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Price Action and Trading Discussion

  • #3,861
  • Nov 13, 2013 11:44pm Nov 13, 2013 11:44pm
AUDUSD Weekly:

Im sure this level has been talked about and watched by many over the last couple of weeks also. No surprise price stalled where it did.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD Weekly 14-11.jpg Size: 245 KB
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  • #3,862
  • Nov 13, 2013 11:46pm Nov 13, 2013 11:46pm
AUDUSD Daily:

Again another interesting price area on the charts. Are we going to see a new resistance area made at this area that price has previously reacted to.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD Daily 14-11.jpg Size: 206 KB
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  • #3,863
  • Nov 13, 2013 11:50pm Nov 13, 2013 11:50pm
EURUSD Daily:

Another bulls vs bears battleground area. A great sound area with a lot of confluence.

But does it fit your trading plan.
Attached Image (click to enlarge)
Click to Enlarge Name: EU 14-11 Daily.jpg Size: 161 KB
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  • #3,864
  • Nov 13, 2013 11:57pm Nov 13, 2013 11:57pm
AUDCHF Daily:

Not that I took this trade, but its the obvious areas.

Patience to wait for it to happen, wait for it to come to you.

But hindsight is always a great thing, in the moment, with the emotion involved it is most certainly a lot harder.
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Click to Enlarge Name: AUDCHF Daily.jpg Size: 195 KB
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  • #3,865
  • Nov 13, 2013 11:59pm Nov 13, 2013 11:59pm
If it's not an obvious area, and it doesn't stand out, if you have any doubt then simply leave it alone, be patient and move on to the next potential scenario.

Does it fit your trading plan, or more to the point do you even have a trading plan ?

Plan your trade.... Trade your plan....
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  • #3,866
  • Nov 14, 2013 1:04am Nov 14, 2013 1:04am
Price Action Analysis for:
GBPUSD http://www.forexfactory.com/showthre...77#post7089577
EURUSD http://www.forexfactory.com/showthre...71#post7089571
Price Action + KISS + PIE = Forex-Entourage
  • #3,867
  • Nov 14, 2013 1:07am Nov 14, 2013 1:07am
USDJPY Hourly:

Took a long position on this pair, closed it just a touch before my line, but for the sake of 3 pips well and truly in the area I was targeting.

https://twitter.com/OzForexTrader/st...325120/photo/1
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDJPY hourly 14-11.jpg Size: 142 KB
Click to Enlarge Name: USDJPY Hourly TP 14-11.jpg Size: 142 KB
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  • #3,868
  • Nov 14, 2013 1:09am Nov 14, 2013 1:09am
Other pairs I am keeping an eye on for the session are EURUSD and USDCHF on hourly.

Just got to see how price reacts over the next few bars and if anything presents itself.
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  • #3,869
  • Nov 14, 2013 1:13am Nov 14, 2013 1:13am
Quoting pipsane
Price Action Analysis for: GBPUSD http://www.forexfactory.com/showthre...77#post7089577 EURUSD http://www.forexfactory.com/showthre...71#post7089571
Hi Pipsane,

The good old EURUSD thread.

A lot of junk to filter through on that thread that is for sure
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  • #3,870
  • Nov 14, 2013 3:36am Nov 14, 2013 3:36am
After being stopped on first trade, look for another opportunity to take a trade either on retracement to 1.3450, for a short position, or in 1.3400-1.3410 zone for a long position. Remember to wait to see weakness, or strength at those levels before opening any trade.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd priceseeker 14.11.2013-3.PNG Size: 24 KB
Price Action + KISS + PIE = Forex-Entourage
  • #3,871
  • Nov 14, 2013 4:38am Nov 14, 2013 4:38am
Quoting DarkWolF
Other pairs I am keeping an eye on for the session are EURUSD and USDCHF on hourly. Just got to see how price reacts over the next few bars and if anything presents itself.
Quoting pipsane
After being stopped on first trade, look for another opportunity to take a trade either on retracement to 1.3450, for a short position, or in 1.3400-1.3410 zone for a long position. Remember to wait to see weakness, or strength at those levels before opening any trade. {image}
I was looking for a long position. I was hoping the upper level would have held. As it moved to the lower level, with potential of the RN area being tested I played this one with a little caution and put a break even in play reasonably quickly and then just let it be.

The break even was taken out soon after.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD Hourly 14-11.jpg Size: 164 KB
Click to Enlarge Name: EU hourly BE 14-11.jpg Size: 214 KB
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  • #3,872
  • Nov 14, 2013 6:00am Nov 14, 2013 6:00am
Quoting DarkWolF
{quote} {quote} I was looking for a long position. I was hoping the upper level would have held. As it moved to the lower level, with potential of the RN area being tested I played this one with a little caution and put a break even in play reasonably quickly and then just let it be. The break even was taken out soon after. {image} {image}
After my short @ 3444 I put BE during news. Now seems that 3445-50 is good for longs, but for some reason there is no steam to push it further. Market is indecisive and probably waiting for Yellen to talk (rather bearish about USD). Patient waiting is the best choice for me right now, since the bets are 50-50 up or down now.
Price Action + KISS + PIE = Forex-Entourage
  • #3,873
  • Nov 14, 2013 10:14am Nov 14, 2013 10:14am
Quoting pipsane
{quote} After my short @ 3444 I put BE during news. Now seems that 3445-50 is good for longs, but for some reason there is no steam to push it further. Market is indecisive and probably waiting for Yellen to talk (rather bearish about USD). Patient waiting is the best choice for me right now, since the bets are 50-50 up or down now.
Well after finishing my trading day, getting some sleep, up now getting ready for my day, price to react away to the bullish side from that level I was looking. But that's trading, you never really know for sure what way it is going to go. And if you have indecision in your mind it is always best to play it with caution.
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  • #3,874
  • Nov 15, 2013 12:31am Nov 15, 2013 12:31am
Anticipate EURUSD to move lower today, as we didn’t have enough strangh to break through Wednesday’s high (1.3497). That view is supported by flag pattern that reached 38,2% retracement where noticable supply zone can be defined. Primary look at 1.3409-27 as a zone that should be broken in order to validate bearish flag and continue downward move at least to 1.3300. In case currency pair moves up watch price action at 1.3500 and 1.3520. Further updates at mentioned levels.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd priceseeker 15.11.2013-1.PNG Size: 29 KB
Price Action + KISS + PIE = Forex-Entourage
  • #3,875
  • Nov 15, 2013 3:21am Nov 15, 2013 3:21am
Quoting pipsane
Anticipate EURUSD to move lower today, as we didn’t have enough strangh to break through Wednesday’s high (1.3497). That view is supported by flag pattern that reached 38,2% retracement where noticable supply zone can be defined. Primary look at 1.3409-27 as a zone that should be broken in order to validate bearish flag and continue downward move at least to 1.3300. In case currency pair moves up watch price action at 1.3500 and 1.3520. Further updates at mentioned levels. {image}
Hi Pipsane,

Certainly some potential for it to play out that way.

The lower end of that channel holding price at the moment.
Attached Image (click to enlarge)
Click to Enlarge Name: EU Hourly.jpg Size: 134 KB
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  • #3,876
  • Nov 15, 2013 3:27am Nov 15, 2013 3:27am
AUDJPY Hourly:

Long position taken on this pair.

As I am targeting beyond the first resistance area on this one, I put a BE when price reached that resistance area.

Now to see how it goes, will it push past it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDJPY Hourly 15-11.jpg Size: 157 KB
Click to Enlarge Name: AUDJPY Hourly BE 15-11.jpg Size: 171 KB
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  • #3,877
  • Nov 15, 2013 3:49am Nov 15, 2013 3:49am
Quoting DarkWolF
AUDJPY Hourly: Long position taken on this pair. As I am targeting beyond the first resistance area on this one, I put a BE when price reached that resistance area. Now to see how it goes, will it push past it. {image} {image}
The BE was taken out.

A couple of those in a row now. Only bad thing about them is the potential given back. But good thing is protection from the loss and I move on.

But I guess this is why I do usually target those first areas and probably should have on this one.
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  • #3,878
  • Nov 16, 2013 12:13am Nov 16, 2013 12:13am
Quoting DarkWolF
{quote} The BE was taken out. A couple of those in a row now. Only bad thing about them is the potential given back. But good thing is protection from the loss and I move on. But I guess this is why I do usually target those first areas and probably should have on this one.
Have you tried taking half profit instead and leaving the stop loss where it is (assuming the half profit + current stop loss if hit = break even). That way you can give the trade room to move while still breaking even if it goes against you.

But you seem pretty experienced so you've probably already tried that. The problem I have with taking half is that the losses feel so much bigger relative to the winners - and losing streaks have a bigger punch.
  • #3,879
  • Nov 16, 2013 5:51am Nov 16, 2013 5:51am
Quoting Cujo2
{quote} Have you tried taking half profit instead and leaving the stop loss where it is (assuming the half profit + current stop loss if hit = break even). That way you can give the trade room to move while still breaking even if it goes against you. But you seem pretty experienced so you've probably already tried that. The problem I have with taking half is that the losses feel so much bigger relative to the winners - and losing streaks have a bigger punch.
I have battled with this: taking half profit equal to SL and leaving the SL for the other half. To achieve your original TP you will need to go twice as far, making the odds less likely. I only use BE's if there is a big news announcement due, otherwise I found it's best to leave well alone.

Anyhow onto the topic of this thread, eurjpy proved to be a perfect setup for me http://www.forexfactory.com/showthre...68#post7081368 I posted that last weekend. Now it's a week and +280pips later
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy16-11-13.PNG Size: 75 KB
  • #3,880
  • Nov 18, 2013 12:33am Nov 18, 2013 12:33am
This week started already interesting as EURUSD is fighting 1.3500 level (38.2% retracement) where short positions are adviced (1.3500-1.35010). If 1.3500 is defeated look for longs at the same level towards 1.3550-60.
GBPUSD is in up trend since Wednesday. Watch price action at 1.6100-05 , 1.6060-55 or 1.5990-95 level as good opportunity to open long positions to join that trend. If 1.6137-42 level is defeated expect GBPUSD to reach 1.6260 again in attempt to break out and make new 2013 highs. On the other hand look for short position after significant break of 1.5990-95 level. Further updates at mentioned levels.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd priceseeker 18.11.2013..PNG Size: 29 KB
Click to Enlarge Name: eurusd priceseeker 18.11.2013-1.PNG Size: 30 KB
Price Action + KISS + PIE = Forex-Entourage
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