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intraday trend trading with price action

  • #1,261
  • Mar 2, 2010 3:58am Mar 2, 2010 3:58am
Quoting Sutts
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!)
Thank you Dave. I still have big problems to see ALL I need to see. I think I'm one of a few non successful until now.
  • #1,262
  • Mar 2, 2010 4:02am Mar 2, 2010 4:02am
What's about the big pin bars eurusd in 5',15',30' and 1 hour? Does this mean bullish?
  • #1,263
  • Mar 2, 2010 4:04am Mar 2, 2010 4:04am
Quoting Milton
What's about the big pin bars eurusd in 5',15',30' and 1 hour? Does this mean bullish?
I see the answer myself. Didn't enter.
  • #1,264
  • Mar 2, 2010 4:08am Mar 2, 2010 4:08am
Don't worry Milton, I think there are a lot of failed trades that don't get posted here. It's easy to get the impression that everyone is hitting home runs but I'm sure that isn't the case. Personally, I have on the whole been up at the end of the day but not by much considering the number of trades I've made. Still far too many questionable trades which will reduce with time (I hope).

We must remember too that Sho has been refining his judgement with this method for years now.

Dave
  • #1,265
  • Mar 2, 2010 4:42am Mar 2, 2010 4:42am
Quoting Sutts
Don't worry Milton, I think there are a lot of failed trades that don't get posted here. It's easy to get the impression that everyone is hitting home runs but I'm sure that isn't the case. Personally, I have on the whole been up at the end of the day but not by much considering the number of trades I've made. Still far too many questionable trades which will reduce with time (I hope).

We must remember too that Sho has been refining his judgement with this method for years now.

Dave
You are right. Like Sho says: patience. I must keep on.
  • #1,266
  • Mar 2, 2010 6:52am Mar 2, 2010 6:52am
Quoting Milton
Thank you Dave. I still have big problems to see ALL I need to see. I think I'm one of a few non successful until now.
no worry buddy you are not losing much.
we are all following sho's methood .our stop is so small.
just keep practicing
  • #1,267
  • Mar 2, 2010 7:26am Mar 2, 2010 7:26am
Milton i´m on same group of yours i guess we have to keep praticing, yesterday when everybody made money i lost, so lot to learn on my side.
  • #1,268
  • Mar 2, 2010 7:37am Mar 2, 2010 7:37am
Quoting Thenew
Milton i´m on same group of yours i guess we have to keep praticing, yesterday when everybody made money i lost, so lot to learn on my side.
Hang in there man, I was in your boat a few weeks ago
  • #1,269
  • Mar 2, 2010 7:46am Mar 2, 2010 7:46am
Quote
Hang in there man, I was in your boat a few weeks ago

Thanks for the support, appreciate that. Btw nice to know you doing great, i´ve seen yours trades just keep them going.

Regards
  • #1,270
  • Mar 2, 2010 8:44am Mar 2, 2010 8:44am
Quoting Thenew
Thanks for the support, appreciate that. Btw nice to know you doing great, i´ve seen yours trades just keep them going.

Regards
Last week I also had a lot of losers.

The key is demo first and learn the different currency behaviors.

I struggled with GU last week and this week EU did it for me.

I have been trading for 7 years now and this method is really good.

  • #1,271
  • Mar 2, 2010 8:46am Mar 2, 2010 8:46am
Thanks to all for the support. It's nice to have a lot of people to encourage.
  • #1,272
  • Mar 2, 2010 10:48am Mar 2, 2010 10:48am
i use to close a winning trade to early.
Closing the loser with little loss works fine, i am doing well on this part of the game.
If i am in the trade on the winning side i always have the feeling to be wrong, afraid this can turn into a loser and i close the trade to early.

I thing what Sho says : " the need of rules and a solid plan" is what im missing in my trading.
There a so many things, i find it hard to put al this stuff in a rule.
It all clear in the hindside but in realtime there is a lak of confidence in my mind.
  • #1,273
  • Edited 12:44pm Mar 2, 2010 11:10am | Edited 12:44pm
This is a method I use to practice. I open a chart, use my mouse to drag the price back as far as data exists. I then (using my mouse) advance each bar and make judgement calls as to what I would do in real time. This way you can not see any price to the right of your screen until you advance it(one bar at a time) with you mouse. I tried to make a video to post showing this but after uploading FF said file was not valid.

Kurt
  • #1,274
  • Mar 2, 2010 11:45am Mar 2, 2010 11:45am
Hello MJ
For exits find out clear targets and determine main stopping points otherwise fear and greed will take over you and you will be overtrading.

Thats why I use fibs and see the price direction and then have a plan in mind where the price is going and where it will be stalled.

Without a plan and direction, Say if you made 30 pips you will have many different emotions controlling you.

1. Greed: I am not happy I need more?
2. Fear : I am worried it can reverse and take my profit?
3. Panic:I am sad as i dont know whether to exit or not?
4. Anxietyray god for the price to move in your direction...
5. Mental Breakdown(tired of thinking): I can close and then keeping looking at charts and when you feel adrelin when price starts to go again in the same way renter and then panic and chicken out..

All the above emotions will play out all in one time and if u take a decision it will be wrong most of the time. This is why a plan and target is very important for this business.

Choice is yours?
  • #1,275
  • Mar 2, 2010 12:13pm Mar 2, 2010 12:13pm
thanks Kurt and adler,
i see there is some work for me to be done.

training insteed of overtrading

i read again thru the whole thread, have an DOC open by my side and coppy and past everything what can help me building a Plan in the doc-file.
  • #1,276
  • Mar 2, 2010 12:15pm Mar 2, 2010 12:15pm
Quoting adler
Hello MJ

1. Greed: I am not happy I need more?
2. Fear : I am worried it can reverse and take my profit?
3. Panic:I am sad as i dont know whether to exit or not?
4. Anxietyray god for the price to move in your direction...
5. Mental Breakdown(tired of thinking): I can close and then keeping looking at charts and when you feel adrelin when price starts to go again in the same way renter and then panic and chicken out..

All the above emotions will play out all in one time and if u take a decision it will be wrong most of the time. This is why...
very true, this are exact the feelings killing my confidence
  • #1,277
  • Mar 2, 2010 12:29pm Mar 2, 2010 12:29pm
Quoting MJurban
very true, this are exact the feelings killing my confidence
I am still a rookie here to but if there is anything I can do to help let me know. Sho has helped my trading so much! I will be the first in line to help anyone I can.

Another thing I did was print all Sho's charts and put them in a notebook. Any free time I had I would flip through them to review.

I spent so much time reading and studying the materials my wife thinks Sho is a code name for another woman
  • #1,278
  • Mar 2, 2010 12:40pm Mar 2, 2010 12:40pm
Ive been looking through the posts and cant find where i saw Sho,s detail for taking tight stop trades from inside bars can anyone answer thanks, Francis
  • #1,279
  • Mar 2, 2010 12:53pm Mar 2, 2010 12:53pm
Quoting francis2
Ive been looking through the posts and cant find where i saw Sho,s detail for taking tight stop trades from inside bars can anyone answer thanks, Francis
Hi Francis,

Is this the one you were looking for? http://www.forexfactory.com/showpost...&postcount=704
  • #1,280
  • Mar 2, 2010 12:55pm Mar 2, 2010 12:55pm
Hello guys
i use 2 fibs for price and exits
1 intraday fib which wil give u targets for today
2 4hr resistence/support fib on recent price swing
thatz it to understand what price is doing right now

i will explain with example with a chart on next post
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