Trading spot fx euro using price action - Trading Journals | futures io social day trading
futures io futures trading


Trading spot fx euro using price action
Updated: Views / Replies:67,736 / 844
Created: by Adamus Attachments:887

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 887  
 
Thread Tools Search this Thread
 

Trading spot fx euro using price action

  #481 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received

Thursday 2012-05-10

Crawled out of bed unwillingly for this, but a couple of minutes up and the fatigue falls away.

In hindsight the trade I took was valid but it wasn't from a setup I had in my plan, it was just a plain scalp of the break-out from a stall. I failed to keep myself out of the market as the setups I was hoping for didn't materialise.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Trading spot fx euro using price action-2012-05-10-market-structure.jpg   Trading spot fx euro using price action-2012-05-10-continued.jpg  
Reply With Quote
 
  #482 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received

Friday 2012-05-11

Pretty much as good as it gets today. Valid setup, good management, profitable trade.

A standard YTC PAT test setup at S/R - not any fancy session opening setup, although the Asian low was my target even if it wasn't my entry.

I need about 20 or so of this kind of trade to persuade myself to go in with real money. And significantly fewer bad or unprofitable ones.....

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Trading spot fx euro using price action-2012-05-11-market-structure.jpg   Trading spot fx euro using price action-2012-05-11-continued.jpg   Trading spot fx euro using price action-2012-05-11-trades-.jpg  
Reply With Quote
 
  #483 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received

Monday 2012-05-14


Too complicated today for a trade. Had a theory that would have worked out, but it was low probability based only on a lower low and a lower high. Staying out was a better decision. Here are the charts.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Trading spot fx euro using price action-2012-05-14-market-structure.jpg   Trading spot fx euro using price action-2012-05-14-continued.jpg  
Reply With Quote
The following 2 users say Thank You to Adamus for this post:
 
  #484 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received

Tuesday 2012-05-15

Stupid situation today. Got up 5 mins late which didn't help but also didn't put my contact lenses in, so spent the hour with my face only right up to the screen, and then my little daughter got up early at 6:45 and wanted to sit on my lap and be hugged, which wouldn't have been a problem except then I couldn't see the screen properly. Instead of doing something sensible like putting my glasses on or putting her in bed with her mum, I just missed the 2 golden opportunities that came along today. OK maybe I'm exaggerating but I should have taken a trade and I didn't.

Maybe I'm lying to myself as well - the BO at the Asian high was big so the entry stop would have been 1.2845 and the initial stop had to be 1.2835. Perhaps I couldn't hack the 10 points risk. But I'll not know now since I was distracted. I guess it's easy to be distracted instead of dealing with the situation.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Trading spot fx euro using price action-2012-05-15-market-structure.jpg   Trading spot fx euro using price action-2012-05-15-continued.jpg   Trading spot fx euro using price action-2012-05-15-trades-.jpg  
Reply With Quote
 
  #485 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received

Wednesday 2012-05-16

Better today. Had the emotions under control and no distractions. Was really difficult to get out of bed but definitely worth the pain later on today (although treated that well with coffee).

There was a classic break-out pull-back at S/R although not at the Asian session boundaries. I was biased in the wrong direction but not so much that I was only expecting it to go one way. I caught the sudden move down nicely with my stop.

Weird day followed - volatile but small range.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Trading spot fx euro using price action-2012-05-16-market-structure.jpg   Trading spot fx euro using price action-2012-05-16-continued.jpg   Trading spot fx euro using price action-2012-05-16-trades-.jpg  
Reply With Quote
 
  #486 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received

Thursday 2012-05-17

Missed a 30 pointer today as the market failed to break the Asian high and dropped 40 points to the Asian low. Would have had to be a set-and-forget trade if I'd been there since it took a while, but get there it did. Failed to get out of bed though - didn't get to bed soon enough and sleep disrupted a couple of times in the night.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Trading spot fx euro using price action-2012-05-17-market-structure.jpg   Trading spot fx euro using price action-2012-05-17-continued.jpg  
Reply With Quote
 
  #487 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received

Friday 2012-05-18

Missed out on a nice move today - but for different reasons from yesterday.

Made the mistake firstly of not seeing the channel line coming down - but then I never look for channel lines in the morning from the Asian session - maybe I should start.

Secondly didn't have a good target. The first - the Asian low - was too close, the second, the 1.2620 support was too far.

Could have bailed at the first bull bar but decided to try to hold out.


Edit later after seeing the move up from the morning:

- the channel line wouldn't have helped
- isn't it more typical that the market is just as likely to reverse at the end of the Asian session?
- big bars like the one just after 07:00 in the early morning here are likely to be retraced....

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Trading spot fx euro using price action-2012-05-18-market-structure.jpg  

Last edited by Adamus; May 18th, 2012 at 09:54 AM.
Reply With Quote
The following 4 users say Thank You to Adamus for this post:
 
  #488 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received

Confused by Friday

I still can't work out what happened on Friday morning. I had 20 points but it turned out to be the low point of the day and I gave them all up wishing the market to take out the big support level at 1.2620.

But even with hindsight I can't see any clues that show me something I could have done better.

I just need to stick to small targets. I could have put in a target half-way down. Or even just 5 pips out from the Asian low which would have been reasonable.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Trading spot fx euro using price action-2012-05-18-continued.jpg  
Reply With Quote
The following 2 users say Thank You to Adamus for this post:
 
  #489 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
Thanks: 2,211 given, 1,551 received

Hi Adamus, Maybe that bar 186 had a much bigger body relative to the last 50 or so bars? In that situation, maybe consider locking in more ticks trailing a stop, maybe below bar 164, a recent swing low? And it looks like there were already two legs from bar 177 to bar 186,(with bar 180 a HL than bar 164, so disrupting the downtrend momentum) and in general, price behaving limited to a channel, and maybe not likely to breakout lower fast at bar 186. Just some thoughts looking at your chart. I got caught in something similar on a Crude fakeout spikedown , Friday, except I got entry stuck at the bottom of the big spike bar, ugh, my fault.


Last edited by Cloudy; May 19th, 2012 at 01:11 PM.
Reply With Quote
The following 2 users say Thank You to Cloudy for this post:
 
  #490 (permalink)
Elite Member
Miami FL USA
 
Futures Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker/Data: IB, IQ
Favorite Futures: Currency Futures
 
Cashish's Avatar
 
Posts: 803 since May 2011
Thanks: 811 given, 2,103 received



Adamus View Post

Secondly didn't have a good target. The first - the Asian low - was too close, the second, the 1.2620 support was too far.

Edit later after seeing the move up from the morning:

- big bars like the one just after 07:00 in the early morning here are likely to be retraced....


Adamus View Post
I still can't work out what happened on Friday morning. I had 20 points but it turned out to be the low point of the day and I gave them all up wishing the market to take out the big support level at 1.2620.

But even with hindsight I can't see any clues that show me something I could have done better.

I just need to stick to small targets. I could have put in a target half-way down. Or even just 5 pips out from the Asian low which would have been reasonable.

@Adamus I tried to replicate your chart using the 6E not the $EUR/USD. You posted some interesting comments about your Friday trade. I'm not here to throw a wet blanket on your trade, just voice my opinion of it, and offer a few avenues of thought. I don't want to hand you a fish sandwich, I want to help teach you to fish.

Forgive me for the crudeness of my charts. I marked up several moves on this replication of your 3m chart leading into your short. What I'm inviting you to consider is normal price rotation. If you study these moves over a period of time (weeks, months) the information can be most helpful with entries, exits and stop placement. If you choose to harvest this information from the market, always remain mindful of the "longer" term trend you're harvesting your data from, e.g. In this example the trend has been down for 7 hours, or all week for that matter. If you look at the chart I posted you may see that the majority of the down moves were equal to or exceeded 14 points/ticks (pips .... OK I said it ) and the majority of the "pull-backs" were less than 14 points. In your mission to ascertain this information on your own you may find a different amount for up trending markets and down trending markets. So what does all this mean. Personally, I use this (average) price rotation information as a guideline for entries, adding to positions, exit targets and most importantly stop placement. I'm sure you know, nothing in trading is cut and dried, but your chart (and comments) offered a great opportunity to guide you in yet another direction. To continue, Look at the price rotation in the blue circle, this is the Frankfurt open. You can see the 14 point pull-back held for several minutes at the open then was violated by only 4 ticks, then fell more than 14 ticks. Price pulled back again, less than 14 ticks then made the LOD. Of course I have the benefit of hindsight as I'm writing this, but for the record I was in this trade! The pull back off the low was 23 ticks, if the theory I just described holds any credibility, now is the time to prove it, in this example it did (second chart).

I'm sure you're bursting with questions intending to hold my feet to the fire, so I'll continue. Another comment you made that raised my brow was, " - big bars like the one just after 07:00 in the early morning here are likely to be retraced." It was the "like the one," part that tripped my trigger. Yes, I see many bars that run 20 points, and yes many of them are retraced, but not bars "like this one." What makes this bar different than most 20 point bars is the fact this level hasn't been traded since January! I'm getting ahead of myself here. Most often, if I'm bringing a short position (or a long) toward a whole number (even (00) or 50) I take profits going to that number not, going through that number. UNLESS, there's a (major) significant price level within (hint) 14 ticks on the other side. But we're not talking about the usual or "most often" in this example, we're talking about life of contract lows. So when the market makes a new low, I'm talking about one that hasn't been traded on in a long time (since January), like Friday's 1.2650. I place counter trend trades 14 and 16 points under these levels and take quick profits on the normal rotation back to the even or fifty level. I've had orders resting under every level from 1.2950 to 1.2650 and only one set of orders failed to fill, Friday's 1.2650 and only one set of the filled trades failed to rotate out for a profit (it missed by a tick). I'm not going to post my opinion why I think Friday's move failed, I'm just reporting my experience with the 6E during the past couple of weeks. Remember, I'm talking about the first penetration of these levels.

Lastly, I have to comment on volume, or lack of volume data when trading $ Euro. Volume analysis is a major part of my trading method, I couldn't trade without it. Friday's reversal was obvious to me even without my volume data, when the penetration "stopped short" in comparison to how the other 6 levels (1.2950 to 1.2700) previously penetrated. Even though the reversal in the 50's signaled go long, the market didn't offer many chances to buy in the 50's once price entered the 60's. Every tick up the market makes while I'm deciding to take a long, is one tick more risk I have to contend with, if I'm wrong. But armed with the current history of how price has been rotating around 00 and 50 during the past couple weeks, I was comfortable to take the long trade quick and deep. As I said, I don't think I could trade without volume data, I sure couldn't trade $ FX like you, but I hope this post stimulates your thoughts. Sorry for the long winded post, I struggled hard to keep my volume opinions to myself and only stick to the topic of normal price rotation and how I trade around "half and even" which may be helpful to you in $ FX as well.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Reply With Quote
The following user says Thank You to Cashish for this post:

Reply



futures io > > > Trading spot fx euro using price action

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Spot FX - when to lock in profits kaywai Currency Futures 4 July 21st, 2011 06:28 AM
Serious Spot FX Trading wiosna Reviews of Brokers and Data Feeds 27 June 8th, 2011 02:46 PM
CW's ES Price action trading Journal cw30000 Trading Journals 25 September 28th, 2010 10:54 AM
Basic price action trading - NO INDICATORS Eric j Traders Hideout 23 September 1st, 2010 07:58 AM
Trading Price Action cbratton The Elite Circle 14 November 17th, 2009 04:07 AM


All times are GMT -4. The time now is 12:22 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
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.
no new posts
Page generated 2017-12-12 in 0.19 seconds with 20 queries on phoenix via your IP 54.145.16.43