Paddy's Market the place for bargain hunting

Paddy's Market is Sydney's biggest traditional market offering just about everything for a real bargain hunter. It got clothes, shoes, souvenirs and fresh vegetables, fruits, fish and meat stands. It usually runs from Thursday to Sunday 9.00am to 5.00pm. And it also holds open on public holidays.

False breakout pin bar

http://daytradingprd.blogspot.com/2008/10/fibonacci-number-and-pin-bar-reversal.html

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EUR/USD short update

I colsed quarter of my position after 100 pips gain at 1.3565 another quarter at 1.3465 and Still half of my position is open.

What comes after the Great Unwinding?

Nothing but price action

There are thousands of very successful traders in the market. They are unique in their trading style.They think differently, trade different instruments, use different time frame, different indicators.But they have one thing in common and that is they are expert in recognizing price action and reason behind the action.Price action discounts every thing-this means that the actual price is an expression of everything that is known to the market that could affect it, for example, supply and demand, political factors and market sentiment.

Successful traders don't just look at the charts and indicators; they try to understand the psychology behind the action. As we all know trader don’t trade stocks or forex , they trade other traders .If we understand emotions, anger ,greed involve in a trade we will be able to trade that with great success.

EUR/USD short

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Using fibonacci retracement and trend line

When the pair approached 38.2% fibonacci level it started show some weakness in the price action as it failed to hold the breakout.I explained the pin bar setup in my previous setup posting.Important thing is ,along with pin bar if we use trend line that may hone your analysis.

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Trading questions

1.Why would you select this stock for your day trading?

2.What would you be looking to get short or long?

3.Where would you like to enter?

4.Where would you put the stop loss and why?

5.Where would you partial and why?

6.Where would you exit?

7.What would be your position size and why?

Trading style

http://daytradingprd.blogspot.com/2008/10/audusd-short-trade.html

What kind of trader are you, aggressive or conservative? If you ask me, I trade both aggressively and conservatively, depending on the set-up. Some traders are so conservative that they never trade breakouts, for me that doesn’t make any sense. If you understand the price action properly, breakout or any other kind set-ups will make you money. One of my favourite set is trading the false breakout; I already posted this setup last week (Pin bar set up).

http://daytradingprd.blogspot.com/2008/10/fibonacci-number-and-pin-bar-reversal.html

AUD/USD short

Enter a full position at the break of the lower line of the symmetrical triangle.Entry was .7029,partial at .6816,.65530 and still holding a quarter of the position.

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No trade today

Not much happening today, just watching the market.

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Update AUD/USD

Closed my position at round number .7500.Total profit 200 pips .

AUD/USD short trade

The pair broke the previous low, which was made at 17th august 2007.My speculation was that the pair will probably find support at that level .It didn’t happen instead it broke the low very aggressively. I already closed one third of position after 80 pips gain which was my initial risk.

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Analysis paralysis

Trading is a mind game or game of human emotions and logic. We Homo sapiens are undoubtedly the complex cocktail in this planet. Emotions, greed, fear control us if we don’t use relative logic. What ever we do, we want to win, and we are very competitive by nature, that’s normal. Trading is particularly very tough game to play, emotion, greed and fear always do damage to our performance, but we can not get ride of them by any means. In a game some one has to be beaten, but who wants to be beaten? Probably you are thinking newbie’s are the weaker opponent. They don’t have proper game plan; they have lack of experience, lack of confidence, so they are the easy target. Yes probably you are right. But as we all know 90% of the traders fail to make money, not every one in the 90% are new. So there are many experienced traders are also losing money. You can ask; they have game plan; they have many tools in their arsenal why they lose money? Answer is very simple too much analysis, using too many indicator, trying to be complex. If you over analyse a trade, you may end up not trading it, remember trading is game of probability. Many traders use too many indicators, which more or less tell the same story, story of price action. If you can not see any trade signal in the price action, indicators will not tell you any different story, most of the indicators are lagging, except volume. Volume is the good indicator if you know how to use it. Some traders use so many indicators, that it’s impossible to monitor every one of them. Now a days most of the drivers use GPS (Global positioning system),its user friendly .Suppose you have a GPS will you still need street directory or will ask pedestrians or fellow passengers how to go to your destination. Answer is no, we don’t need any thing but GPS. Do not over complicate your system, trading plan and your chart .keep it simple, simple is the best

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