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Price Action and Trading Discussion

  • #2,321
  • Oct 10, 2012 11:39am Oct 10, 2012 11:39am
i hav a Buy setup on Eur.Aud. plz if u see anythn that will violate the bull share with us here. 2 heads are better than 1.
Good luck pals.
forexpillariscipline & patience Trader
  • #2,322
  • Oct 10, 2012 11:50am Oct 10, 2012 11:50am
  •  gil
  • | Joined Jan 2012 | Status: try to master himself first | 63 Posts
Price on the daily seems to put an Hammer, still few hours to go but seems solid.
On the lower TF 1.2600 is the price right now and seems to hold.
I do not have anything against it but for me looking for some confirmation (engulfing, hammer, or time before the breakout and the retest...)
So for me WAIT but could hold never know.

Only my opinion.
  • #2,323
  • Oct 10, 2012 12:05pm Oct 10, 2012 12:05pm
On which time frame are u looking for a buy

Quoting paulyjah
i hav a Buy setup on Eur.Aud. plz if u see anythn that will violate the bull share with us here. 2 heads are better than 1.
Good luck pals.
  • #2,324
  • Oct 10, 2012 12:22pm Oct 10, 2012 12:22pm
Quoting paulyjah
i hav a Buy setup on Eur.Aud. plz if u see anythn that will violate the bull share with us here. 2 heads are better than 1.
Good luck pals.
seems good
Its close to the TL and you have a support, 50 fib and 100sma confluence in line with the trend.
Thoughts are things
  • #2,325
  • Oct 11, 2012 2:37am Oct 11, 2012 2:37am
Hi guys,

Not much really going on across the pairs at the moment on 4 hourly.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,326
  • Oct 11, 2012 3:21am Oct 11, 2012 3:21am
Quoting DarkWolF
Hi guys,

Not much really going on across the pairs at the moment on 4 hourly.
yeah you're right but i have one set up on 4 hour which i used 1hour as entry for as of breakout pull back style do you want me to post it
  • #2,327
  • Oct 11, 2012 3:30am Oct 11, 2012 3:30am
Quoting Tiwa
yeah you're right but i have one set up on 4 hour which i used 1hour as entry for as of breakout pull back style do you want me to post it
Hi Tiwa,

What was that on ?
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,328
  • Oct 11, 2012 3:32am Oct 11, 2012 3:32am
Quoting DarkWolF
Hi Tiwa,

What was that on ?
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  • #2,329
  • Oct 11, 2012 3:47am Oct 11, 2012 3:47am
Quoting Tiwa
Attachment
Be mindfull that price is approaching a TL and were still in a downtrend until its broken, IMO.
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Thoughts are things
  • #2,330
  • Oct 11, 2012 3:55am Oct 11, 2012 3:55am
Quoting Quezoy
Be mindfull that price is approaching a TL and were still in a downtrend until its broken, IMO.
Thank you for that point
  • #2,331
  • Oct 11, 2012 4:10am Oct 11, 2012 4:10am
I would be cautious trading into the RN area, it does not mean that it wont break and given a good solid PA bar I will trade into them. But would prefer to see it break above the RN and trend line and then see that area hold with some solid PA.

I will be keeping an eye on that area to see if price will reject or indeed break then hold above the RN.

Your stop is below the next RN area which is a good place for it and price falls back into the sideways range.
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  • #2,332
  • Oct 11, 2012 5:01am Oct 11, 2012 5:01am
I've had a few suboptimal trades in the last days, either a to late entry or a good ol' unnecessary trade.

Currently Im long E/A. I plan not to take patial profits, but to ride the wave up.
I have a good entry in line with the trend and I plan to squeeze it unill PA tells me to get out.
I always took partial profits, but Im begining to doubt that this is the better strategy.
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Thoughts are things
  • #2,333
  • Oct 11, 2012 10:36pm Oct 11, 2012 10:36pm
Hi all i just set my sell stop order on this pair is anyone watching this as well. comment is welcome.
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Good luck.
  • #2,334
  • Oct 12, 2012 1:09am Oct 12, 2012 1:09am
Quoting Tiwa
Hi all i just set my sell stop order on this pair is anyone watching this as well. comment is welcome.Attachment
Good luck.
Generally, a technicaly good entry. But we are at parity, after a long downtrend.
So those are 2 reasons which speak against a down continuation. As you can see from the chart, parity is respected.
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Thoughts are things
  • #2,335
  • Oct 12, 2012 1:21am Oct 12, 2012 1:21am
Quoting Quezoy
Generally, a technicaly good entry. But we are at parity, after a long downtrend.
So those are 2 reasons which speak against a down continuation. As you can see from the chart, parity is respected.
Thank you Quezoy for your analysis as always am no t in the trade yet and i have those levels you point out in mind.
  • #2,336
  • Oct 12, 2012 7:59am Oct 12, 2012 7:59am
Quoting Quezoy
I always took partial profits, but Im begining to doubt that this is the better strategy.
Hey, also in eur/aud long hoping to hit atleast 1.3. Quezoy ive also had problems with when to exit and how much profit to take but at the end of the day i believe profit should not be the basis of you closing a trade as it associates itself with greed and fear. However, you should continue the trade until that exact same trade does not follow the set up you initially took and that you would close and reverse the position instead. Now you do not have to reverse the position if it does not comply with your trading method.

For example in my trade i took the trade off pin bar in the uptrend, previous 2 high lows, 1.25 round number with fib and TL rejection. For now my SL would be channel its in if it crosses the previous high then that becomes the next support and SL below it.

Not a expert yet but it's whats been working for me. Hope that helps.

On the other hand ive had problems with when to open lots and where to open them. Ive tried initially opening a bunch of lots at the beginning within 25 pips of each other so when the initial run happens i can BE all of them for risk free trade. It hasnt worked as price usually comes back to test and wipes my trades. If no SL then too much risk at once. Beginning to think the best approach to this is to open up another lot only when set up is present in that same trade. Regardless of whether the price goes in my direction 500 pips or not. But that comes down to what kind of time period im trading. Best case scenario trend trade from bottom to top and vice versa but clearly that hasnt been happening thus far as it takes the utmost patience . Would like to hear everyones thoughts on this matter and how they open lots?

Thanks

Cheers
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  • #2,337
  • Oct 12, 2012 8:28am Oct 12, 2012 8:28am
Quoting jibjib210
Hey, also in eur/aud long hoping to hit atleast 1.3. Quezoy ive also had problems with when to exit and how much profit to take but at the end of the day i believe profit should not be the basis of you closing a trade as it associates itself with greed and fear. However, you should continue the trade until that exact same trade does not follow the set up you initially took and that you would close and reverse the position instead.
This long is coming along nicely, ATM +125 pips. With my old strategy I would have close 2/3 allready for +50. Well, this would stil be over 1:1 R:R, since Im looking for small SL's, but in the future I mean to ride the trend, until it invalidates my initiall setup. Exactly as you wrote.
In this case I will exit when the TL gets broken. Simple as that.

Quoting jibjib210
On the other hand ive had problems with when to open lots and where to open them. Ive tried initially opening a bunch of lots at the beginning within 25 pips of each other so when the initial run happens i can BE all of them for risk free trade. It hasnt worked as price usually comes back to test and wipes my trades. If no SL then too much risk at once. Beginning to think the best approach to this is to open up another lot only when set up is present in that same trade. Regardless of whether the price goes in my direction 500 pips or not. But that...
I agree with the conclusion you came to; only open a new lot when the setup itself invites you to do it, so to say.
Dont go looking for a position to add, the position itself should poke you in the eye. Cause if its not good, you can very easily wipe out the initiall gain you've made.
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Thoughts are things
  • #2,338
  • Oct 12, 2012 10:25am Oct 12, 2012 10:25am
Quoting Quezoy
This long is coming along nicely, ATM +125 pips. With my old strategy I would have close 2/3 allready for +50. Well, this would stil be over 1:1 R:R, since Im looking for small SL's, but in the future I mean to ride the trend, until it invalidates my initiall setup. Exactly as you wrote.
In this case I will exit when the TL gets broken. Simple as that.


I agree with the conclusion you came to; only open a new lot when the setup itself invites you to do it, so to say.
Dont go looking for a position to add, the position itself should poke...
How much risk are you playing with and what timeframe?

Since i play with a very small account size i risk the lowest lot size possible and try to take trades around a 50 pip SL which still accounts to about 5 percent of my account. I take my trades on the 4H bars but trade the daily chart. This can be frustrating at times as a 50 pip sl is not enough on the daily range.

Though this is what i got till i can make a living and have a bigger account size. This so far is the most suitable with my schedules and having better control of my emotions. Especially since i just started university dont need anymore stress .

I am currently 150 pips + on my live account and hopefully this works out for both of us 1.3 a big resistance also as it hits 61.8 fib level and RN.
  • #2,339
  • Oct 12, 2012 11:21am Oct 12, 2012 11:21am
Quoting DarkWolF
Price Action and Trading Discussion.

Price action, horizontal support and resistance, trend lines, round number areas and throw in some candle patterns also.

I welcome any general discussion in regards to trading and any thoughts around price action trading no matter what pair or combination of pairs that you may trade.

Charts with reasoning as to why you took the trade or are thinking of taking a trade would be appreciated.
Not to rain on anyone, but isnt this thread supposed to be pure price action only as intended by the OP?.. whats with all the people trading with indicators posting on a price action only thread?
  • #2,340
  • Oct 12, 2012 7:16pm Oct 12, 2012 7:16pm
Quoting Quezoy
I've had a few suboptimal trades in the last days, either a to late entry or a good ol' unnecessary trade.

Currently Im long E/A. I plan not to take patial profits, but to ride the wave up.
I have a good entry in line with the trend and I plan to squeeze it unill PA tells me to get out.
I always took partial profits, but Im begining to doubt that this is the better strategy.
I never liked partial profit anyway and its been both good and bad for me. Still finding it difficult to decide the best strategy.
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