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Price Action and Trading Discussion

  • #1,781
  • Jul 5, 2012 7:11am Jul 5, 2012 7:11am
Quoting dboy365
Got two ebooks to read...
The Way of the Turtle by Faith Curtis and
The Complete Turtle trader by Michael Covel
Hopefully, I'd learn alot from them like others in this great house.


  • #1,782
  • Jul 5, 2012 7:20am Jul 5, 2012 7:20am
Quoting Skynet
i am of the opposite position: that confluence area is good for a short bounce...gbp/cad buy. i know that the fundamental of cad beats that of gbp...gbp/cad has been consolidating for ever...

reasons stated on chart.
i was obviously wrong. luckily i didnt enter long because my 1,2,3 formation didnt form at the point of confluence(see chart below).

in retrospect, i dont know what i was thinking. under normal condition, cad fundies beat that of gbp. secondly, we have a major economic scandal in gbp. on top of that, we have iran raising oil,...with cad exhibiting a solid correlation with commodities(and gold and oil are moving up.)

GOOD WORK, dboy.

p.s. I RECEIVed YOUR EMAIL.
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-07-04_12-59_OANDA.jpg Size: 67 KB
" It may mean something. It may mean nothing at all "
  • #1,783
  • Edited 7:46am Jul 5, 2012 7:26am | Edited 7:46am
Quoting Skynet
i was obviously wrong. luckily i didnt enter long
Admitting that we are wrong is something that greatly improves our trading abilities.

No one is right all the time. No one.

It is the guys who never admit they are wrong who are the ones who buy all the way down. Psychologically we want to be right all the time, but admitting that we can wrong is a fairly liberating experience... for me, anyway.

Edit: Added some PA in zones trades of the wild day. I was wrong timing a NZD/USD long, but stops are always nice and tight.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 106 KB
Click to Enlarge Name: gbpaud.jpg Size: 92 KB
Click to Enlarge Name: gbpnzd.jpg Size: 99 KB
  • #1,784
  • Jul 5, 2012 7:56am Jul 5, 2012 7:56am
Quoting Verto
Admitting that we are wrong is something that greatly improves our trading abilities.

No one is right all the time. No one.

It is the guys who never admit they are wrong who are the ones who buy all the way down. Psychologically we want to be right all the time, but admitting that we can wrong is a fairly liberating experience... for me, anyway.

Edit: Added some PA in zones trades of the wild day. I was wrong timing a NZD/USD long, but stops are always nice and tight.
Nice kill on these ones. I wanted to slaughter the hell outta Euraud after almost putting a sell stop @ 10pips after break of 1.2149 support and even selling the retracement from the TL but I refuse my account to be over-traded/[sic]"over-risked".
See chart below.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euraud daily.gif Size: 18 KB
Click to Enlarge Name: euraud h4.gif Size: 18 KB
  • #1,785
  • Jul 5, 2012 8:08am Jul 5, 2012 8:08am
Its good to see new guys coming in and sharing charts, since DW was holding up the thread by himself for such a a long time.

Update:
AUD/CAD loss: 1/2 for -15 and other 1/2 for -30.

GBP/NZD:
1st positon: 1/2 +40, other 1/2 moved to BE+30
2nd positon:1/2 +48, other 1/2 moved lower to above last high.
TP at 1.925
Thoughts are things
  • #1,786
  • Jul 5, 2012 8:14am Jul 5, 2012 8:14am
with these kinds of transparency, i think i will like this thread.

thanks verto for the kind words.

being wrong: why we have stops.



Quoting Quezoy
Its good to see new guys coming in and sharing charts, since DW was holding up the thread by himself for such a a long time.

Update:
AUD/CAD loss: 1/2 for -15 and other 1/2 for -30.

GBP/NZD:
1st positon: 1/2 +40, other 1/2 moved to BE+30
2nd positon:1/2 +48, other 1/2 moved lower to above last high.
TP at 1.925
" It may mean something. It may mean nothing at all "
  • #1,787
  • Jul 5, 2012 8:44am Jul 5, 2012 8:44am
Quoting Skynet
with these kinds of transparency, i think i will like this thread.

thanks verto for the kind words.

being wrong: why we have stops.
I am loving this Dark Wolf house too.
Nice TL/RS respect by GJ but break of TL by EJ.
See charts
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpjpy tl.jpg Size: 89 KB
Click to Enlarge Name: eurjpy tl.jpg Size: 109 KB
  • #1,788
  • Jul 5, 2012 11:01am Jul 5, 2012 11:01am
Bulls pressure seems to be running out on NZDUSD and AUDUSD but it may be as a result of a relatively strong USA $$$. Massive consolidation on the NZDUSD, quite tempting but I have to wait and Keeping an eye on both. Hopefully, a fundie from AUS and NZD would trigger the bears or a massive breakout from range. See charts below
Contributions welcomed...
Lets see how it goes...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nu daily.gif Size: 19 KB
Click to Enlarge Name: nu h4.gif Size: 15 KB
Click to Enlarge Name: au daily.gif Size: 20 KB
Click to Enlarge Name: au h4.jpg Size: 100 KB
  • #1,789
  • Jul 5, 2012 11:14am Jul 5, 2012 11:14am
Quoting dboy365
Bulls pressure seems to be running out on NZDUSD and AUDUSD but it may be as a result of a relatively strong USA $$$. Massive consolidation on the NZDUSD, quite tempting but I have to wait and Keeping an eye on both. Hopefully, a fundie from AUS and NZD would trigger the bears or a massive breakout from range. See charts below
Contributions welcomed...
Lets see how it goes...

Hi dboy365,


Nice ways of looking reversal.


I believe (opinion) AUDUSD need to knock 1.02750 to see bear joining the party ( friday ). Because I trade using 60M TF, i see 5 hourly candle rising, if this fail to reach 1.0300, i;m looking for short.

Keep up the good work, because I'm still learning.

Thank You

Gibril
  • #1,790
  • Jul 5, 2012 12:34pm Jul 5, 2012 12:34pm
Quoting Quezoy
Your broker has a different feed. He does not close candles at the same time as DW's.

Its not a big deal, but people usually prefer a broker, which closes the daily candle when NY market closes; as it is the unofficial end of the day.
Thanks Quezoy got it.


Quoting DarkWolF
I am glad I can be of some help.

Like Quezoy stated Chandresh its simply the broker feeds that are slightly different.

I have attached 2 imgaes with the first one being the broker I use to chart from which is Alpari and another showing a different feed.

These images are taken from the Metatrader 4 Market Watch tab. Notice how the second one is an hour behind the first one, simply meaning that the candle will close one hour after the first one.

Someone may correct me if I am wrong but I think this is simply the amount of hours away from GMT...

Thanks DarkWolf for the info,
1) Got the point what you showed me, also what I can see as per Quezoy said people prefer brokers closing daily candles at NY time, my MT4 is syncd to NY time which is 5hr behind UK time (my time), then how come I dont see similar graph as yours, the reason I am asking is I was reading the James16 thread and there was mention of Pin Bar. Newbies like me then generally makes a decision as per seeing that but I dont get a chance to see that so I cant decide to do anything and my entries go wrong. (Or should I need to open a demo acc from Alpari then Can I use one live and one demo MT4 on the same machine?)

2) Also you mentioned using MT4 yourself, so I assume all your graphs are from MT4 (or may b not), what is that little time saying on top left corner which says ** minutes and ** sec to end the bar.. I assume it would be changing as per the time frame, for each candle? how can I set it in my MT4 if possible?

Thanks for your help man.
  • #1,791
  • Jul 5, 2012 1:51pm Jul 5, 2012 1:51pm
Hi Chandresh

Have you checked if your broker uses a 5 or 6 day chart? If it uses a 6 day chart, which includes Sundays, you won't see the same patterns as on a 5 day chart.
  • #1,792
  • Jul 5, 2012 2:04pm Jul 5, 2012 2:04pm
Quoting chandresh
Thanks Quezoy got it.





Thanks DarkWolf for the info,
1) Got the point what you showed me, also what I can see as per Quezoy said people prefer brokers closing daily candles at NY time, my MT4 is syncd to NY time which is 5hr behind UK time (my time), then how come I dont see similar graph as yours, the reason I am asking is I was reading the James16 thread and there was mention of Pin Bar. Newbies like me then generally makes a decision as per seeing that but I dont get a chance to see that so I cant decide to do anything and my entries...
Well, it still looks, like you broker does not close the candle at NY close.
Use the attached candle time indy and we can compare it tommorow.

You can have several profiles on your MT4. So you can just change the profile and thereby change from demo to live.
Somebody correct me if Im wrong.

Quoting chandresh
2) Also you mentioned using MT4 yourself, so I assume all your graphs are from MT4 (or may b not), what is that little time saying on top left corner which says ** minutes and ** sec to end the bar.. I assume it would be changing as per the time frame, for each candle? how can I set it in my MT4 if possible?
Attaching it.
Attached File(s)
File Type: ex4 ##BarCountDown.ex4   4 KB | 298 downloads
Thoughts are things
  • #1,793
  • Jul 5, 2012 2:10pm Jul 5, 2012 2:10pm
Quoting dboy365
I am loving this Dark Wolf house too.
Nice TL/RS respect by GJ but break of TL by EJ.
See charts
It broke, but just underneath it is support. So unless this breakes also, I'd not go short.

Quoting dboy365
Bulls pressure seems to be running out on NZDUSD and AUDUSD but it may be as a result of a relatively strong USA $$$. Massive consolidation on the NZDUSD, quite tempting but I have to wait and Keeping an eye on both. Hopefully, a fundie from AUS and NZD would trigger the bears or a massive breakout from range. See charts below
Contributions welcomed...
Lets see how it goes...
Pretty much waiting&watching mode. I was very tempted to short N/U, cause its so nicely consolidating below support and TL... but I overcame the devil and decided to wait

ATM, I like N/U still much better then A/U. I know, big correlation and everything, but still.
N/U is trapepd between BRN to the downside and support&TL to the upside.
Whatever happens, I wont go for the break but wait for a ret.
Thoughts are things
  • #1,794
  • Jul 5, 2012 2:30pm Jul 5, 2012 2:30pm
Quoting Verto
Admitting that we are wrong is something that greatly improves our trading abilities.

No one is right all the time. No one.

It is the guys who never admit they are wrong who are the ones who buy all the way down. Psychologically we want to be right all the time, but admitting that we can wrong is a fairly liberating experience... for me, anyway.

Edit: Added some PA in zones trades of the wild day. I was wrong timing a NZD/USD long, but stops are always nice and tight.
Absolutely correct Verto, no one is right all the time, and losing trades simply are going to happen. If anyone tells me they dont take losing trades then I would be a bit sceptical of it.

Some nice trades there, picking up a swag of pips by the look, good work
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,795
  • Jul 5, 2012 2:33pm Jul 5, 2012 2:33pm
Quoting Quezoy
Its good to see new guys coming in and sharing charts, since DW was holding up the thread by himself for such a a long time.

Update:
AUD/CAD loss: 1/2 for -15 and other 1/2 for -30.

GBP/NZD:
1st positon: 1/2 +40, other 1/2 moved to BE+30
2nd positon:1/2 +48, other 1/2 moved lower to above last high.
TP at 1.925
Good to see the trade management in place Quezoy locking in some nice pips on the way down
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,796
  • Jul 5, 2012 2:33pm Jul 5, 2012 2:33pm
Entered EUR/GBP
Break of support, consolidation below.
Now, Im not really happy with this trade, cause we had allready a strong move down and next support is not far away. Took it a bit hastly...

I guess I'll take half at support what would mean R:R 1:1 and see what happens there.
GBP reached support after todays fall against USD, JPY and CAD, so there should be some strenght coming in.
Attached Image (click to enlarge)
Click to Enlarge Name: eg.jpg Size: 240 KB
Thoughts are things
  • #1,797
  • Jul 5, 2012 2:42pm Jul 5, 2012 2:42pm
Quoting chandresh
Thanks Quezoy got it.




(Or should I need to open a demo acc from Alpari then Can I use one live and one demo MT4 on the same machine?)

2) Also you mentioned using MT4 yourself, so I assume all your graphs are from MT4 (or may b not), what is that little time saying on top left corner which says ** minutes and ** sec to end the bar.. I assume it would be changing as per the time frame, for each candle? how can I set it in my MT4 if possible?

Thanks for your help man.
Yes absolutely you can have more than on MT4 on the same machine, I run multiple on mine to allow me to have numerous charts open on different monitors. All of my charts are from MT4.

That timer is on the Market Watch tab. If you click on your Market watch tab on the toolbar of your MT4 you should see it also. If yours does not match the same time as the one from my first image then you will have different bar close times to my charts and therefore a different look to your charts.

It does not change to the time frames it is simply a timer with hours vs GMT time.

You can not change this in your MT4 as it is a time that is set different by each broker.

You can simply chart from one and enter live trades from another platform if your live broker does not give you that time. There are numerous ways that you could achieve that but can go into that another time.

Does that clear it up for you ? if not let me know.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,798
  • Jul 5, 2012 2:56pm Jul 5, 2012 2:56pm
Quoting Equinox1
Hi Chandresh

Have you checked if your broker uses a 5 or 6 day chart? If it uses a 6 day chart, which includes Sundays, you won't see the same patterns as on a 5 day chart.
While checking on Daily chart it seems I can count 6 dates in a row, meaning its 6 days chart.. Good point.. thx..
  • #1,799
  • Jul 5, 2012 3:04pm Jul 5, 2012 3:04pm
Quoting Quezoy
Well, it still looks, like you broker does not close the candle at NY close.
Use the attached candle time indy and we can compare it tommorow.

You can have several profiles on your MT4. So you can just change the profile and thereby change from demo to live.
Somebody correct me if Im wrong.


Attaching it.
Hi Quezoy
Thanks for the file, I downloaded it and put it in Experts folder as I assume, tried to attach to EUR/USD chart but nothing happened, any idea?
  • #1,800
  • Jul 5, 2012 3:10pm Jul 5, 2012 3:10pm
I will be passing on any of the Daily breaks at this point in time due mainly to NFP out later today. I may miss a move but so be it. I tend to play it safe at NFP time. If they do break lower I will simply have to wait for another opportunity.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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