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Price Action and Trading Discussion

  • #5,861
  • Feb 28, 2017 8:03am Feb 28, 2017 8:03am
Hi DarkWolf; I have been following your thread for a while because I have arrived at the conclusion that many people try to overcomplicate trading with a vast amount of indicators and indicator analysis. I want to take my trading back to basics which to me means no indicators - just PA and S&R (trend lines also). I'm not looking for the holy grail, just consistency in my work. I will try to contribute as much as possible but will be slow to begin. in the mean time would you recommend any reading?

awm
  • #5,862
  • Mar 11, 2017 4:08am Mar 11, 2017 4:08am
Quoting umaforex2011
what about eurjpy i am in selling ... {image}
Hi Umaforex,

There is quite a lot going on with that chart. Have you tried to clean up your charting at all, I truly believe it may make things a little easier for you to see when it comes to key market areas.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,863
  • Mar 11, 2017 4:16am Mar 11, 2017 4:16am
Quoting awm
Hi DarkWolf; I have been following your thread for a while because I have arrived at the conclusion that many people try to overcomplicate trading with a vast amount of indicators and indicator analysis. I want to take my trading back to basics which to me means no indicators - just PA and S&R (trend lines also). I'm not looking for the holy grail, just consistency in my work. I will try to contribute as much as possible but will be slow to begin. in the mean time would you recommend any reading? awm
Hi Awn,

Yes indeed they do. I have been there and looked at countless indicators throughout my trading journey.

If you give me any indicator I could show you on any chart how it "appears to be the best thing to use"

Consistency and discipline are the key attributes that any trader should focus on in my opinion.

I can certainly have a look at some reading that I have done over the years, but been a while since I reviewed any of it so I may need to get back to you on that one.

Good luck on your continued journey. Look forward to seeing some charts.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,864
  • Mar 11, 2017 4:18am Mar 11, 2017 4:18am
Hi Guys,

Have been a bit quiet on here of late, mainly due to me spending quite a lot more time with my little ones.

I will try and get some charts up, even if it is only every few days.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,865
  • Mar 11, 2017 4:22am Mar 11, 2017 4:22am
First thoughts after checking out some charts over the last hour ish is that there has been quite a lot of sideways price action going on.

These are times where many traders can become frustrated and end up getting whipsawed in and out of trades.

However it can be good times to be looking at key horizontal areas.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,866
  • Mar 11, 2017 4:28am Mar 11, 2017 4:28am
EURUSD daily.

Can see some key market areas on this chart. Price has been moving sideways holding under the key resistance area.

This key resistance area could be an area worth keeping an eye on . As long as price in remaining below this, I would be leaning towards the short side on this pair.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD daily 11-03.jpg Size: 157 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,867
  • Mar 11, 2017 4:35am Mar 11, 2017 4:35am
GBPUSD daily.

I think this one speaks for itself. A great example of simple horizontal levels on a chart and how price reacts around these levels.

Wait for a pullback to a key level or a break lower and retest of support once broken.
Attached Image (click to enlarge)
Click to Enlarge Name: GU daily 11-03.jpg Size: 177 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,868
  • Mar 11, 2017 4:36am Mar 11, 2017 4:36am
If you haven't done so already check out my facebook page for easy access to chart images also.

https://www.facebook.com/Forex-Day-T...8241177959986/
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,869
  • Mar 11, 2017 4:40am Mar 11, 2017 4:40am
AUDUSD daily.

Previous price range coming back into play.

Hindsight is always a great thing, but again, yet another great example of price reacting around key horizontal areas.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD Daily 11-03.jpg Size: 152 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,870
  • Mar 11, 2017 4:52am Mar 11, 2017 4:52am
Quoting DarkWolF
{quote} Hi Awn, Yes indeed they do. I have been there and looked at countless indicators throughout my trading journey. If you give me any indicator I could show you on any chart how it "appears to be the best thing to use" Consistency and discipline are the key attributes that any trader should focus on in my opinion. I can certainly have a look at some reading that I have done over the years, but been a while since I reviewed any of it so I may need to get back to you on that one. Good luck on your continued journey. Look forward to seeing some...
DarkWolf, thank you for the reply. I will post soon.

awm
  • #5,871
  • Mar 11, 2017 6:24am Mar 11, 2017 6:24am
Quoting awm
{quote} DarkWolf, thank you for the reply. I will post soon. awm
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,872
  • Mar 11, 2017 2:25pm Mar 11, 2017 2:25pm
Hey darkwolf I'm accross the ditchand a price volume trader (addict) usdx cfd daily giving me a setup that I normally trade very often intraday 5-10-15 tf. If the order flow -setup is correct supp will be quick. gl

Attached Image (click to enlarge)
Click to Enlarge Name: usdx.jpg Size: 92 KB

Attached Image (click to enlarge)
Click to Enlarge Name: usdx2.jpg Size: 72 KB
Never said I was Batman,all I'm saying is you'll never see us together.
  • #5,873
  • Mar 13, 2017 6:05am Mar 13, 2017 6:05am
Quoting headfake
Hey darkwolf I'm accross the ditchand a price volume trader (addict) usdx cfd daily giving me a setup that I normally trade very often intraday 5-10-15 tf. If the order flow -setup is correct supp will be quick. gl {image} {image}
Hi headfake,

Yes I am a bit partial to the 5 min TF for trading intra day also.

The one thing I have found with price volume in FX is due to the data coming from so many places I would find it hard see how the price volume from any one provider would be correct to the size of the actual FX market. There really is no one central exchange unlike when you are trading within stock markets.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,874
  • Mar 13, 2017 6:13am Mar 13, 2017 6:13am
No doubt, PA trading strategy is one of the most popular trading strategy here, I personally know many successful Stocks and Options traders, who are also trading based on PA trading strategy! That’s the power of price action trading strategy! But honestly, PA trading strategy is not only about pattern trading, professional PA traders use their six sense for undressing market context based on their PA trading knowledge!
  • #5,875
  • Mar 13, 2017 2:27pm Mar 13, 2017 2:27pm
Quoting DarkWolF
{quote} Hi headfake, Yes I am a bit partial to the 5 min TF for trading intra day also. The one thing I have found with price volume in FX is due to the data coming from so many places I would find it hard see how the price volume from any one provider would be correct to the size of the actual FX market. There really is no one central exchange unlike when you are trading within stock markets.
I use tick volume(together with price)in the context of it showing an increase or decrease of interest(tick activity) at levels rather than actual volume traded which I've found can be extremely useful . Often tick activity increasing or decreasing when not 'expected' (together with price) can give you big clues to where price wants to go. It fits nicely in with my interest in order flow (which there's way more to once you start digging).
But it's just a way of trading that I can make work and not worried about convincing anybody of anything each to their own it's the bank that counts gl
Never said I was Batman,all I'm saying is you'll never see us together.
  • #5,876
  • Mar 13, 2017 2:35pm Mar 13, 2017 2:35pm
Quoting faisal13
No doubt, PA trading strategy is one of the most popular trading strategy here, I personally know many successful Stocks and Options traders, who are also trading based on PA trading strategy! Thats the power of price action trading strategy! But honestly, PA trading strategy is not only about pattern trading, professional PA traders use their six sense for undressing market context based on their PA trading knowledge!
True, and pro traders understand "orderflow" and there's way more to price action trading than just trading a simple BO system like most do around here then start crying when it doesn't work.
Never said I was Batman,all I'm saying is you'll never see us together.
  • #5,877
  • Mar 14, 2017 5:29am Mar 14, 2017 5:29am
Quoting headfake
{quote} I use tick volume(together with price)in the context of it showing an increase or decrease of interest(tick activity) at levels rather than actual volume traded which I've found can be extremely useful . Often tick activity increasing or decreasing when not 'expected' (together with price) can give you big clues to where price wants to go. It fits nicely in with my interest in order flow (which there's way more to once you start digging). But it's just a way of trading that I can make work and not worried about convincing anybody of anything...
Well I do always say.... If you have a method that works for you, then quite simply..... just keep doing it
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,878
  • Mar 14, 2017 5:32am Mar 14, 2017 5:32am
Quoting faisal13
No doubt, PA trading strategy is one of the most popular trading strategy here, I personally know many successful Stocks and Options traders, who are also trading based on PA trading strategy! Thats the power of price action trading strategy! But honestly, PA trading strategy is not only about pattern trading, professional PA traders use their six sense for undressing market context based on their PA trading knowledge!
Hi Faisal,

Yes indeed I would say that you are quite spot on there.

There is some extent of simply being able to read the market. I believe that one of the factors is being able to take in the bigger overall picture of what is actually going on.

I think too many traders also over complicate their trading, when it really is the simple things that work the best
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #5,879
  • Mar 14, 2017 1:40pm Mar 14, 2017 1:40pm
Not sure why but the 2nd arrow tick vol bar changed which changes everything. Anyhow watch out Big 48 hours coming up gonna be a bit of a wild ride

Attached Image
Never said I was Batman,all I'm saying is you'll never see us together.
  • #5,880
  • Mar 20, 2017 5:25am Mar 20, 2017 5:25am
EURUSD daily.

Price reached the short term key resistance area and stalled as we expected it to at this level.

Some clear support areas below if price continues the short momentum but also some potential for it to reach next resistance area.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD daily 11-03.jpg Size: 157 KB
Click to Enlarge Name: EURUSD daily 20-03.jpg Size: 168 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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