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intraday trend trading with price action

  • #741
  • Feb 22, 2010 9:45pm Feb 22, 2010 9:45pm
Quoting trade price
2 setup on the two charts .
can you tell me what is your opinion?
Hi Sho and guys,

Thank you for a little quiz.
Attached Images
  • #742
  • Feb 22, 2010 9:51pm Feb 22, 2010 9:51pm
Hi Sho

Pls. offer your comments in return. Thank you for your time.
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  • #743
  • Feb 22, 2010 10:53pm Feb 22, 2010 10:53pm
Quoting trade price
2 setup on the two charts .
can you tell me what is your opinion?
Answer on charts
Attached Images
  • #744
  • Feb 23, 2010 1:38am Feb 23, 2010 1:38am
Thanks for the quiz Sho. My responses below:
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  • #745
  • Feb 23, 2010 2:05am Feb 23, 2010 2:05am
Hi Sho,

Hope you can help me with this issue please - it made me close out on 2 very nice trades this morning.

I entered long on GU this morning as indicated. The trade went a few pips in my favour but not enough to cover risk so I didn't move to B/E. By the close of the next bar I would normally move to B/E if I was in profit but I wasn't - I was down about 5 pips.

I therefore decided to close out for a small loss. It then went on a massive spike up which made me feel a bit sick.

Question: Was it a valid decision to close at that point?

Thanks!
Attached Image (click to enlarge)
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  • #746
  • Feb 23, 2010 2:13am Feb 23, 2010 2:13am
One other quick question please Sho.

Should we always be taking trades around the channel lines? If price zooms off like this morning should we always wait for price to at least return to the top channel line before considering another trade?

Thanks
  • #747
  • Feb 23, 2010 2:50am Feb 23, 2010 2:50am
Guys is keltner channel setting 10, that everyone is using.
  • #748
  • Feb 23, 2010 2:52am Feb 23, 2010 2:52am
Yes, for sure
  • #749
  • Feb 23, 2010 2:58am Feb 23, 2010 2:58am
Quoting Sutts
Hi Sho,

Hope you can help me with this issue please - it made me close out on 2 very nice trades this morning.

I entered long on GU this morning as indicated. The trade went a few pips in my favour but not enough to cover risk so I didn't move to B/E. By the close of the next bar I would normally move to B/E if I was in profit but I wasn't - I was down about 5 pips.

I therefore decided to close out for a small loss. It then went on a massive spike up which made me feel a bit sick.

Question: Was it a valid decision to close at that point?...
Hello Sutts
Sticking exactly to the rules, you would have put your stop at the low of your signal bar or 1 pip below. So anyway you would have been stopped out. But don't mind! Such f...ing spikes are never predictable. You weren't wrong.
  • #750
  • Feb 23, 2010 3:15am Feb 23, 2010 3:15am
Quoting Milton
Hello Sutts
Sticking exactly to the rules, you would have put your stop at the low of your signal bar or 1 pip below. So anyway you would have been stopped out. But don't mind! Such f...ing spikes are never predictable. You weren't wrong.
Thanks Milton, I tend to use 2 pips below the bar for my stops which carried over from my days trading inside bars - they would often try for the stops 1 pip away. So yes, I was breaking the rules a bit. Glad you think I didn't completely screw up!

Cheers,

Dave
  • #751
  • Feb 23, 2010 3:27am Feb 23, 2010 3:27am
Quoting Sutts
Thanks Milton, I tend to use 2 pips below the bar for my stops which carried over from my days trading inside bars - they would often try for the stops 1 pip away. So yes, I was breaking the rules a bit. Glad you think I didn't completely screw up!

Cheers,

Dave
Hi Sutts,
chf news at 0700 might have had something to do with it.

Pardy
  • #752
  • Feb 23, 2010 3:30am Feb 23, 2010 3:30am
Quoting Sutts
Thanks Milton, I tend to use 2 pips below the bar for my stops which carried over from my days trading inside bars - they would often try for the stops 1 pip away. So yes, I was breaking the rules a bit. Glad you think I didn't completely screw up!

Cheers,

Dave
As Sho says: there are plenty of opportunities - patience.
  • #753
  • Feb 23, 2010 3:38am Feb 23, 2010 3:38am
Quoting Pardy
Hi Sutts,
chf news at 0700 might have had something to do with it.

Pardy
Yes, I think you're right. I've lost count of the times news has spoilt a great looking entry for me BUT look what happened yesterday when there was no news........
  • #754
  • Feb 23, 2010 3:38am Feb 23, 2010 3:38am
Quoting Milton
As Sho says: there are plenty of opportunities - patience.
Yep, need to work on that.
  • #755
  • Feb 23, 2010 4:11am Feb 23, 2010 4:11am
I entered short the eurchf at the yellow arrow at 1.4661. I have seen a little downward slope of the channel. Price stalls, it doesn't seem to agree with my wants. Hope it does.
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  • #756
  • Feb 23, 2010 4:17am Feb 23, 2010 4:17am
Now the eurchf failed already 5 times to break the middle line. Now I'm confident.
  • #757
  • Feb 23, 2010 4:19am Feb 23, 2010 4:19am
Quoting Milton
I entered short the eurchf at the yellow arrow at 1.4661. I have seen a little downward slope of the channel. Price stalls, it doesn't seem to agree with my wants. Hope it does.
Looks a little bit sideways for my liking - got burned on GU yesterday forcing trades where there was no real slope. Hope it works for you.
  • #758
  • Feb 23, 2010 4:21am Feb 23, 2010 4:21am
very sideways man look at previous price action, just ignore the trades where you see a pin showing opposite pressure straight before the signal pin...it's like the charts are telling you you have 50/50 chance of getting outta the chop

sutts check pm
  • #759
  • Feb 23, 2010 4:23am Feb 23, 2010 4:23am
Quoting Sim
very sideways man look at previous price action, just ignore the trades where you see a pin showing opposite pressure straight before the signal pin...it's like the charts are telling you you have 50/50 chance of getting outta the chop

sutts check pm
You are right. I will learn.
  • #760
  • Feb 23, 2010 4:35am Feb 23, 2010 4:35am
hi Sutts,
my PC broke down just as i entered a EU short. Now im with the notebook closed the short with 17 pips profit. Gotta fix my PC maybe the graphic card
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