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Price Action and Trading Discussion

  • #3,601
  • Jul 23, 2013 8:32am Jul 23, 2013 8:32am
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it now works... e/j on open range breakout of uk open on 15 minute chart.
A = uk open , I marked the high and low.
the high was broken and went up, I marked out 2 levels where one would expect the price to go in an ideal trade..
getting back to Price Action the following hour candle from the uk open was an inside bar and that longed.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,602
  • Jul 23, 2013 8:35am Jul 23, 2013 8:35am
Quoting DarkWolF
{quote} I would highly suggest while testing any system/method to use a demo account for some time to forward test before committing real money. Yes the session open times is usually when you get your bursts of movement and can be key times to be watching the charts. The Asian session can be good to trade the range if you have a method that works that way. Although the range can usually be quite tight so you need to be smart not greedy with TP levels during this trading session. I used to do a lot of range trading when I traded 5 min charts but...
thanks for your concern but I believe demo trading is not the same as real trading or micro trading, I been trading approx. 12 years. but I see what you are getting at, be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,603
  • Jul 23, 2013 9:06am Jul 23, 2013 9:06am
regarding the chart I posted, I must say it was difficult to trade this one AND I only took 17 or 18 pips, that was enough
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,604
  • Jul 24, 2013 3:24am Jul 24, 2013 3:24am
after uk open at 08-00, we had a nice price action setup with inside outside bars and the level on 15 min chart being hit at 13220,
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,605
  • Jul 24, 2013 4:48am Jul 24, 2013 4:48am
Quoting billytt
{image} it now works... e/j on open range breakout of uk open on 15 minute chart. A = uk open , I marked the high and low. the high was broken and went up, I marked out 2 levels where one would expect the price to go in an ideal trade.. getting back to Price Action the following hour candle from the uk open was an inside bar and that longed.
Hi Billy,

I used to trade a similar type of method on the London open using a 5 min chart, pullback continuation to either the top or bottom of the Asian range once broken.

Hope you managed to get on one today, looks like price made some nice breaks away on the LO on some pairs.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,606
  • Jul 24, 2013 4:49am Jul 24, 2013 4:49am
Quoting billytt
{quote} thanks for your concern but I believe demo trading is not the same as real trading or micro trading, I been trading approx. 12 years. but I see what you are getting at, be good
All good
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,607
  • Jul 24, 2013 4:57am Jul 24, 2013 4:57am
USDCAD Hourly

Short position taken, now to see how it plays out.
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  • #3,608
  • Jul 24, 2013 5:03am Jul 24, 2013 5:03am
Having problems posting images on twitter again, might need to get the old chrome browser back on the pc. Bloody annoying.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,609
  • Jul 24, 2013 5:38am Jul 24, 2013 5:38am
Quoting DarkWolF
USDCAD Hourly Short position taken, now to see how it plays out. {image}
Target achieved
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  • #3,610
  • Jul 24, 2013 6:00am Jul 24, 2013 6:00am
Quoting DarkWolF
{quote} Target achieved {image}
May I ask what PA you used with your USDCAD hourly trade?

I dont trade hourly, and on 4hour I only saw an inside bar that I also dont trade so no trades for me

Im currently in AUDUSD 4H BEEB off .9300 round number and resistance
  • #3,611
  • Jul 24, 2013 6:14am Jul 24, 2013 6:14am
Quoting Spongebob123
{quote} May I ask what PA you used with your USDCAD hourly trade? I dont trade hourly, and on 4hour I only saw an inside bar that I also dont trade so no trades for me Im currently in AUDUSD 4H BEEB off .9300 round number and resistance
on the first chart DW posted he had several inside bars going back about 6/7 hours, normally when this happens it is normally a good trade. and nice trade DW
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,612
  • Jul 24, 2013 6:21am Jul 24, 2013 6:21am
Quoting billytt
{quote} on the first chart DW posted he had several inside bars going back about 6/7 hours, normally when this happens it is normally a good trade. and nice trade DW

Thanks for the reply billytt, yeah I see now he traded the mother bar after consecutive inside bars.

Cheers
  • #3,613
  • Jul 24, 2013 7:19am Jul 24, 2013 7:19am
Quoting Spongebob123
{quote} May I ask what PA you used with your USDCAD hourly trade? I dont trade hourly, and on 4hour I only saw an inside bar that I also dont trade so no trades for me Im currently in AUDUSD 4H BEEB off .9300 round number and resistance
Ok guys. You were partly correct.

But look at the bigger picture on the chart what is price doing around the key levels.

To me its a combination of what I am seeing price do and what area is price at.

Can you see it a little better by looking at this chart.
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  • #3,614
  • Jul 24, 2013 7:30am Jul 24, 2013 7:30am
There is many ways and factors to take into account when reading price and market levels.

Potential price extension of this move on the first chart image.

When you switch to the 4 hourly chart look at where that price extension area puts price.

But always remembers its just an "area" not exact levels. It may fall short of that area, it may overshoot it, or may stop exactly at it. But I would say that consolidated area on the 4 hourly chart is going to act as some sort of support area wether it be temporary or longer term will remain to be seen.
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  • #3,615
  • Jul 25, 2013 4:45am Jul 25, 2013 4:45am
GBPCAD Hourly:

Hi Guys,

I just took a short position on this pair, looking for the large thrust to continue it's momentum.

The trade was all over rather quickly.
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  • #3,616
  • Jul 25, 2013 4:46am Jul 25, 2013 4:46am
Not too much else across the pairs on the hourly at the moment but will keep an eye on it over the next few hours and see if anything eventuates.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,617
  • Edited 5:19am Jul 25, 2013 5:00am | Edited 5:19am
Hey guys...new here.
This to me fits in to PA discussion. Entry, SL & TP levels clearly marked. I figured if it breaks the high we could be in for a ride, if it bounces then I cop the loss... feedback and comments welcome, I'm in two other trades (GBP/AUD & AUD/CHF both daily) if anyones interested i'll post.

NZD/JPY Daily.
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  • #3,618
  • Jul 25, 2013 5:15am Jul 25, 2013 5:15am
EURGBP Hourly:

Didn't take this one guys, I was looking at it but as already had another position open decided not to take it.

Would have turned out to be a good trade away from a strong rejection bar, straight to the resistance area.
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  • #3,619
  • Jul 25, 2013 5:18am Jul 25, 2013 5:18am
Quoting Aus
Hey guys...new here. This to me fits in to PA discussion. Entry, SL & TP levels clearly marked. I figured if it breaks the high we could be in for a ride, if it bounces then I cop the loss... feedback and comments welcome, I'm in two other trades (GBP/AUD& ADN AUD/CHF both daily) if anyones interested i'll post. NZD/JPY Daily. {image}
Hi Aus,

Welcome, great to see your chart.

So can I ask, was this taken as a breakout trade for the entry ?

Good logical area for the target.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,620
  • Jul 25, 2013 5:27am Jul 25, 2013 5:27am
Quoting Aus
Hey guys...new here. This to me fits in to PA discussion. Entry, SL & TP levels clearly marked. I figured if it breaks the high we could be in for a ride, if it bounces then I cop the loss... feedback and comments welcome, I'm in two other trades (GBP/AUD & AUD/CHF both daily) if anyones interested i'll post. NZD/JPY Daily. {image}
Here is my take on that chart.

If price can hold above the RN and resistance level, good chance it will go to the next resistance area.

I am always a bit cautious though when I see this pattern emerging on the chart as generally it shows continuation. But as we know price will do what price will do and patterns do not always play out as they should.

Hopefully we see it go the other way, break resistance, hold above and continue to the upside.
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