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Price Action and Trading Discussion

  • #3,961
  • Dec 9, 2013 5:48am Dec 9, 2013 5:48am
Woo! Many thanks to whichever moderator just upgraded me to a full member.

GBPUSD
The previous GBPUSD hourly finally broke up out of this bull flag that's been forming over the last week. I added in a long when price came down to retest the top of the flag. Looking very good now. We also had yet another rejection of the support area marked out in red.
I'd love to have a H4 close a little higher than this, preferably back up above the daily rising line (violet) and the daily/weekly rising line (black). We may or may not get this tonight.

Again, one of the things which is making me wary of this setup is the break/hold below the larger daily trendline (violet), as well as the bearish looking weekly candle, but I'm only holding out for 6500. My longs are all now in profit and moving most stops up to +2.
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EURAUD
Just took 20 pips out of the EURAUD from my last post. I have plenty of shorts waiting to mature so just scalping it in and out at the moment until the AUDUSD decides to finally break up and take this EA with it. The Euro's looking mighty bullish at the moment so will need to AUD to follow to keep this trade alive.

AUDUSD
This is one of the charts from one of the rejected posts from earlier in the day. Price came down perfectly off of the second resisting trendline (orange). We've paused at the 38 fibo retrace of the latest move. A lot of my exposure is gear +AUD so I'm looking for some support either here or in the near future. Aside from fibos I can't pick out any other special levels except for the next cluster of TLs about 30 pips below, before the 9000 again.
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Teng Su
  • #3,962
  • Dec 9, 2013 5:53am Dec 9, 2013 5:53am
Hi Guys,

Sorry I have been a bit absent last week, was away for the first half of the week and had to play catch up for the second half. Was so damm busy that I even thought today was Sunday instead of Monday. Just fired up the charts for the first time for the day, will have a browse over them. Hopefully from tomorrow I can get back into a bit of a normal routine again.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,963
  • Dec 9, 2013 6:07am Dec 9, 2013 6:07am
Been some nice movement on some of the Yen crosses
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,964
  • Dec 9, 2013 6:11am Dec 9, 2013 6:11am
Quoting jen101
I'd like to find out how others handle trading through news or not. Do you close your trades and dive for cover every time there is a high impact announcement? Do you not open any trades close to announcements even if you have a red hot setup? So how many times have you missed the opportunity of a red hot trade just because there was an announcement due and then the announcement caused nothing? I know it's all about probabilities; if you ignore announcements, you will get hit big time some of the time, but then you might also bank a lot otherwise...
Hi Jen,

I would say that each individual trader more than likely has their own opinions on this one. I believe that whatever you feel most comfortable with is what you should stick to.

If you trade shorter term charts I would, in my opinion most definitely be aware of the announcements at the very least as the short term volatility that can be caused at times when these announcements are due can be concerning on the short term charts, short term support and resistance areas are less likely to be respected.

On longer term charts like daily and weekly, I would not be too concerned about most of the announcements.

You will work out what works best for you over time.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,965
  • Dec 9, 2013 6:12am Dec 9, 2013 6:12am
Quoting vitall
I trade D1, so, I ignore the news, but sometimes it is good to know about.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,966
  • Dec 9, 2013 6:15am Dec 9, 2013 6:15am
Quoting mr su
Hi everyone. New member here so please let me know if this is in the wrong thread or if anyone feels like I'm hijacking anything. Been trading for a good number of years now, focusing on Price Action. Currently manage a few personal + a couple dozen client accounts. A few setups I've been watching and trading over the last week. These are just new charts and charts from the last few days, I'll be adding more up to date and live ones as they appear (although my junior member status may delay them somewhat): AUDUSD Been selling this since the hard...
Hi Mr Su,

No problems, and welcome.

Some nice charts so far
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,967
  • Dec 9, 2013 6:17am Dec 9, 2013 6:17am
Quoting mr su
Woo! Many thanks to whichever moderator just upgraded me to a full member.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,968
  • Dec 9, 2013 6:34am Dec 9, 2013 6:34am
Quoting DarkWolF
Hi Mr Su, No problems, and welcome. Some nice charts so far
Thanks mate, I appreciate the hospitality. Been full-time and trading alone for many years now so its nice to have a place to post and meet other traders.

GL&GT
Teng Su
  • #3,969
  • Dec 9, 2013 6:38am Dec 9, 2013 6:38am
Quoting mr su
{quote} Thanks mate, I appreciate the hospitality. Been full-time and trading alone for many years now so its nice to have a place to post and meet other traders. GL&GT
No probs.

Yes indeed trading can be a solitary world sometimes. Part of the reason I started this thread in the first place, plus the fact that most of the threads on here are full of %#@
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,970
  • Dec 9, 2013 7:01am Dec 9, 2013 7:01am
Quoting DarkWolF
{quote} No probs. Yes indeed trading can be a solitary world sometimes. Part of the reason I started this thread in the first place, plus the fact that most of the threads on here are full of %#@
Lol. I wasn't going to say anything but... I guess we agree one that point

Good to see some straight edged individuals who know what they're talking about on here as well. The somewhat lack of these has put me off posting in this forum in the past. I used to spend a lot of time on another big forum and the amount of negativity there just got to me. We'd have innocent new traders asking for help and some egotistical maniacs just shooting them down left right and center, not cool. We can all make good money here, no need to be a nasty person to anyone.

I'll try to post as many longer and medium term setups that I'm watching in here as I can, if you don't mind. I may also put in a few scalps in as well but due to the time-sensitive nature of those I might not post a chart for them until a little later.
Teng Su
  • #3,971
  • Dec 9, 2013 7:07am Dec 9, 2013 7:07am
GBPCHF
Added in a small short here (4607) with the Shooting star print off of the previous swing low pivot. Targeting the previous supply area here 30 pips down.

Cables looking nice and bullish atm so hoping the heavy bearishness of the UChf can push us down to that level. Bit of bearish hidden divergence here as well so looks nice so far. Not expecting much from this one so will be happy with what I can get. Will be moving stop up to +ve soon.
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Teng Su
  • #3,972
  • Dec 9, 2013 7:12am Dec 9, 2013 7:12am
Quoting mr su
{quote} Lol. I wasn't going to say anything but... I guess we agree one that point Good to see some straight edged individuals who know what they're talking about on here as well. The somewhat lack of these has put me off posting in this forum in the past. I used to spend a lot of time on another big forum and the amount of negativity there just got to me. We'd have innocent new traders asking for help and some egotistical maniacs just shooting them down left right and center, not cool. We can all make good money here, no need to be a nasty person...
Ya I have encountered plenty of that along my trading journey, I remember from when I was new there was one particular trader from a forum I used to look at, based more around stocks than FX, that gave me a lot of help and guidance. But those are few and far between, especially in the FX world.

I tried in few different places and few different forums on this site with a lot of what you mentioned definitely being evident.

Hence I started my own thread and just started to get down some of my charts and thoughts, kept myself away from a lot the other #$%@
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #3,973
  • Dec 9, 2013 7:15am Dec 9, 2013 7:15am
GBPUSD
I'm not usually a fan of the shorter TFs, but this m15 is making a lovely little bull triangle (bull pennant, whatever you like to call it) along the top of the larger prevailing bull flag. Scaled in yet again.

I have many many lots on this long, and we've finally found ourselves sitting out of the top of the flag after a week so can stop sweating, for now.
Can't speak too soon, but it looks good at the moment.

Carney is speaking in about an hour or so, so we may get some noisiness soon. Then again it's at a professional/social function rather than a statement so could just be nothing.

In other news AUD is finally start to pressure the upside again. Hope to see a sustained move here. Will help with my AUDCHF and EURAUD open exposures.

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Teng Su
  • #3,974
  • Dec 9, 2013 7:19am Dec 9, 2013 7:19am
Quoting DarkWolF
{quote} Ya I have encountered plenty of that along my trading journey, I remember from when I was new there was one particular trader from a forum I used to look at, based more around stocks than FX, that gave me a lot of help and guidance. But those are few and far between, especially in the FX world. I tried in few different places and few different forums on this site with a lot of what you mentioned definitely being evident. Hence I started my own thread and just started to get down some of my charts and thoughts, kept myself away from a lot...
Haha, agreed.

The good thing is, there are good people out there, its just there are so many arzeholes as well it can get trying. It's hard for anyone to get off the ground without some type of help. For people who have "made it" (sorry for the terrible term) as full-time traders, chances are they got a lot of help along the way. It's just infuriating to see those people not pass on the knowledge to those in need, especially when they decide to be nasty instead.

It's not like someone else succeeding will make us any less successful. It's just a sign that humanity and society in general still has a long way to go.
Teng Su
  • #3,975
  • Dec 9, 2013 7:25am Dec 9, 2013 7:25am
This may be a little premature but the AUDUSD looks to be starting the right shoulder of a quite frankly an ugly IHNS. Nice. Will be adding in yet again to this should we get a neckline retest if/when it breaks.

We're just hanging around this H1 200SMA dynamic supp/resis level now.
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Teng Su
  • #3,976
  • Dec 9, 2013 8:04am Dec 9, 2013 8:04am
Quoting mr su
GBPCHF Added in a small short here (4607) with the Shooting star print off of the previous swing low pivot. Targeting the previous supply area here 30 pips down. Cables looking nice and bullish atm so hoping the heavy bearishness of the UChf can push us down to that level. Bit of bearish hidden divergence here as well so looks nice so far. Not expecting much from this one so will be happy with what I can get. Will be moving stop up to +ve soon. {image}
Cashed out a couple lots at +11 and moving stop to +2 on the rest. Won't be bothered if I get stopped on this one.

This last GBPUSD H4 print is downright ugly (if you're long). Still within this larger bull flag and the smaller bull triangle so... the waiting game continues. Added a tiny little scalp short to steal a few pips.
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Teng Su
  • #3,977
  • Dec 9, 2013 8:29am Dec 9, 2013 8:29am
GBP/USD is fighting to break weekly resistance and the median line. I am watching this fight on D1, kind of conservative way

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  • #3,978
  • Dec 9, 2013 8:38am Dec 9, 2013 8:38am
hi folks,
i took this trade earlier, EUR/JPY, M5 chart.
thought it was the perfect set up, broke the trend line, nice pullback, no news...

what went wrong? wrong direction of the main trend? M5 no timeframe for this system?

still learning, thx for replys!
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  • #3,979
  • Dec 9, 2013 8:43am Dec 9, 2013 8:43am
Quoting inad07
hi folks, i took this trade earlier, EUR/JPY, M5 chart. thought it was the perfect set up, broke the trend line, nice pullback, no news... what went wrong? wrong direction of the main trend? M5 no timeframe for this system? still learning, thx for replys! {image}
Just from my personal experience I've always found the M5 is very noisy. If you do decide to trade breaks on that TF, I wouldn't go for more than a couple pips. Sometimes (rarely) when it's deadpan flat and no fun I sometimes go down to the M15s, and even then I don't try to go for any more than 5-15 pips at a time, if that.

Best to start long-term (H6/8s, Dailys etc.) and move your way down the timeframes as your experience grows and you build up some skills and a process/strategy that you can rely on.

Keep going, you're on the right track.
Teng Su
  • #3,980
  • Dec 9, 2013 8:47am Dec 9, 2013 8:47am
Real nice looking little falling bull wedge on the AUDNZD with double divergence on the RSI and MACD line.

Super heavy exposed on the AUD atm so I'll wait for a more concrete signal of a break/retest of the wedge before I make an entry.
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Teng Su
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