Both the AUD and NZD had big impulsive moves because of some news that came out regarding Chinas liquidity. As traders there is really nothing we can do about this. This is just a part of trading and something you can’t really anticipate. I was in both AUD and NZD long trades, I knew both pairs were at extreme highs and were susceptible to any bit of news knocking them way back. So to protect my capital I moved my SL to BE before I went to sleep. I woke up to see that my SL’s have been hit and so they were just scratch trades. While hopping in strong trends can be very profitable, they are at risk for moving too far too fast and the market selling on the price extremes to pull it back to it’s “fair” value. We have seen the AUDUSD and other AUD pairs riding well above their 8 and 21 EMA for days on end, so it was ripe for a correction.
Also pullbacks and retracements can mean the same thing, but retracement is used in 2 different contexts. The first is a retracement in a swing in price, which we also call a pullback. This may mean a pair is in a strong trend, and we are waiting for price to retrace back to 61% fib level. The other retracement is the retracement on an individual candle. If we have a pin bar form we can enter on a retracement of that pin bar, which we are waiting for price to climb up the pin bar to get in the trade at a better price.
I agree, we have a great community of people here! It’s what makes this thread such a valuable hub for price action information.
It would be dangerous to place an entry order in an area just because it is a key S/R level. We don’t know if the market will stop and reverse in this area or blast right through it. The other problem is placing entries at S/R levels you can’t have a complete trading back because you based your SL on the PA candles you are trading. The S/R levels are just areas to look for price action, but we don’t have the green light to take a trade until we get a high quality price action signal. The S/R levels tells us were to look to, the PA signal tells us when to get in. Without that signal we never get in.
An option for you is to just trade the daily charts. You won’t get as many trades as others will trading lower TF, but you can still check the charts sometimes after the daily candles close and then set your entry orders based off of those candles. This is what me and most others do here. This way you can get in the trade even if you are not at your computer, and you are still trading from a valid PA signal.
Hi MrB not sure where he gets that from as my Alpari definitely ( have indices )does and when I check it alongside a peperstone demo which is new york close its exactly the same.good luck. try Alpari UK.
I went short for this one but way to early I was stopped out. Also with the NZDJPY stopped out again, just to see they both ended up going down
At least I recover all with the AUDCHF & the EURAUD. However, now I feel i could do much better because I left way too early. Probably still need to workout my pipsology issues (lack of patient especially after previously hitting 2 S/L). I just though i want my money back with some extra
The other funny thing is that i decided to go for the Aussie and not going for the silver and worked out totally the other way around, In conclusion I think i have over-trading issues. So, How any pairs/commodities do you guys check in total? I have now 15 pairs, it’s to much?
You just cannot let it go, do you buster48?? I’ll make it clear to each and everyone in this thread. Before this at Johnathon’s thread, this guy buster48 tried to derail the thread severely (think as the same thing Krugman had to encounter this last few days so much that moderator pipzilla needed to come and shut down the thread for a while), that I warned him that he can be critical, put please not with strong words. Apparently buster48 was not happy with that, and the post later became more and more targeted into personal attack to me. I filed a complaint about that to both Johnathon and Babypips, and so they deleted some of the posts that really are rude and offensive. Eventually dudest came and gave the kind of answer that buster48 ‘demanded’, but only because “The reason I decided to answer was lest he drag others into his mess, and just disrupt the thread for no good reason.”
Now, if you buster48 want to contribute positively here and in the other thread, please by all means do that. But if you once again repeat your harassing, bullying, and trolling like you did in Johnathon’s thread towards me or anyone else, I will make it clear that you are not going to get away with that. And I’m dead serious about that.
Just wanted to drop a quick update on the AUD/CAD trade I took earlier, anyone else take this?
I decided that I wanted to ride this one out but forgot to move my TP at the original line, so took around 50+ pips and then placed another buy order with a tight stop loss to try and follow it through its break through. This has mainly been propelled by the news coming out of Canada this afternoon. I am starting to see that often price shows the way in which price is going to go with news announcements quite often before the event which I find interesting.
Alpari UK does have the correct NY Close chart, only sometimes it is out of synch because of daylight saving problem just like the message from Alpari representative I have attached in my previous post. Actually we have that kind of trouble with Alpari UK also when mselva from Johnathon’s thread discussed this with Kasravi and everyone else back then. It is really close, and depending on your standard, the difference can be either negligible or a big deal. Please let us know what you think then, BA.
Oh, and I think Yves gave you a good suggestion also. HotForex indeed has the standard NY Close chart with indices there.
I just noticed I’d missed Yves post, apologies for that. Thank you both for the advice. Close is good enough for me as far as indices go so I will give them both a whirl. I am using pepperstone and FXDD currently but other than oil, gold and silver, they don’t provide anything else outside of FX on the demo account .
Thanks WM, I made a mental note of it. After the last round of trolling, I have very little tolerance for it and will simply do a ban if it gets out of hand. This thread has thankfully avoided all of that junk and it was just isolated to my beginners thread. I am pretty happy with the exchanges here and will keep my eye on the conversations to make sure it is all appropriate.
In the Forex world this is as good as it gets. All of the chart problems lie in the fact that forex trading isn’t processed through a centralized server. Each broker uses different time standards and they use different banks to calculate the price of a currency. So you end up with variability between brokers chart, but they are still impressively close in most cases.
Maybe my computer is messed up by it is showing me that bizzaro liked this post twice, haha.
I agree with you that many times the market is setting itself up and anticipating a certain outcome of the news so before hand you can get PA signal firing off. My favorite times trading is when there is low-mid volatility, and no news. The market usually has a direction it is going, and you can get in on pullbacks and not have to worry about the news suddenly shifting supply/demand
I really have no idea what this guys problem is and wonder if he has some sort of persecution complex.It all started when i Questioned a part of Johnathons system which he took exception to.What he’s failing to tell you is he also had offensive posts removed andhas been warned by the moderator ,Just reread his rant above does this look like the post of a normal sane person.AAron this is a great thread and it is such a pity to have it spoiled by this rubbish.I have no idea why hes started again on your forum when our original disagreement was on Johnathons,Ive never argued with hin here ,says it all I suppose. I can only apologise to you profusely.
this is a good pinbar set up. much better than the stupid eur/nzd pinbar i took. luckily i had a tight stop loss. infact there were many many pin bars from the volatility awhile ago. takes alot of skill to pick the right one. hehe
Haha I noticed that too, have you been celebrating with the beers already bizzaro??
I must admit I prefer the quieter times of low-mid volatility too, I suppose very BIG news events can send the market either way. I think that is one of my issues with the set and forget techniques out there. Although I generally don’t pay too much attention to the news, I like to keep an eye on it if I am already in a trade, I like to know if and when I may experience some turbulence or potential spikes and hopefully protect myself a little.
I think I got lucky with that pin bar, your right there were a few out there today. I’ve still got my eye on NZDUSD 4hr but it looks like it is currently on pause waiting for news out of New Zealand later this evening. I did set an order but decided to cancel it for now.
What do yall think of the EUR/CAD? Its in an uptrend but has approached an area of major resistance over the past few years on my daily chart. Could be a reason to go against the trend here?? A nice pin bar is forming on the 4hr. I will wait to the close of the bar to see what happens. Im very new, would love to get opinions on this to help me in my thought processes. Thanks
I was stopped out. Also with the NZDJPY stopped out again, just to see they both ended up going down 
