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Price Action and Trading Discussion

  • #1,881
  • Jul 16, 2012 4:26am Jul 16, 2012 4:26am
After a quick review of the last 4 hourly close, there is few things to be keeping an eye on but nothing that is really matching up to my criteria enough to put any entries in the market.

Sit and watch for now and see how the current open positions I have on go pan out.
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  • #1,882
  • Jul 16, 2012 8:16am Jul 16, 2012 8:16am
It's like gu is continuing from where it stopped on friday, having bounced off a support of 1.55218.
  • #1,883
  • Jul 16, 2012 8:20am Jul 16, 2012 8:20am
Quoting olisavictor
It's like gu is continuing from where it stopped on friday, having bounced off a support of 1.55218.
Yes but it is a bounce caused by a news release.
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  • #1,884
  • Jul 16, 2012 8:24am Jul 16, 2012 8:24am
OMG.. missed another good trade.. damn..
  • #1,885
  • Jul 16, 2012 8:27am Jul 16, 2012 8:27am
I made the mistake of not putting my BE in on this GU trade before the news came out, and it just got stopped out as I am typing.
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  • #1,886
  • Jul 16, 2012 8:27am Jul 16, 2012 8:27am
Snatched 50 on CAD/JPY. Other half still open. Will report with a pic when the trade is done.

A/U coming back towards my entry. If it wont get rejected here, I might close it before SL.
Thoughts are things
  • #1,887
  • Jul 16, 2012 8:39am Jul 16, 2012 8:39am
Quoting DarkWolF
I made the mistake of not putting my BE in on this GU trade before the news came out, and it just got stopped out as I am typing.
Price came quite close to the area I was looking at to enter my BE or TP in but I didnt have one in and price shot up nicely with the news release to take my stop out.

Hindsight is always great, but potentially I should have simply had a BE in knowing there was a news release on its way.
Attached Image (click to enlarge)
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  • #1,888
  • Jul 16, 2012 8:41am Jul 16, 2012 8:41am
Quoting Quezoy
Snatched 50 on CAD/JPY. Other half still open. Will report with a pic when the trade is done.

A/U coming back towards my entry. If it wont get rejected here, I might close it before SL.
Nice work. I was contemplating that pair on the 4 hourly earlier but opted for the GU instead.
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  • #1,889
  • Jul 16, 2012 1:19pm Jul 16, 2012 1:19pm
Attached Image (click to enlarge)
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AUD/USD: I put Sell stop but it is still sneaking around the Zone...
  • #1,890
  • Jul 16, 2012 2:27pm Jul 16, 2012 2:27pm
Quoting vitall
Attachment AUD/USD: I put Sell stop but it is still sneaking around the Zone...
Yeah, its moving up now because the $ is weak across the board.
Probably because of bad news...

But I think its only momentary and expect a stronger $ tommorow.
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Thoughts are things
  • #1,891
  • Jul 16, 2012 2:34pm Jul 16, 2012 2:34pm
Was tempted to short G/A today, for it reached good resistance and TL.
But did not do it because of the open A/U trade - with those 2 being quite strongly correlated I would be hedging against myself.
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Thoughts are things
  • #1,892
  • Jul 16, 2012 6:57pm Jul 16, 2012 6:57pm
Quoting vitall
Attachment AUD/USD: I put Sell stop but it is still sneaking around the Zone...
Bad US Retail Sales pushed it up yesterday, otherwise it was definitely on the way down.. I still expect it to return to 1.00 par soonish though.. Unless of course the Euro zone fixes itself really quick..

I guess that is why price action wins overall.. It does not matter about the news, just trade what you see.. Aud is on the way down this morning, as long as SL is set above 1.0290 you should be safe..

Regards,
Timon
  • #1,893
  • Jul 16, 2012 11:03pm Jul 16, 2012 11:03pm
Quoting tinny79
Bad US Retail Sales pushed it up yesterday, otherwise it was definitely on the way down.. I still expect it to return to 1.00 par soonish though.. Unless of course the Euro zone fixes itself really quick..

I guess that is why price action wins overall.. It does not matter about the news, just trade what you see.. Aud is on the way down this morning, as long as SL is set above 1.0290 you should be safe..

Regards,
Timon
Thats what I thought...
Thoughts are things
  • #1,894
  • Jul 17, 2012 5:24am Jul 17, 2012 5:24am
I've suffered quite a big loss on A/U.
Before Iwent to sleep all seemed as expected - price was being rejected from resistance.

But the Monetary Policy Meeting Minutes in Australia catapulted it up, just hitting my SL.
If it werent during the night I'd close it manually but so...

Any coments?
Was I to relaxed about the coming AUD news? Was my SL because of that to far or maybe to close?
Attached Image (click to enlarge)
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Thoughts are things
  • #1,895
  • Jul 17, 2012 6:22am Jul 17, 2012 6:22am
Quoting Quezoy
I've suffered quite a big loss on A/U.
Before Iwent to sleep all seemed as expected - price was being rejected from resistance.

But the Monetary Policy Meeting Minutes in Australia catapulted it up, just hitting my SL.
If it werent during the night I'd close it manually but so...

Any coments?
Was I to relaxed about the coming AUD news? Was my SL because of that to far or maybe to close?
Hi Quezoy,

If you are practicing the correct risk management and position sizing then your risk should be the same regardless of your stop loss size.

I dont follow the hourly chart too often, but it looks as if your stop loss was in quite a sound place in relevance to the position that you took.

The unfortunate thing about economic news releases is they can cause price to move quickly and against current trends and price action taking out support and resistance with ease.

I made the same mistake yesterday with my GU trade and did not give the news release the attention that maybe it deserved. I should absolutely have put a BE in place before the news release came out. Too many times I have seen price spike against my positions so I do normally like to have at the very least a BE in place. I did not do it this time and ended up with a stop getting hit.

Unfortunately it is going to happen. I think I probably would have my stop in the same place if I was to enter where you did. It comes down to ensuring that you have the correct risk management in place.
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  • #1,896
  • Jul 17, 2012 6:35am Jul 17, 2012 6:35am
Tnx for the comment DW.
Those things are going to happen, but they are easier to stomach if everything was reasonably managed.
Thoughts are things
  • #1,897
  • Jul 17, 2012 6:44am Jul 17, 2012 6:44am
Quoting Quezoy
Tnx for the comment DW.
Those things are going to happen, but they are easier to stomach if everything was reasonably managed.
Yes I know the feeling.

As traders though we are all going to at times make mistakes that in hindsight could have been handled better.

We need to ensure that we are taking these on board when it happens, dont let them get to you too much, learn from them, stick to your plan and move on to the next opportunity when it presents itself.

All this is easier said than done at times, but it absolutley does pay to take the emotion out of it. Its the emotion within trading that will lead you astray.
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  • #1,898
  • Jul 17, 2012 7:59am Jul 17, 2012 7:59am
Still owe the CAD/JPY trade.

Price was at the lower part of the wedge, but it got allready broken to the downside, so I was expecting a continuation down.
Since price was at the 50 fib ret and was respecting it in the near past I've set a pending order there, with half of my position.

When price did not turn down but started rising I've decided I'll enter a short with the other half close to the upper TL, since I was still clearly bearish.

Turned out OK in the end, the 1st position at BE+2, the other at +50.
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Thoughts are things
  • #1,899
  • Jul 17, 2012 8:11am Jul 17, 2012 8:11am
Good to see you still banked some pips though.

This is what I am looking at on that particular pair.

Price is slowly winding up. It really is hard to say what will take place from here, its in one of those areas where the probability is that it could essentially break either way.
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  • #1,900
  • Jul 17, 2012 8:16am Jul 17, 2012 8:16am
Quoting DarkWolF
Hi Quezoy,

If you are practicing the correct risk management and position sizing then your risk should be the same regardless of your stop loss size.

I dont follow the hourly chart too often, but it looks as if your stop loss was in quite a sound place in relevance to the position that you took.

The unfortunate thing about economic news releases is they can cause price to move quickly and against current trends and price action taking out support and resistance with ease.

I made the same mistake yesterday with my GU trade and did...
exactly my point! I prefer taking trades from h4 and dailies.
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