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intraday trend trading with price action

  • #1,301
  • Mar 3, 2010 8:16am Mar 3, 2010 8:16am
Quoting Sutts
Hi Sho,

I'd really appreciate your comments on these setups please.

I have a few questions regarding the attached chart:

1. Should the big (unusual?) bar labelled (a) have kept me out of any longs?

2. Should the bearish bars labelled (b) have added to the warning?

3. Should I have stayed out completely until price broke out from the hourly triangle shown in green?

4. Were any of the signal bars labelled with arrows valid in this context?

5. Was the bar labelled (c) a failed impulse turned corrective move?...
2 of them was wrong trades.
in the same zone i will trade 3 times but two of them would have been breakeven and one would have been winner.
if you wonder how
ask me i will explain on the chart
  • #1,302
  • Mar 3, 2010 8:22am Mar 3, 2010 8:22am
Quoting Sutts
Was this a dumb trade Sho? The blue line is daily S/R and approx. 50% fib retrace. Should the upper wicks of the last 2 candles have warned me off?

Thanks!
it was risky but you can give it a try.if you do get stoped out so what.this is what stop is for.
i will enter because stop is very small.
we dont know which one will be a winner and which one will be a loser.
thats why we take a chance with small stops.
and we are happy if we do get stoped out .
reason is we will save ourself from big losing.
does it make sense?
  • #1,303
  • Mar 3, 2010 8:22am Mar 3, 2010 8:22am
Quoting trade price
2 of them was wrong trades.
in the same zone i will trade 3 times but two of them would have been breakeven and one would have been winner.
if you wonder how
ask me i will explain on the chart
Thanks for trying to help me Sho but I'm still very unclear on this one. It would really help if you could try to set me straight on the 5 points please.

Would also be great to know which trades you would have taken.

Sorry to be a pain.
  • #1,304
  • Mar 3, 2010 8:24am Mar 3, 2010 8:24am
Quoting trade price
it was risky but you can give it a try.if you do get stoped out so what.this is what stop is for.
i will enter because stop is very small.
we dont know which one will be a winner and which one will be a loser.
thats why we take a chance with small stops.
and we are happy if we do get stoped out .
reason is we will save ourself from big losing.
does it make sense?
Yes, makes sense thanks.
  • #1,305
  • Mar 3, 2010 9:42am Mar 3, 2010 9:42am
Bad day for me 3 losses 1 winner - 19 for me, will post a chart when come home still at work
  • #1,306
  • Mar 3, 2010 9:50am Mar 3, 2010 9:50am
Hi Sho

I wanted to short this pair at the green arrow but as it was just before an important news, I did not enter.
I waited until news was over, realised that there was another pinbar at that time and entered short at the red arrow.

Is that correct practice or is that wrong?
Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: ucad.gif Size: 18 KB
  • #1,307
  • Mar 3, 2010 10:04am Mar 3, 2010 10:04am
Hello Sho
What was wrong?
Yellow arrow bar: outside bar
good downside momentum
entered at the red bar when it broke low of the outside bar
stopped out -28 pips
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 21 KB
  • #1,308
  • Mar 3, 2010 10:12am Mar 3, 2010 10:12am
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.
that was a short entry.
i said when you see big bar carefull.it does not mean you cant enter with the small stop.we are traders we will allways try to make money with small stop loss .
small stop is the key
  • #1,309
  • Mar 3, 2010 10:19am Mar 3, 2010 10:19am
dave your answers
1. Should the big (unusual?) bar labelled (a) have kept me out of any longs?
answer=NO we will wait for a retrace and wait for nice place to go long with small stop loss.where it stoped it was supply level. thats why we will wait for retrace and we will for other players to join with us, we need momentum to follow through.
2. Should the bearish bars labelled (b) have added to the warning?
answer=yes it was warning that there was supply level.so wait for retrace.


3. Should I have stayed out completely until price broke out from the hourly triangle shown in green?
answer=no we dont trade hourly charts.whatever you trade stick with one time frame .there is enough informatiom to trade.dont make trade complicated.make it simple as much as possible.
4. Were any of the signal bars labelled with arrows valid in this context?
answer=c was a valid short trade.A+

5. Was the bar labelled (c) a failed impulse turned corrective move? If so this would have made all the following long trades invalid I guess. I'm having real trouble determining if single bars are treated as failed impulsive moves. A failed impulsive move can change the picture completely. If bar (c) was just another bar in the correction then all the other trades would still be valid. I remember you saying that single inside bars can be considered moves in themselves but I'm not sure about bars like this.
answer=yes c was a failed impulsive and then it become a corrective.

hope all the answers make sense.
sho
  • #1,310
  • Mar 3, 2010 10:24am Mar 3, 2010 10:24am
Quoting the novice
Hi Sho

I wanted to short this pair at the green arrow but as it was just before an important news, I did not enter.
I waited until news was over, realised that there was another pinbar at that time and entered short at the red arrow.

Is that correct practice or is that wrong?
Thanks.
yes that was a great signal.
if stop is big wait for a retrace.
you are doing fine my friend
  • #1,311
  • Mar 3, 2010 10:30am Mar 3, 2010 10:30am
Quoting Milton
Hello Sho
What was wrong?
Yellow arrow bar: outside bar
good downside momentum
entered at the red bar when it broke low of the outside bar
stopped out -28 pips
that was wrong A++++ trade
i would not play that in thousend years.
there was better entry after the two bar with small risk.
  • #1,312
  • Mar 3, 2010 10:33am Mar 3, 2010 10:33am
Quoting trade price
that was wrong A++++ trade
i would not play that in thousend years.
there was better entry after the two bar with small risk.
Thanks Sho
Would you have entered directly at the open of the bearish bar with red arrow?
  • #1,313
  • Mar 3, 2010 10:35am Mar 3, 2010 10:35am
Quoting trade price
dave your answers
1. Should the big (unusual?) bar labelled (a) have kept me out of any longs?
answer=NO we will wait for a retrace and wait for nice place to go long with small stop loss.where it stoped it was supply level. thats why we will wait for retrace and we will for other players to join with us, we need momentum to follow through.
2. Should the bearish bars labelled (b) have added to the warning?
answer=yes it was warning that there was supply level.so wait for retrace....

Thank you both Sho for the answers and Sutts for qualified questions.
I had the same problems as Sutts and the answers help me a lot

MJ
  • #1,314
  • Mar 3, 2010 11:19am Mar 3, 2010 11:19am
Quoting trade price
dave your answers
1. Should the big (unusual?) bar labelled (a) have kept me out of any longs?
answer=NO we will wait for a retrace and wait for nice place to go long with small stop loss.where it stoped it was supply level. thats why we will wait for retrace and we will for other players to join with us, we need momentum to follow through.
2. Should the bearish bars labelled (b) have added to the warning?
answer=yes it was warning that there was supply level.so wait for retrace.


3....
Thanks for that detailed reply Sho, very helpful stuff.
  • #1,315
  • Mar 3, 2010 11:24am Mar 3, 2010 11:24am
this chart is about the 3 trades i talked about earlier.
i used candlestick chart for you guys.
its SAME GU chart
Attached Image
  • #1,316
  • Mar 3, 2010 11:29am Mar 3, 2010 11:29am
To add to the discussion, here's a USDJPY trade from today that had me confused.

It looked to me like we were in a corrective move after a nice impulsive move to the down side. I was therefore looking for a short entry at the end of this move. A nice inside bar formed and I placed my entry to trigger on the break to the downside.

As you can see it broke upwards instead and I cancelled my order.

Questions:

Can IBs be played both ways in such a situation?

Were either of the previous 2 bars valid short signal bars? I think not because the top and bottom wicks were equal in length showing equal buying and selling pressure. Would that be correct?


Thanks to anyone who can enlighten me.

Dave
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_1.GIF Size: 22 KB
  • #1,317
  • Mar 3, 2010 11:34am Mar 3, 2010 11:34am
Quoting trade price
this chart is about the 3 trades i talked about earlier.
i used candlestick chart for you guys.
its SAME GU chart
This is great Sho, that's all my questions answered.

Thanks for your efforts.
  • #1,318
  • Mar 3, 2010 11:38am Mar 3, 2010 11:38am
Quoting Sutts
This is great Sho, that's all my questions answered.

Thanks for your efforts.
trading is all about supply and demand.
lots of people will disagree with me but i dont care.
for me it is.more later.
what is your definition about supply and demand?
  • #1,319
  • Mar 3, 2010 11:50am Mar 3, 2010 11:50am
i thout it was a no trade because of the big red bar and then also the breadout of the inside bar in the whrong direction also be patient there will come more trades and number one try not to loose your money hope i ever going to learn this.


best regards
  • #1,320
  • Mar 3, 2010 11:58am Mar 3, 2010 11:58am
Quoting Sutts
To add to the discussion, here's a USDJPY trade from today that had me confused.

It looked to me like we were in a corrective move after a nice impulsive move to the down side....
Its Sho,s style of trading I believe Dave if price doesnt go one way itll go the other, stop and reverse, tight stops and ready for the next trade, traditional entry of ib wouldnt have got you short anywat cos bar bottom wasnt broken
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