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Price Action and Trading Discussion

  • #4,101
  • Jan 8, 2014 3:15am Jan 8, 2014 3:15am
AUDCAD Daily:

This one closed solidly outside of the recent trend line.

Largely the overall trend has been bearish. But we do know that at times when these trend lines area breached and are proven to have held they can be a turning point, either short term or longer term.

Plenty of near term resistance also.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD Daily 08-01.jpg Size: 163 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,102
  • Jan 9, 2014 6:17pm Jan 9, 2014 6:17pm
DarkWolf !

Hows things mate !!

Dan
  • #4,103
  • Jan 9, 2014 6:25pm Jan 9, 2014 6:25pm
Hi Dan,

All good here, everything is going well.

How about yourself ?

How is that trading journey going ?

I hope you had a great xmas and new year.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,104
  • Jan 9, 2014 6:26pm Jan 9, 2014 6:26pm
Hi Guys,

Just checked over the daily charts for the day, still not much going on with them.

I have a few charts to post from the last couple of days trades from the hourly charts, will get them up soonish.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,105
  • Jan 9, 2014 11:37pm Jan 9, 2014 11:37pm
CADJPY Hourly:

Hi Guys,

Took this one 2 days ago, just haven't put the images up as yet for this day or yesterdays session.

Had a pending order in on this pair that got triggered.

Went sideways for quite some time after that until I closed it out and took the profit that it had.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: CADJPY Hourly Pending 08-01.jpg Size: 153 KB
Click to Enlarge Name: CADJPY Hourly TP 08-01.jpg Size: 150 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,106
  • Jan 9, 2014 11:40pm Jan 9, 2014 11:40pm
AUDNZD Hourly:

I took 2 trades during yesterdays sessions.

The first one was on this pair, which resulted in a loss.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDNZD Hourly 09-01.jpg Size: 159 KB
Click to Enlarge Name: AUDNZD Hourly stopped 09-01.jpg Size: 167 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,107
  • Jan 9, 2014 11:43pm Jan 9, 2014 11:43pm
CADJPY Hourly:

This was the second position that I took for the day yesterday, made it down to the target area.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: CADJPY Hourly.jpg Size: 141 KB
Click to Enlarge Name: CADJPY Hourly TP 09-01.jpg Size: 151 KB
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  • #4,108
  • Jan 10, 2014 5:48am Jan 10, 2014 5:48am
Hi Guys,

Not too much going on so far today. Might be a couple of opportunities that could potentially present over the next couple of hours depending on how price plays out.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,109
  • Jan 10, 2014 7:34am Jan 10, 2014 7:34am
Can always count on that little bit of economic data to cause a market stir
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,110
  • Jan 13, 2014 4:53am Jan 13, 2014 4:53am
Hi guys this is one of the trade taking this year and this one is on EURCAD MONTHLY timeframe long trade by the way.
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad monthly long trade 07 01 2014.png Size: 18 KB

Attached Image (click to enlarge)
Click to Enlarge Name: eurcad monthly long trade 07 01 2014 update1.png Size: 18 KB

Hope to continue paying off.
  • #4,111
  • Jan 13, 2014 5:07am Jan 13, 2014 5:07am
Quoting kebefx
Hi guys this is one of the trade taking this year and this one is on EURCAD MONTHLY timeframe long trade by the way. {image} {image} Hope to continue paying off.
Do you notice a repeating pattern on the monthly charts you posted?

Look how the next candle often returns to the opening price of the previous candle before bouncing away again, so for example that bullish move, almost every next candle has returned to the previous candles opening price before continueing on with the move, they provide good entry opportunities effectively getting in at a bottom.

Simple but very effective
  • #4,112
  • Jan 13, 2014 5:15am Jan 13, 2014 5:15am
Hi Guys,

Late to the charts for the first day of the week. But does not look like that I have missed too much.

Just getting through them all to have a good look at whats going on. Only got my hourly charts left to look through.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,113
  • Jan 13, 2014 5:17am Jan 13, 2014 5:17am
Quoting kebefx
Hi guys this is one of the trade taking this year and this one is on EURCAD MONTHLY timeframe long trade by the way. {image} {image} Hope to continue paying off.
Hi Kebefx,

Bouncing away from a nice support level at the moment.

Hopefully it continues on in your favour.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,114
  • Jan 13, 2014 5:53am Jan 13, 2014 5:53am
Quoting kebefx
Hi guys this is one of the trade taking this year and this one is on EURCAD MONTHLY timeframe long trade by the way. {image} {image} Hope to continue paying off.
Wow. I see you have about a 700pip SL?
  • #4,115
  • Jan 13, 2014 7:11am Jan 13, 2014 7:11am
Quoting jen101
{quote} Wow. I see you have about a 700pip SL?
Hi Jen,

Stop loss size is relevant to your risk management strategies.

Stop loss size does not matter at all if you use the correct position sizing to ensure your risk is the same on every trade.

For example:

$20,000 account size
EURUSD
2% risk
50 pip stop
$400 risk
Position Size .80

$20,000 account size
2% risk
100 pip stop
$400 risk
Position size .40

$20,000 account size
2% risk
200 pip stop
$400 risk
Position size .20

$20,000 account size
2% risk
500 pip stop
$400 risk
Position size .08

So you can see that the size of your stop is totally irrelevant as long as you practice the correct risk management and position sizing. I think this concept is one that many traders simply do not understand and more to the point do not use as part of their trading. You should not place your stop due to the size of your position, you position size should be based around your stop placement.

You should not be afraid of trading higher time frames and placing larger stops as the risk should be the same regardless.

If any trader does not understand the concept of correct risk management then I would suggest that you stop trading any sort of live account until you do.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,116
  • Jan 13, 2014 7:16am Jan 13, 2014 7:16am
Quoting DarkWolF
{quote} Hi Jen, Stop loss size is relevant to your risk management strategies. Stop loss size does not matter at all if you use the correct position sizing to ensure your risk is the same on every trade. For example: $20,000 account size EURUSD 2% risk 50 pip stop $400 risk Position Size .80 $20,000 account size 2% risk 100 pip stop $400 risk Position size .40 $20,000 account size 2% risk 200 pip stop $400 risk Position size .20 $20,000 account size 2% risk 500 pip stop $400 risk Position size .08 So you can see that the size of your stop is totally...
Yes, that's why I use a lot size calculator I am just intrigued at the monthly TF that's all.
  • #4,117
  • Jan 13, 2014 7:23am Jan 13, 2014 7:23am
Quoting jen101
{quote} Yes, that's why I use a lot size calculator I am just intrigued at the monthly TF that's all.
Good to see , but I have seen many traders over the years who simply do not, and do not understand the concept of risk management and how it should be applied to trading.

As far as I am concerned, it is the most critical part of trading.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,118
  • Jan 13, 2014 7:25am Jan 13, 2014 7:25am
Looking forward to maybe seeing some movement back in the charts this week.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,119
  • Jan 13, 2014 7:40am Jan 13, 2014 7:40am
Quoting DarkWolF
{quote} Hi Jen, Stop loss size is relevant to your risk management strategies. Stop loss size does not matter at all if you use the correct position sizing to ensure your risk is the same on every trade. For example: $20,000 account size EURUSD 2% risk 50 pip stop $400 risk Position Size .80 $20,000 account size 2% risk 100 pip stop $400 risk Position size .40 $20,000 account size 2% risk 200 pip stop $400 risk Position size .20 $20,000 account size 2% risk 500 pip stop $400 risk Position size .08 So you can see that the size of your stop is totally...
Well spoken, i tend to trade where i see the setup
  • #4,120
  • Jan 13, 2014 7:40am Jan 13, 2014 7:40am
GBPJPY Hourly:

Pending short order on this pair was triggered. Not too long after target area was achieved.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPJPY Hourly pending 13-01.jpg Size: 187 KB
Click to Enlarge Name: GBPJPY Hourly TP 13-01.jpg Size: 185 KB
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