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Price Action and Trading Discussion

  • #2,921
  • Feb 6, 2013 3:10pm Feb 6, 2013 3:10pm
hey darkwolf and all!

havent posted in a while been bogged down with school. However still have been keeping up with trading even though i havent posted charts i will very soon. I am with you in the aud/nzd trade DW for quite a while now could turn out to be the trade of the year.

I have tweaked my trading strategy a bit really focusing on long term swing trading and aiming for RR atleast 1:2. This allows me to really be picky about my trades ive only taken 6 trades in the past 2 months. Also have added 10 ema and 20 ema to show me when the trend has changed and it is time for me to get out when the two cross.

In school at the moment exams coming up just wanted to post saying i havent abandoned this thread just too busy

Cheers!
  • #2,922
  • Feb 6, 2013 4:40pm Feb 6, 2013 4:40pm
Quoting jibjib210
hey darkwolf and all!

havent posted in a while been bogged down with school. However still have been keeping up with trading even though i havent posted charts i will very soon. I am with you in the aud/nzd trade DW for quite a while now could turn out to be the trade of the year.

I have tweaked my trading strategy a bit really focusing on long term swing trading and aiming for RR atleast 1:2. This allows me to really be picky about my trades ive only taken 6 trades in the past 2 months. Also have added 10 ema and 20 ema to show me when the...
Hi Jibjib,

Good to see that you are now focussed on the longer term trading and are becoming more picky.

As far as indicators go, moving averages are one that I do like, and will indeed look at myself on charts. I will use them purely for directional purposes combined with PA for entry and they do at times assist with the visual of the chart.

Good luck with your up coming exams I hope they go well for you, and look forward to seeing some of your charts sometime soon.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,923
  • Feb 6, 2013 4:55pm Feb 6, 2013 4:55pm
Quoting DarkWolF
EURAUD Daily:

Keeping an eye on this one to see what develops.


Quoting DarkWolF
Hi Haimber,

Ya I have been watching the same pair, already have a position open on it, I will try get some images up a bit later.
Didint quite get back to these images yesterday but here they are.

Got into the position, but at the moment it's not going anywhere and am contemplating a BE in on this one sometime soon.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURAUD Daily 27-01.jpg Size: 76 KB
Click to Enlarge Name: EURAUD Daily 07-02.jpg Size: 85 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,924
  • Feb 6, 2013 6:25pm Feb 6, 2013 6:25pm
ok here we go.... So the arrow i pointed out is where i took the entry which was the first week of january. The set up if to me was the perfect and best setup i am aware of which included head and shoulder pattern with resistance, trendline and fib which i deleted alongside a pinbar in the 4HR which i dont have a picture for but remember clearly.

The price rebounded and kept retracing and holding my fib and TL levels hence me adding more lots as my position got stronger which is why i opened 3 positions. From there it was pretty much pryimiding positions whenever the price broke resistance and came back to touch the area it broke which acted like support afterwards.

The bottom TL represented the neckline for the head and shoulder pattern which broke alongside a weekly resistance area which worked out pretty well.

To point about the EMA like DW says it works really well to tell you the direction of the price. If you notice the price after it started trending never closed above the 20 or 10 EMA. It went above to come near and got pushed back down.

I try not to have a TP anymore as i truly believe you must catch the big runs and stay with the trend till the end to make up for previous losses and MORE! However, at the back of my mind i am aiming for the 1.200 level as i think this is where i will see a big correction. That being said do not know where the price is going to go at the moment had some pretty bad news for the NZD which saw the price go up especially when it was in a supply area already on the weekly chart.

I do not really have a SL except going to follow the EMA to know when to get out if price closes above or if the two lines cross.

Best of luck to all!!!

CHEERS!
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd.gif Size: 29 KB
  • #2,925
  • Feb 6, 2013 8:51pm Feb 6, 2013 8:51pm
Quoting jibjib210
ok here we go.... So the arrow i pointed out is where i took the entry which was the first week of january. The set up if to me was the perfect and best setup i am aware of which included head and shoulder pattern with resistance, trendline and fib which i deleted alongside a pinbar in the 4HR which i dont have a picture for but remember clearly.

The price rebounded and kept retracing and holding my fib and TL levels hence me adding more lots as my position got stronger which is why i opened 3 positions. From there it was pretty much pryimiding...
Hi Jibjib,

Nice work indeed, and you have certainly got some pips on those positions.

Even though I do like moving averages (they played a very large part in my trading for a long time and to some extent still do) and will be an indicator that I do apply to charts, they can indeed be lagging when it comes to price reversing against trends, and this is where at times it can lead to you giving back large amounts of pips to the market, if you are using them for anything but directional purposes.

Anyone who has been trading for some time will tell you, that without dobut, the exit to a trade is the hardest part. Entry is quite simple but when it comes to how and when to take profit and exit your positions, that is much more difficult. All I can so on the matter is that it is most certainly an individual preference for each trader. Like I always say... if it works for you then keep doing it...

You most certainly are correct about getting those large trades, but I also find that times target areas of some relevance also work well especially when price swings around a lot. But again another one of those aspects of trading that is truly different to each trader and what suits your style.

Support and Resistance... I see you have mentioned, and im sure you are now seeing the areas and how important they are if you are using the swing trading style

Good work on the trades Jibjib, keep it up and keep us posted on how it turns out.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,926
  • Feb 6, 2013 11:20pm Feb 6, 2013 11:20pm
Quoting jibjib210
hey darkwolf and all!

I have tweaked my trading strategy a bit really focusing on long term swing trading and aiming for RR atleast 1:2. This allows me to really be picky about my trades ive only taken 6 trades in the past 2 months. Also have added 10 ema and 20 ema to show me when the trend has changed and it is time for me to get out when the two cross.

Cheers!
Good! jibjib!

Suggestion - Open a thread to discuss your trading philosophy and I will subscribe to it as I am v. keen in MA crossing.

Cheers
  • #2,927
  • Feb 7, 2013 2:23am Feb 7, 2013 2:23am
Quoting msia.metal
Good! jibjib!

Suggestion - Open a thread to discuss your trading philosophy and I will subscribe to it as I am v. keen in MA crossing.

Cheers
Hi Guys,

I think this is where some people get a little confused over my thread.

I trade and post mainly PA based charts, but I am still happy for any other form of chart to be posted and discussion around trading.

Hence the name Price Action and "Trading Discussion"

Yes my main focus is price action, but I do welcome any other "trading discussion" also, be it general discusssion about trading or other methods that may want to be discussed.

As a matter of fact of somone believes they have a method that works, any open discussion around that is more than welcome, as not only will it help that particular person have the method analysed by others, but gives others opporutnity to see the thoughts and idas of other traders.

So the intent of the thread was not only to purely a PA thread but also some other "trading discussion"

Maybe I should have written something along those lines in the first post.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,928
  • Feb 7, 2013 2:48am Feb 7, 2013 2:48am
darkwolf ,you are doing great.just allow onlu pa setups no indicator that will messup...

p.s., another pa trader..
  • #2,929
  • Feb 7, 2013 4:26am Feb 7, 2013 4:26am
Quoting vasude
darkwolf ,you are doing great.just allow onlu pa setups no indicator that will messup...

p.s., another pa trader..
Hi Vasude,

It seems that most that view or post are PA traders
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,930
  • Feb 7, 2013 4:28am Feb 7, 2013 4:28am
Quoting DarkWolF
AUDNZD Daily:

Having a crack at this one.
Not starting off too well with this one.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,931
  • Feb 7, 2013 4:52am Feb 7, 2013 4:52am
Quoting DarkWolF
Hi Vasude,

It seems that most that view or post are PA traders

yes! all pro traders are mostly price action traders, price is the emperor...
  • #2,932
  • Feb 7, 2013 6:27am Feb 7, 2013 6:27am
hi all!!

GBPUSD

stall in confluence of R. waiting for breakout (or bounce to the upside from long term TL)
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.jpg Size: 86 KB
trading is not an addiction. it's a profession.
  • #2,933
  • Feb 7, 2013 6:39am Feb 7, 2013 6:39am
Quoting haimber
hi all!!

GBPUSD

stall in confluence of R. waiting for breakout (or bounce to the upside from long term TL)
Yep... its the area that many traders have been waiting for price to reach.

Now becomes the battle of the bulls vs bears
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,934
  • Feb 7, 2013 11:37am Feb 7, 2013 11:37am
Quoting DarkWolF
Even though I do like moving averages (they played a very large part in my trading for a long time and to some extent still do) and will be an indicator that I do apply to charts, they can indeed be lagging when it comes to price reversing against trends, and this is where at times it can lead to you giving back large amounts of pips to the market, if you are using them for anything but directional purposes.

Anyone who has been trading for some time will tell you, that without dobut, the exit to a trade is the hardest part. Entry is quite simple...
Well see thats the problem I havent quite figured out how to use the EMA for exit strategy... the two EMA are very laggy indeed and by the time they cross back to show trend reversal it will be too late as the price would have retracted to my first initial position actually ending me up with a loss. I do believe the exit is the hardest part and i havent quite figured it out yet. Right now the exit i am going to try is if the price breaks a support level and closes above EMA i should close.

I have been trading forex for a bit longer than 2 years now and now i understand why the average forex trader doesnt last more than 2 years. Because the journey is too long and it takes too long to perfect and learn how to master every aspect of trading. I read somewhere it usually takes one 5-7 years to learn how to trade. I am determined to achieve that and want to be one of those lucky ones that come out of university now wanting a job !
  • #2,935
  • Feb 7, 2013 11:40am Feb 7, 2013 11:40am
Quoting msia.metal
Good! jibjib!

Suggestion - Open a thread to discuss your trading philosophy and I will subscribe to it as I am v. keen in MA crossing.

Cheers
Hey msia im no pro with MA crossing I just came across the idea myself im sure DW knows more about it than me. Also like DW this is not a pure PA thread and i know people have discussed MA in the past on this thread it would be hardly fair for me to take away people from this thread.

Even if i wanted to i dont have time to post of FF on a daily basis yet alone start my own thread :S!

Thanks anways!

Cheers!
  • #2,936
  • Feb 7, 2013 1:34pm Feb 7, 2013 1:34pm
Good afternoon everybody,
My first post on this thread.
What do you think guys of AUDNZD (4H) pair? A valid pin bar on resistence with a good R:R This is what I see.
I hope all of you understand my english. I am from spain and still learning english.
Cheers!
Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZD.jpg Size: 238 KB
  • #2,937
  • Feb 7, 2013 7:34pm Feb 7, 2013 7:34pm
Quoting zukter100
Good afternoon everybody,
My first post on this thread.
What do you think guys of AUDNZD (4H) pair? A valid pin bar on resistence with a good R:R This is what I see.
I hope all of you understand my english. I am from spain and still learning english.
Cheers!
Hi Zukter,

Just getting my first look at the charts for the day today.

Well I already have an open position from the daily chart on this one that is currently in some drawdown so I wont be looking to be opening any more positions on it, but here are some thoughts on the chart.

Daily chart has a clear support area that was broken and as we see time and time again, once broken has now become resistance, which is where I took my daily trade, under the daily recjection of that area.

Ok so if we go down to the 4 hourly view, you can see the daily resistance line, and the 4 hourly pullback to that line holding nicely in the first instance, almost to the pip and would have given you a nice entry with a clear target area.

The second pullback to that area, hasnt made new highs, and with the pinbar as a rejection although not a strong one, still a valid rejction if you wanted to take it, keep your stops in logical areas.

There is room to move lower before the next area of potential support.

Clear and simple, horizontal support and resistance. Look for it, time and time again. Look for the most obvious areas and how price reacts around those areas.

As far as R:R, I dont look to in depth into the whole R:R saga and will not base trades simply on R:R although many will argue this point (there is no right or wrong only what best suits the individual trader) I simply prefer to pay attention to areas on the chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 74 KB
Click to Enlarge Name: 2.jpg Size: 88 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,938
  • Edited 7:58pm Feb 7, 2013 7:44pm | Edited 7:58pm
Quoting zukter100
Good afternoon everybody,
My first post on this thread.
What do you think guys of AUDNZD (4H) pair? A valid pin bar on resistence with a good R:R This is what I see.
I hope all of you understand my english. I am from spain and still learning english.
Cheers!
And just a sidenote, I guess to point out about traders making rules with indicators.

For example, if you were basing entry short on this chart using your moving averages (depending on how you are using them) you would not be looking for a trade short as price has moved above them and they are looking to cross.

Depending on your understainding of the MACD, again you would potentially be looking for reversal.

Stochastic is one that I do like sometims but again it simply follows price. It is getting towards the overbought area.

So you can see how the indicators can somtimes give you conflicting story to the price action, and if used should be for a guide only.

I have found over the years is that I reckon I could "curve fit" almost any indicator onto a chart to "make it work" and show trade signals and entries. But as I always say.... if it works for you continue to do it.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,939
  • Feb 7, 2013 7:56pm Feb 7, 2013 7:56pm
AUDUSD Hourly:

I set this one last night before heading off the sleep.

Put an order under the sideways market and the RN area, with a stop above it. When opening up today to check the charts seen that it had indeed been triggered.

Target area is the bottom red line, but I have now put a break even in place on this one to make it a risk free position.

Quite a common pattern and one I do like to regularly look for on the charts.
Attached Image (click to enlarge)
Click to Enlarge Name: AUD hourly.jpg Size: 93 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,940
  • Feb 7, 2013 8:08pm Feb 7, 2013 8:08pm
Quoting DarkWolF
AUDUSD Hourly:

I set this one last night before heading off the sleep.

Put an order under the sideways market and the RN area, with a stop above it. When opening up today to check the charts seen that it had indeed been triggered.

Target area is the bottom red line, but I have now put a break even in place on this one to make it a risk free position.

Quite a common pattern and one I do like to regularly look for on the charts.
BE hit.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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