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Price Action and Trading Discussion

  • #1,841
  • Jul 10, 2012 1:43am Jul 10, 2012 1:43am
And my AU trade hit SL for -50.
Thoughts are things
  • #1,842
  • Jul 10, 2012 1:47am Jul 10, 2012 1:47am
oh, regrets.

I really need to stop doing things like... going to dinner with the girlfriend.

Just kidding, there is always tomorrow!
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  • #1,843
  • Jul 10, 2012 1:35pm Jul 10, 2012 1:35pm
Quoting Quezoy
NZD/JPY

Took 1/2 for +41, rest at BE.
Price came back to my entry point, but I've moved my SL back, a little higher. Cause my entry point was also good resistance.
I then opened a new position below it which triggered and is now open.

Since the uptrend - the TL - is now broken I expect a healthy downmove before price turns up again.
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Thoughts are things
  • #1,844
  • Jul 10, 2012 1:40pm Jul 10, 2012 1:40pm
USD/CAD long

Classic scenario - break of support and pullback.
Closed half of my position at previous high for +35, moved SL up below swing low.
Now we are pausing below resistance, which is also 50 fib ret.
I think there's a good possibility, price will break this level and continue towards the TL. In that case I'll try to add a position.
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Thoughts are things
  • #1,845
  • Jul 10, 2012 4:52pm Jul 10, 2012 4:52pm
Quoting Quezoy
USD/CAD long

Classic scenario - break of support and pullback.
Closed half of my position at previous high for +35, moved SL up below swing low.
Now we are pausing below resistance, which is also 50 fib ret.
I think there's a good possibility, price will break this level and continue towards the TL. In that case I'll try to add a position.
Very Nice trades and management.
Been very busy lately, so I haven't taken any trade. Anyway, I'm free so lets see how the Chart looks like.
  • #1,846
  • Jul 11, 2012 3:34am Jul 11, 2012 3:34am
Quoting Quezoy
Price came back to my entry point, but I've moved my SL back, a little higher. Cause my entry point was also good resistance.
I then opened a new position below it which triggered and is now open.

Since the uptrend - the TL - is now broken I expect a healthy downmove before price turns up again.
hello, i'm new here and in PA.. there's something that i want to ask..
in your pic, you are very sure that the price will bounce in the S/R or S/D..
how can you determine that momentum/trend still down, sir?
thank you very much..
  • #1,847
  • Jul 11, 2012 4:34am Jul 11, 2012 4:34am
Quoting Air Wing
hello, i'm new here and in PA.. there's something that i want to ask..
in your pic, you are very sure that the price will bounce in the S/R or S/D..
how can you determine that momentum/trend still down, sir?
thank you very much..
Hey,

I gave you some thoughts on the picture below.
I cant really know, that price will continue down, but for now, the down-momentum is still present.

You see it returned up again, but did not break the previous high. Now we have a bull/bear battleground and it will be decided where price will go.
But because price had to move quite a few pips up, to reach this point, the price gets less and less attractive for a buy and more attractive for a sell.
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Thoughts are things
  • #1,848
  • Jul 11, 2012 7:48am Jul 11, 2012 7:48am
And SL got hit on this pair.
Happens.

Just that I should not have added a position yet. So on overall I've made a loss.
Thoughts are things
  • #1,849
  • Jul 11, 2012 6:23pm Jul 11, 2012 6:23pm
GU respecting the TL. Took some profit off this pair. Sorry I didnt have the time to post. Its challenging doing it from an ipad.
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  • #1,850
  • Jul 11, 2012 8:22pm Jul 11, 2012 8:22pm
Quoting Quezoy
Hey,

I gave you some thoughts on the picture below.
I cant really know, that price will continue down, but for now, the down-momentum is still present.

You see it returned up again, but did not break the previous high. Now we have a bull/bear battleground and it will be decided where price will go.
But because price had to move quite a few pips up, to reach this point, the price gets less and less attractive for a buy and more attractive for a sell.
thx for the explanation..
btw, in GU daily i think the momentum still with the seller.. the R line is rejected again and again..
and in the 4H chart its look like there will be HnS pattern soon..
how do you think?
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  • #1,851
  • Jul 12, 2012 12:44am Jul 12, 2012 12:44am
Quoting Air Wing
thx for the explanation..
btw, in GU daily i think the momentum still with the seller.. the R line is rejected again and again..
and in the 4H chart its look like there will be HnS pattern soon..
how do you think?
phew.. the HnS is downward and i didnt recognized it.. i thought it will be straight on the horizontal line..
  • #1,852
  • Jul 12, 2012 1:13am Jul 12, 2012 1:13am
Hi Guys,

Have not been around the last few days have the flu and been feeling a bit under the weather. Been keeping a brief eye on the charts when I can drag myself up and about and things have been rather quiet by the looks with a bit of sideways consolidation going on.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,853
  • Jul 12, 2012 1:27am Jul 12, 2012 1:27am
Quoting DarkWolF
Hi Guys,

Have not been around the last few days have the flu and been feeling a bit under the weather. Been keeping a brief eye on the charts when I can drag myself up and about and things have been rather quiet by the looks with a bit of sideways consolidation going on.
hope that u will be alright.. come back soon..
  • #1,854
  • Jul 12, 2012 1:28am Jul 12, 2012 1:28am
Ended up taking a stop loss hit on this position with AUDNZD 4 hourly.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,855
  • Jul 12, 2012 1:30am Jul 12, 2012 1:30am
Quoting Air Wing
hope that u will be alright.. come back soon..
Thanks Air Wing.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,856
  • Jul 12, 2012 1:35am Jul 12, 2012 1:35am
I want a good price action trading ebook which cover everything about price action...please help me out !!!
AtTacKing My FeAr
  • #1,857
  • Jul 12, 2012 2:45am Jul 12, 2012 2:45am
dis information guys is helping us as we we are the upcoming traders on the field. keep them coming
  • #1,858
  • Edited 8:55am Jul 12, 2012 8:43am | Edited 8:55am
Quoting Quezoy
Hey,

I gave you some thoughts on the picture below.
I cant really know, that price will continue down, but for now, the down-momentum is still present.

You see it returned up again, but did not break the previous high. Now we have a bull/bear battleground and it will be decided where price will go.
But because price had to move quite a few pips up, to reach this point, the price gets less and less attractive for a buy and more attractive for a sell.
Price went some 15 pips further up, after hitting my SL and then broke like a motherf****
But thats OK, the only problem is I should not have added a position. Besides, I got the NZD/USD move down.
Entered after the 4H pinbar below 0.80 - nice pullback. Went for a 50% ret entry of the pin. 1/2 half taken at the previous lows for some 45+. The rest I was planing to take at the lower support, but did not as I was not at home. Should have set a TP there, a?
But I still belive there will be a down continuation, so, I guess, I did not want to TP there. Damn you, greedy mindgames.

USD/CAD long.
Entered as price approached support on the way down. Risky but worked, went up and I took 1/2 of the table. It came back, bounce of support again and I was unsure if to enter a 2nd position. When I've entered it was allready a bit late, but still played out. Took also half of that position when price approached resistance. Both are now at 2nd position entry point +2.

Still, I should not have entered this 2nd position like that.

I WONT ADD TO MY POSITION, UNTILL A CLEAR BREAK OF A S/R AREA HAPPENS AND MY INITIAL POSITION IS IN GOOD PROFIT.
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Thoughts are things
  • #1,859
  • Jul 12, 2012 8:58am Jul 12, 2012 8:58am
Quoting DarkWolF
Hi Guys,

Have not been around the last few days have the flu and been feeling a bit under the weather. Been keeping a brief eye on the charts when I can drag myself up and about and things have been rather quiet by the looks with a bit of sideways consolidation going on.
Let the markets be for now, they wont go anywhere.

Get well soon.
Thoughts are things
  • #1,860
  • Jul 12, 2012 9:12am Jul 12, 2012 9:12am
Quoting fxshofi
I want a good price action trading ebook which cover everything about price action...please help me out !!!
Well, there are not many PA books out there... I've read a good book by Lance Beggs, but he's playing very short TF's and writes a bit overextended IMO.
There are probably others...

Anyways, I dont hink you need a book. You'll find everything you need on the internet.
My suggestions:

Most important, IMO, is good knowledge about support and resistance. I dont know of any S/R thread so Im giving you supply and demand. Its pretty much the same just from another perspective.
B.S. trading with Kenneth Lee Great source on supply and demand.
and
Sam Seiden on FXstreet Many videos of supply and demand.

Candlestick patterns:
Basic candle stick pattern video series by Lance Beggs. His page in general has good info for beginners.
More about candlestick patterns

And great PA trading threads/sites:
james16 chart thread Huge thread about PA trading. Can be a bit confusing if you're new to trading
Beyond the candles PA with emphasis on the use of monthly and weekly levels on the daily chart. Valuable info, they also emphasize patience which is vital.
Good blog by ghous. He does a great sum-up of his trading approach and how newbies should start out.
And last but not least, nice articles and videos about D and H4 PA trading on Nial Fuller's page

Will kep you busy for the next 6 months.
Thoughts are things
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