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Price Action and Trading Discussion

  • #2,121
  • Sep 8, 2012 8:51am Sep 8, 2012 8:51am
Quoting Pipanator
I am looking for views on what they feel best indicates that a move is over the market is collecting more orders for the next trend move.

EG.

Todays GU is a good example. We can see we where off to the race and shot up 50 points for it to then retrace 120% of the initial move for it to then tank off 150 pips. Now question is how can you use price action to indicate that the down move is over? I can see a fibo extension 261 and 188 from 2 different swing points on that leg. 1.5946 area is the level to buy at based on bullish momentum building...
Hi Pipinator,

Now I am not sure on what time frame that you are watching this chart on so I can not be sure on what you are looking at on the chart.

Here is a 4 hourly chart that I have put a few thoughts on. The red line is the 1.5946 is the area that you have mentioned and yes after price breaking up, pausing and then making a move further this could have been a reasonable place to be looking to take a position.

As far as when do we know the move is over. If we were to know that for sure then we would all be making a lot of $$$. I simply look for "high probability" areas or patterns that are likely to take place.

Friday was also NFP day which also could have helped with some of the market movement that was seen.


Cheers.
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  • #2,122
  • Sep 8, 2012 10:03am Sep 8, 2012 10:03am
Hi DW
what are the things you look when placing a stop in this kind of trade?
  • #2,123
  • Sep 8, 2012 11:49am Sep 8, 2012 11:49am
I have a Meta Trader 4 app on my iPad and I also live in Texas. I found it in the Finance section in the App Store. Don't use it yet because I don't trade on Meta Trader, but I got it for some EA research. I have enclosed a screen shot of the icon from my iPad. Hope this helps.

jm
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  • #2,124
  • Sep 9, 2012 7:52am Sep 9, 2012 7:52am
Quoting jimmaxx
I have a Meta Trader 4 app on my iPad and I also live in Texas. I found it in the Finance section in the App Store. Don't use it yet because I don't trade on Meta Trader, but I got it for some EA research. I have enclosed a screen shot of the icon from my iPad. Hope this helps.

jm

Hi JM,

I think that is the one that is made for the iphone and not the ipad. It is the same one I have installed on my iphone.

It can be installed on the ipad also but it does not fit the screen correctly. You can get around this by loading it up on the ipad then selecting the 2x icon in the bottom right of the screen which will make it larger.
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  • #2,125
  • Sep 9, 2012 8:06am Sep 9, 2012 8:06am
Quoting Jorg
Hi DW
what are the things you look when placing a stop in this kind of trade?
Hi Jorg,

Stops would depend on where and how you decided to enter. I simply look for the most logical support or resistance area to the stop behind. Look for an area that has a good probability that will price will not break it. And if it is broken you no longer want to be in a trade.

Obviously looking back on a chart in hindsight it is always easier to identify these levels but I think the areas marked should give you a good idea.

The problem for some traders can be is they simply dont understand the concept of position sizing and risk management, they think that large stops are too big. The correct position sizing will ensure that your risk management will be correct regardless of the stop size.

A common mistake many traders make is trading to set position size therefore the risk only enables them to have their stop x amount of pips away from their entry level, which will put their stop at a place in the market that has absolutely no significance except for their own risk management.

I hope this helps a little.

Cheers.
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  • #2,126
  • Sep 9, 2012 9:57am Sep 9, 2012 9:57am
Thats really helps
  • #2,127
  • Sep 9, 2012 10:26am Sep 9, 2012 10:26am
Quoting DarkWolF
Hi Jorg,

Stops would depend on where and how you decided to enter. I simply look for the most logical support or resistance area to the stop behind. Look for an area that has a good probability that will price will not break it. And if it is broken you no longer want to be in a trade.

Obviously looking back on a chart in hindsight it is always easier to identify these levels but I think the areas marked should give you a good idea.

The problem for some traders can be is they simply dont understand the concept of position sizing and risk...
hi dw. good explanation. vouch for you.. hope to learn more from you. thanks.
  • #2,128
  • Sep 9, 2012 12:17pm Sep 9, 2012 12:17pm
Quoting kinky
hi dw. good explanation. vouch for you.. hope to learn more from you. thanks.
EUR/USD: The pair hits very strong support- as we spoke before. It should be some rebound. What do you think, DW?
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  • #2,129
  • Sep 10, 2012 4:51am Sep 10, 2012 4:51am
Quoting Jorg
Thats really helps
No probs at all Jorg.
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  • #2,130
  • Sep 10, 2012 4:52am Sep 10, 2012 4:52am
Quoting kinky
hi dw. good explanation. vouch for you.. hope to learn more from you. thanks.
for the v kinky.
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  • #2,131
  • Sep 10, 2012 5:07am Sep 10, 2012 5:07am
Quoting vitall
EUR/USD: The pair hits very strong support- as we spoke before. It should be some rebound. What do you think, DW?
Hi vitall,

Price is most certainly at an interesting area. There is plenty of old support above that could potentially become resistance. The 1.300 ish area looks the most significant to me.

Price broke strongly through resistance, but time will tell if this was driven purelly by news or not. I am still partial to the bearish side but we very well see price move towards the 1.300 ish area.

Just got to wait and see what presents itself to us.
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  • #2,132
  • Sep 10, 2012 5:10am Sep 10, 2012 5:10am
Quoting DarkWolF
My GBPCAD position improved slightly but still 20 ish pips against me at the moment.
Not looking promising for me on this one, currently -56 pips and getting closer to my stop area.
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  • #2,133
  • Sep 10, 2012 3:51pm Sep 10, 2012 3:51pm
Hope your GBPCAD turned around for a profit for you.

As you are, I did believe the eur/usd would be a good short. So I set my trade which triggered last night. All is well for now. SL's adjusted for profit no matter what.
And a short on AUD/USD.
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  • #2,134
  • Sep 10, 2012 4:10pm Sep 10, 2012 4:10pm
Quoting onekuelkat
Hope your GBPCAD turned around for a profit for you.

As you are, I did believe the eur/usd would be a good short. So I set my trade which triggered last night. All is well for now. SL's adjusted for profit no matter what.
And a short on AUD/USD.
Hi onekuelkat,

Well my GBPCAD has been stopped out so no profits on that one.

Looking ok for you so far on those 2 positions. Unfortunately there has been no reason for me to look for an entry just yet on those pairs.

Good work on the trade management, it is always a good trade when it is risk free.
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  • #2,135
  • Sep 10, 2012 4:11pm Sep 10, 2012 4:11pm
Stop was hit on this trade.
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  • #2,136
  • Sep 10, 2012 4:13pm Sep 10, 2012 4:13pm
I took this short on AUDJPY Daily. We didnt see a lot of movement yesterday though.

Lets see what today brings for us.
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  • #2,137
  • Sep 10, 2012 5:50pm Sep 10, 2012 5:50pm
I had a similar pending order on that pair. A pair I don't typically look at. Waas looking for it to come up into my zone. I'll keep checking that one out as well. Looks promising. Good luck to you
  • #2,138
  • Sep 10, 2012 6:31pm Sep 10, 2012 6:31pm
I've been looing at your charts for a bit. Have'nt quite figured out your criteria as of yet. Is it the hammer, and morning star. and waiting until AFTER it moves out of the channel?

Just wondering, since you're doing so well from what I can tell.
  • #2,139
  • Sep 10, 2012 8:57pm Sep 10, 2012 8:57pm
Quoting onekuelkat
I've been looing at your charts for a bit. Have'nt quite figured out your criteria as of yet. Is it the hammer, and morning star. and waiting until AFTER it moves out of the channel?

Just wondering, since you're doing so well from what I can tell.
perhaps his entry is triggered by a breakout/rejection on lower timeframe?
  • #2,140
  • Sep 11, 2012 3:05am Sep 11, 2012 3:05am
After taking some good profits off my buys last week, I just bought AU and NU few mins ago. lets see how they go.
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