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intraday trend trading with price action

  • #1,221
  • Mar 1, 2010 9:55am Mar 1, 2010 9:55am
Quoting Buildcity
Sho and all seniors,

Today made 2 long trades in GU with +34pips (first trade below is +20p), but the 1st trade was really risky (Sorry that no follow Sho's rule because of the big jump).

Simply a lucky trade at all
just before the drop it was divergence.
eventhough you made money but i did not like your entrys.
  • #1,222
  • Mar 1, 2010 9:55am Mar 1, 2010 9:55am
see the gbp/usd chart for the divergence.
use your occiliator properly it will save you a lot.
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  • #1,223
  • Mar 1, 2010 10:04am Mar 1, 2010 10:04am
Sho,
Did you do any trading on gbpusd and eurusd. I did not have any time for trading today. Busy with my kid.
  • #1,224
  • Mar 1, 2010 10:07am Mar 1, 2010 10:07am
how many of you understand trade manage ment properly?
can you post what you know?
then i will explain more otherwise wouldnot.
i will be back in 15 min
  • #1,225
  • Mar 1, 2010 10:25am Mar 1, 2010 10:25am
After entering a trade, your first priority should be to lower your loss. As soon as the next bar goes into profit move your SL to breakeven.
  • #1,226
  • Mar 1, 2010 11:09am Mar 1, 2010 11:09am
Quoting jgadefelth
Sho no i have not, im still trying to learn and i will do as you say but i have more to learn before i beginning to demo i think i will post some charts here.

I was just mentioned the stock thread because some days ago you say you will leanr a few from here your stock trading or some of it so i thout why not just start a new thread about it also. and why stock aint forex superior in all ways ?


best regards
hey jga
i will send one or two video to your email about level 1,2 and 3.
later
  • #1,227
  • Mar 1, 2010 11:29am Mar 1, 2010 11:29am
Quoting trade price
how many of you understand trade manage ment properly?
can you post what you know?
then i will explain more otherwise wouldnot.
i will be back in 15 min
dont enter a trade if sl is to big , like on an PB with very large wick. Better to wait if it retraces some more , maybe to 50% of the wick to give you an better entry with smaller SL.
As soon as the trade is 10 pips in profit trail SL to B/E.
  • #1,228
  • Mar 1, 2010 11:37am Mar 1, 2010 11:37am
Quoting trade price
how many of you understand trade manage ment properly?
can you post what you know?
then i will explain more otherwise wouldnot.
i will be back in 15 min
After the entry and fixed the SL & TP, I used to force the close trade by a maximum of 3 bars (M15) no matter it + or -. What I observed is the momentum after the signal bar will not last for 3 bars. I would prefer to wait for another setup.

PS - I do move the SL to BE after a gain of 10p
  • #1,229
  • Mar 1, 2010 12:39pm Mar 1, 2010 12:39pm
For those in the special needs section with me and are having trouble catching on I have a suggestion. Go Naked.
This thread has moved rather quickly ( just over a month ) from price action basics to indicator assistance in trading. Go back to the beginning, the most important points are in the first few pages. In the last 18 mosths I have studied everything from ichimoku, to elliott wave. My problem was I was watching the indicators and not the price action. Over the last 4 weeks my trading has improved greatly and my recognition of patterns within the price bars or candles has grown every week. I don't even use the K channel until I see a move underway. Try seeing the price action and not the indicators. This will make you apply what you have learned rather than hoping a flashing light will appear on the screen with directions. It may not help you but it has me.
Phil
  • #1,230
  • Mar 1, 2010 12:39pm Mar 1, 2010 12:39pm
have i drawn it right i still have problems with paint to get it nice one pic is how it looks like with no correct or impulse move and the other i have painted it on but i dont get it as nice as you Sho

best regards
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  • #1,231
  • Mar 1, 2010 12:48pm Mar 1, 2010 12:48pm
i found out how to paint it little nicer have i drawn it right from high to low

best regards
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  • #1,232
  • Mar 1, 2010 1:00pm Mar 1, 2010 1:00pm
Im not sure what you mean here kepp your losses small and try to have your winners atleast 2 times your risk or more. how mutch shall we risk at a single trade of ower trading account 5 % ??

have rules perhaps after 5 loss stop trading for the day. or after a % loss of your accoutnt.

best regards
  • #1,233
  • Mar 1, 2010 1:13pm Mar 1, 2010 1:13pm
Quoting trade price
how many of you understand trade manage ment properly?
can you post what you know?
then i will explain more otherwise wouldnot.
i will be back in 15 min
Trade management to me is:

1) don't risk more that 2-5% of working capital on any one trade

2) low risk entry with tight stop (10-12pips)

3) move stop to breakeven asap.

4) stay with trade until first signs of weakness (IB,PB or large bar against me) or exit 1/2 position at 2x stop risked and let the other 1/2 ride.


Kurt
  • #1,234
  • Mar 1, 2010 1:43pm Mar 1, 2010 1:43pm
1. enter with price action and on impulsive move. Only 2% of account size.
2. go to breakeven once the next bar after entry goes in the intended direction.
3. if there is stalling of prices, get out after 3 bars with small loss.
4. have confidence in the setup and let trade run. If stopped out, that's what the small stop loss is for. But if turns into a runner, very often able to recoup the earlier small losses.
5. exit when bars show price going in opposite direction.

gab
  • #1,235
  • Mar 1, 2010 1:59pm Mar 1, 2010 1:59pm
1/2 to 1% of account balance per trade exit one postion at 1 to 1 bring other to break even in case of runner. The reason a 1/2 % incase you have a chance to re-enter the second time plus keeping your account intact. Tex
  • #1,236
  • Mar 1, 2010 3:20pm Mar 1, 2010 3:20pm

Hello, i am still struggling to define the IMPULSES/CORRECTIVES moves, could you guys comment on my chart, would like to receive feedback from Trade Price if you have time as your opinion is very important to me.


Cheers.

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  • #1,237
  • Mar 1, 2010 3:23pm Mar 1, 2010 3:23pm
Sorry the chart itīs not clear.

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  • #1,238
  • Mar 1, 2010 3:44pm Mar 1, 2010 3:44pm
Regarding MM as i am new to this method i go with daily 2% risk of my capital.
Let say i have 20k:
My risk for the day will be 400 euros.
Then i split that by 4, meaning i will have 4 shots with 100 euros risk (0.5%).
For example i start the day and see a setup with 10 pips risk (100/10=10 minis), so i will go with 10 minis, if i loose i know i still have more 3 shots till i achieve my risk tolerance if i win just keep trading, this will keep me less emotional to take next trade even after 1 or 2 losses in a row.
If I fail 4 in a row, call it a day and come next day.

Regards
  • #1,239
  • Mar 1, 2010 4:29pm Mar 1, 2010 4:29pm
Hi Thenew,
I'm not the best around here but i'll take a crack at it.
After the bottom of the big down move to below .4800 I count one reversal, corrective turn impulse
  • #1,240
  • Mar 1, 2010 4:30pm Mar 1, 2010 4:30pm
Wrong button, thr move took about 3 hours then I see a corrective move lasting
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