My Trading Strategies Using Price Action with high impact news - Page 2
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Thread: My Trading Strategies Using Price Action with high impact news

  1. #11
    My portfolio
    a fast notice:

    I like to prepare daily as I am certain that you will realise by now. A PLAN and PREPERATION is another key to success.

    One time a night I go through every single market (with the exclusion of stocks and a number of the interest rates) my broker lets me exchange.

    In my portfolio I have a select few that I look at about the hour, every hour, every day. The figure is near 20 but varies. There are a few that I always keep in there including the: DJI, DAX, FTSE, Gold, Oil, US T-Bond and Bund and EUR/USD.

    I then add anything else to my portfolio that I am interested in, according to its daily TF price action.

    Trading is warfare. These charts are my arsenal when the trading day starts. I will look at these throughout the day and these only.

    If I do not get a setup, I do not trade.

    Many days I do not trade. I sit and wait patiently. When I started out I needed to maintain the market every day, the big momentum moves do so to you. However, for me personally, today, the key is patience.

    Frequently it's the amateur traders who leap on momentum moves.

    So what exactly does a trap pub tell us?

    A pin bar tells us that this momentum turned quickly and captured many traders offside.

    So today I do not worry as I used too when I browse the forums and see everybody jumping in and out of the FX and earning hundreds of pips. I sit and wait. Since I know that sooner or later I am likely to come in and take their cash.
    Last edited by trader_dante; Oct 28, 2007 at 4:37pm.

  2. #12
    If the market reacts bullishly to bearish news then there's something wrong.

  3. #13
    Market Call- Aud/cad
    I am looking to go long on AUD/CAD.

    This isn't a recommendation to trade.

    How I will enter this trade

    I will input a rest of the high of the hourly pin. I normally enter transactions one tick above the high.

    Stop would be just one tick beneath the pin.

    Why I took this commerce

    From left to right:

    Chart 1: Daily TF shows that price is coming into a significant support/resistance pivot.
    Chart 2: Hourly TF shows that price has formed a pin bar at this level. Look to the left arrow. It made almost the same setup before and triggered a very profitable run upward.

    Whom I would search for possible problem areas

    Chart 3: Daily TF indies another significant S/R pivot at 0.8894 and confluence with the 50 fib level from the swing high.

    Chart 4: Daily TF indies the 61 fib level from the upcoming major swing high fits up with the 50 and the S/R pivot. These amounts are literally on top of one another which makes the individual components difficult to see. This is why price was extremely likely to have trouble breaking through this area earlier.

    Chart 5: Here is the final image I am looking at. The hourly rate chart. It seems a mess to the unitiated. But in case you've followed my thinking through it should start to create sense to you. What you can see is that the amounts I've drawn on the daily TF have filtered through to my hourly TF. Now I have them set up, what I've done is analyzed the hourly itself and caused by two regions that were previous S/R flips in todays session. They're MINOR degrees but they are worth noting. They're indied with arrows.

    How I would manage the trade

    Based on my levels:

    If market hits 0.8800 I will go stop to BE.

    If market hits 0.8830 I would move stop to 0.8795

    Main goal is 0.8890. I will look at the price action at this level (if it was to reach it) BEFORE kindly closure.

    Always have a egy.
    Attached Thumbnails



    Last edited by trader_dante; October 29, 2007 at 11:03pm. Reason: Spelling

    that is for my learning just from Tom Dante.





  4. #14

  5. #15
    After...

    Interested to see how you proceed with trading over high effect news.

    Which broker are you using?
    Perhaps you have had great results up to now?

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