NexusFi: Find Your Edge


Home Menu

 





Trading spot fx euro using price action


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one Adamus with 599 posts (455 thanks)
    2. looks_two Zwaen with 46 posts (38 thanks)
    3. looks_3 SammyD with 30 posts (12 thanks)
    4. looks_4 Big Mike with 18 posts (17 thanks)
      Best Posters
    1. looks_one Big Mike with 0.9 thanks per post
    2. looks_two Adamus with 0.8 thanks per post
    3. looks_3 Zwaen with 0.8 thanks per post
    4. looks_4 SammyD with 0.4 thanks per post
    1. trending_up 136,831 views
    2. thumb_up 619 thanks given
    3. group 51 followers
    1. forum 844 posts
    2. attach_file 898 attachments




 
Search this Thread

Trading spot fx euro using price action

  #181 (permalink)
 
Adamus's Avatar
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
Posts: 1,085 since Dec 2010
Thanks Given: 471
Thanks Received: 789

Friday's chart 2011-10-07, not so wild as yesterday, but still a little wild

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Click image for larger version

Name:	$EURUSD (3 Min)  2011-10-07.jpg
Views:	146
Size:	268.2 KB
ID:	51595  
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:

Can you help answer these questions
from other members on NexusFi?
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
Exit Strategy
NinjaTrader
Better Renko Gaps
The Elite Circle
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
61 thanks
Funded Trader platforms
38 thanks
NexusFi site changelog and issues/problem reporting
26 thanks
GFIs1 1 DAX trade per day journal
19 thanks
The Program
18 thanks
  #182 (permalink)
 
Adamus's Avatar
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
Posts: 1,085 since Dec 2010
Thanks Given: 471
Thanks Received: 789

Monday was a 300 pointer.

The more I look at the euro the more I wonder how on earth I am going to decide what hours to trade. I don't want to miss any of it. The start of the European session and the start of the US session are both great and there's always something going on in-between. I can get up at 5 for it, no worries, and the way the volatility builds up between 6 and 8 is fascinating.

Maybe I should wait to see where I lose the most in sim trading and it will make up my mind for me

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Click image for larger version

Name:	$EURUSD (3 Min)  2011-10-10a.jpg
Views:	141
Size:	163.6 KB
ID:	51717   Click image for larger version

Name:	$EURUSD (3 Min)  2011-10-10b.jpg
Views:	142
Size:	155.1 KB
ID:	51718  
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #183 (permalink)
 
Adamus's Avatar
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
Posts: 1,085 since Dec 2010
Thanks Given: 471
Thanks Received: 789


Up-to-date at last. This makes a nice little inside bar at the top of Monday's range. Good trigger for those daily chart traders.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Click image for larger version

Name:	$EURUSD (3 Min)  2011-10-11.jpg
Views:	151
Size:	275.7 KB
ID:	51723  
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #184 (permalink)
 
Adamus's Avatar
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
Posts: 1,085 since Dec 2010
Thanks Given: 471
Thanks Received: 789

A good rally in Europe - unusually nothing to add to in the US.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Click image for larger version

Name:	$EURUSD (3 Min)  2011-10-12a.jpg
Views:	133
Size:	147.0 KB
ID:	51825   Click image for larger version

Name:	$EURUSD (3 Min)  2011-10-12b.jpg
Views:	153
Size:	206.3 KB
ID:	51826  
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #185 (permalink)
 
Zwaen's Avatar
 Zwaen 
Netherlands, Blaricum
 
Experience: Intermediate
Platform: Excel, Python, R
Broker: IB
Trading: Options
Posts: 250 since Dec 2010
Thanks Given: 848
Thanks Received: 238


Adamus View Post
Hi Zwaen, I wouldn't call that a fair comparison. You don't generally get a car going backwards and forwards like that unless they're trying to park. Well, I haven't seen you drive, so maybe you're right

I see sideways trends that are not chop - I see the swing highs and the swing lows, good quality reversals, not too many long tails, not too much small-scale pull-back (my sideway trends have equal extension and pull-back)

I'm way behind at the moment. I've got Thurs, Fri and Monday's charts to do. I have decorators trying to sort out a damp problem in the flat, it's very distracting having to talk with them all the time.


Haha, oke not totally fair no.

But I know what you mean. Just when I look at this moment to EurUsd, the picture is somewhat confusing due to (too many) mixed signals imho:
See attached picture:
30 min chart: uptrend is " textbook" broken due to break of neckline. But recent 30min candles all show undertails which show rejection and thus bullish power comming in.
3 min chart: shows sideways action but slightly positive bias.
Daily( not shown): forming somewhat of inside bar, but thats not information which is usable for next hour ( unless daily high/low will be reached)

So this where patience comes in, and do others things like reading threads on futures.io (formerly BMT)

Attached Thumbnails
Click image for larger version

Name:	df1.JPG
Views:	147
Size:	181.9 KB
ID:	51838  
Reply With Quote
Thanked by:
  #186 (permalink)
 
Adamus's Avatar
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
Posts: 1,085 since Dec 2010
Thanks Given: 471
Thanks Received: 789


Zwaen View Post
Haha, oke not totally fair no.

But I know what you mean. Just when I look at this moment to EurUsd, the picture is somewhat confusing due to (too many) mixed signals imho:
See attached picture:
30 min chart: uptrend is " textbook" broken due to break of neckline. But recent 30min candles all show undertails which show rejection and thus bullish power comming in.
3 min chart: shows sideways action but slightly positive bias.
Daily( not shown): forming somewhat of inside bar, but thats not information which is usable for next hour ( unless daily high/low will be reached)

So this where patience comes in, and do others things like reading threads on futures.io (formerly BMT)

Well I would have to wait anyway until price hits one of those S/R levels. For pure YTC PAT, you would only use the 30mins chart for finding the S/R in the first place. After that, your bias comes from your 3mins chart. Since generally speaking a trend that is big enough to provide pull-backs will be totally obvious, the hard part of working out your bias is when price has reached an S/R level. Even then you know the direction already because you are either bullish going into R or bearish going into S. Then it's just a question of how strong or weak your bias is, and whether the interaction at the S/R level is going to turn into a BPB or a BOF after a stall.

That is hard.

Or am I oversimplifying it?

You can discover what your enemy fears most by observing the means he uses to frighten you.
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #187 (permalink)
 
Zwaen's Avatar
 Zwaen 
Netherlands, Blaricum
 
Experience: Intermediate
Platform: Excel, Python, R
Broker: IB
Trading: Options
Posts: 250 since Dec 2010
Thanks Given: 848
Thanks Received: 238


Adamus View Post
Hi Zwaen, I wouldn't call that a fair comparison. You don't generally get a car going backwards and forwards like that unless they're trying to park. Well, I haven't seen you drive, so maybe you're right

I see sideways trends that are not chop - I see the swing highs and the swing lows, good quality reversals, not too many long tails, not too much small-scale pull-back (my sideway trends have equal extension and pull-back)

I'm way behind at the moment. I've got Thurs, Fri and Monday's charts to do. I have decorators trying to sort out a damp problem in the flat, it's very distracting having to talk with them all the time.


Adamus View Post
Well I would have to wait anyway until price hits one of those S/R levels. For pure YTC PAT, you would only use the 30mins chart for finding the S/R in the first place. After that, your bias comes from your 3mins chart. Since generally speaking a trend that is big enough to provide pull-backs will be totally obvious, the hard part of working out your bias is when price has reached an S/R level. Even then you know the direction already because you are either bullish going into R or bearish going into S. Then it's just a question of how strong or weak your bias is, and whether the interaction at the S/R level is going to turn into a BPB or a BOF after a stall.

That is hard.

Or am I oversimplifying it?


Yes this is indeed difficult. There are several facors at play ( as I see it):

How strong is the SR support resistance Level?
-how many times SR support resistance Level has been tested?
-how was the prior reaction to the SR support resistance Level?
-is there any confluence in SR support resistance Level? For example pivots or 30 minute SR support resistance Level, and fibonacci and or Volume profile
-Unknown factors

How is the trend/strength reaching the SR support resistance Level?
-how is the slope and " slope of the slope" ( 2d derivative) of the trend?
-is the trend getting " old" or relatively new ?
-What kind of news is driving the trend?
-Is the higher timeframe trend supporting or not?
-several other factors I can't think of now

Then we can look at the reaction of the trend or move reaching the SR support resistance Level?
-How does price " penetrates" the level ( or even can't ). How many points?
-are the candles large or smaller?
-is the reaction the the level fierce/medium/weak?

Then we can look at the reaction to this reaction ( pullback and trend continuation and retest of SR support resistance Level):
-is this reaction stronger or weaker than the previous downleg? ( if weaker, possible 123 pattern )
-will price come above prior rosshook point? By how far?

When the reaction on the reaction on the reaction ( we are at a 123 pattern now) fails a possible 123 patterns or 2B pattern can develop( variations of a double top/bottom). When the reaction on this pattern fails we can say congestion formed. But even then, our congestion can look like another perfect pattern on another timeframe.

I think it is this why these patterns are difficult to automate, while our mind can ( with experience) easily compare all these variables at work to "anticipate/quess" the most expected outcome.

But I think constantly comparing previous legs with the current leg can give you clues of the future direction. Constantly identifying strenghts and weakness can show where price most likely will go

Reply With Quote
Thanked by:
  #188 (permalink)
 Traderji 
Australia
 
Experience: Advanced
Platform: NinjaTrader, Multicharts
Trading: Spot Forex, Gold, Silver
Posts: 176 since Oct 2010
Thanks Given: 114
Thanks Received: 114

Watch out for London close. There is talk that will be rating downgrade for multiple UK banks.

Reply With Quote
  #189 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,397 since Jun 2009
Thanks Given: 33,173
Thanks Received: 101,537


Traderji View Post
Watch out for London close. There is talk that will be rating downgrade for multiple UK banks.

Could you post a link/source?

Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
  #190 (permalink)
 
Adamus's Avatar
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
Posts: 1,085 since Dec 2010
Thanks Given: 471
Thanks Received: 789



Traderji View Post
Watch out for London close. There is talk that will be rating downgrade for multiple UK banks.

You think that will affect sterling's "safe haven" status discovered by Chancellor George Osborne? ahahahahahahahaha

You can discover what your enemy fears most by observing the means he uses to frighten you.
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote




Last Updated on July 1, 2016


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts