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Price Action and Trading Discussion

  • #4,501
  • Feb 26, 2014 4:06am Feb 26, 2014 4:06am
Quoting FXKabab
Anyone else watching usdjpy for a buy down at 102.00? {image}
Hi FXKabab,

Certainly an evident support area on the hourly chart
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,502
  • Edited 4:25am Feb 26, 2014 4:09am | Edited 4:25am
Quoting jen101
{quote} Yes, just had a quickie on gbpcad short from 1.8532. I'm having to do pending orders like you again because I'm fed up of getting to the party late all the time and all the action being nearly over by the time I get there . It's working .
GDR3K certainly has a very good ability to trade the levels not doubt about that

Pick the right levels and pending limit orders can most certainly work a treat. Can also give you a much sharper entry rather than waiting for any sort of confirmation bar. Can certainly work well in ranging markets, and we know the markets love to move within ranges
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,503
  • Feb 26, 2014 4:15am Feb 26, 2014 4:15am
Quoting DarkWolF
{quote} Pick the right levels and pending limit orders can most certainly work a treat. Can also give you a much sharper entry rather than waiting for any sort of confirmation bar. Can certainly work well in ranging markets, and we know the markets love to move within ranges
A few lines I had put on the chart and have been watching the areas, no trades from it for me but you can see how limit orders at key market levels can work out nicely. Be prepared for the odd one to over shoot your level and take out your stop.

More importantly, dont become greedy and shoot for the stars. Getting in a trade is the easy part. Getting out for most traders can be the hard part as the emotion of what if.... can play a dangerous part in the trade management.

Know your targets, and use them.
Attached Image (click to enlarge)
Click to Enlarge Name: AU Hourly 26-02.jpg Size: 210 KB
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  • #4,504
  • Feb 26, 2014 4:29am Feb 26, 2014 4:29am
Seems like another slow day so far..

Here's the 3 trades I took today:

AUDUSD 30m

Entered around the 61.8% fib before London open..
Also had some price structure here, an upper trendline, and a lower trendline break + retest, so lot's of confluence..
Was only good for about 10 pips with spread though

Attached Image (click to enlarge)
Click to Enlarge Name: audusdm30.png Size: 49 KB


AUDCHF 30m

Similar story to AUDUSD, moved my stop to BE after the first area of support got hit, and got stopped out.. not the best spread on this one.

Attached Image (click to enlarge)
Click to Enlarge Name: audchfm30.png Size: 50 KB


GBPAUD 30m

50% fib hit, with some price structure and trendline support.. was a bit worried about the news, but had a good stop in place.
Took about 30 pips here.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpaudm30.png Size: 55 KB


I'll check back later to see what's setting up for NY
  • #4,505
  • Feb 26, 2014 4:31am Feb 26, 2014 4:31am
Quoting FXKabab
Seems like another slow day so far.. Here's the 3 trades I took today: AUDUSD 30m Entered around the 61.8% fib before London open.. Also had some price structure here, an upper trendline, and a lower trendline break + retest, so lot's of confluence.. Was only good for about 10 pips with spread though {image} AUDCHF 30m Similar story to AUDUSD, moved my stop to BE after the first area of support got hit, and got stopped out.. not the best spread on this one. {image} GBPAUD 30m 50% fib hit, with some price structure and trendline support.. was a bit...
Nice work
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,506
  • Feb 26, 2014 6:03am Feb 26, 2014 6:03am
Quoting DarkWolF
AUDNZD Hourly: Hi Guys, Been a while since I had an entry. Just got short on this pair, target area at the previous lows. Now to see how it plays out. {image}
Target area achieved
Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZD Hourly 26-02 TP.jpg Size: 178 KB
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  • #4,507
  • Feb 26, 2014 6:11am Feb 26, 2014 6:11am
Quoting FXKabab
Anyone else watching usdjpy for a buy down at 102.00? {image}

been long on this pair since Asian session.. to me it's ranging up and down with slight edge to push up.. will see.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.ih1.png Size: 70 KB
Passion, Persist, Patience, Protect
  • #4,508
  • Feb 26, 2014 6:15am Feb 26, 2014 6:15am
Quoting DarkWolF
{quote} Target area achieved {image}
nice quick pips..
I was short on this one from 8404 but got tired of its no movement and banked +17 from it late NY session.
Passion, Persist, Patience, Protect
  • #4,509
  • Feb 26, 2014 6:15am Feb 26, 2014 6:15am
Quoting FXEmpire
{quote} been long on this pair since Asian session.. to me it's ranging up and down with slight edge to push up.. will see. {image}
Stuck at the midpoint of that larger range.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,510
  • Feb 26, 2014 6:21am Feb 26, 2014 6:21am
Quoting DarkWolF
{quote} Stuck at the midpoint of that larger range.
it sure is bastard, lol.. I predict eventually it would either go up or down
Passion, Persist, Patience, Protect
  • #4,511
  • Feb 26, 2014 6:21am Feb 26, 2014 6:21am
Quoting DarkWolF
{quote} A few lines I had put on the chart and have been watching the areas, no trades from it for me but you can see how limit orders at key market levels can work out nicely. Be prepared for the odd one to over shoot your level and take out your stop. More importantly, dont become greedy and shoot for the stars. Getting in a trade is the easy part. Getting out for most traders can be the hard part as the emotion of what if.... can play a dangerous part in the trade management. Know your targets, and use them. {image}
Yes. Also a case of instant gratification versus long, slow torture
  • #4,512
  • Feb 26, 2014 6:22am Feb 26, 2014 6:22am
All of the market consolidation has to break sooner or later. But like all market phases moves onto the next.

Consolidation (range), trend, consolidate, trend, consolidate etc etc.

We see it time and time again. Market will range, then move to the next level, range, move to the next level and so on.

And yes indeed the market does range just as much as it trends if not more. The question is what does your trading plan tell you to trade.

Plan your trade.... Trade your plan.....
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,513
  • Feb 26, 2014 6:23am Feb 26, 2014 6:23am
Quoting jen101
{quote} Yes. Also a case of instant gratification versus long, slow torture
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  • #4,514
  • Feb 26, 2014 6:24am Feb 26, 2014 6:24am
Quoting FXEmpire
{quote} it sure is bastard, lol.. I predict eventually it would either go up or down
Ha Ha Ha Ha

I would predict that your prediction is absolutely spot on
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,515
  • Feb 26, 2014 6:26am Feb 26, 2014 6:26am
Quoting FXEmpire
{quote} it sure is bastard, lol.. I predict eventually it would either go up or down
Quoting DarkWolF
{quote} Ha Ha Ha Ha I would predict that your prediction is absolutely spot on
Only one thing is certain in trading.

And that is that there is no certainty.
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  • #4,516
  • Feb 26, 2014 6:31am Feb 26, 2014 6:31am
Quoting DarkWolF
All of the market consolidation has to break sooner or later. But like all market phases moves onto the next. Consolidation (range), trend, consolidate, trend, consolidate etc etc. We see it time and time again. Market will range, then move to the next level, range, move to the next level and so on. And yes indeed the market does range just as much as it trends if not more. The question is what does your trading plan tell you to trade. Plan your trade.... Trade your plan.....
here is a question for you dwolf..
once the condition is spotted, which one is more reliable to profit from.. trend or range?
Passion, Persist, Patience, Protect
  • #4,517
  • Feb 26, 2014 6:32am Feb 26, 2014 6:32am
Quoting DarkWolF
{quote} {quote} Only one thing is certain in trading. And that is that there is no certainty.
second that.
Passion, Persist, Patience, Protect
  • #4,518
  • Feb 26, 2014 6:46am Feb 26, 2014 6:46am
Quoting FXEmpire
{quote} here is a question for you dwolf.. once the condition is spotted, which one is more reliable to profit from.. trend or range?
I think that would depend on the individual trader and how they trade each condition. As one trader may define levels etc better than another just as one may trade trends better than another.

I was predominately a range trader for quite some time, and found it to be quite profitable. But I also found the way I was trading when range trading was also much more aggressive, trading levels and touch trading etc to try and push the most out of tight areas.

On the flip side trading a good strong trend can also be quite profitable.

In either instance by the time you realise each condition is in play its usually half over.

What so many traders get caught up on is getting that large move.... getting on a nice trend.... getting the big pips....

By the time one trader has got on that big move, I reckon that I could take just as many if not more pips, from trading ranges and taking a lot of small pips from the market. All those small pips, over time slowly add up to a lot of pips. This concept is one that I think many traders seem to overlook. Its that emotion of greed... hold on just in case it moves higher or lower... what if.... when in reality, you could have got out at the support level, price moves back up, trade the range again and get out at almost the same level again. A really aggressive range trader may flip the trades. Get out short at support, back in long.

So do you see how such a question of what is more profitable is quite hard to answer, as there are so many variables in each traders methodology.

When is a range a range and when is a trend a trend, when is the range over and when has the trend ended.... the eternal battles for every trader.

In my personal opinion, I believe that having the ability to have both tools in your toolbox is the way to go. Just choose when and how you would like to use each relevant tool.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,519
  • Feb 26, 2014 6:55am Feb 26, 2014 6:55am
The levels and areas area the on almost every chart you will look at. The repeat patterns, the horizontal areas, the trend lines.

Can you train your eye to see them, that is the question. Certain areas on the chart are more than likely to cause some sort of reaction from price. How much, and how much you are willing to take is always the hard part.

Get on the train at one station, hop on for the ride, get off at the next station
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 211 KB
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  • #4,520
  • Feb 26, 2014 8:25am Feb 26, 2014 8:25am
Quoting DarkWolF
Get on the train at one station, hop on for the ride, get off at the next station {image}
That's what I normally do, speaking of which I've just done exactly that and closed the position a minute or so ago.
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