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Price Action and Trading Discussion

  • #5,141
  • May 9, 2014 6:59am May 9, 2014 6:59am
Quoting DarkWolF
GJ breaking short nicely now
$GBPJPY Pretty Good TP area if you guys are in this http://screencast.com/t/3dSd1dRXjSyU
  • #5,142
  • May 9, 2014 7:01am May 9, 2014 7:01am
Quoting njodogg
{quote} $GBPJPY Pretty Good TP area if you guys are in this http://screencast.com/t/3dSd1dRXjSyU
Certainly a good support area, no surprises that it stalled there
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,143
  • May 9, 2014 7:02am May 9, 2014 7:02am
Lets see if that daily trend line comes into play at all on a retest
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,144
  • May 9, 2014 7:32am May 9, 2014 7:32am
Quoting njodogg
{quote} $GBPJPY Pretty Good TP area if you guys are in this http://screencast.com/t/3dSd1dRXjSyU
amusing that you will answer me this time... i like to ask about your abcd.. when and how do you confirm your D?.. you know you can't be too late on that and of course not to early.. so where is your entry point? does that little indi tell you your entry point or close of 1st opposite candle of hourly + tf..

thanks.
Passion, Persist, Patience, Protect
  • #5,145
  • May 9, 2014 7:42am May 9, 2014 7:42am
Quoting jen101
{quote} Be careful, it might be breaking out of the wedge, going south . {image}
What we're doing playing golf, lol..

ah the good old wedge.. it could have just as easily keep playing in the same range for couple more days and on top of it to even break away long. on Monday was supposed to break the wedge south, right!! a few people in here even trade that false break out.. .. so who the hell knows, all one can do it go with whats on the plate for now. There was wedge on your yesterdays eu trade too.. it did not drop till hurt some people and needed the clown talk to even make it drop bear.

I don't pay attention to patterns jenny, it's a break even game at best in a long run view.. but I highly appreciate your input.
Passion, Persist, Patience, Protect
  • #5,146
  • May 9, 2014 7:56am May 9, 2014 7:56am
Quoting FXEmpire
{quote} amusing that you will answer me this time... i like to ask about your abcd.. when and how do you confirm your D?.. you know you can't be too late on that and of course not to early.. so where is your entry point? does that little indi tell you your entry point or close of 1st opposite candle of hourly + tf.. thanks.
I am sorry I did not see your post the first time you asked about it. hope this helps http://screencast.com/t/sH3UuYZ0G
  • #5,147
  • May 9, 2014 7:59am May 9, 2014 7:59am
Quoting njodogg
{quote} I am sorry I did not see your post the first time you asked about it. hope this helps http://screencast.com/t/sH3UuYZ0G
I also normally try and play these patterns as close to S/R as possible. If the risk reward is not favorable I dont enter. Typically I place the stop Above/Below D + spread
  • #5,148
  • May 9, 2014 8:02am May 9, 2014 8:02am
For Example $GBPJPY just started to POTENTIALLY confirm a Bullish ABCD Pattern. I wont enter until it is confirmed its breaking back up. (Side note I wont enter this trade on the 1hr chart because its friday) Point D could repaint lower if the patter extends. Thats why I wait

http://screencast.com/t/QJlpdezvEiY
  • #5,149
  • May 9, 2014 8:09am May 9, 2014 8:09am
Quoting njodogg
{quote} I am sorry I did not see your post the first time you asked about it. hope this helps http://screencast.com/t/sH3UuYZ0G
np..

so the indi provides a entry point by confirming a breakout.. which to me is not a significantly reliable, it certainly is not a solid confirmation of the end of the D run. On most of these fancy patterns I see no special reliability in real time.. but great in hindsight.
that gu short trade would not have been a winner if there was not draghi effect mix to it, IMHO.. most likely D would have been extended further.

anyways thanks for the reply.
Passion, Persist, Patience, Protect
  • #5,150
  • May 9, 2014 8:12am May 9, 2014 8:12am
Quoting njodogg
{quote} I also normally try and play these patterns as close to S/R as possible. If the risk reward is not favorable I dont enter. Typically I place the stop Above/Below D + spread
well now your talking... alone they are not much.
Passion, Persist, Patience, Protect
  • #5,151
  • Edited 8:32am May 9, 2014 8:16am | Edited 8:32am
Quoting njodogg
For Example $GBPJPY just started to POTENTIALLY confirm a Bullish ABCD Pattern. I wont enter until it is confirmed its breaking back up. (Side note I wont enter this trade on the 1hr chart because its friday) Point D could repaint lower if the patter extends. Thats why I wait http://screencast.com/t/QJlpdezvEiY

well on this one would work greatly but its bcz this pair has not fully broken out of the recent 200 pips range just yet.. this abcd is inside the consolidation.. without the abcd is good enough to take it off the current bounce off 171.300 level. but if it breaks out of this level and your D forms is such situations I think is more reliable than taking it when is fully inside breakout trending zone, repaint is in store big time.. and all these patterns abcd crab bath butterfly cockroach, lol all are so called to ping point reversals.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.ih1.png1.png Size: 65 KB
Passion, Persist, Patience, Protect
  • #5,152
  • May 9, 2014 8:26am May 9, 2014 8:26am
Im just posting my thoughts buddy, you can disregard with them. I wont lose any sleep. Just trying to bring my view point to the group was all. I apologize.
This week I went 4 for 4 So I am pretty pleased. Sure are there going to be some false patterns? You bet! For the most part I find them pretty reliable but thats just my thoughts. Another reason I liked the GU regardless of draghi was the Weekly http://screencast.com/t/bSUVBzICd maybe not the best but regardless I deemed at 1:1 R/R at weekly resistance worth a shot. I am a student and always will be. Just trying to learn and share thoughts. Have a great weekend. I am off to Boothbay Harbor for some real R&R!!!
  • #5,153
  • May 9, 2014 8:36am May 9, 2014 8:36am
Quoting njodogg
Im just posting my thoughts buddy, you can disregard with them. I wont lose any sleep. Just trying to bring my view point to the group was all. I apologize. This week I went 4 for 4 So I am pretty pleased. Sure are there going to be some false patterns? You bet! For the most part I find them pretty reliable but thats just my thoughts. Another reason I liked the GU regardless of draghi was the Weekly http://screencast.com/t/bSUVBzICd maybe not the best but regardless I deemed at 1:1 R/R at weekly resistance worth a shot. I am a student...
me too buddy just expressing my views thats all as well.. it's discussion thread. sorry if I went over board no try to change or bash anything that you do. enjoy you weekend.
Passion, Persist, Patience, Protect
  • #5,154
  • May 9, 2014 9:05am May 9, 2014 9:05am
Quoting FXEmpire
{quote} What we're doing playing golf, lol.. ah the good old wedge.. it could have just as easily keep playing in the same range for couple more days and on top of it to even break away long. on Monday was supposed to break the wedge south, right!! a few people in here even trade that false break out.. .. so who the hell knows, all one can do it go with whats on the plate for now. There was wedge on your yesterdays eu trade too.. it did not drop till hurt some people and needed the clown talk to even make it drop bear. I don't pay attention to...
I know, I like my wedges, but I hate golf! It doesn't concern me too much when the corner of the wedge is a way off. Anyhow, wedge patterns are only red lights for me, never a reason to enter.

Yes it's a frustrating game this. I often get it wrong. I probably give back more pips than I bank. Somehow though, it works out profitable, so I'll keep plugging away .
  • #5,155
  • May 9, 2014 6:14pm May 9, 2014 6:14pm
Enjoy your weekend guys
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,156
  • May 11, 2014 10:50am May 11, 2014 10:50am
Early Watch List

$GBPJPY 4hr http://screencast.com/t/hXQta16tVb7

$GBPUSD Daily Will watch to see if it bounces here http://screencast.com/t/u3C8wy7I

$GBPCHF Seems like its in an area as well http://screencast.com/t/9VJ5NNzr

$EURUSD http://screencast.com/t/85VWV4PsI

$EURNZD http://screencast.com/t/bfoFQmQpd

$AUDCHF http://screencast.com/t/MNi0HCvsu

Interesting to note FX Pound Futures http://screencast.com/t/S4YXhxsMixfu
  • #5,157
  • May 11, 2014 6:49pm May 11, 2014 6:49pm
Took GBPJPY long for a scalp here http://screencast.com/t/hTrMVqn8
  • #5,158
  • May 11, 2014 7:25pm May 11, 2014 7:25pm
Quoting njodogg
Took GBPJPY long for a scalp here http://screencast.com/t/hTrMVqn8
TP hit
  • #5,159
  • May 12, 2014 12:05am May 12, 2014 12:05am
morning.. best of luck to everyone for the up coming week..

market is preger for some possible pullback trades as well as counter that maybe turn into reversals, who knows..

anyways thats what i be watching..

my gj long is a counter.. risk at 0 let's see if it runs north without kicking me out..
Passion, Persist, Patience, Protect
  • #5,160
  • May 12, 2014 5:50am May 12, 2014 5:50am
Quoting FXEmpire
morning.. best of luck to everyone for the up coming week.. market is preger for some possible pullback trades as well as counter that maybe turn into reversals, who knows.. anyways thats what i be watching.. my gj long is a counter.. risk at 0 let's see if it runs north without kicking me out..
Indeed, lets see what this week has in store for us
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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