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Price Action and Trading Discussion

  • #5,461
  • Sep 11, 2014 7:45am Sep 11, 2014 7:45am
Quoting csng69
what about this EURJPY? say EURJPY daily candle is closed as shown, would you buy even though it is downtrend overall? {image}
It's not in a downtrend. At best it's in a range, but it's looking like it's breaking out. Around 139.00 could be a turning point or pullback.
  • #5,462
  • Sep 11, 2014 7:51am Sep 11, 2014 7:51am
Quoting jen101
{quote} It's not in a downtrend. At best it's in a range, but it's looking like it's breaking out. Around 139.00 could be a turning point or pullback.
thanks jen for educating me.

one more question, on the same chart, if i zoom out as shown, will you still consider this downtrend or range?
Attached Image (click to enlarge)
Click to Enlarge Name: EJ1.png Size: 68 KB
  • #5,463
  • Sep 11, 2014 8:39am Sep 11, 2014 8:39am
Quoting csng69
{quote} thanks jen for educating me. one more question, on the same chart, if i zoom out as shown, will you still consider this downtrend or range? {image}
I don't trade trend . How you see trend all depends on your trading criteria. M15 currently looks like a downtrend; H1 looks like an uptrend; weekly could be a range / downtrend.
  • #5,464
  • Sep 11, 2014 8:51am Sep 11, 2014 8:51am
Quoting jen101
{quote} I don't trade trend . How you see trend all depends on your trading criteria. M15 currently looks like a downtrend; H1 looks like an uptrend; weekly could be a range / downtrend.
thank you jen
  • #5,465
  • Sep 11, 2014 5:25pm Sep 11, 2014 5:25pm
Quoting Pradarp
{image}DW, can you give some insights about tp level.. because i feel i am getting out so early.. and in this trade where is most probable area?

You should be careful about your take profit because its current location corresponds to a very strong supply level actually. You may want to be more conservative and expect a smaller profit on that one.
  • #5,466
  • Sep 11, 2014 5:55pm Sep 11, 2014 5:55pm
Hi Guys,

Apologies for lack of any replies. This cold has really got to me. I thought I was on the mend and then wham another hit of it, knocked me on my a$#.

I had a brief look last night and then fell asleep on my couch. Zero motivation. See how I am for todays sessions.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,467
  • Sep 11, 2014 6:06pm Sep 11, 2014 6:06pm
Quoting jen101
{quote} It's not in a downtrend. At best it's in a range, but it's looking like it's breaking out. Around 139.00 could be a turning point or pullback.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,468
  • Sep 11, 2014 6:14pm Sep 11, 2014 6:14pm
Quoting Pradarp
{image}DW, can you give some insights about tp level.. because i feel i am getting out so early.. and in this trade where is most probable area?
Hi Pradarp,

This is what I see on this chart. I believe anywhere within that cluster of candles during the market pause would be a good target area.

However, personally I would most likely have my TP just below that RN area as you can see how we have confluence of the RN area and the previous support, potentially turned resistance areas.

The market is pausing right at the base of that area now.

It is always good to remember they are just "areas" and are more often than not exact. And a lot of times (for the sake of a few pips) close enough is good enough for me and will lock away the pips if I happen to be at my PC when price makes it there. And yes it very well may break through and hit the higher levels.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.jpg Size: 190 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,469
  • Sep 11, 2014 6:23pm Sep 11, 2014 6:23pm
Quoting csng69
what about this EURJPY? say EURJPY daily candle is closed as shown, would you buy even though it is downtrend overall? {image}
Quoting csng69
{quote} thanks jen for educating me. one more question, on the same chart, if i zoom out as shown, will you still consider this downtrend or range? {image}
Hi Csng69,

Jen is completely right in pointing out different time frames will give you a different point of view on a chart.

Potentially a bullish breakout from the price channel. In the "longer term" you could argue that it has been in an up trend. However in most recent times it has been making lower highs.

Some obvious resitance areas above current price if it does make a bullish push up after breaking the channel.
Attached Image (click to enlarge)
Click to Enlarge Name: 3.jpg Size: 185 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,470
  • Sep 11, 2014 7:17pm Sep 11, 2014 7:17pm
Quoting DarkWolF
{quote} Hi Pradarp, This is what I see on this chart. I believe anywhere within that cluster of candles during the market pause would be a good target area. However, personally I would most likely have my TP just below that RN area as you can see how we have confluence of the RN area and the previous support, potentially turned resistance areas. The market is pausing right at the base of that area now. It is always good to remember they are just "areas" and are more often than not exact. And a lot of times (for the sake of a few pips) close enough...
thank u DW.. I got it.
  • #5,471
  • Sep 11, 2014 7:18pm Sep 11, 2014 7:18pm
Quoting Unabletrader
{quote} You should be careful about your take profit because its current location corresponds to a very strong supply level actually. You may want to be more conservative and expect a smaller profit on that one.
thank u UT..
  • #5,472
  • Sep 11, 2014 9:15pm Sep 11, 2014 9:15pm
i manually closed it.. thanks guys.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 20 KB
  • #5,473
  • Sep 12, 2014 3:51am Sep 12, 2014 3:51am
Audjpy came in last night for me and a nice 82 pips. This is what happened and why I chose to take the trade .
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy.JPG Size: 423 KB
  • #5,474
  • Sep 12, 2014 3:55am Sep 12, 2014 3:55am
Quoting DarkWolF
Hi Guys, Apologies for lack of any replies. This cold has really got to me. I thought I was on the mend and then wham another hit of it, knocked me on my a$#. I had a brief look last night and then fell asleep on my couch. Zero motivation. See how I am for todays sessions.
Dwolf, I hope you can get over your man flu soon.
  • #5,475
  • Sep 12, 2014 5:56am Sep 12, 2014 5:56am
Quoting jen101
{quote} Dwolf, I hope you can get over your man flu soon.
Damm man flu's

Feeling slightly more energetic today but that is slowly fading.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,476
  • Sep 12, 2014 5:58am Sep 12, 2014 5:58am
Quoting Pradarp
i manually closed it.. thanks guys. {image}
Which ever way it goes there was some nice pips banked there
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,477
  • Sep 12, 2014 5:58am Sep 12, 2014 5:58am
Quoting jen101
Audjpy came in last night for me and a nice 82 pips. This is what happened and why I chose to take the trade . {image}
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,478
  • Sep 12, 2014 5:59am Sep 12, 2014 5:59am
Quoting jen101
{quote} Thanks DWolf. Doing it a little differently nowadays; using stop orders instead of limit orders - less stress and dropping a good few losers :nerd:.
Yep, very rarely will I use a limit order.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,479
  • Sep 12, 2014 6:09am Sep 12, 2014 6:09am
Quoting Kouroushi
{quote} Wolf I entered long for USD/JPY breakout after a small pullback but got out with +60 pips because I suppose it should have a bigger pullback soon (however looking at EUR & GBP they've fallen without even a pause!!!). Anyway, I'm looking to re-enter USD/JPY, so what are you looking for? what do you like to see to enter?
Looking for a pullback to one of the key support areas and a resulting bar or set of bars that fit my trading plan.
Attached Image (click to enlarge)
Click to Enlarge Name: 4.jpg Size: 187 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,480
  • Sep 12, 2014 6:36am Sep 12, 2014 6:36am
Quoting DarkWolF
{quote} Yep, very rarely will I use a limit order.
I blame GDR3k
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