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Price Action and Trading Discussion

  • #2,201
  • Sep 14, 2012 10:02am Sep 14, 2012 10:02am
Just took a long trade on EURUSD on 5 min
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  • #2,202
  • Edited 6:37am Sep 17, 2012 6:22am | Edited 6:37am
Hi, darkwolf how are you today, it seems that pullback today.
One of the trade in for today (AUDUSD DAILY) short
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  • #2,203
  • Sep 17, 2012 6:56am Sep 17, 2012 6:56am
Quoting Tiwa
Hi, darkwolf how are you today, it seems that pullback today.
One of the trade in for today (AUDUSD DAILY) short Attachment
Hi Tiwa,

I am doing well thanks. How about yourself ?

I hope your weekend was a great one.

There is potential for some of the pairs to be having a pullback, however with some of the strength we have seen against the USD I am a bit cautious of trying to catch a short. The AUD is at a solid resistance area though for a good short move against the bullish move of the last week.

Will that strength hold or will it simply collapse again, I guess we are about to find out.

If looking to get short the first area of support is quite close around the 1.0500 area and if that can be solidly broken it might be all good.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,204
  • Sep 17, 2012 7:04am Sep 17, 2012 7:04am
Quoting jibjib210
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.
Quoting jibjib210
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.

Hi Jibjib,

An excellent post with some great points.

Indeed the market does repeat itself and it is that in the market that we are always looking to exploit.

Without doubt emotions in trading are the hardest challenge. And you are absolutely correct that it is easy to read and listen to others talk about it but until you experience it with live trading is when you will truly understand what is meant by the emotions involved in trading.

I am glad that you are realising it and being aware of it is the first step to overcoming those emotions.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,205
  • Sep 17, 2012 7:06am Sep 17, 2012 7:06am
Quoting DarkWolF
Hi Tiwa,

I am doing well thanks. How about yourself ?

I hope your weekend was a great one.

There is potential for some of the pairs to be having a pullback, however with some of the strength we have seen against the USD I am a bit cautious of trying to catch a short. The AUD is at a solid resistance area though for a good short move against the bullish move of the last week.

Will that strength hold or will it simply collapse again, I guess we are about to find out.

If looking to get short the first area of support is quite close around...
Thank you for that am kind of a conservative trader who is satisfy with a normal profit so i will not be looking for homerun if you get the point cus the market can still move either ways. Beside am not live at the moment, if remember in my first post am trying to get myself back on track again. Once again thank you.
  • #2,206
  • Sep 17, 2012 9:07am Sep 17, 2012 9:07am
Quoting Tiwa
Thank you for that am kind of a conservative trader who is satisfy with a normal profit so i will not be looking for homerun if you get the point cus the market can still move either ways. Beside am not live at the moment, if remember in my first post am trying to get myself back on track again. Once again thank you.
No probs at all Tiwa. There is still every chance that it will continue on the short side though. It is simply facing one of those areas that it would pay to be cautious and keep stops tight or at very least potentially have a BE in.

Even though you area demo trading it does pay to absolutely trade the account as if it was your own live account. I think that many traders who use demo accounts simply over leverage the accounts or take trades that they maybe would not take if it was a live account knowing that it will not cause any financial damage to themselves. By doing so it can seem like you are doing a lot better than it may appear. If you simply would not trade that position sizing or risk with the likely live account that you would have then why do it with a demo account. It simply does not allow you to focus on the trade methodology by focusing more on the $$$ you have made by over leveraging your trades.

This may have got slightly off topic I think but just a few thoughts of what I see around the forums with some new traders and demo accounts. I guess this could be related back the post that Jibjib made about emotions within trading.

It looks as if you are looking at the right areas, keep up the focus and you will find yourself back on track.

Patience + Discipline - Greed = Success

Focus on the trade not the money.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,207
  • Sep 17, 2012 9:51am Sep 17, 2012 9:51am
Quoting DarkWolF
No probs at all Tiwa. There is still every chance that it will continue on the short side though. It is simply facing one of those areas that it would pay to be cautious and keep stops tight or at very least potentially have a BE in.

Even though you area demo trading it does pay to absolutely trade the account as if it was your own live account. I think that many traders who use demo accounts simply over leverage the accounts or take trades that they maybe would not take if it was a live account knowing that it will not cause any financial damage...
I dont like demo all the time but as said just want myself to get back to the right track i tell you all i have study forex for about 3 years not sticking to a paticular system in not good i dont know of the experience ones
  • #2,208
  • Sep 17, 2012 2:40pm Sep 17, 2012 2:40pm
The trade progress stll doing well
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  • #2,209
  • Sep 17, 2012 3:56pm Sep 17, 2012 3:56pm
I agree with both of you Tiwa and DW. This would be a time to be cautious. Keep those stops tight onece theyre at the BE point. I'm in the short too. I only trade live. As DW said, It's the only way to really get experience, the emotional part. Which is the hardest thing for me to overcome. Try trading micro lots. It's not much money, but you will still experience the loss, and gain of the trades.

That's my two cents..

Good luck all....
  • #2,210
  • Sep 17, 2012 4:02pm Sep 17, 2012 4:02pm
Eur/Usd: A few charts to think
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  • #2,211
  • Sep 17, 2012 4:38pm Sep 17, 2012 4:38pm
Quoting Tiwa
The trade progress stll doing wellAttachment
Looking good for you so far, and you have that stop in place. Good work, a risk free trade now to just manage it.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,212
  • Sep 17, 2012 4:42pm Sep 17, 2012 4:42pm
Quoting onekuelkat
I agree with both of you Tiwa and DW. This would be a time to be cautious. Keep those stops tight onece theyre at the BE point. I'm in the short too. I only trade live. As DW said, It's the only way to really get experience, the emotional part. Which is the hardest thing for me to overcome. Try trading micro lots. It's not much money, but you will still experience the loss, and gain of the trades.

That's my two cents..

Good luck all....
Demo trading still has its place, especially when trialling a new method. I simply believe that you must trade the demo exactly as if it was the account size and risk management that you would if you were trading live.

But yes the emotional part is absolutely different when its live, and using micro lots can be a good starting point to assist with overcoming the emotional side of it. But again one must be careful not to get in the mindset of letting things run against you because its only small lots, the plan must be followed. Get out when you plan to for TP or SL.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,213
  • Sep 17, 2012 4:47pm Sep 17, 2012 4:47pm
Quoting vitall
Eur/Usd: A few charts to think
There is no doubt that there will be a retrace of some description after a move like we have just seen.

Time will tell wether that retrace turns into a continuation of the down trend or we see it pullback and make a higher high.

If trying to take the shorts, be cautious and keep stops in good logical places.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,214
  • Sep 17, 2012 8:16pm Sep 17, 2012 8:16pm
Looking to me like a nice M forming. (M for murder) Double top. Just a possibility.
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  • #2,215
  • Sep 18, 2012 4:09am Sep 18, 2012 4:09am
Quoting onekuelkat
Looking to me like a nice M forming. (M for murder) Double top. Just a possibility.
Hi onekuelkat,

Certainly an area worth keeping an eye on. So far the rejection seems to be holding at that level. Top of the range, confluence of trend line.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,216
  • Sep 18, 2012 4:11am Sep 18, 2012 4:11am
Quoting Tiwa
The trade progress stll doing wellAttachment
Still going well for you on this one Tiwa.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,217
  • Sep 18, 2012 5:12am Sep 18, 2012 5:12am
Quoting DarkWolF
Still going well for you on this one Tiwa.
Am Out already and this one what keeping eye on (EURJPY)
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  • #2,218
  • Sep 18, 2012 5:16am Sep 18, 2012 5:16am
Quoting Tiwa
Am Out already and this one what keeping eye on (EURJPY)Attachment
Good work.

I am keeping an eye on the same area for EJ.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,219
  • Sep 18, 2012 7:50am Sep 18, 2012 7:50am
USDCAD could have some potential with a key level holding so far on the 4 hourly chart.
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  • #2,220
  • Sep 18, 2012 7:56am Sep 18, 2012 7:56am
Plenty of confluence at this area on AUDJPY 4 hourly.
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