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intraday trend trading with price action

  • #581
  • Feb 20, 2010 7:46pm Feb 20, 2010 7:46pm
Quoting Sutts
Hi Sim,

Yep, I'm taking Sho's advice on board and will try to keep my stops to under 12 pips next week....
there is lots of entrys but i just showed 1 entry and 1 no entry.
rest is easy.
see the circle area now and read the chart
Attached Image (click to enlarge)
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  • #582
  • Feb 20, 2010 7:50pm Feb 20, 2010 7:50pm
Quoting ronpijlman
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
take your time and learn slowly.
read all the posts and understand them.
this methood is not for sale.
you guys are lucky i am shareing with you.
so learn the methood you will be glad.
dont know how long i will be able to help you guys.
  • #583
  • Feb 20, 2010 7:52pm Feb 20, 2010 7:52pm
Quoting Sim
nice sutts, but shouldnt we take all of them with small stops like sho teaches?
no we dont take all of them.
but most of them.
you did great sim
  • #584
  • Feb 20, 2010 8:04pm Feb 20, 2010 8:04pm
Quoting pa18
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
when i have enough profit i always move the stop to breakeven.even i do get stoped out it doesnot effect me.
i never turn a winner into loser.

remember golden rule.
dont let a winner to be a loser.

when you trade you must have to know what you are doing.
  • #585
  • Feb 20, 2010 8:15pm Feb 20, 2010 8:15pm
Quoting trade price
there is lots of entrys but i just showed 1 entry and 1 no entry.
rest is easy.
see the circle area now and read the chart
Thanks
sho
  • #586
  • Feb 21, 2010 3:37am Feb 21, 2010 3:37am
Thanks for the advice Sho.

Would you mind setting my mind straight on setup 10 and 12 on the attached chart please? Should I be cautious about taking a pin bar directly after a bearish bar like in these two cases? These kind of setups have been bothering me for some time. Should I just take them anyway if I can keep the risk small?

Thanks
Attached Image (click to enlarge)
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  • #587
  • Feb 21, 2010 5:48am Feb 21, 2010 5:48am
Yeah this was awesome thanks! Sutts I agree,, a GREAT way to learn

One quick question..I like the comment where you say you see the impulse and correction, but to me the symmetry sorta gets in the way, I see the impulse move going up as equal to the corrective, so I can't actually decide that it was a corrective move... :s
  • #588
  • Feb 21, 2010 7:51am Feb 21, 2010 7:51am
Don't know how long you can help us? Don't get all squirrely on us Cho, you've been at this less than a month. You are just learning how to teach and we have been diligent in showing ignorance to lead you in the right direction. As your skills as an instructor grow your students are very proud of you. Remember patients and hard work are key.
  • #589
  • Feb 21, 2010 7:51am Feb 21, 2010 7:51am
great thread, thanks for taking the time to post charts illustrating the price action waves and rationale behind trading decisions sho, the information is really helpful and must be time consuming.

Thanks to everyone else for their contributions also.
cheers.
  • #590
  • Feb 21, 2010 2:04pm Feb 21, 2010 2:04pm
Quoting Sim
Yeah this was awesome thanks! Sutts I agree,, a GREAT way to learn

One quick question..I like the comment where you say you see the impulse and correction, but to me the symmetry sorta gets in the way, I see the impulse move going up as equal to the corrective, so I can't actually decide that it was a corrective move... :s
I'm a little confused too in how we identify an impulse/corrective move. Could it be the presence of one or more momentum bars that makes an impulse move and the lack of momentum (smaller bars and/or bars with wicks) that defines a corrective move? As you say, in this case the size of the bars on the up and down move is pretty evenly matched.

I was beginning to think that an impulse move was defined according to the move(s) that preceded it. For instance, if there was a massive down move with large momentum bars hidden behind the left border of that chart, I think I'd be calling that first move up a correction and might think twice about going long at the point we discussed. Hope someone can clarify this as I get the feeling it's a pretty important subject to get a handle on.

I have been reading up on the basics of Elliot Wave theory and I think that is where I'm getting this definition of impulse moves from. Perhaps there are several definitions of impulse moves and the one we need to understand for our PA trading is simply "a strong move showing signs of momentum" with no need to reference previous moves?
  • #591
  • Feb 21, 2010 2:19pm Feb 21, 2010 2:19pm
I'm really enjoying trading this way and will be doing so exclusively from now on (thanks Sho!). Lots of practice required of course. Just wondering if anyone would be available regularly to discuss Sho's teachings and potential setups on key pairs. It kind of felt lonely on Friday.

I'm around weekdays from 06:30 - 13:00 GMT and often carry on through the London afternoon session depending on commitments.

We could even setup a chat room of our own so this thread doesn't get too cluttered. The one below is pretty good:

http://www.ircforex.com/faq/main/#faq_create_chatroom

Would be good to hear from you guys
  • #592
  • Feb 21, 2010 2:21pm Feb 21, 2010 2:21pm
Quoting Sutts
I'm a little confused too in how we identify an impulse/corrective move. Could it be the presence of one or more momentum bars that makes an impulse move and the lack of momentum (smaller bars and/or bars with wicks) that defines a corrective move? As you say, in this case the size of the bars on the up and down move is pretty evenly matched.

I was beginning to think that an impulse move was defined according to the move(s) that preceded it. For instance, if there was a massive down move with large momentum bars hidden behind the left border of...
The way i see them is if a move makes a HH or LL then it is a impulse move. Then i need a retrace, then i observe price being rejected by the keltner bands or fib or a good pin bar and make my entry if i can do so with a small stop. In reality i find it harder in practice!. If this is not a impulse move then please correct me.
  • #593
  • Feb 21, 2010 2:23pm Feb 21, 2010 2:23pm
Quoting Sutts
I'm really enjoying trading this way and will be doing so exclusively from now on (thanks Sho!). Lots of practice required of course. Just wondering if anyone would be available regularly to discuss Sho's teachings and potential setups on key pairs. It kind of felt lonely on Friday.

I'm around weekdays from 06:30 - 13:00 GMT and often carry on through the London afternoon session depending on commitments.

We could even setup a chat room of our own so this thread doesn't get too cluttered. The one below is pretty good:

http://www.ircforex.com/faq/main/#faq_create_chatroom...
YES. Well up for this. Would be great
  • #594
  • Feb 21, 2010 2:27pm Feb 21, 2010 2:27pm
Nice post again sutts

And thanks to previous poster for your insight.. helped clear my own thoughts too!

Here's how I see it, in that situation and as I do a lot in live trading, I see the corrective move as an actual impulsive move :s ... in that case there was an impulsive move up, impulse down. Obviously this doesnt make sense and I would have made a judgement regarding the previous impulses, not on the chart

But saying that, maybe there is no such thing as an impulsive then impulsive.. as sho states.. must be impulsive-corrective

This also explains how he can see the corrective on that chart
  • #595
  • Feb 21, 2010 2:27pm Feb 21, 2010 2:27pm
Cheers IAK, great stuff. Your profile says you're UK based - is that correct?

What pairs do you like to watch?

Dave
  • #596
  • Feb 21, 2010 2:31pm Feb 21, 2010 2:31pm
Quoting Sutts
Cheers IAK, great stuff. Your profile says you're UK based - is that correct?

What pairs do you like to watch?

Dave
Hi, yes uk based. down in cornwall. i only trade eur/usd. get all muddled and stressed if i try and look at multiple pairs!
  • #597
  • Feb 21, 2010 2:38pm Feb 21, 2010 2:38pm
Quoting Sim
Nice post again sutts

And thanks to previous poster for your insight.. helped clear my own thoughts too!

Here's how I see it, in that situation and as I do a lot in live trading, I see the corrective move as an actual impulsive move :s ... in that case there was an impulsive move up, impulse down. Obviously this doesnt make sense and I would have made a judgement regarding the previous impulses, not on the chart

But saying that, maybe there is no such thing as an impulsive then impulsive.. as sho states.. must be impulsive-corrective

This also...
Thanks Sim, I think together we can really get this cracked. I like Sho's style as it's so natural and "goes with the flow" which I've always wanted to do. It also pulls together and uses much of the material I've learned over the years so it just feels right to me.

I seem to remember when Sho was posting charts with colored lines denoting impulse and corrective moves he used white lines to show impulse moves that were later redefined as corrective. I think an example of this was in a down trend where the last impulse move failed to put in a new lower low. Once that fractal was established I think the failed impulse move became corrective, with the prior move being redefined as impulsive and the next move would then be impulsive too. Does that make sense?

I need to dig those charts out again me thinks......
  • #598
  • Feb 21, 2010 2:42pm Feb 21, 2010 2:42pm
The impulse moves have usually happened in the direction of the the trend and corrective against.That part may be obvious but the triggers are hard for me to see too. This type of price action lends itself well to Elliott wave, fib retracement, 1,2,3 count ect.
  • #599
  • Feb 21, 2010 2:42pm Feb 21, 2010 2:42pm
Quoting iak
Hi, yes uk based. down in cornwall. i only trade eur/usd. get all muddled and stressed if i try and look at multiple pairs!

I trade GU and EU so that would work well IAK. Don't mind scanning a few others too if some people have other preferences but I agree it does get stressful.

I'd like to ask Sho if he'd be happy for us to set up a chat room dedicated to the Sho way of trading first. It is his thread and his hard earned knowledge after all.
  • #600
  • Feb 21, 2010 2:44pm Feb 21, 2010 2:44pm
good job, chat room would rock too

cornwall's lovely only been once and stayed in shaleighs as a kid... and saw stone henge
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