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Price Action and Trading Discussion

  • #3,181
  • Mar 26, 2013 3:16pm Mar 26, 2013 3:16pm
Just a quick last one for today (don't want to swamp the thread) UC has been trading very well technically recently.

This is really the type of structure I look for day in and day out. Identify levels off htf charts then get down into the flow and start chipping away.

Took me a while to get used to shorting a candle that's shooting straight up at me (or visa versa) but the confidence comes with practice and positive results.

One tip I find very useful is to set price alerts after you've seen a breakout. I only watch the majors but I can still easily miss great trades if I'm busy reading or eating or making a cuppa (which I do a lot).

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Click to Enlarge Name: UC 26032013.jpg Size: 108 KB


Nice GBPAUD trade DW, is that pair going to ever get bullish?
  • #3,182
  • Mar 27, 2013 1:06am Mar 27, 2013 1:06am
I took this one for quick pips 1 hour time frame
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Click to Enlarge Name: eurusd 1hour short 27 03 2013.gif Size: 180 KB
  • #3,183
  • Mar 27, 2013 1:18am Mar 27, 2013 1:18am
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  • #3,184
  • Mar 27, 2013 3:37am Mar 27, 2013 3:37am
Quoting FX Alex
Just a quick last one for today (don't want to swamp the thread) UC has been trading very well technically recently.

This is really the type of structure I look for day in and day out. Identify levels off htf charts then get down into the flow and start chipping away.

Took me a while to get used to shorting a candle that's shooting straight up at me (or visa versa) but the confidence comes with practice and positive results.

One tip I find very useful is to set price alerts after you've seen a breakout. I only watch the majors but I can still...
Good clean areas on that chart Alex.

Ya its been moving down nicely for some time now, but one never knows what is going to happen on the FX markets things can easily change espcially with a bit of bank intervention.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,185
  • Mar 27, 2013 3:51am Mar 27, 2013 3:51am
Itook this trade yesterday gbpusd 1hour time fram and close today after lots of struggle i decided to close with few pips

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdh1 short trade 26 03 2013.png Size: 45 KB
  • #3,186
  • Mar 27, 2013 4:10am Mar 27, 2013 4:10am
Quoting Tiwa
Itook this trade yesterday gbpusd 1hour time fram and close today after lots of struggle i decided to close with few pips

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A nice strong break out of that support area though Tiwa.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,187
  • Mar 27, 2013 4:33am Mar 27, 2013 4:33am
Quoting Tiwa
Itook this trade yesterday gbpusd 1hour time fram and close today after lots of struggle i decided to close with few pips
That's unfortunate Tiwa, I used to do the same thing.

Crazy isn't it that we can hold onto all that pain and struggle but as soon as price starts to move in our favor a little bit we exit.

A guy named Daniel Kahneman came up with 'Prospect theory' or loss aversion to try and explain this tendance.

I've found letting price break first then get in on the retest often involves a lot less pain and struggle.

Sometimes the boat sails without you but there are always plenty of other boats.
  • #3,188
  • Mar 27, 2013 4:38am Mar 27, 2013 4:38am
Quoting FX Alex
That's unfortunate Tiwa, I used to do the same thing.

Crazy isn't it that we can hold onto all that pain and struggle but as soon as price starts to move in our favor a little bit we exit.

A guy named Daniel Kahneman came up with 'Prospect theory' or loss aversion to try and explain this tendance.

I've found letting price break first then get in on the retest often involves a lot less pain and struggle.

Sometimes the boat sails without you but there are always plenty of other boats.
But you cant worry about what could have been on a position. Once you have made your decision, good or bad, its done.

Forget about it and then move onto your next opportunity.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,189
  • Mar 27, 2013 5:10am Mar 27, 2013 5:10am
Quoting DarkWolF
But you cant worry about what could have been on a position. Once you have made your decision, good or bad, its done.

Forget about it and then move onto your next opportunity.
Worry about what could have been, no obviously not, but personally I wouldn't forget about it either, especially if I start to see some repetition.

All our trades give clues as to how we can improve, which is why it's so important to keep a journal, and this game is all about enhancing performance.

Many of my trading problems I've found in reviewing my journal and I'm sure there are many more to be found.
  • #3,190
  • Mar 27, 2013 5:44am Mar 27, 2013 5:44am
Quoting FX Alex
Worry about what could have been, no obviously not, but personally I wouldn't forget about it either, especially if I start to see some repetition.

All our trades give clues as to how we can improve, which is why it's so important to keep a journal, and this game is all about enhancing performance.

Many of my trading problems I've found in reviewing my journal and I'm sure there are many more to be found.
I totallly agree with the whole journal aspect and looking back on your trades, which is why I keep a screenshot of all my trades I take so I can review when required.

What I meant is that a lot of traders get caught up in the whole aspect of thinking well if I didnt close out where I did look at the pips I could have made rather than keeping the focus on the fundamentals of their trading approach.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,191
  • Mar 27, 2013 5:49am Mar 27, 2013 5:49am
EURUSD Hourly:

Took a short on this one looking for price to contiunue to move away from the support area once broken and for price to remain below the RN area.

Got a BE in and then closed it a little before my target area, didnt want to leave any open today and its coming to the end of my trading day, Easter a bit like Xmas is a very busy time for and too damm tired to stay up into the NY session.
,
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD Hourly 27-03.jpg Size: 175 KB
Click to Enlarge Name: EURUSD Hourly BE 27-03.jpg Size: 169 KB
Click to Enlarge Name: EURUSD Hourly TP 27-03.jpg Size: 171 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,192
  • Mar 27, 2013 5:59am Mar 27, 2013 5:59am
EURCAD Hourly:

Similar to the EU position with price breaking out of the support area, only concern on this one was the close proximity of the RN below.

When price stalled at the RN I decided to bail from this one banking a small amount of pips. Soon after my original target was achieved but as didnt want to leave any trades open at the end of my trading day today I decided to get out of it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURCAD hourly 27-03.jpg Size: 154 KB
Click to Enlarge Name: EURCAD TP.jpg Size: 165 KB
Click to Enlarge Name: EURCAD Hourly 27-03 2.jpg Size: 153 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,193
  • Mar 27, 2013 6:02am Mar 27, 2013 6:02am
Quoting DarkWolF
I totallly agree with the whole journal aspect and looking back on your trades, which is why I keep a screenshot of all my trades I take so I can review when required.

What I meant is that a lot of traders get caught up in the whole aspect of thinking well if I didnt close out where I did look at the pips I could have made rather than keeping the focus on the fundamentals of their trading approach.
Ahh yes the wishful retrospective, been there.

I wasn't really arguing with you DW, I know you know your stuff that's why I'm here
  • #3,194
  • Mar 27, 2013 6:10am Mar 27, 2013 6:10am
Quoting FX Alex
Ahh yes the wishful retrospective, been there.

I wasn't really arguing with you DW, I know you know your stuff that's why I'm here
Yep, we have all been there, a lot of the things that I talk about at times, with new traders etc its because I have been there and experienced those thoughts or those mistakes along my trading journey also.

I didnt thing that you were

But nothing wrong with expressing opinions on topics
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,195
  • Mar 27, 2013 8:53am Mar 27, 2013 8:53am
Open Time Type Size Item PriceS / L T / P Close Time PriceProfit
2013.03.27 12:26sell 0.10 eurusd1.27839 1.284201.265452013.03.27 13:241.2773310.60
  • #3,196
  • Mar 27, 2013 9:22am Mar 27, 2013 9:22am
Results of trading on
2013.03.27 13:33
sell0.10audusd
started point: 1.04378
take profit: 1.04231
Stop loss:1.04442
closed at: 2013.03.27 13:52
closed point:1.04356
Results: + 2.20
  • #3,197
  • Mar 27, 2013 9:28am Mar 27, 2013 9:28am
Results of trading on
2013.03.27 13:53
buy0.10usdcad
started point:1.01986
closed at: 2013.03.27 14:10
closed point:1.01878
Results:-10.60.
  • #3,198
  • Mar 27, 2013 9:33am Mar 27, 2013 9:33am
Cool DW, so easy to get my stick ends mixed up sometimes

EU putting in another down day, PA tells the story. The price can always go lower but when it's in the area of it's ADR (5/10/20 days) I'm happy to call it a day.

Price now closing in on that 2660 swing low from back in Nov 2012...... should be fun.

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News shooting this short trade straight to target. I don't avoid news, except NFP. I've found that the technicals very often line up with the fundies.

Attached Image (click to enlarge)
Click to Enlarge Name: UC 27032013.jpg Size: 118 KB


Missed a EURCHF long, my order was at 2167 looking for a DB.

UJ 9490 looking good for a breakout retest level to the upside.

GU 5140 also looking good for a retest short.
  • #3,199
  • Mar 28, 2013 4:25am Mar 28, 2013 4:25am
Took a loss on a pretty standard (for me) short on the Swissie today. If we get a nice breakout higher I'd be looking to long 9550 but it's also a perfect area to get trapped so a little prudence is called for.

Attached Image (click to enlarge)
Click to Enlarge Name: UCH 28032013.jpg Size: 102 KB


Attached Image (click to enlarge)
Click to Enlarge Name: GU 28032013.jpg Size: 108 KB
  • #3,200
  • Mar 28, 2013 4:48am Mar 28, 2013 4:48am
Quoting FX Alex
Took a loss on a pretty standard (for me) short on the Swissie today. If we get a nice breakout higher I'd be looking to long 9550 but it's also a perfect area to get trapped so a little prudence is called for.

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you trade 5min scalp or just perfecting your entries?
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