Forex Price Action

I’m using trading station 2 on fxcm. It allows me watching markets at work if I find a minute and has NY close, what’s odd, the same account via MT4 uses midnight ET as close…

I don’t like MT4 as it looks like it was a really old software with some really old user interface design, and not being able to place trades from charts is a vital con for me, I just hate entering stops and TPs manually or even being unable to place TP while placing an entry order and need to add it when your limit order gets hit, I can’t afford it as I don’t have time to amend it after setting up a trade.

How do you cope with all of it??

Edit: and scrolling with mouse wheel instead of zooming! Oh I hate it! Lol

Hi Fil,

I noted the zones rather than lines, that’s why I’ve few levels… However, it must have certain criterion to say that resistance line is valid or not. It is just like how Johnathon define pin bar here: Pin Bar.

Regards,
Toyogo

Hei!

Now I’m confused… First time I hear it… Why can’t u set your T/P and S/L before u enter the trade? Just place the sell/buy stop or sell/buy limit orders and at the same time u can set your profit and loss targets. And it is possible to place the order from chart, just press the “new order” button and it’s done.

Maybe I didn’t understand u well, but MT4 for me is very simple software and easy to manage the trade if needed.

Richard

Btw wouldn’t it be trading straight into the BRN (@1.2600)? Is it safe doing like this in the long term?

Richard

you can also place the mouse where you want to enter and right click, in the trading heading it will give you a buy or sell option at the price where the mouse is located. if you select it will open the order window with that price already entered and you can then enter s/l and t/p

also when you press the middle button of the mouse aka the scroll wheel, the cross hair tool is selected. but if you then press and hold the left mouse button and drag the mouse it will draw a line and give you the coordinates in number of bars, pips, and exact price of the distance from the point you pressed and held the mouse button to wherever you drag the mouse to. an easy way to check distances in candlesticks, pips and price

Here is another set up EURGBP 4H, I just got in it now, any comments!!


There is some traffic just below it and the candle isnt’t that convincing compairing to the previous huge bullish momentum, altho overall trend is bearish. And I don’t understand u guys, why do u always enter before the bar is closed and then broken, so it would confirm the entry?

Richard

Hi Richard,

you were absolutely right about the previous huge bullish momentum, Thanks

what happened in the market. every currency against USD is in full pace.

European Central Bank President Mario Draghi signaled that officials are prepared to do whatever is needed to preserve the euro and act on surging bond yields that are tearing at the seams of the 17-nation currency bloc.

Hi Jui25,

The thread members are not interested in news but there is new in the market

"ECB President Mario Draghi said the ECB will do whatever is needed to preserve the single currency. "

Cheers
HA

Thanx friend for your necessary info.

Nothing specific (except for the news, but that doesn’t worry me at all), price just went its desired way! :wink:

Chart’s i’m looking for.
NZD/JPY and GBP/JPY.
I’m wathing for Bearish PA at this level to go short.
What you think guys?

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Uploaded with ImageShack.us

GBPJPY has bueb in the daily chart. NZD/jpy looks going up still. Just my 2 cents

Hi all,

Anyone in AUDUSD, AUDJPY, USDCAD or NZDUSD trade? I traded USDCAD and exit target for +70pips!


Regards,
Toyogo

Yes, I was long on AUDJPY & NZDUSD. Both of them have hit my take profit level.
Also PB of 23-July has fully hit my take profit level of $1620. :8: :8:


I took USD/CAD D1. My first T/P target hit and the second portions S/L moved to BE+1. Nice trade! :wink:

P.S. Can dudest, bhops or Johnathon comment this USD/CAD D1 BEEB? Was this a valid trade according to this method aka PA?

Richard

You can pretty much do all of that above. You can set profits before the trade is hit etc It doesn’t matter what charting gear you use though as long as looking at correct charts.

Johnathon

Yep pretty much. So for these bearish examples we would need price to close below the resistance area. If price closes above we would be trading straight into a key level which is not the smartest.

Johnathon