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intraday trend trading with price action

  • #1,241
  • Mar 1, 2010 4:33pm Mar 1, 2010 4:33pm
Damn did it again,
corrective move lasting about an hour, then resumption of impulse move going 4 hours or so, then sideways. I think you are overmanaging the ups and downs. Its easier to see on my chart and if I can figure how to post one I will. Just take a step further back and look at the bigger picture. Thats my take.
  • #1,242
  • Mar 1, 2010 4:35pm Mar 1, 2010 4:35pm
Oh yea, I see one move where your first 7 are.
  • #1,243
  • Mar 1, 2010 4:37pm Mar 1, 2010 4:37pm
Did you ever see so many post to answer a one question?
  • #1,244
  • Mar 1, 2010 4:57pm Mar 1, 2010 4:57pm
A few trades from this morning. Sho wanted me to post on hear, so he could add something to the discussion. Went short at the little pin looking bar
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  • #1,245
  • Mar 1, 2010 4:59pm Mar 1, 2010 4:59pm
Second chart. I went short at the bar with the green arrow. Good for 20 pips. I used 10 pip stop on these two trades. total 40 pips. So 2/1 R/R ratio
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  • #1,246
  • Mar 1, 2010 5:29pm Mar 1, 2010 5:29pm
Thanks Bankshot, if you do have time please do post a chart
thanks for your help, much appreciate.
  • #1,247
  • Mar 1, 2010 7:12pm Mar 1, 2010 7:12pm
i used some of your post to tell you what is trade management and money management .dont mix them up.


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 same as stoploss (not any fix amount of pips)in profit trail SL to B/E.

low risk entry with tight stop (10-12pips)may be bit more

move stop to breakeven asap.

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.

1. enter with price action and on impulsive move.
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.
all the above is trade management.

next line is moneymanagement

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



most of you know what is money and trade management.but do you follow them?

make few rules.to be a successfull trader you need rules without any rules you will lose.
i asked for all the above posts
because it will help you to make some rules.
money management is important but trade management is more important then money managemant.at least for me
  • #1,248
  • Mar 1, 2010 7:14pm Mar 1, 2010 7:14pm
Quoting jgadefelth
i found out how to paint it little nicer have i drawn it right from high to low

best regards
well done jga.keep doing everyday
  • #1,249
  • Mar 1, 2010 7:17pm Mar 1, 2010 7:17pm
Quoting Thenew

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.
you are doing great .
keep practicing everyday and demo trade everything will be clear and you will learn more from the market

sho
  • #1,250
  • Mar 1, 2010 7:29pm Mar 1, 2010 7:29pm
see the chart where i pointed .and answer honestly.
would you go short?
if no can u tell why.
if yes kindly post why.
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  • #1,251
  • Mar 1, 2010 7:40pm Mar 1, 2010 7:40pm
post all your active trades and charts in the other thread.and if you have any question or any advise post them here.

sho
  • #1,252
  • Mar 1, 2010 7:47pm Mar 1, 2010 7:47pm
Quoting trade price
see the chart where i pointed .and answer honestly.
would you go short?
if no can u tell why.
if yes kindly post why.
I wouldn't mate because the candles before have big lower wicks showing there was some pressure

BUUUUUT then again risk is tiny compared to potential reward,,,and we are in strong downtrend

plus the candle after that is another pin with same hi low..
  • #1,253
  • Mar 1, 2010 8:08pm Mar 1, 2010 8:08pm
Quoting trade price
see the chart where i pointed .and answer honestly.
would you go short?
if no can u tell why.
if yes kindly post why.
I would not have taken this trade but I now see I should have.

Thanks Sho
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  • #1,254
  • Mar 1, 2010 10:01pm Mar 1, 2010 10:01pm
Quoting trade price
see the chart where i pointed .and answer honestly.
would you go short?
if no can u tell why.
if yes kindly post why.

NOOO trade the red bar is an exhaustion bar (ending of trend) and after that an inside bar with an breakout in the whrong direction against your short pinbar. Great pinbar but the bars around would keppt me aqay from this.


best regards
  • #1,255
  • Mar 1, 2010 11:10pm Mar 1, 2010 11:10pm
Quoting trade price
see the chart where i pointed .and answer honestly.
would you go short?
if no can u tell why.
if yes kindly post why.
If on my real account, I would pass that trade, cause I don't have enough confidence in my ability to read overall market condition but on demo, I would go short.

Reason to go short:
I see many buyers supporting that unusual long red bar with a long lower shadow. Then the next green bar's real body is small, meaning the buyers are not in complete control. The next green bar has also a small real body, almost pin bar rejected from the keltner lower band. I think that the condition to go short is now satisfied.
  • #1,256
  • Mar 1, 2010 11:14pm Mar 1, 2010 11:14pm
Quoting trade price
see the chart where i pointed .and answer honestly.
would you go short?
if no can u tell why.
if yes kindly post why.
I won't go short either, since 1-2-3 wave is end after the big red pin bar. The second pt to check is the daily range, seems that the whole day drop is end up with the large pin bar too. So for me is double negative. Alternatively, I rather look for long opportunity.
  • #1,257
  • Mar 1, 2010 11:25pm Mar 1, 2010 11:25pm
I do think this page is gold, no matter how experience you are, a link to the first page is suggested.http://cdn.forexfactory.com/images/icons/icon14.gif



Quoting trade price
i used some of your post to tell you what is trade management and money management .dont mix them up.


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 same as stoploss (not any fix amount of pips)in profit trail SL to B/E.

low risk entry with tight stop (10-12pips)may be bit more

move stop to breakeven asap.

stay with trade until first signs of weakness (IB,PB...
  • #1,258
  • Mar 2, 2010 2:00am Mar 2, 2010 2:00am
see the chart where i pointed .and answer honestly.
would you go short?
if no can u tell why.
if yes kindly post why.
Attached Thumbnailshttp://cdn.forexfactory.com/attachme...1&d=1267493348

I would go short cause the tiny Pb that failed usualy give some resistance next time price come there, my reason for that is because traders tryed to reverse the market there but they failed and when they recognise that some will reverse position others close them out (stops)giving down momentum and others are now hoping for a Be trade bailing out when price cames there again, and is in this group i trust to give at least a chance to move my stop to BE, nonthless i will not enter blindly but if i see price rejecting the area and keltner i try a shot...
  • #1,259
  • Mar 2, 2010 3:45am Mar 2, 2010 3:45am
What was wrong with this gbpusd? Stopped out -24$.
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  • #1,260
  • Mar 2, 2010 3:49am Mar 2, 2010 3:49am
Quoting Milton
What was wrong with this gbpusd? Stopped out -24$.
The market was in a corrective wave when you took the trade and therefore you should have been looking for long opportunities instead (I think!)
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