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Price Action and Trading Discussion

  • #3,621
  • Jul 25, 2013 5:29am Jul 25, 2013 5:29am
Quoting DarkWolF
{quote} 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.
Hey there, thanks! I took the high of the big bear candle as the entry point, which on the left side of the pic had been hit multiple times. In my eyes that made a good level for either a 'blast through' or a rejection. Price also bottomed out at a previous support zone. Realistically, it could of gone either way, For me, the failure to keep moving down after high volume was the deal sealer for long...It may retrace, but i'll to move SL to BE, so at worst it'll be a stop out at BE.
Attached Image (click to enlarge)
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  • #3,622
  • Jul 25, 2013 5:31am Jul 25, 2013 5:31am
Quoting DarkWolF
{quote} 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.
I like your analysis btw...there is every chance .75 could be hit, it's seen a bit of action.
  • #3,623
  • Jul 25, 2013 7:00am Jul 25, 2013 7:00am
Quoting Aus
{quote} Hey there, thanks! I took the high of the big bear candle as the entry point, which on the left side of the pic had been hit multiple times. In my eyes that made a good level for either a 'blast through' or a rejection. Price also bottomed out at a previous support zone. Realistically, it could of gone either way, For me, the failure to keep moving down after high volume was the deal sealer for long...It may retrace, but i'll to move SL to BE, so at worst it'll be a stop out at BE. {image}
Looking at the 4 hourly view, it is looking promising so far for the RN to potentially be holding.

I do try to play breakouts with caution though, have been burnt quite a few times with false breaks, I like to try and wait for a continuation set up. But looking at the 4 hourly it's broken the highs and RN. Retested the RN and looking like it may want to move higher.

As with all things trading there is absolutely no guarantee what price will do. All we can do is follow our own trading plan and trade the chart how we see it individually as a trader. Every one will read and look for different things on the chart depending on their own trading method or plan.

Looking at the 4 hourly we may see price gravitate up towards the top end of the trend line. So many factors that can all come into play.....
Attached Image (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,624
  • Jul 25, 2013 7:38am Jul 25, 2013 7:38am
Quoting DarkWolF
{quote} Looking at the 4 hourly view, it is looking promising so far for the RN to potentially be holding. I do try to play breakouts with caution though, have been burnt quite a few times with false breaks, I like to try and wait for a continuation set up. But looking at the 4 hourly it's broken the highs and RN. Retested the RN and looking like it may want to move higher. As with all things trading there is absolutely no guarantee what price will do. All we can do is follow our own trading plan and trade the chart how we see it individually as...
I really appreciate the feedback. I enjoy hearing an analysis things from a fresh set of eyes, it's easy for me to get tunnel vision when I look at the charts, so a new perspective always provides plenty of food for thought, so thanks a lot for your pov. Looking at your H4 chart it appears to me that it's quite possible my SL@BE will get hit, so perhaps a limit order at the SR area is worth considering, though not part of my plan. I'll put a mental one there in the event and see what happens and perhaps It can be a point for future reference.

Only time will tell, either way it'll be a learning experience...I can only hope a somewhat profitable one.
I am incidentally liking the H4 candle at the moment.
  • #3,625
  • Jul 25, 2013 8:10am Jul 25, 2013 8:10am
but "volume" in MT4 doesn't show the right volume, in only shows how many times did the price change for the current bar. It depends on broker filters and price-feed characteristics.
  • #3,626
  • Jul 25, 2013 9:27am Jul 25, 2013 9:27am
Quoting fibotrader30
but "volume" in MT4 doesn't show the right volume, in only shows how many times did the price change for the current bar. It depends on broker filters and price-feed characteristics.
Hi Fibo,

Yes indeed you are correct there.

A little while ago I wrote a post about volume in FX.

Essentially there is not one central bank like we see in a stock exchange so volume does become a measure that would be basically impossible to accurately record in FX.

But like I keep saying. If you find something that works for you then stick with it

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,627
  • Jul 26, 2013 4:52am Jul 26, 2013 4:52am
Hi Guys,

Not too much going on today so far.

See how it plays out over the next few hours it could potentially be a day of being a spectator.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,628
  • Jul 29, 2013 5:15pm Jul 29, 2013 5:15pm
Hi DW,

Absolutely loving this thread! I'm up to page 36 but skimming ahead I noticed you seemed to have stopped posting the 5 min chart trades. Do you still do these trades or is it only hourly and above nowadays?
  • #3,629
  • Jul 30, 2013 4:58am Jul 30, 2013 4:58am
Quoting Cujo2
Hi DW, Absolutely loving this thread! I'm up to page 36 but skimming ahead I noticed you seemed to have stopped posting the 5 min chart trades. Do you still do these trades or is it only hourly and above nowadays?
Hi Cujo,

Yes I used to trade a lot of 5 min charts. In the lead up to my wedding I was quite busy and moved more to daily and 4 hourly purely due to a lack of time and wanting to reduce my screen time..

Once moving away from them I wanted to keep that screen time reduced so decided to stick to the slightly higher time frames.

At the moment my main focus is the hourly charts but I do keep a watchful eye on daily and 4 hourly also for any potential positions.

Daily and 4 hourly also helps when looking at overall market feel of what I may be looking for on hourly charts.

Glad you are liking the thread.

Cheers.

DW.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,630
  • Jul 30, 2013 7:12am Jul 30, 2013 7:12am
Howdy

Currently in USD/JPY 2BAR 4HOUR. with trend at swing high, taking 97.70 as take profit.

Sorry no time to post charts as im at work.

I trade higher time frames as I too work and dont want to sit behind screen all day.

Chees
  • #3,631
  • Jul 30, 2013 7:34am Jul 30, 2013 7:34am
Quoting Spongebob123
Howdy Currently in USD/JPY 2BAR 4HOUR. with trend at swing high, taking 97.70 as take profit. Sorry no time to post charts as im at work. I trade higher time frames as I too work and dont want to sit behind screen all day. Chees
Looking ok for further short movement on the longer term charts. May see price hold below the support/resistance area. Consolidating on the 4 hourly.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,632
  • Jul 30, 2013 7:35am Jul 30, 2013 7:35am
Hi guys. I been keeping a low profile been helping a friend out
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,633
  • Jul 30, 2013 7:38am Jul 30, 2013 7:38am
AUDJPY Daily:

Breaking free from the continuation formation on this pair at the moment. Making new lows in the process.

We will see this pattern quite often on the charts across various different time frames.
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,634
  • Jul 30, 2013 7:39am Jul 30, 2013 7:39am
Quoting Spongebob123
Howdy Currently in USD/JPY 2BAR 4HOUR. with trend at swing high, taking 97.70 as take profit. Sorry no time to post charts as im at work. I trade higher time frames as I too work and dont want to sit behind screen all day. Chees
it seems to have a lot of support around 9750, it is not a pair a trade but good to study
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,635
  • Jul 30, 2013 7:39am Jul 30, 2013 7:39am
Quoting billytt
Hi guys. I been keeping a low profile been helping a friend out
Hi Billy,

No probs, great to see you back.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,636
  • Jul 30, 2013 7:41am Jul 30, 2013 7:41am
Quoting billytt
{quote} it seems to have a lot of support around 9750, it is not a pair a trade but good to study
The bottom of the consolidation on 4 hourly will be the most obvious support area to be broken first but Spongebob's target is before that so hopefully all turns out well for him on the trade.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,637
  • Jul 30, 2013 7:47am Jul 30, 2013 7:47am
EURGBP Daily:

Potential for a new range to form after old resistance being broken and holding as support.
Attached Image (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,638
  • Jul 30, 2013 12:50pm Jul 30, 2013 12:50pm
GBPUSD Hourly:

Short position entered on this pair. After a few hours target level easily achieved.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: GBPUSD Hourly 30-07 TP.jpg Size: 185 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,639
  • Jul 31, 2013 2:08am Jul 31, 2013 2:08am
Quoting DarkWolF
{quote} Hi Cujo, Yes I used to trade a lot of 5 min charts. In the lead up to my wedding I was quite busy and moved more to daily and 4 hourly purely due to a lack of time and wanting to reduce my screen time.. Once moving away from them I wanted to keep that screen time reduced so decided to stick to the slightly higher time frames. At the moment my main focus is the hourly charts but I do keep a watchful eye on daily and 4 hourly also for any potential positions. Daily and 4 hourly also helps when looking at overall market feel of what I may be...
Would you say you were making more money from trading the 5 min chart than what you are making now?
  • #3,640
  • Jul 31, 2013 3:09am Jul 31, 2013 3:09am
Quoting Cujo2
{quote} Would you say you were making more money from trading the 5 min chart than what you are making now?
Hi cujo, many years ago I traded small time frames but it wasn't for me long term. A bit like how we have sprinters and long distance runners ( both good both different). If I am trading price action as in looking for support/resistance and big clues like inside bar I will lower the time frame down from daily,4 hourly to 1 hour.SOME TIMES I might trade the 15 minute (MIGHT)
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
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