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Price Action and Trading Discussion

  • #3,201
  • Mar 28, 2013 4:48am Mar 28, 2013 4:48am
AUDJPY Hourly:

Hi Guys,

A good example on this one as to why targeting key levels can be a good idea.

I usually target the key levels but tried to see if I could push a bit more out of this one by locking in some pips just behind the RN area looking for a move away from it.

As you can see price made it down to the support area and then bounced nicely away moving back up to the area that I had my pips locked in forcing me to give back pips to the market. Still a profitable position so all is good.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDJPY Hourly 28-03.jpg Size: 182 KB
Click to Enlarge Name: AUDJPY hourly 1 - 28-03.jpg Size: 190 KB
Click to Enlarge Name: AUDJPY TP 28-03.jpg Size: 215 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,202
  • Mar 28, 2013 4:52am Mar 28, 2013 4:52am
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.

Attachment

Attachment
Hi Alex,

A little unfortunate, it was looking good for a bit.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,203
  • Mar 28, 2013 5:23am Mar 28, 2013 5:23am
Quoting dboy365
you trade 5min scalp or just perfecting your entries?
I don't think I'm scalping, well my idea of what scalping is anyway, going for a few pips with high leverage though I've got nothing against that.

I'm really trying to trade hourly S&R levels and using the next level as a target normally around 30-40pips. I look at 5m chart to watch the detail of what price is doing around those levels and use 5m previous swings or levels if there isn't a recent swing to hide my stops behind.

So yes I guess it's perfecting/finessing entries so I can get a higher risk/reward ratio, keeping inevitable losses small and aiming for realistic targets.

Alex
  • #3,204
  • Mar 28, 2013 5:38am Mar 28, 2013 5:38am
Quoting DarkWolF
Hi Alex,

A little unfortunate, it was looking good for a bit.
Yes, if I hadn't taken it you know it would have worked

DW, you seem to trade some quite exotic pairs, any particular reason? just curious.
  • #3,205
  • Mar 28, 2013 5:54am Mar 28, 2013 5:54am
Quoting FX Alex
Yes, if I hadn't taken it you know it would have worked

DW, you seem to trade some quite exotic pairs, any particular reason? just curious.
I have a set watchlist of 24 pairs. So usually from at least one of them each day I will find some sort of entry. And if not all good also just keep waiting until something comes along.

Page 5 of this thread I have a list of the pairs that I have on my watchilst.

http://www.forexfactory.com/showthre...=322468&page=5

I could easily add more but I find that 12 per platform makes for easy viewing at any given time and I seem to find enough trades each week with the ones I have so I dont think I really have the need to add more. However there is a couple on my watchlist that I hardly ever get any positions from so I may change that slightly sometime soon.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,206
  • Mar 28, 2013 10:25am Mar 28, 2013 10:25am
Results of trading on
2013.03.27 14:07
sell0.10usdjpy
started point: 94.176
closed at: 2013.03.27 14:32
closed point: 94.290
Results: -12.09
  • #3,207
  • Mar 28, 2013 10:31am Mar 28, 2013 10:31am
Results of trading on
2013.03.27 14:39
buy0.10gbpusd
started point: 1.51157
SL: 1.51005
TP: 1.51201
closed at: 2013.03.27 14:50
closed point: 1.51005
Results: -15.20
  • #3,208
  • Apr 1, 2013 1:16pm Apr 1, 2013 1:16pm
NZDJPY Hourly:

Short position taken on this pair.

Could have targeted the RN area but decided to target the first point of potential support.

Left this one in play overnight for me.

Worked out ok.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NZDJPY Hourly 01-04.jpg Size: 198 KB
Click to Enlarge Name: NZDJPY Hourly TP 01-04.jpg Size: 181 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,209
  • Apr 1, 2013 11:32pm Apr 1, 2013 11:32pm
Hi all i took this two trade yesterday base on breakout pull back system GBPJPY and EURJPY 4 hour time frame
and i decided to close them this morning
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy 4hour short trade 01 04 2013.gif Size: 24 KB

Attached Image (click to enlarge)
Click to Enlarge Name: eurjpyh4 short trade 01 04 2013.png Size: 35 KB



www.tenkebeforexsignal.com
  • #3,210
  • Apr 2, 2013 1:21am Apr 2, 2013 1:21am
Quoting Tiwa
Hi all i took this two trade yesterday base on breakout pull back system GBPJPY and EURJPY 4 hour time frame and i decided to close them this morning
Hi Tiwa,

Hope you had a great Easter break.

Good work on the trades. Both turned out quite well for you.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,211
  • Apr 2, 2013 1:32am Apr 2, 2013 1:32am
USDCAD Hourly:

Took a short position on this pair, could be a bit risky trading into the support area.

Now for the waiting game to see how it plays out.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD Hourly.jpg Size: 152 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,212
  • Apr 2, 2013 1:32am Apr 2, 2013 1:32am
Echf, looking to sell retest of 1.2158, looking to buy 1.2117.
  • #3,213
  • Apr 2, 2013 2:55am Apr 2, 2013 2:55am
Quoting DarkWolF
Hi Tiwa, Hope you had a great Easter break. Good work on the trades. Both turned out quite well for you.
Yeah easter was ok, nice with some cold weather and for the trade take what you can and go out.
The usdcad seems going fine for you Good luck.

http://www.tenkebeforexsignal.com/
  • #3,214
  • Apr 2, 2013 3:12am Apr 2, 2013 3:12am
Quoting DarkWolF
USDCAD Hourly: Took a short position on this pair, could be a bit risky trading into the support area. Now for the waiting game to see how it plays out. {image}
Closed this one out just a touch before the target line, but one thing I always keep in mind is that support and resistance is simply "areas" not exact lines so happy to bank the pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCAD Hourly.jpg Size: 152 KB
Click to Enlarge Name: USDCAD Hourly TP 02-04.jpg Size: 152 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,215
  • Apr 2, 2013 3:15am Apr 2, 2013 3:15am
Quoting Tiwa
The usdcad seems going fine for you Good luck.
Yep all went well with this one.

Now that support from the base of the range has been broken we may see price test the 1.01000 area.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,216
  • Apr 2, 2013 3:31am Apr 2, 2013 3:31am
NZDUSD Hourly:

Long position, was looking for price to push up from the RN and resistance area once broken and retested.

Closed a touch before the target line, on the 4 hourly view you can see why I at times will make the decision to close out before my target line.

If I see price starting to stall on or around the general "area" and for the sake of a few pips, I will simply bank the profits that I have rather than try and squeeze that bit extra out when price is close to support and resistance areas.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NZDUSD hourly 02-04.jpg Size: 162 KB
Click to Enlarge Name: NZDUSD Hourly 02-04 TP.jpg Size: 164 KB
Click to Enlarge Name: NZDUSD 4 hourly view 02-04.jpg Size: 227 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,217
  • Apr 2, 2013 3:35am Apr 2, 2013 3:35am
Quoting FX Alex
Echf, looking to sell retest of 1.2158, looking to buy 1.2117.
Hi Alex,

Certainly some good areas to be keeping an eye on. This pair does have a tendancy to range quite a bit so I am usually a bit cautious on this one so as to not get caught with a sideways position open for an extended period with price not really going anywhere.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,218
  • Apr 2, 2013 3:39am Apr 2, 2013 3:39am
Quoting DarkWolF
NZDUSD Hourly: Long position, was looking for price to push up from the RN and resistance area once broken and retested. Closed a touch before the target line, on the 4 hourly view you can see why I at times will make the decision to close out before my target line. If I see price starting to stall on or around the general "area" and for the sake of a few pips, I will simply bank the profits that I have rather than try and squeeze that bit extra out when price is close to support and resistance areas. {image} {image} {image}
That is very nice it was on my watch list but i decided not to take it waiting for some other set up
good work
  • #3,219
  • Apr 2, 2013 3:52am Apr 2, 2013 3:52am
EURCAD Daily:

A great example of confluence of areas on this chart.

Nice big bar breaking through a heavily confluenced area, now we area seeing price stall at the RN area which has previously been resistance.

If we can see the RN area broken there is numerous (just realised my typo on the image) areas below to keep an eye on.
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD Daily 02-04.jpg Size: 244 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,220
  • Apr 2, 2013 3:58am Apr 2, 2013 3:58am
EURUSD Daily:

Managing to hold below the 1.3000 area so far.

Bit of obvious market consolidation at the moment with price managing to stay within the next support areas.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD Daily 02-04.jpg Size: 200 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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