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Price Action and Trading Discussion

  • #3,661
  • Aug 7, 2013 4:55am Aug 7, 2013 4:55am
Hi Guys,

Just reviewed the hourly charts for the day.

Not too much going on as yet. Will check out the market action over the next few hours and see what eventuates.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,662
  • Aug 7, 2013 5:30am Aug 7, 2013 5:30am
USDCHF Hourly:

Short position taken on this pair.

Have a break even in and going for a bit larger target area than I normally would.

Either way is all good, no risk trade.

See how it plays out.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf hourly 07-08.jpg Size: 151 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,663
  • Aug 7, 2013 7:46am Aug 7, 2013 7:46am
Quoting DarkWolF
USDCHF Hourly: Short position taken on this pair. Have a break even in and going for a bit larger target area than I normally would. Either way is all good, no risk trade. See how it plays out. {image}
Break even was hit on this position.

A good example of why targeting the first areas is usually better.

A break even trade, but could have been a potentially profitable trade if targeted my usual kind of area.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF Hourly BE 07-08.jpg Size: 198 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,664
  • Aug 7, 2013 8:18am Aug 7, 2013 8:18am
Hey Darkwolf

I know how you feel, I used to close half positions at first TA then move to BE the rest and target the second s/r level.

These days I take full profit at first s/r level and results have been rather impressive.

Yesterday I had the NZDJPY 2bar rejection at 77.50 zone, took full profit at 76.70

Cheers
  • #3,665
  • Aug 7, 2013 8:20am Aug 7, 2013 8:20am
Quoting Spongebob123
Hey Darkwolf I know how you feel, I used to close half positions at first TA then move to BE the rest and target the second s/r level. These days I take full profit at first s/r level and results have been rather impressive. Cheers
Indeed. It is what I would usually have done but thought what the hell !!! lets have a crack at it. But hence the BE just in case....

Cant worry about spilt milk though. Move onto the next opportunity
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,666
  • Aug 7, 2013 8:23am Aug 7, 2013 8:23am
Oh and nice trade by the sounds on that NZDYJPY. Do you have any images ?

I still have an open daily trade on that pair as well as a short on CADJPY daily and AUDJPY daily.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,667
  • Aug 7, 2013 8:26am Aug 7, 2013 8:26am
Quoting DarkWolF
Oh and nice trade by the sounds on that NZDYJPY. Do you have any images ? I still have an open daily trade on that pair as well as a short on CADJPY daily and AUDJPY daily.

Here is a link to babypips where I posted it, look at http://forums.babypips.com/free-fore...tion-1045.html

Post 10449, sorry not at home rite now.

Cheers
  • #3,668
  • Aug 7, 2013 8:37am Aug 7, 2013 8:37am
Quoting Spongebob123
{quote} Here is a link to babypips where I posted it, look at http://forums.babypips.com/free-fore...tion-1045.html Post 10449, sorry not at home rite now. Cheers
Nice work on that one

Right at the closing of the gap also, great spot.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,669
  • Aug 7, 2013 8:39am Aug 7, 2013 8:39am
Quoting DarkWolF
{quote} Nice work on that one Right at the closing of the gap also, great spot.
Thanks man
  • #3,670
  • Aug 7, 2013 8:42am Aug 7, 2013 8:42am
Quoting Spongebob123
{quote} Thanks man
I been watching those 2 bar rejections / engulfing bars in recent weeks and am starting to like the look of them, thinking about adding them into my toolbox

Still gotta pick the right areas though to pull them off nicely.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,671
  • Aug 7, 2013 8:45am Aug 7, 2013 8:45am
Quoting DarkWolF
{quote} I been watching those 2 bar rejections / engulfing bars in recent weeks and am starting to like the look of them, thinking about adding them into my toolbox Still gotta pick the right areas though to pull them off nicely.
I only trade PINS, ENGULFING BARS, AND 2BARS, 2BARS as im sure you are aware of is basically a PIN on a larger time frame.

You 100% correct though, has to be at KEY levels/zones and with momentum. Very simple actually but patience is the hard part.
  • #3,672
  • Aug 7, 2013 8:49am Aug 7, 2013 8:49am
Quoting Spongebob123
{quote} I only trade PINS, ENGULFING BARS, AND 2BARS, 2BARS as im sure you are aware of is basically a PIN on a larger time frame. You 100% correct though, has to be at KEY levels/zones and with momentum. Very simple actually but patience is the hard part.
Patience most certainly is the hard part. But once you master it you will never turn back.

Yes but I try not to switch time frames too much when trading. I will look at where price is on larger time frames for major support and resistance areas but the chart I enter from is the chart I manage from.

It is interesting though how many have different interpretations of engulfing bars and outside bars.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,673
  • Aug 7, 2013 9:06am Aug 7, 2013 9:06am
EURJPY Hourly:

Short positions.

Didn't make the same mistake with this one and closed at the lows.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY Hourly.jpg Size: 149 KB
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  • #3,674
  • Aug 7, 2013 9:12am Aug 7, 2013 9:12am
CADJPY Daily:

So far so good.

But as well all know anything can happen in trading. Pips can easily be given back to the market. Will have BE in on this one soon.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: CADJPY Daily Pending 05-08.jpg Size: 170 KB
Click to Enlarge Name: CADJPY Daily 07-08.jpg Size: 193 KB
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  • #3,675
  • Aug 7, 2013 9:16am Aug 7, 2013 9:16am
Hi DW

I like your thread, calm and educative. You are one of my inspiration for removing indies from my chart.

I trade the channels and I am very fond of it. Here is my small trade setup today.

I exited at 261.8 fib then the price tanked to 423.6 non stop.
Attached Image (click to enlarge)
Click to Enlarge Name: abc-01.jpg Size: 117 KB
Weigh well output the loss and gain And proper action ascertain
  • #3,676
  • Aug 7, 2013 9:23am Aug 7, 2013 9:23am
Quoting usasa
Hi DW I like your thread, calm and educative. You are one of my inspiration for removing indies from my chart. I trade the channels and I am very fond of it. Here is my small trade setup today. I exited at 261.8 fib then the price tanked to 423.6 non stop. {image}
Hi Usasa,

Thanks for the kind words. I am glad that I have helped with removing the indicators. Some indicators can have a place in charting but all in all its good to clean up your charts. I hope that it is helping you in the longer term.

I do like range trading, and used to do a lot of it on 5 min charts some years ago.. Do you mainly trade break of the range or use the range to trade in also ?

You cant worry too much about what could have been. As long as you followed your rules, exited when you should have then its great trade.

On the flip side if it went hard against you the other way, you would be saying geeez, lucky I took profit where I did

M1 charts. Fast fingers needed for that
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,677
  • Aug 7, 2013 9:32am Aug 7, 2013 9:32am
Quoting DarkWolF
{quote} Hi Usasa, Thanks for the kind words. I am glad that I have helped with removing the indicators. Some indicators can have a place in charting but all in all its good to clean up your charts. I hope that it is helping you in the longer term. I do like range trading, and used to do a lot of it on 5 min charts some years ago.. Do you mainly trade break of the range or use the range to trade in also ? You cant worry too much about what could have been. As long as you followed your rules, exited when you should have then its great trade. On the...
Hi thanks.

I trade M1 mainly for range break. I also trade longer time frames for 100+ pips setup.

Here is the same setup for Long.
Attached Image (click to enlarge)
Click to Enlarge Name: abc61.8-01.jpg Size: 115 KB
Weigh well output the loss and gain And proper action ascertain
  • #3,678
  • Aug 7, 2013 9:35am Aug 7, 2013 9:35am
Quoting usasa
{quote} Hi thanks. I trade M1 mainly for range break. I also trade longer time frames for 100+ pips setup. Here is the same setup for Long. {image}
Great continuation flag setup there, with extension target
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,679
  • Aug 7, 2013 9:36am Aug 7, 2013 9:36am
Regardless of the time frames, these patterns will show up over and over again.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,680
  • Aug 7, 2013 9:51am Aug 7, 2013 9:51am
Quoting DarkWolF
Regardless of the time frames, these patterns will show up over and over again.
Yes. Even though the trade is on M1, it took almost 2 hours to form this setup.
Weigh well output the loss and gain And proper action ascertain
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