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Price Action and Trading Discussion

  • #2,181
  • Sep 12, 2012 10:36pm Sep 12, 2012 10:36pm
Quoting kinky
Attachment

hello.. my personal take on this chart is that it is a bull flag until the 61.8 retracement is broken.
For me it looks like good oportunity, just wait for the rebound from the blue "support becomes resistant" line down to the "triple bottom" support line. If it is Ok with the spread on that pair ( sometimes the spread kills good trades-the risk/reward ratio is low ).
But, let's ask DW to double check
  • #2,182
  • Sep 13, 2012 4:35am Sep 13, 2012 4:35am
Quoting Tiwa
This cadjpy 4h look to be a good set up for tomorrow. make decission on you own.Attachment good luck.

Well Tiwa it looks like the break of the line was a good spot to be watching and so far has held. A simple breakout trade would have turned out ok stalling now at the next support area but giving you plenty of room to have a BE in place.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,183
  • Sep 13, 2012 4:37am Sep 13, 2012 4:37am
Quoting vitall
For me it looks like good oportunity, just wait for the rebound from the blue "support becomes resistant" line down to the "triple bottom" support line. If it is Ok with the spread on that pair ( sometimes the spread kills good trades-the risk/reward ratio is low ).
But, let's ask DW to double check
Well then who is going to check the checker

Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,184
  • Sep 13, 2012 5:05am Sep 13, 2012 5:05am
AUDCAD 4 hourly has shown some potential rejection away from the long term trend line. Price stalled pretty much right on the line.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,185
  • Sep 13, 2012 6:05am Sep 13, 2012 6:05am
Quoting DarkWolF
Well then who is going to check the checker

the market will check us all
  • #2,186
  • Sep 13, 2012 6:16am Sep 13, 2012 6:16am
Quoting kinky
the market will check us all
HA HA indeed it will
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,187
  • Sep 13, 2012 7:07am Sep 13, 2012 7:07am
AUDNZD daily is approaching a good long term area that could be worth keeping an eye on to see how price reacts if it gets there.

We have numerous touches to the same trend line.

This chart also highlights some good example of why I like to keep an eye on what is going on around the RN areas.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZD Daily.jpg Size: 108 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,188
  • Sep 13, 2012 7:37am Sep 13, 2012 7:37am
Quoting DarkWolF
AUDNZD daily is approaching a good long term area that could be worth keeping an eye on to see how price reacts if it gets there.

We have numerous touches to the same trend line.

This chart also highlights some good example of why I like to keep an eye on what is going on around the RN areas.
You're right cus i already have that setup which i more prefer on weekly time frame. have a look.
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd wkly.gif Size: 25 KB
  • #2,189
  • Sep 13, 2012 7:53am Sep 13, 2012 7:53am
Quoting Tiwa
You're right cus i already have that setup which i more prefer on weekly time frame. have a look.Attachment
Hi Tiwa,

Indeed. Good to see you are checking out that higher frame also.

I have the lines drawn from the weekly chart but I usually watch each day on daily and 4 hourly and only flick over to the weekly at the end of the week to check it out as I dont actually have a platform set up with weekly charts on it only a seperate one for daily and another for 4 hourly. I usually just change my daily view to weekly. I probably should set myself up a weekly platform also.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,190
  • Sep 13, 2012 8:39am Sep 13, 2012 8:39am
Quoting Tiwa
This cadjpy 4h look to be a good set up for tomorrow. make decission on you own.Attachment good luck.
Making a solid move towards that 79.00 area.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,191
  • Sep 13, 2012 8:45am Sep 13, 2012 8:45am
Quoting DarkWolF
Making a solid move towards that 79.00 area.
But i did not take the trade
  • #2,192
  • Sep 13, 2012 8:50am Sep 13, 2012 8:50am
Quoting Tiwa
But i did not take the trade
Either did I but it is always good to follow and see how it would played out if I had of.

There has been a few of late that I have been a bit cautious of only to see them end up going well. But that is trading, and I would rather be on the cautious side as there will always be other opportunities.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,193
  • Sep 13, 2012 12:41pm Sep 13, 2012 12:41pm
Quoting Tiwa
But i did not take the trade
good call anyway
  • #2,194
  • Sep 13, 2012 4:10pm Sep 13, 2012 4:10pm
Crazy Market! Still got a nice equity growth on one of my smallest accounts after all the news and spike! Nice way to end another great week.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: au.jpg Size: 184 KB
  • #2,195
  • Sep 13, 2012 4:32pm Sep 13, 2012 4:32pm
Quoting dboy365
Crazy Market! Still got a nice equity growth on one of my smallest accounts after all the news and spike! Nice way to end another great week.
Good work dboy some nice pips
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,196
  • Sep 13, 2012 11:39pm Sep 13, 2012 11:39pm
CAD/JPY: The pair hit strong resistant on D1 and Supply zone on H4. It should be nice pull back down.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cad.jpy.gif Size: 22 KB
Click to Enlarge Name: cad.jpy.h4.gif Size: 26 KB
  • #2,197
  • Sep 14, 2012 4:54am Sep 14, 2012 4:54am
Quoting vitall
CAD/JPY: The pair hit strong resistant on D1 and Supply zone on H4. It should be nice pull back down.
It has made a rather solid bullish move today.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,198
  • Sep 14, 2012 5:08am Sep 14, 2012 5:08am
Quoting DarkWolF
I took this short on AUDJPY Daily. We didnt see a lot of movement yesterday though.

Lets see what today brings for us.
Ended up with another losing postion on this trade.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPY Daily stopped 14-09.jpg Size: 74 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,199
  • Sep 14, 2012 9:56am Sep 14, 2012 9:56am
Nice bullish week on most of the USD pairs, These pairs week to retrace. lets get ready to goin them on retrace.....
  • #2,200
  • Sep 14, 2012 10:00am Sep 14, 2012 10:00am
So it has been around 1 year 2 months since ive been trading and i have learned a few more important lessons.

1. The market truly always repeats itself. I think over the last year i have seen across major pairs the trend go top to bottom and then back from bottom to top and its more or less the same pattern that occurs every time.

2. Emotions
A couple days ago my initial account balance that i had doubled previously last week vanished before my eyes within 6 trading days and i was sitting back at my initial deposit. And throughout my consecutive loss count i repeatedly broke the same rules that i spent endless hours making. And self knowingly i was breaking these rules i continued to do it for the reasons of hope greed and fear....

I believe i have experienced a vital lesson in trading and it is not simiply good enough to read about controlling your emotions and trading within the forex rules until you experience it.

I believe I have much more to learn but i have realized and learned some very important things over this past couple weeks that i wanted to share.

On a positive note i stopped trading and came to the realization of what i was doing till i felt i was mentally capable of trading (which happened to be the next day ).

Shorted usd/cad and longed eur/aud and eur/jpy

Closed today usd/cad and eur/jpy +400 pips

eur/aud paper profit of 80 pips, waiting for it to break 1.25 to add another lot as 1.25 is phyclogical number + 61.8 fib lev and monthly moving average resistance
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