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intraday trend trading with price action

  • #781
  • Feb 23, 2010 5:49am Feb 23, 2010 5:49am
Hello Sutts
The reason I took this one is it worked on 2 conditions.
Fib Cluster - 4 Hr recent swing 38.2(Blue fib) and another one on yesterday high and low(green fib-intraday fib)
Also I saw rejections from middle of kelter channel and then price started to move away from the channel to the down side making it a very comfortable short with small stop loss still holding looks like it would hit my target lets waittttt..
  • #782
  • Feb 23, 2010 5:53am Feb 23, 2010 5:53am
Its all about waves within waves Sutts youre trying to ride the 15M waves. you have to have an idea how big a 15M wave is ie roughly pips between highs and lows and obviously if you enter on what could be near a low of a higher frame wave you could lose out or near s/r.
within the 15M waves youve got the 5 and 1 min waves hence the small retraces so what you try and do to minimize drawdown by entering a M15 move is enter at a retrace of a smaller wave
  • #783
  • Feb 23, 2010 6:01am Feb 23, 2010 6:01am
Quoting francis2
Its all about waves within waves Sutts youre trying to ride the 15M waves. you have to have an idea how big a 15M wave is ie roughly pips between highs and lows and obviously if you enter on what could be near a low of a higher frame wave you could lose out or near s/r.
within the 15M waves youve got the 5 and 1 min waves hence the small retraces so what you try and do to minimize drawdown by entering a M15 move is enter at a retrace of a smaller wave
And the stochs moving up and down signify the waves right? So to minimize risk on a 15M entry, try to wait until the 1 or 5 min stochs are maxed out before entering?

I wasn't sure about your comments on the 10 pip entry. Was that taken off the 15 min chart or a lower TF? To park the stop behind the signal bar on the 15M chart using the Sho method would have required 25+. Actually the channel was pointing up so I guess it wouldn't have been a Sho entry anyway.

Thanks for your help Francis
  • #784
  • Feb 23, 2010 6:09am Feb 23, 2010 6:09am
Two candles with similar lows M15 stop above pin bar
Yes stochs you set them according to timeframe I have M1 set at 21 because theres roughly 15+/- bars to a reasonable amount of pullbacks and this gives me nice stoch waves corresponding to t/f also 15 m1 bars to an M15 bar!! etc etc
  • #785
  • Feb 23, 2010 6:31am Feb 23, 2010 6:31am
see the chart now .lots of people played those trades yesterday
Attached Image (click to enlarge)
Click to Enlarge Name: answer.gif Size: 32 KB
  • #786
  • Feb 23, 2010 6:48am Feb 23, 2010 6:48am
Still Holding EURJPY nearing my target
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY-Short.png Size: 153 KB
  • #787
  • Feb 23, 2010 6:53am Feb 23, 2010 6:53am
Quoting francis2
Two candles with similar lows M15 stop above pin bar
Yes stochs you set them according to timeframe I have M1 set at 21 because theres roughly 15+/- bars to a reasonable amount of pullbacks and this gives me nice stoch waves corresponding to t/f also 15 m1 bars to an M15 bar!! etc etc
Thanks for the tip, I'll try those settings.
  • #788
  • Feb 23, 2010 6:55am Feb 23, 2010 6:55am
Quoting adler
Hello Sutts
The reason I took this one is it worked on 2 conditions.
Fib Cluster - 4 Hr recent swing 38.2(Blue fib) and another one on yesterday high and low(green fib-intraday fib)
Also I saw rejections from middle of kelter channel and then price started to move away from the channel to the down side making it a very comfortable short with small stop loss still holding looks like it would hit my target lets waittttt..
Thanks for the explanation adler. Hope you reach target.
  • #789
  • Feb 23, 2010 7:02am Feb 23, 2010 7:02am
Quoting trade price
see the chart now .lots of people played those trades yesterday
Thanks for the chart Sho. So the reaction to the inside bar plus the subsequent struggle to go higher should have warned us to keep out of that first trade.

Can I ask, must a momentum bar have very small or no wicks at all? I'm still trying to learn to spot it.

Thanks
  • #790
  • Feb 23, 2010 7:04am Feb 23, 2010 7:04am
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....
it was wrong play(imho)
Attached Image (click to enlarge)
Click to Enlarge Name: Q1.GIF Size: 24 KB
  • #791
  • Feb 23, 2010 7:05am Feb 23, 2010 7:05am
Quoting trade price
see the chart now .lots of people played those trades yesterday
Thanks for the chart, I would have entered both of the trades. This confirms the need for tight stops with this method.

Kurt
  • #792
  • Feb 23, 2010 7:08am Feb 23, 2010 7:08am
Quoting adler
Still Holding EURJPY nearing my target
Hi adler
As I see it, you surely have made near to 100 pips win? Or are you still in?
  • #793
  • Feb 23, 2010 7:15am Feb 23, 2010 7:15am
Quoting Sutts
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
dave always try to take the trade with nice trend thats where all the big money.onece you are mastered the methood you can try diffrent thing with small risk.but first make money.
how many trade you need a week to make money.
only amature stay all the time in the market.
market doesnot care who we are .it will always try to take ours money.
we are against all the best player if we stay all the time in the market.at the begining take A+ setups and wait.
follow the methood for a while if you change time frame or any other things no one to blame its you who did not follow the methood properly.
thats where 95% people failed.
be decipline.
it does not matter which system or methood you follow, just stick with that and see your results.
dont let anyone else to change your mind.not even me
always think that .
  • #794
  • Feb 23, 2010 7:22am Feb 23, 2010 7:22am
Hello Milton
I have reached my target as i saw a bounce but I am still in USDJPY as I am waiting for it to hit my second target 90.46
  • #795
  • Feb 23, 2010 7:26am Feb 23, 2010 7:26am
Still Holding USDJPY for Target T2 @ 90.46, No Convergence yet so risking it a bit more>. Also the price is well below lower keltner and I my live accuont is using a different laptop but images from demo accuont.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY2-Still Holding-Short.png Size: 131 KB
  • #796
  • Feb 23, 2010 7:26am Feb 23, 2010 7:26am
Quoting adler
Hello Milton
I have reached my target as i saw a bounce but I am still in USDJPY as I am waiting for it to hit my second target 90.46
Wow! I'm dreaming of such a win.
  • #797
  • Feb 23, 2010 7:27am Feb 23, 2010 7:27am
Giving this one a try
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-02-23_0823AUDJPY.png Size: 47 KB
  • #798
  • Feb 23, 2010 7:27am Feb 23, 2010 7:27am
Quoting Sutts
Thanks for the chart Sho. So the reaction to the inside bar plus the subsequent struggle to go higher should have warned us to keep out of that first trade.

Thanks
yes dave .even if we played the pin bar and moved the stop to breakven at the next bar .then it droped havily.
we did not lost anything and we saved our ass.thats how you have to manage the trade.its not same as money manegement.this is trade management.it is more important than money management.
can you see how important to move the stop to break even.
we are not losing anything.in the long run thats how you have to survive in this game.as a trader our first target is protect our capital.
it is same as protecting your country.
if we know how, not to lose the money then money will come to us.
geting stoped out at break even -i know its a fraustation at the bigining but onece you will get used to you will love it.

hope this is helpfull.

sho
  • #799
  • Feb 23, 2010 7:29am Feb 23, 2010 7:29am
Sho,

Were these trades correctly taken.http://i49.tinypic.com/2elbj2f.gif
  • #800
  • Feb 23, 2010 7:31am Feb 23, 2010 7:31am
Quoting adler
Hello Milton
I have reached my target as i saw a bounce but I am still in USDJPY as I am waiting for it to hit my second target 90.46
Hi adler
I have mistaken it. Your trade was usdjpy, not eurjpy. So it is not near 100 pips win. But wonderful result although.
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