I was looking for a serious price action forum and I think I finally found one ;o). Darth, the pattern on GBPNZD was a really good one ( sad I did not spot it). Your SL should definitely be a few pips above the highest. I would personnally put my stop at the highest of 02DEC13 if I wanted to be conserative or the open of this same day to be aggressive as it was exactly at the highest of the former top we had on this currency.
I wanted to share my entry order on AUDUSD. We got an inside bar just above 0.90 and now a pin bar. I believe there is potential for the pair to gain in value. In order to optimize my entry, I put my entry at fibo 0.50 of the pin bar with a stop loss belowthe lowest. The target is 0.93 and I thus have a RR of 4/1. the risk is to miss the uptrend but I prefer to have a nice entry.
Thanks for joining the community here and jumping right in charts, that is what I like to see! haha. If you were looking for a serious price action forum you came to the right place. I have and continue to roll out articles and posts hitting on the dynamics of the market here. I believe without accounts for the dynamics of the market, a trader is marked for failure before he ever begins his journey. I believe this can be done while still keeping it simple enough that most people can learn it in a few months time. And best of all, I donāt sell a course so I donāt have conflicting interests between being honest about the market but being afraid it will affect my āsalesā. I hope you find great value here. Thanks again for joining!
If the upper wick of that last bar is slightly higher, it will have covered the previous 3 bars. Itās a pity it doesnāt. Some will shrug it off and take the trade, but Iāll let this one go and watch from the sideline.
Just like cyanidez mentioned before, I also hate that uncertainty feeling āYeah, maybe, maybe notā¦ or is it?ā I want to take the trade when I have that inner feeling āWow, look at that bar! Take it! Take it!ā
Looks like the Kiwis are up to no good this week, BA. Ready for another round of news trading again? :D[/QUOTE]
Haha those sneaky NZDians, well according to price action on my charts we should see the NZD dollar appreciate in value this week by my reckoning. I do enjoy trading the news, I may well look to place a few carefully placed buy stops during some of the high risk NZD news announcements.
Iām still looking at the daily signals that formed on Friday trying to decide which if any Iām going to trade. Iām tightening back up and going back to my original trading plan before I became greedy and began over trading so need to choose carefully. Are you taking any if the signals Willy?
Weāll see. Maybe if I can do it around my schedule. Unlike PA trading, news trading is more schedule-oriented specific. If you combine both approach, you may get āinterestingā result, though.
I am on it, and Gold also, Friday the NFP came out, which caused a sudden drop in Gold and silver, but if you study the volume, you can see that smart money used that news release to top up on long positions. Activity around the bottom is very high, and there is a massive H4 rejection candle also, hopefully it blasts up
What is your TP? I am aiming for $21 on Silver and $1290 on Gold.
I have also been watching gold, silver and miners. I am looking for a long term play in gold. I hope it breaks out in the downward direction. I think the bottom in gold is somewhere between $800-$900 at which time I am planning on buying up major amounts of NUGT and/or USLV ETF.
Yes, gold is defo long term bearish, the long term trend line is around the $900 area, but do you not think it looks very supportive at the level it is currently at?
When it comes to gold a lot of my opinion is fundamentally based to at least give me a rough idea to look for a price region for gold to rebound. The 50% fib line is around 960$, I think we could see a bottom start forming somewhere in that region. The global price for mining gold is in the 650-700$ region so I certainly donāt see it falling below that. Likewise silver production cost is in the 10$ region. The nice thing about commodities is once you reach the price of production, it forms a pretty solid price floor. Price could temporarily drop below production costs but production would stop which would stifle supply and price would shoot back up again. Thatās why I donāt have much worry buying up some gold ETFs or miners if gold price does drop below $1000 because I believe the price floor is somewhere close to that amount. For a short term price action trade you may get a temporary bounce in prices, but I donāt believe price has bottomed yet. I was reading an article that the last 3 spikes in gold/silver have been quickly followed by huge drops that formed new yearly lows. If I were going to go long on gold/silver in short term I would make sure to have a conservative price to get out at, and be fairly defensive in the trade.
Hey everyone, I started up a conversation over in the fundamentals section of babypips. If you are interested or already trade long term fundamentals, head over there and join the conversation.
As most can tell by now I am not a 1 trick pony. I think there are a numbers of ways to invest and profit in the market and I pursue many of those. Some traders simple donāt do well with short term trading, but it doesnāt mean they are out of the game. It may mean that this type of trading simply doesnāt fit their personality and the way their mind analyzes the market. I want to make sure that both the short term and long term traders have an information hub to learn from. Since I trade many different methods and time frames, I will keep producing information on all of it and hopefully reach a large range of traders.
As many of you know there is this saying that a picture tells more than a thousand words. So instead of writing a lot of motivational stuff to all who are struggling a bit right now i send you this picture to show you the difference of what we want our path to success to look like and what i almost always actually looks like!
Hang in there and keep on working hard and you will be successful!!
This had me cracking up pretty good, but it is a really good visual on the reality of learning something like price action trading. I plan on linking to this post from my Quick Navigation section because itās a good visual reminder to help get traders back to reality.
As many of you know there is this saying that a picture tells more than a thousand words. So instead of writing a lot of motivational stuff to all who are struggling a bit right now i send you this picture to show you the difference of what we want our path to success to look like and what i almost always actually looks like!
Hang in there and keep on working hard and you will be successful!![/QUOTE]
Maybe not coincidentally, you can hilariously play and/or sadistically abuse that poor cyclist stick figure in your Iphone and Ipad: Draw Rider - By Anton Vazhinsky
maybe not coincidentally, you can hilariously play and/or sadistically abuse that poor cyclist stick figure in your iphone and ipad: draw rider - by anton vazhinsky
Glad you guys like it!