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Price Action and Trading Discussion

  • #5,361
  • Aug 22, 2014 4:28am Aug 22, 2014 4:28am
Quoting pipster1
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 {image}
Ya renko kind of similar to the range bar. Traded a very similar method to what your doing there for some time using the range bars. Requires a lot of screen time though.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,362
  • Aug 22, 2014 5:19am Aug 22, 2014 5:19am
Not me I set my trade up...set it and forget it. But I am trading a much faster time frame so my trades are done generally under an hour. How do you like trading daily candles?
  • #5,363
  • Aug 22, 2014 5:28am Aug 22, 2014 5:28am
Quoting pipster1
Not me I set my trade up...set it and forget it. But I am trading a much faster time frame so my trades are done generally under an hour. How do you like trading daily candles?
Daily candles are good to trade, obviously requires a lot more patience. Clearly you could go weeks without even having a trade set up.
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  • #5,364
  • Aug 22, 2014 5:33am Aug 22, 2014 5:33am
Quoting pipster1
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....
Thanks, I'll keep that in mind. I'm trying not to go short on this pair mainly because of swap charges. If I end up holding it longer, swaps will eat a chunk into the trade. That's all.
  • #5,365
  • Aug 22, 2014 5:37am Aug 22, 2014 5:37am
Quoting jhehe
{quote} Thanks, I'll keep that in mind. I'm trying not to go short on this pair mainly because of swap charges. If I end up holding it longer, swaps will eat a chunk into the trade. That's all.
Essentially it is in a ranging phase. Right on the support area of that range. It is one of those battleground areas of the bulls vs the bears. Just a matter of time as to who wins out to determine the next move.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,366
  • Aug 22, 2014 5:44am Aug 22, 2014 5:44am
Quoting jhehe
{quote} Thanks, I'll keep that in mind. I'm trying not to go short on this pair mainly because of swap charges. If I end up holding it longer, swaps will eat a chunk into the trade. That's all.
Right that is an issue long term...especially higher lots
  • #5,367
  • Aug 22, 2014 5:46am Aug 22, 2014 5:46am
Quoting DarkWolF
{quote} Essentially it is in a ranging phase. Right on the support area of that range. It is one of those battleground areas of the bulls vs the bears. Just a matter of time as to who wins out to determine the next move.
Is it a good idea to wait for my normal set up, seeing at least a lower higher low before entering?
  • #5,368
  • Aug 22, 2014 5:46am Aug 22, 2014 5:46am
USDCAD spiked pretty much to the pip on my target line, but I was not around to close it out manually. Not quite enough over with spread to close out.
Attached Image (click to enlarge)
Click to Enlarge Name: 3.jpg Size: 157 KB
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  • #5,369
  • Aug 22, 2014 5:48am Aug 22, 2014 5:48am
Quoting jhehe
{quote} Is it a good idea to wait for my normal set up, seeing at least a lower higher low before entering?
Plan your trade... Trade your plan....
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,370
  • Aug 22, 2014 5:52am Aug 22, 2014 5:52am
GBPUSD Daily:

No surprises on the areas that it stalled.

Can we pick target areas..... Absolutely.....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSD Daily 10-08.jpg Size: 174 KB
Click to Enlarge Name: GU1.jpg Size: 177 KB
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  • #5,371
  • Aug 22, 2014 5:59am Aug 22, 2014 5:59am
Quoting DarkWolF
{quote} Plan your trade... Trade your plan....
Good advice, I'll keep that in mind
  • #5,372
  • Aug 22, 2014 6:00am Aug 22, 2014 6:00am
Quoting jhehe
{quote} Good advice, I'll keep that in mind
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  • #5,373
  • Aug 22, 2014 6:02am Aug 22, 2014 6:02am
The one thing I always keep in my mind when entering a position. If there is any doubt against your plan, then simply stay out. There will always be another opportunity.

It can be harder to not trade and be patient than trading itself.
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  • #5,374
  • Aug 22, 2014 6:47am Aug 22, 2014 6:47am
Quoting DarkWolF
The one thing I always keep in my mind when entering a position. If there is any doubt against your plan, then simply stay out. There will always be another opportunity. It can be harder to not trade and be patient than trading itself.
Took me 3 years to understand this...sound advice.
  • #5,375
  • Aug 22, 2014 8:27pm Aug 22, 2014 8:27pm
Quoting DarkWolF
Pending orders I had in place for EURUSD short and USDCAD long on 4 hourly have been triggered. {image} {image}
EURUSD 4 hourly short position had it's target area achieved.

USDCAD 4 hourly spiked up pretty much to the pip on my target line, unfortunately was not at PC to close it manually and didnt cross over the market order enough allowing for spread to close out. Still in play.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD 4 Hourly pending 22-08.jpg Size: 143 KB
Click to Enlarge Name: EURUSD 4 Hourly 22-08 TP.jpg Size: 165 KB
Click to Enlarge Name: USDCAD1 22-08.jpg Size: 168 KB
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  • #5,376
  • Aug 22, 2014 8:33pm Aug 22, 2014 8:33pm
USDCHF 4 Hourly:

Long position taken on this pair, confluence of areas looking for resistance to become support.

Target area was achieved.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCHF 4 Hourly 22-08.jpg Size: 152 KB
Click to Enlarge Name: USDCHF 4 hourly TP 22-08.jpg Size: 172 KB
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  • #5,377
  • Aug 22, 2014 8:43pm Aug 22, 2014 8:43pm
Quoting DarkWolF
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. {image} {image}
Break even in play, not quite at the target line, but if I was at the PC I probably would have closed this one out and taken the profit.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDJPY 4 Hourly 21-08.jpg Size: 160 KB
Click to Enlarge Name: AUDJPY1 4 Hourly 22-08.jpg Size: 161 KB
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  • #5,378
  • Aug 25, 2014 2:00am Aug 25, 2014 2:00am
Quoting DarkWolF
{quote} Break even in play, not quite at the target line, but if I was at the PC I probably would have closed this one out and taken the profit. {image} {image}
AUDJPY target area was achieved with the gapping that occured on open.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPY 4 Hourly 25-08 TP.jpg Size: 159 KB
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  • #5,379
  • Aug 25, 2014 2:03am Aug 25, 2014 2:03am
USDCAD 4 Hourly:

I closed this one out manually shortly after open today for a small profit.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCAD 4 hourly 22-08.jpg Size: 146 KB
Click to Enlarge Name: USDCAD1 22-08.jpg Size: 168 KB
Click to Enlarge Name: USDCAD 4 Hourly TP 25-08.jpg Size: 177 KB
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  • #5,380
  • Aug 25, 2014 2:16am Aug 25, 2014 2:16am
Nothing going on so far across the charts for my first view of the week.
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