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Price Action and Trading Discussion

  • #4,621
  • Mar 7, 2014 1:08pm Mar 7, 2014 1:08pm
Hi all i took this trade last night USDJPY 4hour time frame and have been away all day from my pc.Is base on breakout of the trendline pullback continuation.
Attached Image (click to enlarge)
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  • #4,622
  • Mar 7, 2014 1:34pm Mar 7, 2014 1:34pm
Quoting GDR3k
{quote} I had a short just under where you went long on EURJPY, closed it this morning for about 10 pips profit, good job really considering todays movement I took a loss on my gbpaud long position, for some reason when my stop was hit the position didn't close so I took a pretty heavy hit. I also had a few orders yesterday which weren't hit by a pip or two, out of frustration I moved my high risk trading account funds over to a new ctrader ecn account where the spreads are as tight as a ducks arse, but for some reason the candles are off...
It's been a breakout week. It would be damn useful if there was a way of foretelling whether it's going to be a reversal type of week or a breakout one. I think the writing was on the wall after what happened with gbpaud; everything just seemed to follow suit.
  • #4,623
  • Mar 7, 2014 2:06pm Mar 7, 2014 2:06pm
Quoting jen101
{quote} It's been a breakout week. It would be damn useful if there was a way of foretelling whether it's going to be a reversal type of week or a breakout one. I think the writing was on the wall after what happened with gbpaud; everything just seemed to follow suit.
Yep it has, next week should be better.

Anyone got any plans for this weekend?
  • #4,624
  • Mar 7, 2014 2:34pm Mar 7, 2014 2:34pm
It's late and I'm not placing any trades now, but here's one for when the market re-opens, providing nothing crazy happens .
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  • #4,625
  • Mar 7, 2014 2:51pm Mar 7, 2014 2:51pm
Hi, I am new to this forum but have been following for a long time, but not a member. I just became a member, and I love using price action. Would like to get involved here if you guys let me

Thanks
  • #4,626
  • Mar 7, 2014 2:58pm Mar 7, 2014 2:58pm
Quoting GDR3k
{quote} Yep it has, next week should be better. Anyone got any plans for this weekend?

yep.. picking up my new wheel and taking a ride up the coast with the wifey.

I am closing out for the week.. letting the gbpchf trade to be over weekend.

Have a great weekend everyone..
Passion, Persist, Patience, Protect
  • #4,627
  • Mar 7, 2014 4:09pm Mar 7, 2014 4:09pm
Quoting JustUsePrice
Hi, I am new to this forum but have been following for a long time, but not a member. I just became a member, and I love using price action. Would like to get involved here if you guys let me Thanks
Welcome . Have a good weekend all. Next week won't be so crazy .
  • #4,628
  • Mar 7, 2014 4:30pm Mar 7, 2014 4:30pm
Quoting FXEmpire
{quote} yep.. picking up my new wheel and taking a ride up the coast with the wifey. I am closing out for the week.. letting the gbpchf trade to be over weekend. Have a great weekend everyone..
Sounds good, not much planned on this end other than a birthday night out tomorrow night, that should be eventful for all the wrong reasons.

Enjoy
  • #4,629
  • Mar 7, 2014 8:25pm Mar 7, 2014 8:25pm
When China's Trade Balance has gone into red 23B,
any comment what would AUD + USD react to this least piece of news?
  • #4,630
  • Mar 8, 2014 2:54am Mar 8, 2014 2:54am
Quoting GDR3k
{quote} Sounds good, not much planned on this end other than a birthday night out tomorrow night, that should be eventful for all the wrong reasons. Enjoy
You like your alcohol up north . Are you going to follow that up with a radioactive pig out again?

Quoting tlpfx14
When China's Trade Balance has gone into red 23B, any comment what would AUD + USD react to this least piece of news?
This week Australia posted a trade balance over 5 times more than forecasted. For the last 20 years or so, Australia's economy has grown mainly because of its natural resources, resources that China wants. China will probably want to tighten the screws. Interesting.
  • #4,631
  • Mar 8, 2014 3:48am Mar 8, 2014 3:48am
Quoting jen101
{quote}You like your alcohol up north . Are you going to follow that up with a radioactive pig out again?
Of course, what else is there to do up here? I'll have to see if the local takeaways are selling any special Chernobyl lamb kebabs
  • #4,632
  • Mar 8, 2014 7:52am Mar 8, 2014 7:52am
Quoting JustUsePrice
Hi, I am new to this forum but have been following for a long time, but not a member. I just became a member, and I love using price action. Would like to get involved here if you guys let me Thanks
You're welcome as you can see we have those experience guy you can learn from you can see the way they take trade and post them .
Once again you are welcome.
  • #4,633
  • Mar 8, 2014 2:37pm Mar 8, 2014 2:37pm
Quoting GDR3k
{quote} I had a short just under where you went long on EURJPY, closed it this morning for about 10 pips profit, good job really considering todays movement I took a loss on my gbpaud long position, for some reason when my stop was hit the position didn't close so I took a pretty heavy hit. I also had a few orders yesterday which weren't hit by a pip or two, out of frustration I moved my high risk trading account funds over to a new ctrader ecn account where the spreads are as tight as a ducks arse, but for some reason the candles are off...
I can tell you that every professional trader uses 2 platforms. So even if you're changing platform to MT4, which other platform will you use? The real question is, which data feed is the most current? The platform of Currenex, DukaScopy? There are only a handful good platforms to look at, then in your MT4 platform you can open trades. Let me know if you've decided to use another platform for data feed.
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  • #4,634
  • Edited 4:13pm Mar 8, 2014 3:28pm | Edited 4:13pm
Quoting FXEmpire
{quote} I trade mostly the 24 major pairs so most of what you put up are not on my list at least. but audznd i am eying to short 0730 area.. audchf same deal looking to get in on Pb from old sup discussed above posts.. nzdusd and eurnzd for the time being nothing to me they are in no mans-land atm.
AUDNZD:
Printscreen of AUDNZD: Smart Money sees that macd is so oversold it could burn through your screen about now. As ellioter the Elliot rhythm seems legit.

I think you mean the 1.0730 of audnzd.
I've put a buy order at 1.0458 in case of a spike but I'm positive it won't break the double bottom in the monthly chart. Which bearish signals can you see atm, then I can take it into account?
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  • #4,635
  • Mar 8, 2014 4:11pm Mar 8, 2014 4:11pm
Quoting FXEmpire
Just closed couple of yesterdays trades for about +70 each. {image} {image} {image} {image}
How do you trade to make profit? Personally, I trade all currency pairs, I always use SL (with 1:1 to 1:4 Risk-Ratio (so SL at 20 pips, TP at 80 pips). I want to learn the best strategy of using trailing stop because I'm bad at seeing when market price is going all the way down or up. Do you have tips for me? Thank you so much!
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  • #4,636
  • Mar 8, 2014 4:15pm Mar 8, 2014 4:15pm
Quoting FXEmpire
Check this out guys.. look how broker screwed me out of my tp.. I know it was news time but look at the gap and chaotic pa.. most likely the widen of spread got something to do with it, overall it cost me there unfortunetly.. cool 70+piper not capitalized.. now this better make it there today or %$%$ else.... lol {image}
Even with a trailing stop of 20 pips you would have made a huge amount. Or did you use a trailing stop?
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  • #4,637
  • Mar 9, 2014 7:20am Mar 9, 2014 7:20am
Quoting FXEmpire
{quote} keb I hope it drops for you.. but the damn thing has kept going higher and higher ever since mid 2012.. lol
you were right, eurcad went higher and higher. It's now about to go short, maximum 350 pips. I would look for a buy entry at 1.5070, because:
- down swings go down about 350 pips max.
- bounces at MA50

I have a question about macd, because many forex teachers say A, then he says B, then he says A. So I'm confused.
1. Which bullish signal is better?
a) if both macd line and signal line are above zero line + macd line crosses above signal line
b) if both macd line and signal line are below zero line + macd line crosses above signal line
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  • #4,638
  • Mar 9, 2014 9:41am Mar 9, 2014 9:41am
Quoting FXEmpire
I took a stab at the NFP here with half load.. since eu is at 2year high and crossing over solid resistant to add positive job number.. it makes it ok risk.. lets see how it plays out. {image}
I also want to first see confirmation that EU goes down. Lots of traders (77% of all traders on forexfactory) already took the trade and went down:
http://www.forexfactory.com/trades.php

Doesn't that say something?

Also what does NFP mean?
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  • #4,639
  • Mar 9, 2014 9:45am Mar 9, 2014 9:45am
Quoting GDR3k
{quote} Yep it has, next week should be better. Anyone got any plans for this weekend?
Relaxing, enjoying the sun and making use of the saying, better 10 sun rays in the sky, than 1 sun ray in your hand. Everyone is relaxing at the weekend especially full-time traders. I can still count my profit so I'm still not a billionaire. Though, how would one become a billionaire and when he trades where would he start a trade with maximum lot size?
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  • #4,640
  • Mar 9, 2014 9:49am Mar 9, 2014 9:49am
Quoting michaellobry
{quote} I can tell you that every professional trader uses 2 platforms. So even if you're changing platform to MT4, which other platform will you use? The real question is, which data feed is the most current? The platform of Currenex, DukaScopy? There are only a handful good platforms to look at, then in your MT4 platform you can open trades. Let me know if you've decided to use another platform for data feed.
I used ctrader for scalping as I find it's ideal for it, I may have a look at another broker who also uses ctrader and see if their candles are behaving the same as this current one. Do any of you use IC Markets? what do you think of them?
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