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Price Action and Trading Discussion

  • #2,261
  • Oct 3, 2012 7:49pm Oct 3, 2012 7:49pm
Chikn. If that is uncluttered price action, you need to show me what clutter looks like. If you have followed DW's mentoring here we don't use a lot of that stuff you are showing. You might want to go out and have a cheeseburger and re-think what this thread is about. But what do I know anyway. I follow the thread.
  • #2,262
  • Oct 4, 2012 6:18am Oct 4, 2012 6:18am
Quoting chiknthief
Just uncluttered Price Action and the 21MAC/50MA/and Bollingers. Its self explanatory. Can it be any more clear ?

Note : large move imminent. Bollinger bands are pinching together. B-A-N-G
Hi Chiknthief,

I am not really a fan of bollinger bands, but I guess if you have a method that works for you consistantly then stick to it.

Just remember that indicators are a reaction to price.

The down move on the AUD was caused when the reserve bank dropped interest rates by .25

Will that down move continue on the back of that, well I guess time will tell.

There is now a period of consolidation on this pair after the move down, price has hit a sound support area. Will that area hold or will it break, keep an eye on the area and let price show you what way it wants to go.

Here is a couple of charts with my take of it. First being the hourly view (just to complare my chart without indicators to yours with indicators on it) and second the 4 hourly.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 86 KB
Click to Enlarge Name: 2.jpg Size: 109 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,263
  • Oct 4, 2012 8:29am Oct 4, 2012 8:29am
Quoting jimmaxx
Chikn. If that is uncluttered price action, you need to show me what clutter looks like.
Indeed. Not the sort of chart I am used to looking at that is for sure.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,264
  • Oct 4, 2012 8:38am Oct 4, 2012 8:38am
Just a thought:

I reckon I could put almost any indicator on a chart and show you a reason of "why" and "how" it "works" and how "good" it is to get trades from.

But like I always say, if it works for you on a consistant basis then keep doing it.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,265
  • Oct 4, 2012 8:43am Oct 4, 2012 8:43am
Quoting DarkWolF
Hi guys,

Anyone got their eyes on anything.

AUD could be looking to hold from the support area at 1.0200, but dont think I will be looking to take it from there, more likely to let it go and look for some sort of continuation to the short side.
I actually took this au and nu at support but it seems the bears arent done yet. I got out with a loss. I regretted this setup (4h pin at support) because it wasnt going no where leaving my investment risk wasted when I would have taken on better opportunities like eu,ej or even gu/gj. I have to refine my picks.
  • #2,266
  • Oct 4, 2012 8:52am Oct 4, 2012 8:52am
I think using indicators in line with price action is the best way forward and edging your trading decision based on your experience and rules if the indicators accept or reject that analysis then good.
Find your Favourite Pattern
  • #2,267
  • Oct 4, 2012 8:58am Oct 4, 2012 8:58am
Quoting Pipanator
I think using indicators in line with price action is the best way forward and edging your trading decision based on your experience and rules if the indicators accept or reject that analysis then good.
Indicators lag and I'm not a big fan even when I have tried in the past.
DW says "use what consistently works for you"!
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 21 KB
  • #2,268
  • Oct 4, 2012 9:23am Oct 4, 2012 9:23am
Well I have 11 indicators on my charts is this a barrier to me seeing price action no it helps its how you interpret it and type of indicators you use that causes blindness in the markets.
Attached Image (click to enlarge)
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Find your Favourite Pattern
  • #2,269
  • Oct 4, 2012 7:12pm Oct 4, 2012 7:12pm
Quoting dboy365
I actually took this au and nu at support but it seems the bears arent done yet. I got out with a loss. I regretted this setup (4h pin at support) because it wasnt going no where leaving my investment risk wasted when I would have taken on better opportunities like eu,ej or even gu/gj. I have to refine my picks.
Hi dboy,

NU at the bottom of the range with a nice strong rejection away from that level. Price still struggling to break free of the consolidation though. AU broke up slightly from the consolidation and now has pulled back to top of that area. But as with all this trading in the heat of the moment the decsions we make are always difficult. We will never be 100% correct in what we do and losing trades will always be a part of the business.

My GBPUSD daily trade is not looking the best so far. I dont often trade against a trend but I did this time at the double high. Time will tell.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,270
  • Oct 4, 2012 7:23pm Oct 4, 2012 7:23pm
Quoting Pipanator
I think using indicators in line with price action is the best way forward and edging your trading decision based on your experience and rules if the indicators accept or reject that analysis then good.


Quoting Pipanator
Well I have 11 indicators on my charts is this a barrier to me seeing price action no it helps its how you interpret it and type of indicators you use that causes blindness in the markets.
Hi Pipanator,

Well like dboy said, if you find they work for you then all is good and keep doing it.

You do have a point about the "type" of indicators. Some indicators like the ADR, open high low close, bar times etc can be useful to your charts and assist with your analysis of the charts. For example the RN lines on my chart are created by an "indicator" which will automatically draw them on to save me doing it manually.

So yes I guess we should be careful to rule out "all" indicators. But you still have a nice clean chart.

I simply dont like to have a lot of indicators on the chart that will give you too much to look at and take in at once. Keep it simple dont mess up your analysis. And yes even though you have indicators on your chart your charts still look clean, tidy and simple making it easy to see the underlying price action.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,271
  • Oct 4, 2012 10:09pm Oct 4, 2012 10:09pm
Quoting DarkWolF
Hi dboy,

NU at the bottom of the range with a nice strong rejection away from that level. Price still struggling to break free of the consolidation though. AU broke up slightly from the consolidation and now has pulled back to top of that area. But as with all this trading in the heat of the moment the decsions we make are always difficult. We will never be 100% correct in what we do and losing trades will always be a part of the business.

My GBPUSD daily trade is not looking the best so far. I dont often trade against a trend but I did...
thanks DW. I did buy AU/NU again after being convinced of PA and price rejecting support and now my trades including gj are in BE. It's risk free trades now. I think the trend has changed so your gu trade might be stopped out.
Attached Image(s) (click to enlarge)
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  • #2,272
  • Oct 5, 2012 8:05am Oct 5, 2012 8:05am
Since being away from the screen for some time, I went over a few majors and put my thoughts to paper.
Feel free to comment.
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Thoughts are things
  • #2,273
  • Oct 5, 2012 8:05am Oct 5, 2012 8:05am
GU
Attached Image(s) (click to enlarge)
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Thoughts are things
  • #2,274
  • Oct 5, 2012 8:06am Oct 5, 2012 8:06am
AU
Attached Image(s) (click to enlarge)
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Thoughts are things
  • #2,275
  • Oct 5, 2012 8:58am Oct 5, 2012 8:58am
Quoting Quezoy
Since being away from the screen for some time, I went over a few majors and put my thoughts to paper.
Feel free to comment.
Hi Quezoy,

Some great analysis. I particularly like that you are looking at the bigger picture and taking it all in, good work
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,276
  • Oct 5, 2012 8:59am Oct 5, 2012 8:59am
Well the NFP today cause some nice price movement on some of the pairs.

As with most NFP days, very quiet leading up and the off it goes.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,277
  • Oct 5, 2012 9:00am Oct 5, 2012 9:00am
Quoting Quezoy
AU
Keeping an eye on that exact same trend line.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,278
  • Oct 8, 2012 3:31am Oct 8, 2012 3:31am
Quoting Quezoy
AU
I went for the AU short when price broke support. Now it is hanging around there.
I have a small SL in place and there's plenty of room to the downside, so, a legitimate entry for me.
Attached Image (click to enlarge)
Click to Enlarge Name: au.png Size: 29 KB
Thoughts are things
  • #2,279
  • Oct 8, 2012 4:53am Oct 8, 2012 4:53am
Quoting Quezoy
I went for the AU short when price broke support. Now it is hanging around there.
I have a small SL in place and there's plenty of room to the downside, so, a legitimate entry for me.
A good resistance area, just gotta see if it can hold price now.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,280
  • Oct 8, 2012 4:57am Oct 8, 2012 4:57am
GBPUSD short has turned around for me, I have a target area of just above the 1.6000 RN area.

About half way to my target now, but obviously doenst mean it will make it there, could quite easily turn like it did at the end of last week.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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