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intraday trend trading with price action

  • #1,381
  • Mar 5, 2010 6:35am Mar 5, 2010 6:35am
Quoting trade price
brilliant explanation.Dave

sho
Thanks Sho, something must be sinking into this thick skull of mine.
  • #1,382
  • Mar 5, 2010 6:44am Mar 5, 2010 6:44am
ok its about the round number.
Do you know what can break the round number?
i think most of you know that.
its momentum.
we trade with the momentum.we dont trade against the momentum.eventhough if we take any countertrend trade still it is with the momentum.when we are with the momentum there is very good chance the number will break.
if you guys know anything about the lavel 2 or total view i think you will understand what i mean.
in the first post i said round numbers are important keep in mind.it does not mean we cant trade round numbers.
we will trade them but with low risk and we will close the trade as soon as it reverse.

hope this helps
sho
  • #1,383
  • Mar 5, 2010 6:51am Mar 5, 2010 6:51am
Quoting trade price
ok its about the round number.
Do you know what can break the round number?
i think most of you know that.
its momentum.
we trade with the momentum.we dont trade against the momentum.eventhough if we take any countertrend trade still it is with the momentum.when we are with the momentum there is very good chance the number will break.
if you guys know anything about the lavel 2 or total view i think you will understand what i mean.
in the first post i said round numbers are important keep in mind.it does not mean we cant trade...
I don't see much evidence of momentum on GU at the moment Sho. Please correct me if I'm wrong.
  • #1,384
  • Mar 5, 2010 6:56am Mar 5, 2010 6:56am
Quoting Sutts
I don't see much evidence of momentum on GU at the moment Sho. Please correct me if I'm wrong.
gu made a daily inside bar yesterday.most of the traders are side line at the moment.ranging from the assian session.
  • #1,385
  • Mar 5, 2010 7:09am Mar 5, 2010 7:09am
Quoting trade price
gu made a daily inside bar yesterday.most of the traders are side line at the moment.ranging from the assian session.
OK thanks Sho.
  • #1,386
  • Mar 5, 2010 7:14am Mar 5, 2010 7:14am
ok i would like to give you tip.

dont look at the same chart for too long.
it will make you over analyse the chart make you paralise and you will make so many diffrent ideas about the trade.
make few rules
  • #1,387
  • Mar 5, 2010 7:17am Mar 5, 2010 7:17am
Quoting Sutts
Hi Milton,

I'm not sure if the signal bar was valid or not but what I do know:

1. We were definitely in a correction of a strong impulse move
2. We'd had a decent 61% pull back to the central channel line

The only thing that might have caused concern for me was the strong momentum of the pull back bar.


I think what is more important to learn from this is the trade management side of things....
hey dave
no trading at the moment.i am here for next hour.
can you make few rules based on this post?then we will add few more or delete few.
it will be a good practice for you
  • #1,388
  • Mar 5, 2010 7:38am Mar 5, 2010 7:38am
Quoting trade price
hey dave
no trading at the moment.i am here for next hour.
can you make few rules based on this post?then we will add few more or delete few.
it will be a good practice for you
Will be great to have you around Sho. If you could please point out some "nice momentum" moves for me at some point "live" then I think that could really help me.

In terms of rules, were you thinking about entry or trade management rules or something else?
  • #1,389
  • Mar 5, 2010 7:55am Mar 5, 2010 7:55am
Quoting Sutts
Will be great to have you around Sho. If you could please point out some "nice momentum" moves for me at some point "live" then I think that could really help me.

In terms of rules, were you thinking about entry or trade management rules or something else?
based on entry ,trade management and exit.
then we will edit.
  • #1,390
  • Mar 5, 2010 8:06am Mar 5, 2010 8:06am
Quoting trade price
based on entry ,trade management and exit.
then we will edit.
OK Sho, here's my first shot at a set of rules for a long position:

RULES FOR A LONG POSITION

ENTRY

If a quick glance of a chart shows a clear impulse move with strong momentum bars to the long side then wait for pull back and take each signal bar that shows demand kicking in, especially around a key fib level or previous resistance turned support.

If the impulse move includes a large or unusual bar then be more cautious and wait for a good retrace to a level where strong support is evident and other players will be waiting to join you.

If risk is greater than 12 pips then wait and enter at better price if possible.

If price continues down, take further signal bars in the pull back (up to maximum of 3) and stop trying to go long as soon as the corrective moves turns impulsive by breaking the last swing low.


TRADE MANAGEMENT

With the signal bar showing demand we should be expecting a nice reaction on the following bar in our favour.

Move to B/E at the close of the bar following the signal or as soon as our risk is covered.

If the position is in negative territory at the close of this bar then the bar hasn't shown the necessary reaction and we should close for a small loss.


EXIT

Consider exiting when:

1. 2-3 times the risk is achieved
2. Price closes on a bearish bar (especially against a key resistance level)
3. Price strikes a key resistance area
4. Bearish divergence is observed on Stochs
5. A big bar goes against us



How did I do?
  • #1,391
  • Mar 5, 2010 8:21am Mar 5, 2010 8:21am
Thanks Sutts for these rules, It really helps us

Please can you explain what you mean by

Quote
If price continues down, take further signal bars in the pull back (up to maximum of 3) and stop trying to go long as soon as the corrective moves turns impulsive by breaking the last swing low.

When you say take, It is not clear can you explain a bit more plz..
  • #1,392
  • Mar 5, 2010 8:23am Mar 5, 2010 8:23am
Quoting Sutts
OK Sho, here's my first shot at a set of rules for a long position:

RULES FOR A LONG POSITION

ENTRY

If a quick glance of a chart shows a clear impulse move with strong momentum bars to the long side then wait for pull back and take each signal bar that shows demand kicking in, especially around a key fib level or previous resistance turned support.

If the impulse move includes a large or unusual bar then be more cautious and wait for a good retrace to a level where strong support is evident and other players will be waiting to join you.

If...
you did very good dave.
i am writing few rules it will save you guys from bad trades.from before the entry to exit including trade management.then you guys can edit your self whenever you need them.
i will post it tonight not now.
i am off now from ff.
see you later.
  • #1,393
  • Mar 5, 2010 8:27am Mar 5, 2010 8:27am
Quoting adler
Thanks Sutts for these rules, It really helps us

Please can you explain what you mean by



When you say take, It is not clear can you explain a bit more plz..

No problem adler, glad Sho has got us all thinking about it.

What I mean is don't give up if the first signal bar goes against you and stops you out. If the move is still corrective then keep entering on subsequent signal bars as one of them will hopefully work and make up your losses or more. The 3 bar rule is just there to stop you thrashing a dead horse.

Does that make sense?
  • #1,394
  • Mar 5, 2010 8:29am Mar 5, 2010 8:29am
Quoting trade price
you did very good dave.
i am writing few rules it will save you guys from bad trades.from before the entry to exit including trade management.then you guys can edit your self whenever you need them.
i will post it tonight not now.
i am off now from ff.
see you later.

Thanks Sho, sounds good.

See ya later.
  • #1,395
  • Mar 5, 2010 8:44am Mar 5, 2010 8:44am
Boy, you lot are quiet today.
  • #1,396
  • Mar 5, 2010 8:58am Mar 5, 2010 8:58am
Better to be silent and thought ignorant than to speak and remove all doubt.
  • #1,397
  • Mar 5, 2010 9:08am Mar 5, 2010 9:08am
Dave, how has turned your usdcad trade?
  • #1,398
  • Mar 5, 2010 10:06am Mar 5, 2010 10:06am
Quoting Milton
Dave, how has turned your usdcad trade?
That one went to 4.7 loss I'm afraid Milton. My trouble is I just don't know when to stay out of the market! It had been quiet all morning and I'd lost on a few trades and was keen to have a win. I saw that run up and thought we were in business....but it was 45 mins before a key news release.

I would normally have exited at the close of the next bar and this would have got me out B/E. However, in this case the next bar closed as a bullish inside bar and I thought it was worth waiting to see if it broke upwards - it didn't.

Oh well, always learning.
  • #1,399
  • Mar 5, 2010 10:06am Mar 5, 2010 10:06am
Quoting Bankshot
Better to be silent and thought ignorant than to speak and remove all doubt.


Maybe I should shut up too!
  • #1,400
  • Mar 5, 2010 10:21am Mar 5, 2010 10:21am
Quoting Sutts


Maybe I should shut up too!
No, no, I'm learning much from you. Continue. As Sho says: be happy with your losses, they teach you something.
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