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Price Action and Trading Discussion

  • #1,901
  • Jul 17, 2012 8:18am Jul 17, 2012 8:18am
Quoting DarkWolF
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.
@bolded, Wisdom right there!
  • #1,902
  • Jul 17, 2012 8:19am Jul 17, 2012 8:19am
Quoting DarkWolF
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.
I would like to see something take place along these lines.
Attached Image (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,903
  • Jul 17, 2012 8:29am Jul 17, 2012 8:29am
Quoting DarkWolF
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.
Based on price rejecting the TL around 77.50, I'm def. expecting price to break to the upside but lets wait and see as fundies like BOC rates and stuffs may just influence any push upward or downward..
I'd favor a weaker jpy though across all jpy crosses.
See chart.
Attached Image (click to enlarge)
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  • #1,904
  • Jul 17, 2012 8:36am Jul 17, 2012 8:36am
Quoting dboy365
Based on price rejecting the TL around 77.50, I'm def. expecting price to break to the upside but lets wait and see as fundies like BOC rates and stuffs may just influence any push upward or downward..
I'd favor a weaker jpy though across all jpy crosses.
See chart.
I have no real expectation on this one as to what way it may break.

Its just a waiting game at the moment. Let the market show its hand.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,905
  • Jul 17, 2012 8:39am Jul 17, 2012 8:39am
Quoting DarkWolF
I have no real expectation on this one as to what way it may break.

Its just a waiting game at the moment. Let the market show its hand.
thats right. waiting moment indeed!
  • #1,906
  • Jul 17, 2012 9:04am Jul 17, 2012 9:04am
CAD/CHF long.

Opened half at previous resistance now expecting to become support. Touch trade on the way down - closed for 50 pips.
The other position was pending 15 pips above it. This one is now BE+2
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Thoughts are things
  • #1,907
  • Jul 17, 2012 9:09am Jul 17, 2012 9:09am
Quoting Quezoy
CAD/CHF long.

Opened half at previous resistance now expecting to become support. Touch trade on the way down - closed for 50 pips.
The other position was pending 15 pips above it. This one is now BE+2
Good work
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,908
  • Jul 17, 2012 9:13am Jul 17, 2012 9:13am
Quoting DarkWolF
Good work
Tnx mate.
Gotta get this loss fixed

Anywayz, Im also short N/U. Took it after 4H inside bar from TL&BRN confluence.
1st TP at support; just didnt got reached (yet).
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Thoughts are things
  • #1,909
  • Jul 17, 2012 9:19am Jul 17, 2012 9:19am
Quoting Quezoy
Tnx mate.
Gotta get this loss fixed

Anywayz, Im also short N/U. Took it after 4H inside bar from TL&BRN confluence.
1st TP at support; just didnt got reached (yet).
The need to win losses back is one of the most dangerous emotions of trading.

This is something that you need to be very wary of as at times you may find yourself making decisions and taking trades that dont quite meet your criteria just to satisfy the need to make the loss back.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,910
  • Jul 17, 2012 9:23am Jul 17, 2012 9:23am
Quoting DarkWolF
The need to win losses back is one of the most dangerous emotions of trading.

This is something that you need to be very wary of as at times you may find yourself making decisions and taking trades that dont quite meet your criteria just to satisfy the need to make the loss back.
Yes, I know. I was just joking.

But you're absolutely right.
Thoughts are things
  • #1,911
  • Jul 17, 2012 9:28am Jul 17, 2012 9:28am
Quoting Quezoy
Yes, I know. I was just joking.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,912
  • Jul 17, 2012 9:42am Jul 17, 2012 9:42am
N/U 1st TP hit. Closed half for+40 and rest to BE.

CAD/CHF is speeding in my direction so I've decided to trail it with 50 pips room. I usually dont do this but seems reasonable in this situation.
Have to go to the vineyard, cant watch it
Thoughts are things
  • #1,913
  • Jul 17, 2012 7:55pm Jul 17, 2012 7:55pm
Hey Quezoy,

Nzd and Aud pretty much move the same as each other.. Correlated.. So if aud goes up so does nzd.. I would expect a drop on aud around 1.03 area again today but anything could happen, which would mean a drop a nzd around 0.80..

I trade these two pairs a lot.. but i prefer the nzd.. aud can be frustrating at times and usually requires bigger stop losses as it moves more than the euro these days in day.. As an example it is not uncommon for the aud to move 150 to 180 pips in one up or down move.. One day up, next day all the way back down.. happened just a few days ago on bad china results.. However bounced pretty quick after.. This makes it a bit like a hedging currency sometimes..

To me the aud will be capped by 1.05 to 1.06 area this time around as the US currency improves and also it is just below the daily downtrend line as well.. I think this will be a good resistance wall..

A good sell on the nzd to me would be below the next range at around 0.8050..

Good luck on your trades..

Timon


Quoting Quezoy
Tnx mate.
Gotta get this loss fixed

Anywayz, Im also short N/U. Took it after 4H inside bar from TL&BRN confluence.
1st TP at support; just didnt got reached (yet).
Attached Image (click to enlarge)
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  • #1,914
  • Jul 18, 2012 12:32am Jul 18, 2012 12:32am
short too
Attached Image (click to enlarge)
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  • #1,915
  • Jul 19, 2012 9:04am Jul 19, 2012 9:04am
no trading today, guys.. expecting more lesson from u all..
  • #1,916
  • Jul 19, 2012 9:47am Jul 19, 2012 9:47am
Quoting Air Wing
no trading today, guys.. expecting more lesson from u all..
Here is a good lesson.
I was watching E/J pausing there at good support for a few days. Then I saw an 8 hour pinbar - a big one.
So I though, lets do this. Entry got hit and went the other way...

If I enter on this one I should put the entry further away from the tops. Or wait for an clear upmove and pullback. The SL was also to big for me, so against my MM policy.
All in all, just stupid and unnecessary.

It was a good area and I've had a PA confirmation, but I should not have taken it, especially if we consider the condition the € is in at the moment.
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Thoughts are things
  • #1,917
  • Jul 19, 2012 10:04am Jul 19, 2012 10:04am
ah.. there it is..
i'm looking for pinbar trading and not find the good ones..
do you know any good e-book/resource?
  • #1,918
  • Jul 19, 2012 10:22am Jul 19, 2012 10:22am
Quoting Quezoy
Here is a good lesson.
I was watching E/J pausing there at good support for a few days. Then I saw an 8 hour pinbar - a big one.
So I though, lets do this. Entry got hit and went the other way...

If I enter on this one I should put the entry further away from the tops. Or wait for an clear upmove and pullback. The SL was also to big for me, so against my MM policy.
All in all, just stupid and unnecessary.

It was a good area and I've had a PA confirmation, but I should not have taken it, especially if we consider the condition the € is...
I almost made same mistake taking GJ around 123.50 because I felt the setup (a pin bar and an inside bar on the 07/16) was right plus I was expecting a weaker jpy and I had some free funds from my GU trade (up 257pips); I got out yesterday at BE because the trade was going no where. Just dancing in circles with funds I could have traded with to add more positions to my GU trade (would ve been up 55pips) after seeing another pin and inside bar setup yesterday or even entering AU/NU setups I noticed too.
See charts
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  • #1,919
  • Jul 19, 2012 10:54am Jul 19, 2012 10:54am
Quoting Air Wing
ah.. there it is..
i'm looking for pinbar trading and not find the good ones..
do you know any good e-book/resource?
I dont know of any PA or pin bar books around but Nial Fuller and other PA traders like James16 group have some nice notes (ebooks) on them (e.g. http://www.learntotradethemarket.com...ing-definition).
You might wanna check Nial's site (www.learntotradethemarket.com) where he gives free PA trading articles and has a great PA community forum where he discusses setups with lifetime members (or I could send you his course notes if you want---drop your email here)
  • #1,920
  • Jul 19, 2012 11:00am Jul 19, 2012 11:00am
Quoting dboy365
I dont know of any PA or pin bar books around but Nial Fuller and other PA traders like James16 group have some nice notes (ebooks) on them (e.g. http://www.learntotradethemarket.com...ing-definition).
You might wanna check Nial's site (www.learntotradethemarket.com) where he gives free PA trading articles and has a great PA community forum where he discusses setups with lifetime members (or I could send you his course notes if you want---drop your email here)
click on links in articles to get more articles and your knowledge of PA would increase.
http://www.learntotradethemarket.com...s-inside-bars/
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