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intraday trend trading with price action

  • #621
  • Feb 21, 2010 9:13pm Feb 21, 2010 9:13pm
see you later.
dont forget to minimise the risk.
sho
  • #622
  • Feb 21, 2010 9:47pm Feb 21, 2010 9:47pm
Are you sure this is legal?

I just found this thread Friday and spent the week-end reading and studying it.

Tonight I demoed it for a couple trades on Eur-USD for 30 pips. and Sunday night is not suppose to be good trading.

I am on EST time zone so I only trade the New York session.

I'll be testing it tomorrow to see if I learned 1/2 as much as I think I have.

So you UK folks leave a few pips for us late sleepers.

John
  • #623
  • Feb 22, 2010 12:42am Feb 22, 2010 12:42am
Quoting iak
Cornwall only lovely out of season!!! Would be great if chat room set up and had Sho popping in and sorting us out from time to time. when you see shos charts you think oh yeah i get it. then on your own in real time its like hhhmmmm not too sure lol!! sure we will get there one day. think we on to summit here with sho. I followed 'the system 2 with irony' for a long time. great thread but found it too stressfull in the end. this seems like a much more sensible way to trade if i can crack it.
good morning all

hello iak,
me toom i followed the System II a lot and im not so satisfied with the "waiting of the big runner" . it turned out to be realy stressfull waiting 10 and more hours for the big run and than missing it at the end.
I also think i can see the impulse and the corrective moves, the momentum on the chart at hindsight but on realtime i'm not so shure anymore. Thats where Sho's advice to practise practise and practis comes into play i think.
i dit some backtesting over the weekend with the simulator EA. Theresult was OK good profit days and only few losing days.
But also it showed me : I take to manny trades, i chase the market somtimes not waiting for confirmation. Sometimes i let the loser run to far.
  • #624
  • Feb 22, 2010 1:27am Feb 22, 2010 1:27am
Quoting trade price
if you like my words or not its up to you.but i have to tell you--
when you decide something if you want to be a good trader alway think all the charts and signals is happening realtime.dont cheat your self.

i am showing 10 and 11.
two most important trade and one A+++++ setup
trade no 12 is a a+ setup.

trade no 10...

Thanks for clearing that up Sho, I'll take your advice. I'm starting to see things your way, just need to make sure my stops are nice and tight or scrap the trade completely and move on.

I'm building a list of valid criteria to keep me OUT of trades.
So far I have:

inside bar breakout in opposite direction
momentum bar in opposite direction
channel showing evidence of sideways action

Thanks for your support.

Dave
  • #625
  • Feb 22, 2010 1:31am Feb 22, 2010 1:31am
Quoting trade price
go for it.
dont wait for me.
Thanks Sho! I'll get it set up today. This is really aimed at fast paced chat about current setups that would quickly swamp the useful info in your thread.

Cheers,

Dave
  • #626
  • Feb 22, 2010 2:09am Feb 22, 2010 2:09am
i closed this short with only 4 pips cause i think the corrective move has already changed to impulse.
any comments welcomed
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD-0149-01.gif Size: 27 KB
  • #627
  • Feb 22, 2010 2:21am Feb 22, 2010 2:21am
Quoting MJurban
i closed this short with only 4 pips cause i think the corrective move has already changed to impulse.
any comments welcomed
Agreed, that bullish momentum bar off yesterday's low changed the picture for me too.
  • #628
  • Feb 22, 2010 3:32am Feb 22, 2010 3:32am
OK folks, we have a chat channel. All welcome.

Go to:
http://www.ircforex.com/chat/

Provide a nickname

In the chat bar type:
/join #TrendWithPA

Hope we can get a few regulars on board!
  • #629
  • Feb 22, 2010 3:38am Feb 22, 2010 3:38am
2 shorts stopped with tiny stoploss
maybee i take the trades to early, what do yuo guys think?
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD-0151.gif Size: 27 KB
  • #630
  • Feb 22, 2010 3:50am Feb 22, 2010 3:50am
Quoting MJurban
2 shorts stopped with tiny stoploss
maybee i take the trades to early, what do yuo guys think?
Sorry...not sure I understand your trade direction and stop placement. Is that a long from 2 bars back? If that is the case, I'd probably have avoided that one because of the previous nice bearish momentum bar. Stops should be placed below the low/high of the signal bar and moved to b/e at the close of the next bar or when profit = risk.
  • #631
  • Feb 22, 2010 3:56am Feb 22, 2010 3:56am
Quoting MJurban
2 shorts stopped with tiny stoploss
maybee i take the trades to early, what do yuo guys think?
Would you like to join me and Pardy in the chat room described above?
  • #632
  • Feb 22, 2010 4:08am Feb 22, 2010 4:08am
Quoting MJurban
2 shorts stopped with tiny stoploss
maybee i take the trades to early, what do yuo guys think?
Hello all
Came across this thread this week-end. I think it's very good. Hello MJurban! I have attached a chart to ask some questions about your trading:
According to what I have understood from the method
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 23 KB

the red cross: signal bar (rejected from middle line)
red arrow: entry short (channel down)
result: -13 pips loss with spread

yellow cross: next signal bar (rejected from middle line)
yellow arrow: entry short (down trend)
result: still in or 10 pips win when closed at the close of entry bar

If this reasening is not right, why did you enter the trades your way?
Best regards
  • #633
  • Feb 22, 2010 4:09am Feb 22, 2010 4:09am
Quoting Sutts
Sorry...not sure I understand your trade direction and stop placement. Is that a long from 2 bars back? If that is the case, I'd probably have avoided that one because of the previous nice bearish momentum bar. Stops should be placed below the low/high of the signal bar and moved to b/e at the close of the next bar or when profit = risk.
no only shorts and close the short with a buy
  • #634
  • Feb 22, 2010 5:56am Feb 22, 2010 5:56am
Quoting MJurban
2 shorts stopped with tiny stoploss
maybee i take the trades to early, what do yuo guys think?

I'm no expert, but I think I wouldn't have taken those last 2 shorts. I'm looking for bearish rejection of channel lines and/or S/R lines and I think those 2 bars were rather bullish, especially the double 15M bottom put in before the first short trade. I took the shooting star off the center channel line which is the last bar on this chart.

Still if you didn't risk much then no harm done!
  • #635
  • Feb 22, 2010 6:19am Feb 22, 2010 6:19am
Afternoon guys, late to the charts today. How is the chat room? will check it out shortly
  • #636
  • Feb 22, 2010 6:25am Feb 22, 2010 6:25am
Hi iak,

We've had a few guys log on but not a great deal of banter yet other than with Pardy. Not sure what people are looking for really. I like to post what I see as it unfolds, including my trades and hope people will correct me. I think some folk find the chat too distracting. We'll see how it goes anyway.

Please log on later if you can.
  • #637
  • Feb 22, 2010 6:36am Feb 22, 2010 6:36am
Hi all

I think a short trade on e/u has just triggered.
It broke out of range.

Any thoughts?
  • #638
  • Feb 22, 2010 6:49am Feb 22, 2010 6:49am
[quote=the novice;3486552]Hi all

I think a short trade on e/u has just triggered.
It broke out of range.

Any thoughts?[/quote

i went short. stopped out. getting chopped up. gunna wait for a clearer direction
  • #639
  • Feb 22, 2010 6:51am Feb 22, 2010 6:51am
I've just been stopped out for B/E on my EU short too. No follow through today - probably due to no news.
  • #640
  • Feb 22, 2010 6:52am Feb 22, 2010 6:52am
Quoting the novice
Hi all

I think a short trade on e/u has just triggered.
It broke out of range.

Any thoughts?
I think it's difficult for the EU/US this moment. They are hovering around the 1.3600 line, and the 15min MACD and the 1hour Stochastic show bullish divergence. I would wait.
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