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intraday trend trading with price action

  • #561
  • Feb 19, 2010 10:30am Feb 19, 2010 10:30am
Quoting trade price
you are absolately right, code
guys just get trades that fits your comfort level. Later with more confidence you can try anything.

sho
Thanks Sho. Been an interesting week. Looking forward to monday. have good weekend everyone.
  • #562
  • Feb 19, 2010 11:12am Feb 19, 2010 11:12am
Quoting Victory83
hi Sutts
the first trade was based on some other reasons (harmonic, clusters..)
but about the second entry , i think it is clear, first of all there is almost hammer (black candle) and then price confirmation and then entry.
there is a power point file about candles in below link, maybe you guys saw it before, but see it again. worth it.
i never trade just based on these candles or bars (as dear SHO said before too) but i use them as confirmation
http://www.4shared.com/dir/26444124/...b/sharing.html
Good Luck
Victory,

Thanks for the charts and the link. The presentation confirms some of the entries I have sceen on your charts. Keep the info coming
  • #563
  • Feb 19, 2010 11:17am Feb 19, 2010 11:17am
Quoting trade price
can you remember i told you pin bar is nothing.if you only take pin bar you gonna lose the money in this business.
there is so many people will tell you trade only pin bar you will make enough money.
but guys i told you dont trade pin bar only combine with price action.(what chart...
Thanks for the feedback Sho, a big lesson learned there I hope. I must admit I completely missed that inside bar and probably wouldn't have realised the significance even if I had.

I'd be interested to know what size stops you generally work with on a 15M entry. I'm beginning to feel I should be looking to keep stops under 12 pips and if the entry requires more then wait for it to retrace until I either get a stop I like or miss the trade completely. Is a 12 pip stop a realistic goal do you think?

Thanks again for your help, it really is making a difference to my trading.

Have a great weekend.

Dave

PS. I get a lot from your simple summary charts showing pointers for all the possible trades. No text required. Would be great if you could keep posting them please.
  • #564
  • Feb 19, 2010 12:17pm Feb 19, 2010 12:17pm
I feel I've made a huge leap forward these last few days. Thank you Sho for showing the way....
  • #565
  • Feb 19, 2010 12:27pm Feb 19, 2010 12:27pm
Good lesson today guys. Sorry I missed the live session. Good link on bars and formations Vic. I appreciate it. Keep the plow in the ground Sho, the more participation on the thread the more we show up on the active thread chart the more lookers we get.
As an aside I have made back half of what I lost in the last 2 months in the last two weeks. Things are looking up.
  • #566
  • Feb 19, 2010 4:56pm Feb 19, 2010 4:56pm
As I indicated earlier, I have my own variation of Sho's style of trading. It is much less agressive and suits me better. I have learned a lot from Sho and the rest of you, but I still had to find my own trading style. Having said that and reviewing my other posts, I realize I have left a lot of money on the table and now I will probably change. For instance, this week I started to enter a trade before the confirmation bar had completed to try to make a few extra pips.

Here are my rules.

1. I wait until the momentum is definitely established.
2. I don't trade the first pullback and I don't trade anything after the third.
3. I wait for the confirmation bar to form and take the trade on the start of the next bar.
4. SL is about 10 - 12 pips with a target of 15 to 20 pips.
5. I completely ignore the lines on the chart other than looking at the angle.
6. I look for support / resistance and adjust my trade decision accordingly.
7. I avoid long bars, especially on the confirmation. Probably most of my profit has been lost and definitely a higher risk.

I will add to my rules if I remember anything else. I should have written them down before this.

In the attached image, you will see that I only took 2 trades and made 12 pips. There were other opportunities there but they didn't fit my rules. I think Sho and some of you would have taken them and that's fine as long as they fit your style and rules.
Attached Image (click to enlarge)
Click to Enlarge Name: Keltner9.png Size: 91 KB
  • #567
  • Feb 19, 2010 11:35pm Feb 19, 2010 11:35pm
Quoting trade price
now first trade was good you entered correctly but where was you? when price went all the way to down at the next bar.you should have move the stop to at least break even.your risk could have been zero.

Hi Sho,

So you don't wait for the candle to close before you make a decision to moved your stop to BE, is this what you are personally doing?

Thanks
  • #568
  • Feb 20, 2010 10:19am Feb 20, 2010 10:19am
ok guys.
i have used victorys power point slide shows one of the
chart here .
how many entrys do you see and which direction.?
Attached Image (click to enlarge)
Click to Enlarge Name: how many entry.jpg Size: 88 KB
  • #569
  • Feb 20, 2010 10:26am Feb 20, 2010 10:26am
h
Attached Image (click to enlarge)
Click to Enlarge Name: tradeprice.jpg Size: 35 KB
  • #570
  • Feb 20, 2010 10:44am Feb 20, 2010 10:44am
Quoting Sim
h
one more picture for you
Attached Image (click to enlarge)
Click to Enlarge Name: no cheating.jpg Size: 95 KB
  • #571
  • Feb 20, 2010 11:48am Feb 20, 2010 11:48am
ahh damn thing, I replied before went out n it didnt send

Right, in the circle I wouldn't have gone short because two indecision pin bars before...

The earliest bearish pin I didn't comment on because can't see PA to left of it

Although you never know with my greed and inexperience lol!
  • #572
  • Feb 20, 2010 12:58pm Feb 20, 2010 12:58pm
Sho, I only see 2 entries I like. One on the bar after the doji before the 3rd blud dot and agin after the doji (long tail) at the next to last blue dot when price continued up.
I would not have done anything in the 4 candle set. 2 spinning tops, nearly doji, hammer and evening star, all very short (price range). The indecision is convincing, if it doesn't know where it wants to go I am sure I don't. Trend appeared to be up but not much back data.
  • #573
  • Feb 20, 2010 1:01pm Feb 20, 2010 1:01pm
If the dotted lines are valid S/R levels there are 2 more, didn't know.
  • #574
  • Feb 20, 2010 1:41pm Feb 20, 2010 1:41pm
Quoting trade price
one more picture for you
Sho,

Thanks for the brain teasers.

I can't honestly say what I'd do in the circled area because:

With no prior history and no channel lines to guide me, I can't tell if we're in a corrective move in an uptrend or an impulsive move in a downtrend.

In an uptrend this would be a corrective wave in a 1-2-3 formation and worth a shot to the upside on that mini-hammer, especially if it is reacting to a support level or fib zone.

In a downtrend this would be an impulsive wave and definitely not a place to go long. It wouldn't be wise to go short either on that mini reverse hammer since it is clear that a higher low has just been formed. This warns of a change of trend (impulsive move redefined as corrective).

I'm probably completely wrong though!
  • #575
  • Feb 20, 2010 2:33pm Feb 20, 2010 2:33pm
"might be completely wrong"
Don't feel like the Lone Ranger.
  • #576
  • Feb 20, 2010 2:43pm Feb 20, 2010 2:43pm
Quoting trade price
ok guys.
i have used victorys power point slide shows one of the
chart here .
how many entrys do you see and which direction.?
Here's my take on the trades - all long. Comments most welcome!

I love this kind of thing Sho - let's do it again some time.
Attached Image (click to enlarge)
Click to Enlarge Name: HowManyEntries.GIF Size: 76 KB
  • #577
  • Feb 20, 2010 2:44pm Feb 20, 2010 2:44pm
Quoting Bankshot
"might be completely wrong"
Don't feel like the Lone Ranger.
Thanks for correcting my negative waves BankShot - I need to work on that.
  • #578
  • Feb 20, 2010 2:53pm Feb 20, 2010 2:53pm
nice sutts, but shouldnt we take all of them with small stops like sho teaches?
  • #579
  • Feb 20, 2010 4:57pm Feb 20, 2010 4:57pm
Quoting Sim
nice sutts, but shouldnt we take all of them with small stops like sho teaches?
Hi Sim,

Yep, I'm taking Sho's advice on board and will try to keep my stops to under 12 pips next week. I figured that on most of those entries I could do that.

Number 11 I would probably have missed since it required a bigish stop and I would have been hoping for a bit of a pull back first which never happened.

Number 13 required an even bigger stop. I think I might have anticipated a pull back to at least the top of that bearish pin bar but I'm not sure if that would have been enough to get me in with a small enough risk.

I like Sho's "risk first" ideas but I really need to lose this need to be a part of every good move. By delaying entry on a signal bar until some form of partial pull back has occurred, I'm going to get some great low risk entries but I will miss out on quite a few moves. I need to develop a care free attitude to the ones that get away.

What's your take on the stops Sim?

Dave

Edit: I've just realized you meant shouldn't I take all those trades, including the ones I passed on (marked with a cross). Not sure about that Sim. Sho told us to always consider pin bars in the context of the preceding price action which is what I'm attempting to do here. How successful I've been I don't know...I'm quite new to price action and have only just junked my indicators. We might get some nice feedback on our choices. This is a great way to learn don't you think?
  • #580
  • Feb 20, 2010 5:16pm Feb 20, 2010 5:16pm
Interesting strategy, I am a newbie in Forex land and disappointed with
many systems.....This looks straight foward without the hocus pocus.
Where can I follow or read a comprohensive explanation and how can
I get guidance while trading, I don't mind paying for this service
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