  • #1,561
  • Jun 12, 2012 6:12am Jun 12, 2012 6:12am
Quoting 2+2=4ex
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
When I got your backtest result post then feeling have to prepare to trade for gap. Of course, in next time I don't leave it.
TRADE WHAT U SEE NOT WHAT U WANT TO SEE.
  • #1,562
  • Jun 12, 2012 6:21am Jun 12, 2012 6:21am
Iv closed a portion of my trade, moved stop to support zone.

Cheers
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  • #1,563
  • Jun 12, 2012 6:23am Jun 12, 2012 6:23am
Quoting Spongebob123
Iv closed a portion of my trade, moved stop to support zone.

Cheers
Good work, taking profit is most definately the hardest part to any trade.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,564
  • Jun 12, 2012 6:27am Jun 12, 2012 6:27am
Rather frustrating when first target was just the spread away.

Yes I agree darkwolf, one has to lock in some profits. You never know whats going to happen for sure.

Cheers
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  • #1,565
  • Jun 12, 2012 6:30am Jun 12, 2012 6:30am
Quoting Spongebob123
Rather frustrating when first target was just the spread away.

Yes I agree darkwolf, one has to lock in some profits. You never know whats going to happen for sure.

Cheers
Ya that does get very frustrating when that happens and unfortunately does happen quite a bit.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,566
  • Jun 12, 2012 9:21am Jun 12, 2012 9:21am
Quoting biDc
Just closed my USD/CHF trade for 2R.

Now setting up pending orders
These were stopped out with reduced risk. Price never made it to 1R for me to move to BE.

Looks like the past few bars could have been a minor correction for the continuation of trend.

Gonna try to play this off GBP/USD
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  • #1,567
  • Jun 12, 2012 9:29am Jun 12, 2012 9:29am
Hey guys

Both my eur/usd and usd/chf was stopped out. I did however get trigger happy and took the following inside bars.

Cheers
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  • #1,568
  • Jun 12, 2012 9:49pm Jun 12, 2012 9:49pm
Quoting biDc
These were stopped out with reduced risk. Price never made it to 1R for me to move to BE.

Looks like the past few bars could have been a minor correction for the continuation of trend.

Gonna try to play this off GBP/USD
Stopped out for a loss. Moving on.
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  • #1,569
  • Jun 13, 2012 3:58am Jun 13, 2012 3:58am
Hi guys,

A slight bit of cosolidation going on at the moment across a lot of the pairs. This is when it does pay to be a a bit cautious. I got triggered into the short I had pending for EU daily but currently in drawdown.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,570
  • Jun 13, 2012 8:54am Jun 13, 2012 8:54am
Quoting DarkWolF
Hi guys,

A slight bit of cosolidation going on at the moment across a lot of the pairs. This is when it does pay to be a a bit cautious. I got triggered into the short I had pending for EU daily but currently in drawdown.
Definitely! My order was triggered for USD/CAD and I cancelled AUD/USD. Gonna let the market show its hand here first.
  • #1,571
  • Jun 13, 2012 9:23am Jun 13, 2012 9:23am
Quoting biDc
Definitely! My order was triggered for USD/CAD and I cancelled AUD/USD. Gonna let the market show its hand here first.
Yes indeed it is the waiting game now. Let the market show us where it wants to head.

AUDUSD still holding below parity for now.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,572
  • Jun 13, 2012 11:04pm Jun 13, 2012 11:04pm
Quoting DarkWolF
Yes indeed it is the waiting game now. Let the market show us where it wants to head.

AUDUSD still holding below parity for now.
Hey Darkwolf,

I am watching the aud as well..

I just noticed you have round numbers lines printed on the chart, do you use them like support and resistance areas or..?

I use daily and weekly support and resistance lines only drawn on by myself for my own personal trade decisions and strategy with PA, however i would be interested to know if these round numbers play a part in your trading decisions..?
  • #1,573
  • Jun 14, 2012 3:34am Jun 14, 2012 3:34am
Quoting tinny79
Hey Darkwolf,

I am watching the aud as well..

I just noticed you have round numbers lines printed on the chart, do you use them like support and resistance areas or..?

I use daily and weekly support and resistance lines only drawn on by myself for my own personal trade decisions and strategy with PA, however i would be interested to know if these round numbers play a part in your trading decisions..?
Hi Tinny,

Yes absolutley they play a big part in my trading, even more so if there is confluence of other apsects as well like horizontal support and resistance, fib retracements and trend lines.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,574
  • Jun 14, 2012 5:08am Jun 14, 2012 5:08am
.
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  • #1,575
  • Jun 14, 2012 5:13am Jun 14, 2012 5:13am
.
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  • #1,576
  • Jun 14, 2012 6:58am Jun 14, 2012 6:58am
After a few trigger happy losses im trying to get back on track.

GBP/JPY short from resistance.

The emotional side of trading is what makes or breaks traders, thats the part I seem to be struggling with the most and PATIENCE for the better trades.

Cheers
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  • #1,577
  • Jun 14, 2012 7:14am Jun 14, 2012 7:14am
Quoting Spongebob123
After a few trigger happy losses im trying to get back on track.

GBP/JPY short from resistance.

The emotional side of trading is what makes or breaks traders, thats the part I seem to be struggling with the most and PATIENCE for the better trades.

Cheers
Hi Spongebob,

Yes indeed it most certainly is one of the key aspects of trading. One of the worst emotional things that a trader can do is look for the "revenge" trade, thinking that they can take the loss back from the market and then you make irrational decisions entering trades that do not comply to your trading plan. It is good that you can recognise it as that can be the first step to overcoming it.

I took the exact same trade on GJ here is the entry but havent done an updated image as yet.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,578
  • Jun 14, 2012 7:48am Jun 14, 2012 7:48am
Quoting DarkWolF
Hi Spongebob,

Yes indeed it most certainly is one of the key aspects of trading. One of the worst emotional things that a trader can do is look for the "revenge" trade, thinking that they can take the loss back from the market and then you make irrational decisions entering trades that do not comply to your trading plan. It is good that you can recognise it as that can be the first step to overcoming it.

I took the exact same trade on GJ here is the entry but havent done an updated image as yet.
Nice trade guys, i would be careful of the possible support at 1.2244 to 1.2250 level.. It may bounce there.. You should be nearly 80 to 90 pips up by then though..

If it passes that area it should be smooth sailing and hopefully lots and lots of pips..

Timon
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  • #1,579
  • Jun 14, 2012 1:38pm Jun 14, 2012 1:38pm
Hello, what u think about long here ? I see strong support there.
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  • #1,580
  • Jun 14, 2012 7:47pm Jun 14, 2012 7:47pm
Quoting machal
Hello, what u think about long here ? I see strong support there.
It looks good to me if the buy order opens above that candle on the next candle, if it does not open above then i would ignore..

Put the stop loss below the wick.. Nice spotting, i will check it out as well now..
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