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Price Action and Trading Discussion

  • #5,341
  • Aug 21, 2014 4:31am Aug 21, 2014 4:31am
Quoting NickBencino
Anybody looking at EUR/AUD? It has been good to me in the last few months. In fact, EUR/AUD and GBP/AUD are some of my favourite pairs at the moment. It looks like EUR/AUD is primed for a reversal. Indecision is forming right on top of the 1.4395 support area. {image}
Quoting jen101
{quote} EA has been in a strong downtrend the past few months and the obvious trades to take are on pullbacks. However, I find those dangerous as it's not always clear whether it's a pullback or reversal. If you assume the trend will continue, you are really just taking a chance. Personally, I prefer to trade price extremes. The perfect setup for me would be to catch the tip of a spike, lol. EA isn't for me at the moment .
Actually, I think you're right. We're seeing Eur and Chf reversing across the board too.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud.JPG Size: 436 KB
  • #5,342
  • Aug 21, 2014 6:04am Aug 21, 2014 6:04am
Hi Guys,

I think after my first couple of weeks back into charting, my focus may end up switching from hourly to 4 hourly mainly and daily.

I am finding that I simply will not have the time at the moment to give the hourly charts the justice they require. 4 hourly will require less of my time and therefore will be the logical choice if I want to keep my hand in the charting allowing the balance of family time now that I have my little daughter that I want to be spending time with as well as the charting side of things
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  • #5,343
  • Aug 21, 2014 6:28am Aug 21, 2014 6:28am
here comes the old dark wolf!!!
  • #5,344
  • Aug 21, 2014 7:32am Aug 21, 2014 7:32am
Quoting Pradarp
here comes the old dark wolf!!!
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,345
  • Aug 21, 2014 7:37am Aug 21, 2014 7:37am
Quoting DarkWolF
Hi Guys, I think after my first couple of weeks back into charting, my focus may end up switching from hourly to 4 hourly mainly and daily. I am finding that I simply will not have the time at the moment to give the hourly charts the justice they require. 4 hourly will require less of my time and therefore will be the logical choice if I want to keep my hand in the charting allowing the balance of family time now that I have my little daughter that I want to be spending time with as well as the charting side of things
You've probably noticed I don't really trade anything less than daily. No matter what anyone claims, I have tried all sorts on most TF's and there is a lot less noise on the daily. I find that things just work on the daily. And yes I have little terrors too, a 6 year old and a 3 year old! All fun and games having the little one climbing all over you banging on the keyboard as you're trying to place a trade. Luckily I can multi-task .
  • #5,346
  • Aug 21, 2014 7:44am Aug 21, 2014 7:44am
Quoting jen101
{quote} You've probably noticed I don't really trade anything less than daily. No matter what anyone claims, I have tried all sorts on most TF's and there is a lot less noise on the daily. I find that things just work on the daily. And yes I have little terrors too, a 6 year old and a 3 year old! All fun and games having the little one climbing all over you banging on the keyboard as you're trying to place a trade. Luckily I can multi-task .
Ha Ha.... Love the multi tasking bit....... and well my first little one so im still getting used to that.... but she loves to climb up on my lap and then up to my desk

Ya' I have traded many different time frames over the years, even used the range bars, which are a different concept all together. Without doubt there is less noise the higher you go, but I believe all are tradeable as long as you follow the same disciplines and pracitce good risk management. I was partial to the good old 5 min charts for quite some time
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  • #5,347
  • Aug 21, 2014 8:29pm Aug 21, 2014 8:29pm
Not sure if this is of any significance, but I'm looking at this zone in NZDUSD. I see it made a bounce back up in May, wondering if perhaps the same will happen here.

Attached Image (click to enlarge)
Click to Enlarge Name: lQTwn.png Size: 24 KB
  • #5,348
  • Aug 21, 2014 9:07pm Aug 21, 2014 9:07pm
jhehe:

My concern regarding a long trade based on the chart you posted is that you have a higher high followed by a lower lower. This is an expanding market and decreases the probability of a reversal. You are also trading counter trend on the H4 level.. I personally would like to see more evidence of a reversal before going long. For instance, A higher number of indecision candles or a pin bar. A double bottom would also be nice. You may consider consulting a lower time frame to find a better entry trigger and tighter stop if you are trading daily. You are trading against a very strong move, price is approaching a good area,but recently broke a key level. Because of this, I would not go long here and if I did take the trade would have to be for a 1-1 risk reward ratio because it is counter trend.

You might consider H4 entry chart, D1 midrange for price action, and weekly would be your map. I would be more inclined to wait for a pullback and then enter a sell on this pair. However I stick to intraday trading the high volume pairs..EU and GU

Good luck cheers.
  • #5,349
  • Aug 22, 2014 4:02am Aug 22, 2014 4:02am
GBPCAD 4 Hourly:

Short pending order was triggered on this pair. Target being the short term support area.

Target area was achieved.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPCAD 4 Hourly 21-08.jpg Size: 172 KB
Click to Enlarge Name: GBPCAD 4 Hourly 22-08 Target.jpg Size: 208 KB
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  • #5,350
  • Aug 22, 2014 4:26am Aug 22, 2014 4:26am
EURAUD 4 Hourly:

Pending short order on this one, again target at the near term support area.

Target area was achieved.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURAUD 4 Hourly pending 21-08.jpg Size: 175 KB
Click to Enlarge Name: EURAUD 4 Hourly 22-08 Target.jpg Size: 179 KB
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  • #5,351
  • Aug 22, 2014 4:30am Aug 22, 2014 4:30am
AUDJPY 4 Hourly:

Pending order on AUDJPY 4 hourly was triggered.

Have put this position to break even since doing the image. Risk free position.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDJPY 4 Hourly 21-08.jpg Size: 160 KB
Click to Enlarge Name: AUDJPY 4 Hourly 22-08.jpg Size: 164 KB
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  • #5,352
  • Aug 22, 2014 4:39am Aug 22, 2014 4:39am
Quoting jhehe
Not sure if this is of any significance, but I'm looking at this zone in NZDUSD. I see it made a bounce back up in May, wondering if perhaps the same will happen here. {image}
Hi Jhehe,

Certainly a good solid support area, but I would agree with Pipster on this one and play it with caution if you were looking for a long. Personally I would have liked to have seen some good price action from the .8500 ish area, now there is potential for that area to act as resistance.
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  • #5,353
  • Aug 22, 2014 5:06am Aug 22, 2014 5:06am
Darkwolf:

How many pairs do you trade? I tried trading multiple pairs but have narrowed it down to the higher volume GU and EU. Plus they tend to move in tandem. I trade strictly intraday, almost never hold a position over night, and never over the weekend.
  • #5,354
  • Aug 22, 2014 5:37am Aug 22, 2014 5:37am
Quoting pipster1
Darkwolf: How many pairs do you trade? I tried trading multiple pairs but have narrowed it down to the higher volume GU and EU. Plus they tend to move in tandem. I trade strictly intraday, almost never hold a position over night, and never over the weekend.
Hi Pipster,

I have 24 pairs on my watchlist that I keep an eye on. Somewhere at the start of this thread I do have a list of the ones that I watch.

I have no problems holding overnight or even over weekends.
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  • #5,355
  • Aug 22, 2014 5:40am Aug 22, 2014 5:40am
Quoting DarkWolF
{quote} Hi Pipster, I have 24 pairs on my watchlist that I keep an eye on. Somewhere at the start of this thread I do have a list of the ones that I watch. I have no problems holding overnight or even over weekends.
Here is the link to the page I have the list on Pipster.

http://www.forexfactory.com/showthre...=322468&page=4
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  • #5,356
  • Aug 22, 2014 5:43am Aug 22, 2014 5:43am
Pending orders I had in place for EURUSD short and USDCAD long on 4 hourly have been triggered.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD 4 Hourly pending 22-08.jpg Size: 143 KB
Click to Enlarge Name: USDCAD 4 hourly 22-08.jpg Size: 146 KB
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  • #5,357
  • Aug 22, 2014 6:05am Aug 22, 2014 6:05am
Quoting DarkWolF
{quote} Here is the link to the page I have the list on Pipster. http://www.forexfactory.com/showthre...=322468&page=4
Thanks:

You are longer time frame than I but it is great that you can follow so many pairs. My trades are generally 5 to 40 pips for higher lot sizes. Here is a GU short I took moments ago for 11 pips.

Thanks for the info!
Attached Image (click to enlarge)
Click to Enlarge Name: 2014-08-22_0801.png Size: 26 KB
  • #5,358
  • Aug 22, 2014 6:13am Aug 22, 2014 6:13am
Quoting pipster1
{quote} Thanks: You are longer time frame than I but it is great that you can follow so many pairs. My trades are generally 5 to 40 pips for higher lot sizes. Here is a GU short I took moments ago for 11 pips. Thanks for the info! {image}
Offline chart, are you using range bars ?

Bit hard to see the chart etc to see what is going on in there.

But if you banked some pips then
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  • #5,359
  • Aug 22, 2014 6:20am Aug 22, 2014 6:20am
That is my entry chart. Here is my set-up. I use median renko on my entry and midrange charts. The daily is a map. I watch the EU and GU in tandem
Attached Image (click to enlarge)
Click to Enlarge Name: SErver_charts.png Size: 152 KB
  • #5,360
  • Aug 22, 2014 6:26am Aug 22, 2014 6:26am
Constant range bar, 10 pips each bar, off line chart
Attached Image (click to enlarge)
Click to Enlarge Name: 2.jpg Size: 137 KB
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