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  • #21
  • Nov 21, 2013 8:44pm Nov 21, 2013 8:44pm
Lol yeah it seems to be that the best traders use the trigger like a sniper rather than a helicopter gunner. I'm also trying to ease back on my entries. Used to be the sort that always had a trade open. Now I have been patiently watching charts for days on end waiting for those A+ technical setups. Looking for strong convergence at support and resistance rather than flipping a coin.
  • #22
  • Nov 24, 2013 6:11pm Nov 24, 2013 6:11pm
Quoting Albatross29
Lol yeah it seems to be that the best traders use the trigger like a sniper rather than a helicopter gunner. I'm also trying to ease back on my entries. Used to be the sort that always had a trade open. Now I have been patiently watching charts for days on end waiting for those A+ technical setups. Looking for strong convergence at support and resistance rather than flipping a coin.
Patience is the name of the game in Forex.

It seems that my 99.6-99.7 analysis was very on the money last week. Too bad I didn't get into that trade.

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We just made a jump of about 65 pips in 2 hours so I'll be waiting to see how price reacts at this new level. I'll post my analysis tomorrow after I have some further price action to read.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #23
  • Nov 25, 2013 2:36pm Nov 25, 2013 2:36pm
Ok here we go, first trade.

We had some resistance close to 102 and saw a minor retrace. After the move from 101.7 to 101.4 you can see that buyers came in and brought price right back up.

Because of this price action I'm assuming that price hasn't topped yet, and we still have more upside to go. So I'm playing 101.4 as the bottom and put a buy in at 101.6 with a S/L of 101.35. Take profit is set to 102.1
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"If you won't risk the usual, you'll have to settle for the ordinary."
  • #24
  • Nov 25, 2013 2:52pm Nov 25, 2013 2:52pm
Scary looking trade there, mainly because of the short TF you are using. Personally I won't trade the noise below 4HR and typically stick to daily and trade in between the weekly fib and pivots.

Looking at the live chart though I think if it were me I would tighten up the stop and hope for a bounce off of the 150 EMA which is right at 101.50.

Pretty heavy resistance built up at this 101.65 area as well right now. MACD is also not in your favor on this trade. Although I don't use it as a decision indicator I like to see a little confluence in the direction of where I am hoping the price will move.
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Click to Enlarge Name: USDJPY Daily.JPG Size: 130 KB
  • #25
  • Nov 25, 2013 3:00pm Nov 25, 2013 3:00pm
Right now I only have one active trade that was just triggered and two more waiting in the wings.

The active trade is below on EURAUD with a short position I opened at 1.47192, SL is set at 1.48190 and TP is at 1.45425.

The idea is to trade the break of the previous days bearish pin bar and look for a take profit at the previous high candles. If it reverses on me my main focus is to not take any large losses heading the other direction. MACD is on a double wave here and looks prime to retrace a bit as well. I've placed my stops on the convoluted area highlighted with the elipse from the earlier highs. Hoping that this will serve as resistance if the trade goes the wrong way on me and I'm far enough in to it to not get stopped out.
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Click to Enlarge Name: EURAUD Daily.JPG Size: 162 KB
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  • #26
  • Nov 25, 2013 3:15pm Nov 25, 2013 3:15pm
Looks like your yen trade is fighting hard to try and bounce off that 101.50 area right now. Hopefully it goes well for you and turns around here!
  • #27
  • Nov 26, 2013 11:34am Nov 26, 2013 11:34am
Were you able to hang in on that trade long enough to get back to BE or did you end up getting stopped out? I got my face ripped off on mine.
  • #28
  • Nov 26, 2013 3:48pm Nov 26, 2013 3:48pm
Quoting livethedream
Ok here we go, first trade. We had some resistance close to 102 and saw a minor retrace. After the move from 101.7 to 101.4 you can see that buyers came in and brought price right back up. Because of this price action I'm assuming that price hasn't topped yet, and we still have more upside to go. So I'm playing 101.4 as the bottom and put a buy in at 101.6 with a S/L of 101.35. Take profit is set to 102.1 {image}
Hmm... interesting why would you take that level as support though, just asking.

Here's how I see it.
30min picture:
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5min:
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  • #29
  • Nov 27, 2013 10:54am Nov 27, 2013 10:54am
Quoting Albatross29
Were you able to hang in on that trade long enough to get back to BE or did you end up getting stopped out? I got my face ripped off on mine.
Got stopped out on it.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #30
  • Nov 27, 2013 11:04am Nov 27, 2013 11:04am
Quoting Albatross29
Scary looking trade there, mainly because of the short TF you are using. Personally I won't trade the noise below 4HR and typically stick to daily and trade in between the weekly fib and pivots. Looking at the live chart though I think if it were me I would tighten up the stop and hope for a bounce off of the 150 EMA which is right at 101.50. Pretty heavy resistance built up at this 101.65 area as well right now. MACD is also not in your favor on this trade. Although I don't use it as a decision indicator I like to see a little confluence in the...
Yeah I'm gonna switch to higher time frame trading. I'll be learning to swing trade the daily time frame, holding trades from 10-30 days on average.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #31
  • Nov 27, 2013 11:09am Nov 27, 2013 11:09am
Quoting shellsnail
{quote} Hmm... interesting why would you take that level as support though, just asking. Here's how I see it. 30min picture:{image} 5min: {image}
Very interesting charts. I really like the 5 min. chart as it puts into perspective where I went wrong on that trade. Too much downward pressure even though we did rise back up to the level were we dropped.

How did you calculate the buy zone and that it had been broken?


Hours Added: 2.5
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #32
  • Dec 9, 2013 6:11pm Dec 9, 2013 6:11pm
$50 put into the Oanda account, gonna trade S/R lines in the direction of the trend. Currently looking to take a buy off the touch of this support line.
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"If you won't risk the usual, you'll have to settle for the ordinary."
  • #33
  • Dec 11, 2013 2:39am Dec 11, 2013 2:39am
Quoting livethedream
$50 put into the Oanda account, gonna trade S/R lines in the direction of the trend. Currently looking to take a buy off the touch of this support line. {image}
Didn't take that buy order since price tested the high before coming down. Had I been available I would have taken the short but it happened while I was sleeping. But then again maybe that's just hindsight.

Just put a buy order in after a rejection of the previous low. With a stop placed below the 61.8 fib. Might close out depending on how price action unfolds over the next 2-3 hours.
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"If you won't risk the usual, you'll have to settle for the ordinary."
  • #34
  • Dec 11, 2013 10:13am Dec 11, 2013 10:13am
Order was stopped out and bounced right after it was stopped out. Hmmm...

Will have to do some analysis on this later and see what I missed.
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"If you won't risk the usual, you'll have to settle for the ordinary."
  • #35
  • Dec 12, 2013 2:45pm Dec 12, 2013 2:45pm
In regards to the last trade. I didn't wait for the proper bounce. It's a clear rejection of the 61.8 fib in hindsight, which PA indicates after a drop below 61.8 is quickly met with an influx of bulls.

I've taken two trades since then. One was a buy from 102.4 to 102.73.

The other was a sell from 102.9 to 103.1.

I don't know why I ever took the sell order. Even when taking it I knew I shouldn't have, the trend was clearly up. This is a perfect example of me trying to catch every move... when I should only be focusing on trading with the trend.

After looking now I never should have gotten out of my buy order. Daily and 4H trend was clearly up. I let the lower time frames get the best of me. I need to work on trading with a longer term approach, and use smaller time frames simply to see price action, to help indicate the volatility of a move.

Currently waiting for price to consolidate as we've just broken a resistance level.
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"If you won't risk the usual, you'll have to settle for the ordinary."
  • #36
  • Dec 13, 2013 2:53pm Dec 13, 2013 2:53pm
No analysis for now, just a chart. I'll take a better look over the weekend.
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"If you won't risk the usual, you'll have to settle for the ordinary."
  • #37
  • Dec 15, 2013 5:45pm Dec 15, 2013 5:45pm
Opened a short at 103.1 with a SL at 103.3. Take profit at 102.9.

Buy order at the 61 fib level.

Order placed at 102.85.
SL 102.65. No take profit set yet.

If we get a big bounce from the 61 fib level I'll hold. If we don't get much of a bounce I'll close the long and look for a short opportunity.
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"If you won't risk the usual, you'll have to settle for the ordinary."
  • #38
  • Dec 15, 2013 10:59pm Dec 15, 2013 10:59pm
Looking like lots of work in progress! All the best!
  • #39
  • Dec 16, 2013 1:31pm Dec 16, 2013 1:31pm
Quoting alfis
Looking like lots of work in progress! All the best!
Thanks Alfis!


I attached a trade explorer so that I won't have to keep entering exact trade details. This way I have a record of the trades in case I ever want to go back and review them, but the main part of this journal that I want to track is reading price action and technical analysis.

So let me start today by saying. I can't believe I missed this... Buyers have to be waiting for a touch of this line for the bounce higher. I'll be taking a buy order at the touch of the line.
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"If you won't risk the usual, you'll have to settle for the ordinary."
  • #40
  • Dec 16, 2013 5:13pm Dec 16, 2013 5:13pm
Took a short after a rejection to go higher. I'll close this at the touch of the line shown in the post above.

I'll be monitoring this one closely though over the next hour.
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"If you won't risk the usual, you'll have to settle for the ordinary."
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