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Price Action and Trading Discussion

  • #5,541
  • Sep 19, 2014 6:45am Sep 19, 2014 6:45am
Quoting adam777
Hi DarkWolf At the blue S/R lines on each of your charts, are you waiting to see: 1. Breakouts past these lines on your chart to enter a trade? 2. And in different situations, bounces off these lines to enter a trade?
Hi Adam,

Generally I am looking for price to be moving away from support and resistance areas. I do trade break outs but more in the form of market pauses and continuation but in essence you could define these as a breakout.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,542
  • Sep 19, 2014 6:49am Sep 19, 2014 6:49am
Quoting csng69
possible bounce up at support area for EU, AU & NU daily? {image}
Certainly a good support areas on these charts.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,543
  • Sep 20, 2014 4:08pm Sep 20, 2014 4:08pm
Quoting DarkWolF
{quote} Certainly a good support areas on these charts.
Dark,
Would you go for this?
EUR/GBP > Daily pinbar at bottom of a box + this pinbar is near a major support area + MACD divergence in daily & weekly
The only downside I suppose is that we are in a downtrend
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbpdaily.png Size: 40 KB
  • #5,544
  • Sep 21, 2014 10:58am Sep 21, 2014 10:58am
bearish pinbar on GBPJPY anyone?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.png Size: 57 KB
  • #5,545
  • Sep 21, 2014 12:04pm Sep 21, 2014 12:04pm
Quoting csng69
bearish pinbar on GBPJPY anyone? {image}
csng69
I'm waiting for retest of the support at around 175 too. I'm looking for PA to go long
  • #5,546
  • Sep 21, 2014 5:26pm Sep 21, 2014 5:26pm
Quoting Kouroushi
{quote} csng69 I'm waiting for retest of the support at around 175 too. I'm looking for PA to go long
yes, i am waiting too for price to retrace back to 175 zone.
however, given that clear bearish pinbar on S/R 178 zone as well as BRN, would you short if there is PA to go sell on that area?
  • #5,547
  • Sep 22, 2014 6:14am Sep 22, 2014 6:14am
Quoting Kouroushi
{quote} Dark, Would you go for this? EUR/GBP > Daily pinbar at bottom of a box + this pinbar is near a major support area + MACD divergence in daily & weekly The only downside I suppose is that we are in a downtrend {image}
Hi Kouroushi,

Personally it would not fit my trading plan for me to take an entry on this.

Does that mean that it will not take off in the bullish direction, absolutely not.

I would say be cautious though. Look at what you are trading back into. Previous support area with the potential to become resistance with confluence of the RN area. There is not much room for price to move before it hits that resistance area.

Ask yourself, does it fit your trading plan ?

If so then all good, if not then stay away.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,548
  • Sep 22, 2014 6:15am Sep 22, 2014 6:15am
Quoting csng69
bearish pinbar on GBPJPY anyone? {image}
Certainly a solid rejection PB. Interesting to see how it plays out, but no entries for me on that one.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,549
  • Sep 22, 2014 6:48am Sep 22, 2014 6:48am
Quoting DarkWolF
{quote} Certainly a solid rejection PB. Interesting to see how it plays out, but no entries for me on that one.
Dark What do you mean by "solid rejection pinbar"? This bar is on no special place, important S/R or confluence, am I right?
  • #5,550
  • Sep 22, 2014 7:40am Sep 22, 2014 7:40am
Quoting csng69
bearish pinbar on GBPJPY anyone? {image}
I think pinbars (on higher TF's) could be valid reversal points if they come off a confluence level. It is hard to see an S&R level on GBPJPY until you look on the weekly, but better still, monthly. Price is now at the highest since Oct 2008 where for 1 week there was a hiccup in the downtrend. Looking at the monthly, there is a good level looking back from 2003 to 1996. I'm not sure of the validity of such old levels, so I would err on the side of caution here...

Looking at other pairs for clues: GBPCAD, GBPAUD, GBPCHF are strong, EURGBP weak; USDJPY strong, so I am not convinced that, for now, JPY is strong enough to bring down GBP.
  • #5,551
  • Sep 22, 2014 7:41am Sep 22, 2014 7:41am
Quoting Kouroushi
{quote} Dark What do you mean by "solid rejection pinbar"? This bar is on no special place, important S/R or confluence, am I right?
this pinbar is at S/R zone way back to September 2008 on daily time frame (haha quite a long long time ago, not sure whether this is still a valid S/R zone).
however, it is at big round number 178.000
i have not taken this trade yet, as i am waiting for PA short signal on this zone
  • #5,552
  • Sep 22, 2014 7:45am Sep 22, 2014 7:45am
Quoting jen101
{quote} I think pinbars (on higher TF's) could be valid reversal points if they come off a confluence level. It is hard to see an S&R level on GBPJPY until you look on the weekly, but better still, monthly. Price is now at the highest since Oct 2008 where for 1 week there was a hiccup in the downtrend. Looking at the monthly, there is a good level looking back from 2003 to 1996. I'm not sure of the validity of such old levels, so I would err on the side of caution here... Looking at other pairs for clues: GBPCAD, GBPAUD, GBPCHF are strong, EURGBP...
yes jen, on my broker it is at S/R way back in September 2008.
like you, im too not sure whether or not this could be a valid S/R zone it happened 6 years back.
  • #5,553
  • Sep 22, 2014 8:06am Sep 22, 2014 8:06am
Quoting Kouroushi
{quote} Dark What do you mean by "solid rejection pinbar"? This bar is on no special place, important S/R or confluence, am I right?
Yes, and I mean just from the pure size of it. There is definately some momentum pushing down there. And like Jen eluded to you have to go back quite some time to see the resistance area on this one.

Is it still relevant even though it was so long ago... absolutely. After all S&R are simply pshychological trading levels.

Price has moved up basically 1000 pips on this pair with out a retracement. It is only a matter of time before it stalls at a level and pulls back to some extent.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,554
  • Sep 22, 2014 8:25am Sep 22, 2014 8:25am
Quoting DarkWolF
{quote} Yes, and I mean just from the pure size of it. There is definately some momentum pushing down there. And like Jen eluded to you have to go back quite some time to see the resistance area on this one. Is it still relevant even though it was so long ago... absolutely. After all S&R are simply pshychological trading levels. Price has moved up basically 1000 pips on this pair with out a retracement. It is only a matter of time before it stalls at a level and pulls back to some extent.
USDJPY is the same story... you have to back to 2008 to get a level...
  • #5,555
  • Sep 22, 2014 5:23pm Sep 22, 2014 5:23pm
AUDUSD just broke S/R daily zone 0.888, and it is now retesting it, will be monitoring this for PA to go short.
Attached Image (click to enlarge)
Click to Enlarge Name: AU.png Size: 58 KB
  • #5,556
  • Sep 23, 2014 5:50am Sep 23, 2014 5:50am
Quoting csng69
AUDUSD just broke S/R daily zone 0.888, and it is now retesting it, will be monitoring this for PA to go short. {image}
Sometimes it is difficult to tell whether it is a retest or reversal. Reversals sometimes overshoot the level making it look like a breakout. I'm watching all the Aussie pairs. On AUDUSD earlier, it was looking like a clear retest on H4 for a short but on H1 looked like a retest for an upwards breakout!

Good luck!
  • #5,557
  • Sep 23, 2014 6:02am Sep 23, 2014 6:02am
Hi all, I'm new to trading forex and hope you don't mind me posting here, I've been demoing for a few months now and have deposited a small amount into a live account, let's beat this market......
  • #5,558
  • Sep 23, 2014 8:38am Sep 23, 2014 8:38am
I think we are seeing AUD breaking south now... no reversal trades there for me, so deleted the orders. Nothing for me thus far this week

Hello Spezial
  • #5,559
  • Sep 24, 2014 6:21am Sep 24, 2014 6:21am
Hi Guys,

Apologies for no charts etc over last few days, been a bit busy with a few things going on.

May not get much done this week, but should be back up and going from the start of next week
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,560
  • Sep 24, 2014 7:58am Sep 24, 2014 7:58am
Quoting DarkWolF
Hi Guys, Apologies for no charts etc over last few days, been a bit busy with a few things going on. May not get much done this week, but should be back up and going from the start of next week
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