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intraday trend trading with price action

  • #921
  • Feb 24, 2010 10:45am Feb 24, 2010 10:45am
Quoting Sutts
Ahh..OK. I didn't take the long labelled A as the channel was still heading down.

Could this be taken as a valid trade then Sho? I've put some reasons to support a long at this point on the attached chart. Am I on the right track?

Thanks!
yes you can .it does not matter where the channel is as long as you trade with the impulsive move you will make money.
channel is only for quick guidence.
  • #922
  • Feb 24, 2010 10:48am Feb 24, 2010 10:48am
Quoting adler
Bank Shot
Did you nto see the picture earlier I posted the trade was fine on the way and suddenly news on home sales spiked and I exited with profit

Again waited for after news saw 4 th time intraday high was rejected and then crossed keltner channel and I did enter again.

I have all these fibs set up in the morning.
I do every day morning at 7 o clock 2 fibs
1. H4 recent swing High to low
2. H1 Previous day swing High to low

And it is already there and I take my actions now based on keltner, I use as per SHO advice stoc only for divergence...
feel free to post anything here.
as long as it helps someone its fine.
  • #923
  • Feb 24, 2010 10:51am Feb 24, 2010 10:51am
Quoting simpletrade
sho can you post few stock charts for us pleaseeeeeeeeeeee.
you dont have to explain anything just few charts.
when you have time .
thanks you
yes i wes trading stocks.
took some stock charts from web.its all todays.
its a zip file
unzip and you will get few charts
Attached File(s)
File Type: zip stocks (3).zip   126 KB | 679 downloads
  • #924
  • Feb 24, 2010 10:53am Feb 24, 2010 10:53am
Hi Sho,

Looking at GBPUSD today, would these trades be correct. And apart from these trades would you have taken any other entry on the chart.http://i47.tinypic.com/243hhs2.jpg
  • #925
  • Feb 24, 2010 10:59am Feb 24, 2010 10:59am
imho when you trade demo you can use chatroom.
if you trade real account dont use chatroom.
because you will get diffrent idea from diffrent person.
and it will distruct you trading properly.you will take the bad signal and will miss the good ones.
i think you guys understand what i mean.
when you trade anything you dont need anyones opinion,its you who have to decide how and when to trade.
we are human thats why we will take someones opinion in our brain.
i am not posting too much about it.
  • #926
  • Feb 24, 2010 11:00am Feb 24, 2010 11:00am
Quoting trade price
yes you can .it does not matter where the channel is as long as you trade with the impulsive move you will make money.
channel is only for quick guidence.
Thanks for clearing that up Sho. That will give me a few more trades
  • #927
  • Feb 24, 2010 11:01am Feb 24, 2010 11:01am
Quoting ukcool
Hi Sho,

Looking at GBPUSD today, would these trades be correct. And apart from these trades would you have taken any other entry on the chart.
could have taken no 2 not any other.too choppy
  • #928
  • Feb 24, 2010 11:03am Feb 24, 2010 11:03am
Quoting Sutts
Thanks for clearing that up Sho. That will give me a few more trades
hey
no over trading.
remember i am trader.
  • #929
  • Feb 24, 2010 11:07am Feb 24, 2010 11:07am
Here's a couple of trades from today Sho, just wondering if the signal bar indicated is actually valid? In both cases it shows reaction to S/R but it isn't a pin bar. However the stops were quite small on these.

Would you have taken this bar or waited for the bearish confirmation on the next bar please?

In the case of USDCAD trade, would the 2 strong momentum bars leading up to the test of S/R have put you off a short?

An answer to this would really set my mind straight as I've seen a few of these and have been reluctant to take them.

Thanks!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSD_3.GIF Size: 15 KB
Click to Enlarge Name: USDCAD_1.GIF Size: 23 KB
  • #930
  • Feb 24, 2010 11:12am Feb 24, 2010 11:12am
Sutts what is a signal bar ..... ??


best regards
  • #931
  • Feb 24, 2010 11:46am Feb 24, 2010 11:46am
Quoting jgadefelth
Sutts what is a signal bar ..... ??


best regards
You enter on the close of the signal bar and place the stop 1 pip above the high of the signal bar for a short and 1 pip below the low of the signal bar for a long.

The signal bar can take on various forms but is essentially price action telling you there is a low risk/high probability trading opportunity. From my experience so far the best entries have been off pin bars (for longs) and reverse pin bars (for shorts) where the wicks touch an S/R level or penetrate the S/R level and are strongly rejected. There are other types of signal bars too such as bearish/bullish engulfing bars which also demonstrate rejection of a key level.

I suggest you go through the thread attachments and look for all the charts that Sho has kindly posted. You'll get the idea of what we're looking for.

Reading a good book on candle theory will also give you a good background in reading price action which is essentially what we're using here. I'm new to PA myself but Sho has got me interested in the subject (far too late unfortunately).

I'm reading a very good book called Japanese Candlestick Charting Techniques by Steve Nison which from what I've heard is the best - this guy is the daddy of candlesticks (at least in the west).

Hope this helps.
  • #932
  • Feb 24, 2010 11:59am Feb 24, 2010 11:59am
thanks Sutts i understand the signal bar now.

i have read on candlesticks i dont like it i think this Sho is teaching is superior.


i know i man that have a strategy that is like shos little bit he uses candles like morning stars and so on and i think he also uses keltner channel.


best regards
  • #933
  • Feb 24, 2010 12:07pm Feb 24, 2010 12:07pm
This is a template of FIBS I found in another thread in forex factory long time ago and which is BOBOKUS stuff...

I have been using this for my years of trading and I found it has the perfect tool to support this system.

Find attached is a template for MT4 with a FIB tool set

It has many different variety of fibs but I use H4 up move - support fib
H4 Down move resistence fib
and Intraday fib(green) and manual do them every morning before I start to look at charts.

Let me know if you guys need any help using them

Now what you have to do is load this tempate on a daily GBPUSD Chart
and if you want to draw a intraday fib you have to come to this tool set template chart (GBPUSD) and then select the FIB u want to use and the right click and select properties and FIB levels and then change the line size by doing this the default MT4 fib is changed to the select fib tool

Enjoy.
Let me know if you have any questions
  • #934
  • Feb 24, 2010 12:12pm Feb 24, 2010 12:12pm
adler one Question where is it ???


best regards
  • #935
  • Feb 24, 2010 12:42pm Feb 24, 2010 12:42pm
[quote=jgadefelth;3495143]adler one Question where is it ???


Sometimes you get so caught up in aiming you forget to pull the trigger.
  • #936
  • Feb 24, 2010 12:49pm Feb 24, 2010 12:49pm
Quoting adler
This is a template of FIBS I found in another thread in forex factory long time ago and which is BOBOKUS stuff...

I have been using this for my years of trading and I found it has the perfect tool to support this system.

Find attached is a template for MT4 with a FIB tool set

It has many different variety of fibs but I use H4 up move - support fib
H4 Down move resistence fib
and Intraday fib(green) and manual do them every morning before I start to look at charts.

Let me know if you guys need any help using them

Now what you have to do...
Sorry adler, are these in addition to the fib tool we already have in MT4? I'm not quite sure why we need an additional fib tool?? Does it draw them automatically?

I have taken to setting up my H4 and daily fib lines like you suggested on a morning...thanks for the tip.

Dave
  • #937
  • Feb 24, 2010 12:59pm Feb 24, 2010 12:59pm
jga
check your pm
  • #938
  • Feb 24, 2010 1:00pm Feb 24, 2010 1:00pm
they all have gone somewhere to get the gold.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  • #939
  • Feb 24, 2010 1:16pm Feb 24, 2010 1:16pm
Trade price have you reached a point in your trading that you can leave your day job.
  • #940
  • Feb 24, 2010 1:18pm Feb 24, 2010 1:18pm
Quoting ukcool
Trade price have you reached a point in your trading that you can leave your day job.
what do you think?
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