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Price Action and Trading Discussion

  • #1,961
  • Jul 24, 2012 2:49am Jul 24, 2012 2:49am
Quoting Quezoy
Im long UJ since yesterday.
Hmmm...
I guess its because of yesterday's daily pin bar? IMO, I wouldn't buy the UJ because of the downtrend continuation (DTC) reflected by a break to the downside after the 7/19 and 7/20 daily inside bar formation. I may be wrong though but I'd rather buy UChf or UCad than UJ.
Attached Image (click to enlarge)
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  • #1,962
  • Jul 24, 2012 4:20am Jul 24, 2012 4:20am
I put two pending orders based on continuation patterns:
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Click to Enlarge Name: usd cad.gif Size: 19 KB
  • #1,963
  • Jul 24, 2012 5:28am Jul 24, 2012 5:28am
I liked that word patience+ discipline- greed = success
By keeping the short list of rules in mind, We can increase the odds that choices are at the very least made with logic and rational thinking. Breaking these rules are some of the quickest ways to lose money in the markets. I myself have experienced from my personal life that greed can make traders to make unnecessary trades, or hold on to positions which are in loss.
  • #1,964
  • Jul 24, 2012 5:52am Jul 24, 2012 5:52am
Quoting vitall
I put two pending orders based on continuation patterns:
Going to be interesting to see where to from here.

Looks as if a lot of the pairs have stalled for the short term with some small consolidation taking place. Will this be a pause before the continuation, I guess time will tell.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,965
  • Jul 24, 2012 6:01am Jul 24, 2012 6:01am
Quoting dboy365
Hmmm...
I guess its because of yesterday's daily pin bar? IMO, I wouldn't buy the UJ because of the downtrend continuation (DTC) reflected by a break to the downside after the 7/19 and 7/20 daily inside bar formation. I may be wrong though but I'd rather buy UChf or UCad than UJ.
Hi dboy,

Yes I would agree, this is not a pair that I would be looking to get long on. There is a good chance that it may hold at support and it turns out to be a good entry, but this is not how I prefer to take my positions. That does not mean that it wont be profitable for those that are planning to buy it.

Personally I would prefer to be waiting for a pullback and assuming that there is good PA at resistance areas then I would potentially look for an entry.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,966
  • Jul 24, 2012 6:05am Jul 24, 2012 6:05am
Quoting Quezoy
You are right. My SL got hit, but I've reentered some 30 pips higher and now my SL is in my personally acceptable zone.
Thats what I should have done in first place.
Hi Quezoy,

Can I ask what your entry criteria was ?

I simply dont think there has been any confirmation to be looking for a short just yet. Potentially the indecision bar at the RN area could have been used but price did not break below it at all so any entries would not have been filled.

The concern for me would be the fact that the short trend line has been broken and yesterdays close held above the 1.3000 level. What we would have liked to have seen was a nice spike above the RN area and for price to have rejected it closing solidly below the indecision bar from the day before.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,967
  • Jul 24, 2012 6:33am Jul 24, 2012 6:33am
Looking for another short entry on this pair. Have placed a pending order in the market yet to be triggered.
Attached Image (click to enlarge)
Click to Enlarge Name: EURNZD 4 hourly 24-07 pending.jpg Size: 106 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,968
  • Jul 24, 2012 4:10pm Jul 24, 2012 4:10pm
Quoting DarkWolF
Looking for another short entry on this pair. Have placed a pending order in the market yet to be triggered.
Entry was not triggered on this one, which turned out to be a good thing as the stop was easily breached.

This pending order has now been deleted.
Attached Image (click to enlarge)
Click to Enlarge Name: EURNZD 4 hourly 25-07.jpg Size: 108 KB
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  • #1,969
  • Jul 24, 2012 4:24pm Jul 24, 2012 4:24pm
Short position entered on AUDJPY 4 hourly.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPY 4 hourly 25-07.jpg Size: 89 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,970
  • Jul 24, 2012 4:28pm Jul 24, 2012 4:28pm
Still have this position in play, it has been open for quite some time now and I was sure that I was going to be looking at it stopping out.

I think I got slightly a bit lucky and price did head back down to the bottom of the range area. I will have BE in on this one quite soon and if ranges back up and stops out at BE then so be it.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD Daily 25-07.jpg Size: 89 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,971
  • Jul 24, 2012 5:50pm Jul 24, 2012 5:50pm
Quoting DarkWolF
Potential for a continuation pattern to be coming into play.

There is plenty of confluence of areas on this chart.

But as with all things trading, anything can happen.
Top of the channel easily achieved after the bounce from a solid support area.

Now to see if the channel can break and hold and we see price push higher.
Attached Image(s) (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,972
  • Jul 25, 2012 4:46am Jul 25, 2012 4:46am
Quoting DarkWolF
Short position entered on AUDJPY 4 hourly.
Hi guys,

Am just getting my first look at the charts since earlier today and this one is not looking too good for me.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,973
  • Jul 25, 2012 4:47am Jul 25, 2012 4:47am
Quoting DarkWolF
Still have this position in play, it has been open for quite some time now and I was sure that I was going to be looking at it stopping out.

I think I got slightly a bit lucky and price did head back down to the bottom of the range area. I will have BE in on this one quite soon and if ranges back up and stops out at BE then so be it.
Have entered BE in for my NZDUSD daily trade.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,974
  • Jul 25, 2012 4:55am Jul 25, 2012 4:55am
Quoting DarkWolF
Have entered BE in for my NZDUSD daily trade.
Now becomes a risk free trade.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD Daily 25-07 BE.jpg Size: 89 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,975
  • Jul 29, 2012 2:58pm Jul 29, 2012 2:58pm
Anybody home? Any watches going on on any 4 hr or daily charts? GBP sideways at RN on 4 Hr. Breakout soon?
  • #1,976
  • Edited Jul 30, 2012 2:59am Jul 29, 2012 11:30pm | Edited Jul 30, 2012 2:59am
Quoting jimmaxx
Anybody home? Any watches going on on any 4 hr or daily charts? GBP sideways at RN on 4 Hr. Breakout soon?
For the time being its rejected by resistance and going down.

Either we'll see this go on and I'll look for a pullback when we break support, or, this is the pullback of the upmove and I wait for break to the upside.
Attached Image (click to enlarge)
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Thoughts are things
  • #1,977
  • Jul 30, 2012 3:02am Jul 30, 2012 3:02am
Hi Guys,

I have had a few other things taking up my time over the last week or so and havent had as much time to be posting.

To update some of the open trades I did have going, the NZDUSD daily position that I had was stopped out at break even. AUDJPY 4 hourly my stop was hit on that one.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NZDUSD Daily BE hit 27-07.jpg Size: 91 KB
Click to Enlarge Name: AUDJPY 4 hourly Stop 26-07.jpg Size: 90 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,978
  • Jul 30, 2012 3:06am Jul 30, 2012 3:06am
Quoting Quezoy
For the time being its rejected by resistance and going down.

Either we'll see this go on and I'll look for a pullback when we break support, or, this is the pullback of the upmove and I wait for break to the upside.
Hi Quezoy,

Cable is pretty much sideways on the daily chart with a bit of a wedge evident. On the 4 hourly as far as I am concerned not much to do but wait to see how it plays out at this point in time.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,979
  • Jul 30, 2012 3:10am Jul 30, 2012 3:10am
This is one of the areas I have been keeping an eye on for obvious reasons I think. I put a pending order in above the small market pause which has just been triggered.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZD 4 hourly 30-07.jpg Size: 84 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,980
  • Jul 30, 2012 3:13am Jul 30, 2012 3:13am
Quoting jimmaxx
Anybody home? Any watches going on on any 4 hr or daily charts? GBP sideways at RN on 4 Hr. Breakout soon?
Hi Jimmaxx,

The only one that I was really giving some attention to at the moment was the AUDNZD on the 4 hourly which was just posted above.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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