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Day Trading vs. Swing Trading vs. Position Trading 86 replies

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B.S. Trading with Kenneth Lee

  • #4,341
  • Oct 2, 2012 8:16pm Oct 2, 2012 8:16pm
Quoting C-12
...I probably would have took 20 pips out of it with a trail if I was at home.
Exactly, It didn't really fail, and I'm ready to do the same thing on the next Demand Level. Take my +20p and be happy
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  • #4,342
  • Oct 3, 2012 2:38am Oct 3, 2012 2:38am
Quoting Haydel
Exactly, It didn't really fail, and I'm ready to do the same thing on the next Demand Level. Take my +20p and be happy
I never take trades like this, done it before, won't do it again, depends the timeframe and the higher trend tho. The reason is obvious, it is that it means going against the trend without any confirmation. I eyeball those levels and watch pa in that zone and only then take a decision.
But goodluck with it anywayz.

S.
Old Habits Die Hard.
  • #4,343
  • Oct 3, 2012 2:41am Oct 3, 2012 2:41am
Hi everyone!

AUDUSD: I completely agree with you Nollej, the Australian central bank cut rates, essentially reversing the AUDUSD trend. Now it's time to look for shorts. Let's see next week for some retracements.

USDCAD: Today I'm watching a possible short entry on USDCAD off the 4-hour/1-hour charts. Each time the pair hit a small supply, its dropped. It's also in an overall downtrend on the Weekly, Daily and 4-hour.

Here's the setup: Short @ 0.9900, stop @ 0.9925, target @ 0.9700

(25pips risk for 200pips profit, 8:1 risk-reward ratio)

Comments welcome!
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  • #4,344
  • Oct 3, 2012 2:58am Oct 3, 2012 2:58am
Hi again!

EURUSD trade coming up on the 15-minute chart. The pair is in an uptrend on the Daily, 4-hour and slowly breaking to the upside on the 1-hour. There is also a 61.8% Fibo retracement in the middle of the demand zone (an added benefit).

Here's the setup: Long @ 1.2870, stop @ 1.2855, target @ 1.2935
( 15pips risk for 65 pips reward, 4:1 risk-reward ratio)

Any comments welcome!
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  • #4,345
  • Oct 3, 2012 6:00am Oct 3, 2012 6:00am
I'm also watching USDCAD, but I see a few things:

1. The level has been touched before
2. Price seems to be coming out of a strong daily swing low
3. Trend is bullish on h4 and has broken the bearish trendline on D1, it's already made a HH and HL

I think I'd rather check the H1 demand that's formed on 0.984.

We'll see


Quoting EuroPipper
Hi everyone!

AUDUSD: I completely agree with you Nollej, the Australian central bank cut rates, essentially reversing the AUDUSD trend. Now it's time to look for shorts. Let's see next week for some retracements.

USDCAD: Today I'm watching a possible short entry on USDCAD off the 4-hour/1-hour charts. Each time the pair hit a small supply, its dropped. It's also in an overall downtrend on the Weekly, Daily and 4-hour.

Here's the setup: Short @ 0.9900, stop @ 0.9925, target @ 0.9700

(25pips risk for 200pips profit, 8:1 risk-reward ratio)...
  • #4,346
  • Oct 3, 2012 6:08am Oct 3, 2012 6:08am
4h supply zone , and compression in price , any thoughts from u guys ?
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  • #4,347
  • Oct 3, 2012 6:30am Oct 3, 2012 6:30am
Quoting extremerrage
4h supply zone , and compression in price , any thoughts from u guys ?
I don't trade this pair but if I did I would pick the upper one.

http://s10.postimage.org/8b0dhf93t/C...y_snapshot.png

Quoting EuroPipper
Hi everyone!

AUDUSD: I completely agree with you Nollej, the Australian central bank cut rates, essentially reversing the AUDUSD trend. Now it's time to look for shorts. Let's see next week for some retracements.

USDCAD: Today I'm watching a possible short entry on USDCAD off the 4-hour/1-hour charts. Each time the pair hit a small supply, its dropped. It's also in an overall downtrend on the Weekly, Daily and 4-hour.

Here's the setup: Short @ 0.9900, stop @ 0.9925, target @ 0.9700

(25pips risk for 200pips profit, 8:1 risk-reward...
Yea, I see it almost exactly the same.

http://s16.postimage.org/e5cc2ddf9/C...s_snapshot.png
  • #4,348
  • Oct 3, 2012 6:45am Oct 3, 2012 6:45am
It seems like AUD/NZD is going to be ready for short soon.

I'm not sure about TP, yet.

http://s12.postimage.org/65ao0zfpp/C...s_snapshot.png
  • #4,349
  • Oct 3, 2012 7:04am Oct 3, 2012 7:04am
I got up too late for London open but you can see money positioning itself around the US market open, as Sam Seiden mentions.

I didn't enter off the pin bar but it was the aggressive formation of it. You really have to watch this live as it happens.

I've just applied a 10 pip trailed lock on this and I'm out.
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  • #4,350
  • Oct 3, 2012 7:36am Oct 3, 2012 7:36am
Quoting C-12
I got up too late for London open but you can see money positioning itself around the US market open, as Sam Seiden mentions.

I didn't enter off the pin bar but it was the aggressive formation of it. You really have to watch this live as it happens.

I've just applied a 10 pip trailed lock on this and I'm out.
Same trade but i took it out of 10m zone with 8 pips SL limit order, will see where it goes.

http://s8.postimage.org/3xe1aj0t1/Ch...s_snapshot.png
  • #4,351
  • Oct 3, 2012 7:43am Oct 3, 2012 7:43am
Quoting Peter_FX
Same trade but i took it out of 10m zone with 8 pips SL limit order, will see where it goes.
I've done nicely out of this level, around 18 pips so far just scalping it. I've taken a few further shots that were stopped out at BE and now back in.

Be nice if it runs though but not essential.
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  • #4,352
  • Oct 3, 2012 7:43am Oct 3, 2012 7:43am
Quoting bali2002
I'm also watching USDCAD, but I see a few things:

1. The level has been touched before
2. Price seems to be coming out of a strong daily swing low
3. Trend is bullish on h4 and has broken the bearish trendline on D1, it's already made a HH and HL

I think I'd rather check the H1 demand that's formed on 0.984.

We'll see
Hi Bali2002,

You have an excellent point there, however, something I forgot to the mention in my post was that I'm also looking at the bigger picture. There is a strong supply level on USDCAD weekly chart, between 0.9880 and 0.9950. I'm hoping for a strong move to the downside soon... would you agree?

Cheers!
  • #4,353
  • Oct 3, 2012 7:49am Oct 3, 2012 7:49am
Quoting C-12
Be nice if it runs though but not essential.
Ok and that's my day's work done. Lock applied.

*update* Totally forgot to check news and saw it was NFP day today.. Oh well. Ooops.
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  • #4,354
  • Oct 3, 2012 8:07am Oct 3, 2012 8:07am
Quoting C-12
Ok and that's my day's work done. Lock applied.

*update* Totally forgot to check news and saw it was NFP day today.. Oh well. Ooops.
Haha m2 I was pretty sure its going to be Friday,

That's why price is so jumpy

Anyway EUR seem bearish on bigger picture.
  • #4,355
  • Oct 3, 2012 8:10am Oct 3, 2012 8:10am
Quoting Peter_FX
Anyway EUR seem bearish on bigger picture.
Also, looking at the Aussie in H4 demand. I'd like to see a deeper trace into the level followed by a strong rejection on lower level.
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  • #4,356
  • Oct 3, 2012 9:05am Oct 3, 2012 9:05am
Quoting Shaggy_rock
I never take trades like this, done it before, won't do it again, depends the timeframe and the higher trend tho. The reason is obvious, it is that it means going against the trend without any confirmation. I eyeball those levels and watch pa in that zone and only then take a decision.
But goodluck with it anywayz.

S.
Well it is clear that I have a lot to learn about this method. I was Stopped out on this one. This is what I think went wrong.

1. The way the price approached the Demand Level. In this case it was too slow, it took several bars to get there, so there where almost no reaction.

2. I could have considered Level over Level to see the need of using a bigger SL and because that SL would have been too big I would have preferred to avoid the trade.

3. The Daily TF is showing a nice Demand Level, I should have waited to start seen the reaction form that Level.

I know that AUDUSD is in downtrend, but aren't clear Supply/Demand Levels the places where you can expect a trend reversal? For example, looking at the Daily Chart, I won't be surprised if price starts reacting from the Daily Demand Level where it is right now and starts a little uptrend during the next days.
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  • #4,357
  • Oct 3, 2012 9:22am Oct 3, 2012 9:22am
Quoting Haydel
Well it is clear that I have a lot to learn about this method. I was Stopped out on this one. This is what I think went wrong.
Looking at it I can see this was a flimsy looking RBR level coming against a strong larger term downtrend. The odds were not great to start with.

Another thing is that with pending orders you can never be sure there is demand there. If you sat there watching price arrive at this level on any lower time frame you'd have seen that price sliced through it like butter without any hesitation.

This is why I don't use pending orders at all any more.
  • #4,358
  • Oct 3, 2012 9:22am Oct 3, 2012 9:22am
C-12,

What time zone do you live in?
  • #4,359
  • Oct 3, 2012 9:24am Oct 3, 2012 9:24am
Quoting Good Lookin
C-12,

What time zone do you live in?
I'm in the UK so currently BST.
  • #4,360
  • Oct 3, 2012 9:26am Oct 3, 2012 9:26am
Quoting Haydel
Well it is clear that I have a lot to learn about this method. I was Stopped out on this one. This is what I think went wrong.

1. The way the price approached the Demand Level. In this case it was too slow, it took several bars to get there, so there where almost no reaction.

2. I could have considered Level over Level to see the need of using a bigger SL and because that SL would have been too big I would have preferred to avoid the trade.

3. The Daily TF is showing a nice Demand Level, I should have waited to start seen the reaction form...
Every trade is not going to be a winner. You might lose the next 4 staight then win twenty. It was a good level.

I had considered some pending orders on the Aussie. The only thing that kept me from doing so was all the news coming out this week. We have no idea the orders that may get pulled off.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
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