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Price Action and Trading Discussion

  • #2,041
  • Aug 24, 2012 7:32am Aug 24, 2012 7:32am
By flicking my chart onto the daily chart you can clearly see the reason why I have decided to lock in some pips at this point with price reaching the trend line and stalling.

To prevent it simply bouncing from here and moving back up to take out my BE I decided its time to lock in some of the pips.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 126 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,042
  • Aug 26, 2012 4:17am Aug 26, 2012 4:17am
Quoting DarkWolF
By flicking my chart onto the daily chart you can clearly see the reason why I have decided to lock in some pips at this point with price reaching the trend line and stalling.

To prevent it simply bouncing from here and moving back up to take out my BE I decided its time to lock in some of the pips.
Trailing stop was triggered on this position.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD 4 hourly 25-08 trail hit.jpg Size: 77 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,043
  • Aug 26, 2012 1:34pm Aug 26, 2012 1:34pm
Quoting DarkWolF
Trailing stop was triggered on this position.
nice.
  • #2,044
  • Aug 27, 2012 2:24am Aug 27, 2012 2:24am
Quoting DarkWolF
Hi Dan,

The more areas that line up the better, but yes I would take a trade simply off the RN area.

Pays to be picky with your trades though, it does not matter if you miss one or two as there will always be another opportunity.
He makes a very good point, a lot of people add far too many emotions into the markets such as "I MUST GET IN OR I WILL MISS THE MOVE" if the move doesn't feel right or, doesn't have all the things you are looking for in an entry, simply pass on it, not trading is an option, i prefer to not lose money than to enter on emotions and lose money, be patient with the markets and it will in return pay you for your patients! I personally do not trade solely based off of price actions, i will look at price action first, and if its looking good, look at an indicator or 2, just to stack my chances of success, i look for price action AND a few other things i say, 3-5 reasons to get in, and only ONE to get out, hope this helps ^^
  • #2,045
  • Aug 27, 2012 2:45am Aug 27, 2012 2:45am
Quoting ProKnight
He makes a very good point, a lot of people add far too many emotions into the markets such as "I MUST GET IN OR I WILL MISS THE MOVE" if the move doesn't feel right or, doesn't have all the things you are looking for in an entry, simply pass on it, not trading is an option, i prefer to not lose money than to enter on emotions and lose money, be patient with the markets and it will in return pay you for your patients! I personally do not trade solely based off of price actions, i will look at price action first, and if its looking good, look at...
Hi ProKnight,

Yes indeed entering trades on emotion can no dobut do damage to a traders capital.

It can pay to look for reasons to NOT enter the trade. It is most certainly better to not be in a position then to enter on emotion and realise that you are then in trade that is potentially not so desirable.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,046
  • Aug 27, 2012 2:47am Aug 27, 2012 2:47am
Have been watching this one for some time now. It could have broken either way.

It has now broken to the upside, so will be watching how price plays out from the area it is now approaching.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GU Daily.jpg Size: 73 KB
Click to Enlarge Name: GBPUSD daily 27-08.jpg Size: 95 KB
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  • #2,047
  • Aug 27, 2012 2:52am Aug 27, 2012 2:52am
Placed a pending short order on AUDUSD 4 hourly below the last area of consolidation
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD 4 hourly 27-08 pending.jpg Size: 86 KB
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  • #2,048
  • Aug 27, 2012 5:33am Aug 27, 2012 5:33am
Quoting DarkWolF
Placed a pending short order on AUDUSD 4 hourly below the last area of consolidation
nice sell stop there .
  • #2,049
  • Aug 27, 2012 5:35am Aug 27, 2012 5:35am
Quoting 5percent
nice sell stop there .
Hi 5percent,

I guess time will tell to see if it plays out the way I want it to or not.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,050
  • Aug 27, 2012 7:03am Aug 27, 2012 7:03am
Quoting DarkWolF
Placed a pending short order on AUDUSD 4 hourly below the last area of consolidation
Im in it from the break and retest of TL.
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Thoughts are things
  • #2,051
  • Aug 27, 2012 2:37pm Aug 27, 2012 2:37pm
Quoting Quezoy
Im in it from the break and retest of TL.
Hi Quezoy,

My pending order has been triggered so lets see how we go.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,052
  • Aug 30, 2012 1:01am Aug 30, 2012 1:01am
Quoting Quezoy
Im in it from the break and retest of TL.
Took 2/3 for +30-ish, the rest hit Sl at BE.

N/U, took 3/5 at 0.80, rest at BE. Lets see if price can break through. Unemployment claims today.
Attached Image (click to enlarge)
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Thoughts are things
  • #2,053
  • Aug 30, 2012 11:23am Aug 30, 2012 11:23am
And NU broke to the downside.

A pullback towards 0.80 is likely and if it happens I'll probably add a position.
If it doesnt return and keeps on going south, thats also fine with me.
Attached Image (click to enlarge)
Click to Enlarge Name: nu.png Size: 29 KB
Thoughts are things
  • #2,054
  • Aug 30, 2012 5:08pm Aug 30, 2012 5:08pm
Quoting Quezoy
And NU broke to the downside.

A pullback towards 0.80 is likely and if it happens I'll probably add a position.
If it doesnt return and keeps on going south, thats also fine with me.

Quoting Quezoy
Took 2/3 for +30-ish, the rest hit Sl at BE.

N/U, took 3/5 at 0.80, rest at BE. Lets see if price can break through. Unemployment claims today.
Nice work on those trades Quezoy.

NU is looking promising for you so far.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,055
  • Aug 30, 2012 5:15pm Aug 30, 2012 5:15pm
Quoting DarkWolF
Placed a pending short order on AUDUSD 4 hourly below the last area of consolidation
Well this one ended up turning out ok for me with my profit target being achieved after a few days.

Price pushed slightly lower and I got my BE in reasonably quickly on this one to make it a risk free position.

After getting the BE in price pushed down lower, we then had a small period of consolidation before it pushed on lower to easily achieve my profit target.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSD 4 hourly 27-08 pending.jpg Size: 86 KB
Click to Enlarge Name: AUDUSD 4 hourly 28-08.jpg Size: 86 KB
Click to Enlarge Name: AUDUSD 4 hourly BE 30-08.jpg Size: 87 KB
Click to Enlarge Name: AUDUSD 4 hourly 30-08 TP.jpg Size: 86 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,056
  • Aug 30, 2012 5:22pm Aug 30, 2012 5:22pm
I took a position on Cable daily long. This particualar trade I had been waiting for some time to take place, and after taking the position I was not overly comfortable with it.

So the fact that I simply wasnt comfortable with it means it was time to get out of the trade. I closed this one out manually for a small loss.

I guess it will remain to be seen where price will go on this one as it is still sitting around the support area, but for me it will be what it will be it simply did not match up close enough to my criteria and even though I did take the position after going back and looking at it again I decided to simply walk away from it with a loss, keep that loss small rather than seeing a full loss take place.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSD Daily 29-08.jpg Size: 88 KB
Click to Enlarge Name: GBPUSD Daily 30-08 closed out loss.jpg Size: 92 KB
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  • #2,057
  • Aug 30, 2012 5:28pm Aug 30, 2012 5:28pm
I have been a bit busy with a few other things during this week so havent been getting to the forum much guys, so my apologies for all the images coming in one hit.

I took this one after price closing below the lows had a target around the next most obvious support, got BE in reasonably quickly.

Price fell short of my TP by only few pips but it was overnight for me so I was not around to close it out manually. After spiking back up reasonably quickly price fell into some consolidation and as it moved to the lower end of that I decided to simply take my profit.

During yesterdays session it did however easily achieve my original target level but thats trading and I am still happy with the pips that I banked out of that position.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDCAD 4 hourly 27-08.jpg Size: 88 KB
Click to Enlarge Name: AUDCAD 4 hourly 28-08 BE.jpg Size: 90 KB
Click to Enlarge Name: AUDCAD 4 hourly 30-08 TP.jpg Size: 96 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,058
  • Aug 30, 2012 5:32pm Aug 30, 2012 5:32pm
And I am currently short on AUDJPY daily, if price pushes slightly lower I will be getting my BE in to make it a risk free position.

edit: the heading should say AUDJPY not UDJPY oops..... it seems that you cant edit the heading once its been posted.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDJPY Daily 30-08 pending.jpg Size: 82 KB
Click to Enlarge Name: AUDJPY Daily 30-08.jpg Size: 81 KB
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  • #2,059
  • Aug 30, 2012 6:34pm Aug 30, 2012 6:34pm
Short
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  • #2,060
  • Aug 31, 2012 11:31am Aug 31, 2012 11:31am
Went for a quick "scalp" from resistance.
3% risk, 20pip SL, closed 4/5 for 42 pip profit.

Weekend can come now.
Attached Image (click to enlarge)
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Thoughts are things
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