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Price Action and Trading Discussion

  • #4,801
  • Mar 20, 2014 4:31am Mar 20, 2014 4:31am
You're right about it not being the markets fault, it's down to us as individuals on how we personally deal with the different aspects of the market, different events, etc. The market just is, it's upto ourselves how we manage and adapt to different conditions brought on by forces out of our control. Only then can we make informed decisions on where to enter/exit/or stay on the sidelines. I see the markets as waiting for a train, you know one is definitely going to come, infact you'd bet your life on it, the only problem is you have absolutely no idea when it's going to arrive and you can stand around waiting for it to come, or not.
  • #4,802
  • Mar 20, 2014 4:44am Mar 20, 2014 4:44am
Quoting FXEmpire
I see a lot of talks about market being this and that around the forum and our thread as well.. it's just my perspective on current condition effects.. It sure has been a tough and rough market perhaps over eu matters etc,.. and I for one as a prime example have been severely damage by it, obvious in TE.. but.. I know I can not blame the market or make it the excuse.. it's never the market it's the trader.. I for eg, knew what was going on, knew there is more risk of failure than usual, knew I would need to manage things a bit tighter or not to...

No offence taken, every trader has their own style and their own trading methods. Me personally, once upon a time I used to be quite an aggressive trader, a lot of touch trading and trading ranges. These days I am a lot more conservative. Some of it comes down to also I simply dont have the time to sit at the screen and watch the charts for hours like I used to.

I do believe though that trading is not about how many trades you take, but about being consistent in your approach.

The defining moment in my trading I truly believe was when I got rid of the thought process of what if....... what if I had held on longer, what if I had got in here, what if I just had my stop a bit wider, what if, what if, what if. I am sure many can relate to that. I do not waste any time thinking about the trades that I may have missed by being a little picky, another opportunity will present itself.

I am also a big believer in the fact that if you have an edge that works for you, then stick with it. Do not concern yourself with what other traders are doing, stick to what is working for you.

There are 3 market phases. Trend, consolidation and congestion. All with a distinct difference. All can be traded in their own unique way. It simply comes down to the individual traders, personality, their ability to handle the emotions that come with their trading style. Scalping and touch trading can be difficult for traders to deal with. Once you can spot these market phases and adjust your trading to suit, I truly believe that you will be profitable in the market.

Horizontal areas, trend lines, chart patterns. If you look at a lot of my charts you will see the common factors.

Look for patterns or bars that repeat themselves and exploit them.

Look for one style, master it, then think about moving onto another tool in the toolbox if you think you need it.

Keep it simple.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,803
  • Mar 20, 2014 4:48am Mar 20, 2014 4:48am
Quoting GDR3k
You're right about it not being the markets fault, it's down to us as individuals on how we personally deal with the different aspects of the market, different events, etc. The market just is, it's upto ourselves how we manage and adapt to different conditions brought on by forces out of our control. Only then can we make informed decisions on where to enter/exit/or stay on the sidelines. I see the markets as waiting for a train, you know one is definitely going to come, infact you'd bet your life on it, the only problem is you have absolutely no...
Indeed it is.

I use that train analogy quite a lot.

Wait for the train at the station, hop on for a ride, get off at the next station.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,804
  • Mar 20, 2014 4:50am Mar 20, 2014 4:50am
I was a bit late to the charts today, really only getting a look now.

Oh and Jen another point that can help you stay out at times is only trade for the first few hours of each session. Generally the London and New York sessions.

If nothing presents itself in that time frame, then tomorrow is another day
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,805
  • Mar 20, 2014 5:41am Mar 20, 2014 5:41am
Quoting DarkWolF
{quote} No offence taken, every trader has their own style and their own trading methods. Me personally, once upon a time I used to be quite an aggressive trader, a lot of touch trading and trading ranges. These days I am a lot more conservative. Some of it comes down to also I simply dont have the time to sit at the screen and watch the charts for hours like I used to. I do believe though that trading is not about how many trades you take, but about being consistent in your approach. The defining moment in my trading I truly believe was when I...

well said, dw.
we should simplify our trading method.
cheers

p.s. enjoy your posts.
  • #4,806
  • Mar 20, 2014 5:58am Mar 20, 2014 5:58am
EURUSD 4 Hourly:

Finally, a trade to post.

Lets see if the target area can be reached
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,807
  • Mar 20, 2014 6:00am Mar 20, 2014 6:00am
Quoting DarkWolF
I was a bit late to the charts today, really only getting a look now. Oh and Jen another point that can help you stay out at times is only trade for the first few hours of each session. Generally the London and New York sessions. If nothing presents itself in that time frame, then tomorrow is another day
I trade the daily a lot and that often means NY close. If I have time I might drop down a TF and wait for a good entry - in fact, I should do! However, I am short on time a lot and just jump in shortly after NY close. There have been many times when I have got up in the mornings and found great gains in the night. I am more likely to trade the Asian with JPY, AUD and NZD pairs for obvious reasons.

Quoting DarkWolF
{quote} There are 3 market phases. Trend, consolidation and congestion. All with a distinct difference. All can be traded in their own unique way. It simply comes down to the individual traders, personality, their ability to handle the emotions that come with their trading style. Scalping and touch trading can be difficult for traders to deal with. Once you can spot these market phases and adjust your trading to suit, I truly believe that you will be profitable in the market. Horizontal areas, trend lines, chart patterns. If you look at a lot of...
I'm working on it . Well said.
  • #4,808
  • Mar 20, 2014 6:08am Mar 20, 2014 6:08am
Quoting DarkWolF
{quote} There are 3 market phases. Trend, consolidation and congestion.
Here's consolidation / congestion . A bit late in, but got the result.
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  • #4,809
  • Mar 20, 2014 6:10am Mar 20, 2014 6:10am
Quoting jen101
{quote} I trade the daily a lot and that often means NY close. If I have time I might drop down a TF and wait for a good entry - in fact, I should do! However, I am short on time a lot and just jump in shortly after NY close. There have been many times when I have got up in the mornings and found great gains in the night. I am more likely to trade the Asian with JPY, AUD and NZD pairs for obvious reasons. {quote} I'm working on it . Well said.
Although the session practice/ screen time was really valuable for me, my trading jumped leaps and bounds when I no longer sat through the sessions watching every hourly bar and trading for those 30 -50 sometimes 100 pip trades.. Now days I just see where things are at the start of each session and do what I need to do.. Set some orders if I need to, hold for multi day moves and multi weeks if the situation presents.

Any ideas what the A/J is going to do? =P... I feel I need to cut this but I've held it since Monday now and just can't bring myself to do so. I'm at B/E which is a neutral position for me. I like to keep the risk on if the trade is going well even if I'm up 150 pips... That way I can buy more and more and maximize the good ones.

I feel like the A/J if it's going to rally how I want it, needs to take a dive first... And that would likely stop me out for nothing... But I just have to chance it cause I didn't open this one for a measly 40 pips... Targets above 94...

I fear a Stop hunt right where my B/E point is... Can you start buying some AUD for me Jen Jen =P

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Howlin' at the Moon on the Roof
  • #4,810
  • Mar 20, 2014 6:25am Mar 20, 2014 6:25am
Quoting Wolf_Wicked
{quote} Any ideas what the A/J is going to do? =P... I feel I need to cut this but I've held it since Monday now and just can't bring myself to do so. I'm at B/E which is a neutral position for me. I like to keep the risk on if the trade is going well even if I'm up 150 pips... That way I can buy more and more and maximize the good ones. I feel like the A/J if it's going to rally how I want it, needs to take a dive first... And that would likely stop me out for nothing... But I just have to chance it cause I didn't open this one for a measly 40...
I haven't a clue
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  • #4,811
  • Mar 20, 2014 6:33am Mar 20, 2014 6:33am
Quoting jen101
{quote} I haven't a clue {image}
That's why we call it neutral
Howlin' at the Moon on the Roof
  • #4,812
  • Mar 20, 2014 7:37am Mar 20, 2014 7:37am
Quoting Wolf_Wicked
{quote} Although the session practice/ screen time was really valuable for me, my trading jumped leaps and bounds when I no longer sat through the sessions watching every hourly bar and trading for those 30 -50 sometimes 100 pip trades.. Now days I just see where things are at the start of each session and do what I need to do.. Set some orders if I need to, hold for multi day moves and multi weeks if the situation presents. Any ideas what the A/J is going to do? =P... I feel I need to cut this but I've held it since Monday now and just can't bring...
One of those what if moments
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,813
  • Mar 20, 2014 7:40am Mar 20, 2014 7:40am
Quoting DarkWolF
{quote} One of those what if moments
that's it.. hate those... But my system says to hold and hope so that's what I'm doing. Also just entered into a commitment in the GBP USD to buy

Attached Image (click to enlarge)
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btw I thought there were 4 market cycles

1- Expansion
2- Boom
3 - Bust
4- Trough

That's from my economic education in regards to actual business cycles. Same could be applied to Forex market though could it not
Howlin' at the Moon on the Roof
  • #4,814
  • Mar 20, 2014 7:50am Mar 20, 2014 7:50am
Quoting Wolf_Wicked
{quote} that's it.. hate those... But my system says to hold and hope so that's what I'm doing. Also just entered into a commitment in the GBP USD to buy {image} btw I thought there were 4 market cycles 1- Expansion 2- Boom 3 - Bust 4- Trough That's from my economic education in regards to actual business cycles. Same could be applied to Forex market though could it not
If your following your plan its all good

Market cycles: I guess it could be

Like everyones trading methods I guess there is quite a few opinions of how the market works.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,815
  • Mar 20, 2014 7:57am Mar 20, 2014 7:57am
Quoting tlpfx14
{quote} well said, dw. we should simplify our trading method. cheers p.s. enjoy your posts.
Hi tlpfx,

Thanks
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,816
  • Mar 20, 2014 8:06am Mar 20, 2014 8:06am
Quoting DarkWolF
{quote} If your following your plan its all good Market cycles: I guess it could be Like everyones trading methods I guess there is quite a few opinions of how the market works.
\That's it... Take the guy with discretionary exits.. He loses 100 pips and so when he is up 100 pips he grabs at it in a chance to get back what he lost... Or that other guy (the hella smelly one) who makes 100 pips and then sees it as his right to risk the lot in attemots at that 500 pips... only to lose the lot and then turn into guy number one... digging a... hole sir...

If we do random things, then we must expect random results... Under the pressures of extreme heat and pressure, the places where diamonds are made, do we expect ourselves to makes the correct discretionary decisions all the time thee... Well sir I beg your pardon and suffice to say and differ.

I may have been around the Owl for a little too long..

But when you're a half decent trader it's not hard to spot your own kind... Just as it should be not so hard to spot your trade.

Inserted Video
Howlin' at the Moon on the Roof
  • #4,817
  • Mar 20, 2014 4:01pm Mar 20, 2014 4:01pm
EURUSD 4 hourly:

The EURUSD trade pretty much hit the target area to the pip, but as I wasnt around to close it manually, it didnt cross over the market order far enough with the spread for it to close automatically.

I have entered a break even in on this position and what will be will be.
Attached Image (click to enlarge)
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Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,818
  • Mar 20, 2014 6:12pm Mar 20, 2014 6:12pm
Quoting DarkWolF
EURUSD 4 hourly: The EURUSD trade pretty much hit the target area to the pip, but as I wasnt around to close it manually, it didnt cross over the market order far enough with the spread for it to close automatically. I have entered a break even in on this position and what will be will be. {image}
do u trade g/u?
g/u showing better downtrend than e/u (based on 20 ma)
just my 2 cents opinion
cheers
  • #4,819
  • Mar 21, 2014 3:32am Mar 21, 2014 3:32am
Looking at going long on gbpusd around 6455
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  • #4,820
  • Mar 21, 2014 4:25am Mar 21, 2014 4:25am
Watching GBPCAD for a buy..

Price support + demand level + round number + weekly pivot + daily S2 pivot + 50% fib, + harmonic ABCD completion = Lot's of confluence:

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