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Price Action and Trading Discussion

  • #1,641
  • Edited 2:41pm Jun 26, 2012 11:41am | Edited 2:41pm
EUR/AUD
If we break this support we are at now, this could be a nice ride down and opportunity to add positions.
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Thoughts are things
  • #1,642
  • Jun 26, 2012 2:39pm Jun 26, 2012 2:39pm
GBP/JPY short

Break of support and trendline + 50 fib ret.
Pullback, accumulation bellow ATM.
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Thoughts are things
  • #1,643
  • Jun 26, 2012 4:04pm Jun 26, 2012 4:04pm
Quoting Quezoy
Update


DW, how many pairs do you watch?
I actively watch 24 pairs Quezoy.

On page 5 of this thread I wrote the ones that I watch in response to someone else asking a similar question.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,644
  • Jun 26, 2012 4:06pm Jun 26, 2012 4:06pm
Quoting Quezoy
Recently, I've added a new tool to my trading, which I came to like very much.

Its an alerter, which, guess what, alerts you when price reaches a TL, HL, fib, rectangle... so, no more suboptimal entries and missed opportunities.

Just check your pairs, spot something, draw a line, drop it in and 3 days later it rings and you got a spot on entry.

Im attaching it, if anybody wants it.
Thanks Quezoy I have a similar kind of alerter but will check it out.

I am sure that many will find this useful as it is a good tool to set at the areas you want to look at when price reaches it.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,645
  • Jun 26, 2012 4:13pm Jun 26, 2012 4:13pm
Quoting Quezoy
EUR/AUD
If we break this support we are at now, this could be a nice ride down and opportunity to add positions.
I took a similar position on this pair from the daily perspective.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,646
  • Jun 26, 2012 4:15pm Jun 26, 2012 4:15pm
Quoting Quezoy
GBP/JPY short

Break of support and trendline + 50 fib ret.
Pullback, accumulation bellow ATM.
There is some potential for this continue short but stuck in conslidation at the moment.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,647
  • Jun 26, 2012 4:55pm Jun 26, 2012 4:55pm
This pair continues to respect the trendline, there was some confluence with the RN area also.

I did have a pending order in the market on this pair below the bar that has the blue arrow on it but I took it off and did not take the trade.

It is only a matter of time before this wedge gets broken one way or the other. Keep an eye out for that.
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  • #1,648
  • Jun 26, 2012 5:01pm Jun 26, 2012 5:01pm
Not trading this as yet just watching to see what takes place.
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  • #1,649
  • Jun 27, 2012 5:55am Jun 27, 2012 5:55am
EUR/AUD

Pending short to add position got triggered.
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Thoughts are things
  • #1,650
  • Jun 27, 2012 6:19am Jun 27, 2012 6:19am
Quoting Quezoy
EUR/AUD

Pending short to add position got triggered.
Now we just need that 1.24000 level to hold as a resistance area
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,651
  • Jun 27, 2012 7:12am Jun 27, 2012 7:12am
Quoting DarkWolF
Now we just need that 1.24000 level to hold as a resistance area
word, bro
Thoughts are things
  • #1,652
  • Jun 27, 2012 7:17am Jun 27, 2012 7:17am
On a daily basis, 1.2740 was the top of the retracement. Seems (and feels) like it will have a new bottom point next week. The euro decision will also be important of course.

What i believe is that if a really important decision comes out of the eu meeting, the new ups will provide a good price to sell.
  • #1,653
  • Jun 27, 2012 2:28pm Jun 27, 2012 2:28pm
Quoting nedimv
On a daily basis, 1.2740 was the top of the retracement. Seems (and feels) like it will have a new bottom point next week. The euro decision will also be important of course.

What i believe is that if a really important decision comes out of the eu meeting, the new ups will provide a good price to sell.
Yes will be interesting to see how it plays out.

I will be closing all of my positions either way today or tomorrow due to end of financial year, just something I like to do is have all positions closed at that time.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,654
  • Edited 3:24am Jun 28, 2012 2:29am | Edited 3:24am
Put a profit take in the market for this one and that was hit today just above the 123.00 level.
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  • #1,655
  • Jun 28, 2012 2:32am Jun 28, 2012 2:32am
This position was taken out at BE.

Probably should have closed this out around the parity level rather than trying to hold it further.
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  • #1,656
  • Jun 28, 2012 2:58am Jun 28, 2012 2:58am
Quoting DarkWolF
Put a profit take in the market for this one and that was hit today just above the 120.00 level.
I took half for +41. The rest Ill keep on riding for now.

EUR/AUD: 2nd posiiton in place, at BE.
Thoughts are things
  • #1,657
  • Jun 28, 2012 8:23am Jun 28, 2012 8:23am
Hello DarkWolf,
You are doing a great job with PA. I dont know if you have answered my question in the past as I couldnt muster the courage to go through the 111 pages but I'd like to know your insight on money management, position sizing and the rationale behind your buy/sell stop placements. Any other members' contribution is welcomed. Thanks
  • #1,658
  • Jun 28, 2012 10:13am Jun 28, 2012 10:13am
I'll give you my 2 cents.

Position sizing:
I try not to exceed 2% of my balance. Thats a number people generally agree on as a safe choice.
There are several sites where you can calculate your position size, for example the one on babypips:
http://www.babypips.com/tools/forex-...sitionsize.php

Money management:
I like to take partial profits. I close 1/2 of my position at the first trouble area. Thats the nearest area, where price could pause or revers. If such an area is to close, I do not take the trade.
I generally aim for 40-60 pips for my 1st TP. After that I move my SL to BE+2 or somewhere closer behind the entry where I think it will be protected. If it is hit, my trade is "clearly" invalidated. (see attached examples)
I take partial profits, because I like to be on the safe side fast. Once this is achived and I think the trend will continue, I will look for opportunities to add to my positon. Of this position, I again take 1/2 fast, fo the same reason as above.

Pending orders:
S/R is key.
I combine it with classical technical analysis tools and when I see confluence I go for it. I also have to see good space for the move (no congestion to the left) and no obvious trouble areas close by.
I also use volume to judge the validity of the move. But thats somehing that is still in a tests phase, so to say.

A word about SL's. Trading 4H and D charts, you have to give the trade more breathing room. Just 2 weeks or so ago, DW suggested to me, to use bigger SL's and now I can clearly see how right that is.
Just in those 2 weeks, I would have lost 3-4 trades if I'd use my usual 40-70 pip SL.
So pick an area for you SL where it is protected and on the other side, if price reaches this area, you know the trade has gone against you.
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Thoughts are things
  • #1,659
  • Jun 28, 2012 10:20am Jun 28, 2012 10:20am
Just as I wrote this, my Eur/Aud SL got hit.
Oh well, 3 wining positions and a lossing one, which is the smalles of all.
Thoughts are things
  • #1,660
  • Jun 28, 2012 10:54am Jun 28, 2012 10:54am
Quoting Quezoy
I'll give you my 2 cents.

Position sizing:
I try not to exceed 2% of my balance. Thats a number people generally agree on as a safe choice.
There are several sites where you can calculate your position size, for example the one on babypips:
http://www.babypips.com/tools/forex-...sitionsize.php

Money management:
I like to take partial profits. I close 1/2 of my position at the first trouble area. Thats the nearest area, where price could pause or revers. If such an area is to close, I do not take the trade.
I generally...
@Quezoy, thanks for sharing your insight. That was quite impressive. Waiting for more contributions pls.
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