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intraday trend trading with price action

  • #721
  • Feb 22, 2010 12:55pm Feb 22, 2010 12:55pm
yes got in at 124.10 at previous support and took it down to next support area 123.66 it was a nice trade !! for a steady day Ill find a chart
  • #722
  • Feb 22, 2010 12:58pm Feb 22, 2010 12:58pm
Nice trade, you got all of that one!
  • #723
  • Feb 22, 2010 1:01pm Feb 22, 2010 1:01pm
e/j short
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  • #724
  • Feb 22, 2010 1:02pm Feb 22, 2010 1:02pm
Thanks to all who tried the chat room today. I hope some of you found it a useful addition to the forum. We had quite a few discussions going at various times. A couple of "non-believers" from outside this forum popped in for a while - didn't manage to convert them I'm afraid.

Looking back over my trades of the day I see a lot of B/E or small loss trades and a few smallish wins. I found things just didn't run today and what initially looked promising would come right back and stop me out. Unfortunately the trades that would have made the day worthwhile were scrubbed due to the large stop required - I did wait for a retrace to lower risk but it just continued on.

Anyway, nothing much lost today and it is demo money anyhow.

Hope we can keep this momentum going, the forum is attracting some new folk I noticed. Please keep popping into chat when you can.

Cheers,

Dave
  • #725
  • Feb 22, 2010 1:03pm Feb 22, 2010 1:03pm
sorry thats the wrong chart its the next fractal down you want
  • #726
  • Feb 22, 2010 1:05pm Feb 22, 2010 1:05pm
Quoting francis2
yes got in at 124.10 at previous support and took it down to next support area 123.66 it was a nice trade !! for a steady day Ill find a chart
Very nice trade Francis, well done.
  • #727
  • Feb 22, 2010 1:10pm Feb 22, 2010 1:10pm
It has occurred to me that some of my trades today didn't actually fit the title of this thread at all - they were taken off the back of an impulse move and pull back and completely ignored the presence or not of an underlying 15M trend ie. a series of higher highs and higher lows etc.

Do you think I should be trading only when a proper 15M trend is underway as defined by fractals?
  • #728
  • Feb 22, 2010 1:35pm Feb 22, 2010 1:35pm
Quoting trade price
if it inside bar entry will be at the breakout.
if any other bar entry will be at the close of signal bar if signal bar is big wait for a retrace or dont enter.
is that clear now?
Yes!
  • #729
  • Feb 22, 2010 1:37pm Feb 22, 2010 1:37pm
Its a difficult one to call Sutts I had the fractals on doing some candlestick reversal homework but basically you are alerted to possible reversals by the candles themselves ie colour and type just because youve got a fractal doesnt mean youve got a reversal it could just be a small pullback or ranging as Sho says you get an eye for it, the more stuff you put on your chart the more indecision you have for taking a trade just by looking at the chart you can tell where its going to be honest I like the pullbacks on strong downtrending moves, theyve got the oomph behind them to move a deal more usually after the pullback They stare out at you from the chart
For example compare e/j and eur/usd from today them tell me which chart you would prefer to trade
In the mornings I usually scan e/j aus/usd,gpp/usd and eur/usd and pick the nicer looking setups ie the ones with the best slope to them if you struggle to define impulsive moves theres a reason for it!!
  • #730
  • Feb 22, 2010 2:51pm Feb 22, 2010 2:51pm
Hi trade price,

I would appreciate your valuable comments on these trades of mine. Are they correct entries? Are the SLs in the correct position.

Thank youhttp://i46.tinypic.com/2nvfl04.gif
  • #731
  • Feb 22, 2010 3:08pm Feb 22, 2010 3:08pm
Quoting francis2
Its a difficult one to call Sutts I had the fractals on doing some candlestick reversal homework but basically you are alerted to possible reversals by the candles themselves ie colour and type just because youve got a fractal doesnt mean youve got a reversal it could just be a small pullback or ranging as Sho says you get an eye for it, the more stuff you put on your chart the more indecision you have for taking a trade just by looking at the chart you can tell where its going...
Thanks for the helpful pointers Francis. I learned a lesson today from a few bad trades on GU. There was some decent bullish momentum and I convinced myself to trade the pull back but looking at it now the price was all over the place with no clear direction at all. Perhaps I should scan a few more currencies like you say and pick the nicest looking ones with clear momentum and direction. Otherwise I end up forcing trades in my main pairs (EU and GU) when the odds are against me.

I think a good slope with some history behind it is what I need to find and if it's trending nicely too then all the better. Need to get more picky.

Cheers,

Dave
  • #732
  • Feb 22, 2010 4:51pm Feb 22, 2010 4:51pm
Quoting trade price
if any other bar entry will be at the close of signal bar if signal bar is big wait for a retrace or dont enter.
Hi Sho

For Daily tf, how "big" is the signal bar (candlestick) should look like?
Thanks for your time
  • #733
  • Feb 22, 2010 5:27pm Feb 22, 2010 5:27pm
Quoting francis2
e/j short
Very nice Francis . You have a double top breach with a divergence on stoch with the trend. ,,or some would say at the edge of the bell curve.A+ in my opinon. Tex
  • #734
  • Feb 22, 2010 6:26pm Feb 22, 2010 6:26pm
ok pj your two trades.
one was ok one of them you chased the market(imho)

for the stop loss compare the bar with previous entry bar you can see on the charts.if you think its big wait for retrace or if you think ok then enter at the close
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  • #735
  • Feb 22, 2010 6:39pm Feb 22, 2010 6:39pm
Quoting ukcool
Hi trade price,

I would appreciate your valuable comments on these trades of mine. Are they correct entries? Are the SLs in the correct position.

Thank you
1st and 2nd was good 3rd was bit early.(imho)
read and understand all the posts carefully again when you have time.
  • #736
  • Feb 22, 2010 6:55pm Feb 22, 2010 6:55pm
2 setup on the two charts .
can you tell me what is your opinion?
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  • #737
  • Feb 22, 2010 7:18pm Feb 22, 2010 7:18pm
Easy
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  • #738
  • Feb 22, 2010 7:19pm Feb 22, 2010 7:19pm
Quoting trade price
2 setup on the two charts .
can you tell me what is your opinion?
Hi Sho,

You're up late!! I am reminded of the Shaolin masters!!

I think price is consolidating on both, I would wait for a break of the s/r formed on the current and immediate bars.

await your insights.

Pardy
  • #739
  • Feb 22, 2010 7:32pm Feb 22, 2010 7:32pm
Chart 1: No trade because in a range.
Chart 2: Long off the close of the neutral bar.

Sorry don't know how to indicate on your chart.
  • #740
  • Feb 22, 2010 9:43pm Feb 22, 2010 9:43pm
Quoting simpletrade
hi lazyfx
did you see the shows signature?
telling the same words.
Hi Simpletrade,

Yes, I did. Thinking twice before taking a trade can save us from bad trades.
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