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intraday trend trading with price action

  • #1,401
  • Mar 5, 2010 10:42am Mar 5, 2010 10:42am
Quoting Milton
No, no, I'm learning much from you. Continue. As Sho says: be happy with your losses, they teach you something.
Glad I could help Milton, have a good weekend....
  • #1,402
  • Mar 5, 2010 10:51am Mar 5, 2010 10:51am
Thanks sutts for your reply about 3 trades.

So we do make max of 3 consec trades but if all of them fail we keep quiet. Am i right?
  • #1,403
  • Mar 5, 2010 10:51am Mar 5, 2010 10:51am
Quoting Sutts
Glad I could help Milton, have a good weekend....
Same for you , Dave.
  • #1,404
  • Mar 5, 2010 11:07am Mar 5, 2010 11:07am
Quoting adler
Thanks sutts for your reply about 3 trades.

So we do make max of 3 consec trades but if all of them fail we keep quiet. Am i right?
That's my plan adler. I have a vague recollection of Sho recommending this but it could have come from elsewhere. I personally like the idea - if it hasn't worked after 3 tries then it probably isn't going to. Bit like stopping for the day if you've had X failed trades or X drawdown...keeps you out of trouble and gives you a chance to get some fresh eyes.

I'm sure Sho will mention it if he sees different. I'm looking forward to the post he's putting together for us.

Cheers,

Dave
  • #1,405
  • Mar 5, 2010 11:45am Mar 5, 2010 11:45am
Quoting Sutts
That's my plan adler. I have a vague recollection of Sho recommending this but it could have come from elsewhere. I personally like the idea - if it hasn't worked after 3 tries then it probably isn't going to. Bit like stopping for the day if you've had X failed trades or X drawdown...keeps you out of trouble and gives you a chance to get some fresh eyes.

I'm sure Sho will mention it if he sees different. I'm looking forward to the post he's putting together for us.

Cheers,

Dave
Hi Dave

As in any good thread, the starter cannot always be around to answer questions, there will always be one who has learnt the most and the fastest who will step up and lead the learning process.

Well done Dave!

I did not trade today because of news day.
If I am profitable, I may not be able to repeat it on the next news day.
If I am not profitable, I would wonder why trade on news day.
It is a no-win situation, so I stay out usually.

As regards your comment about 3 consecutive failed signals and you are out, maybe Sho can comment on it.
I have always the impression that in a short time frame trade system, the idea is always to shoot when target is in sight. Who knows if the 4th target is going to be the runner, as long as the previous 3 losses were kept small.

Have a restful weekend.
  • #1,406
  • Mar 5, 2010 12:03pm Mar 5, 2010 12:03pm
Quoting Sutts
That's my plan adler. I have a vague recollection of Sho recommending this but it could have come from elsewhere. I personally like the idea - if it hasn't worked after 3 tries then it probably isn't going to. Bit like stopping for the day if you've had X failed trades or X drawdown...keeps you out of trouble and gives you a chance to get some fresh eyes.

I'm sure Sho will mention it if he sees different. I'm looking forward to the post he's putting together for us.

Cheers,

Dave
If it doesnt work after x times could be possibility of round number , sideways market, imminent s/r area its got to be something stopping progress
  • #1,407
  • Mar 5, 2010 7:38pm Mar 5, 2010 7:38pm
[quote=Sutts;3525381]OK Sho, here's my first shot at a set of rules for a long position:

Hey Sutts, Very impressive set of rules!!
  • #1,408
  • Mar 5, 2010 11:39pm Mar 5, 2010 11:39pm
Being quite busy at work this week and trying to figure out Sho's trading form into my trading method. See whether it works and so far still in positive movement (lucky)!

Seems that Sho has several good students here, Sutt, Milton, Alan etc., wish you all have good pips. I'm still learning from master Sho and you guys.

Thanks Sho!! Really learn alot about the PA that I omit previously.

Regards,
City http://cdn.forexfactory.com/images/icons/icon14.gif
  • #1,409
  • Mar 6, 2010 3:53am Mar 6, 2010 3:53am
Thanks for the kind words guys. I've learned much from your posts so let's keep the discussions going. I hope we can refine a set of rules that will keep us out of trouble and with luck we can learn from each other's successes and failures over the coming weeks.

I've got a long way to go but I really believe in this method of riding momentum - it makes more sense than anything I've tried before. I especially like the simple rule of parking stops behind the reaction (signal) bar. The reaction shows supply or demand kicking in and the potential start of a new impulsive wave. If price manages to go beyond that bar then the basis of the trade is invalidated - simple and elegant - no more agonising over where to place stops or even worse, fixed pip stops.

Thanks Sho for helping us find our way.....
  • #1,410
  • Mar 6, 2010 5:49am Mar 6, 2010 5:49am
I do agree with you, especially the way to put a small SL above or below a pin bar, trading in this way make me feel alive again while I used to lose 20 ~ 30 pips per trade previously (don't want to lose, then the loss becme even bigger....... haha).

BTW, do you guys have a handy SL script / EA which can be hide from broker but the trader can freely move it (by mouse) up and down on the main chart?

I am searching it to further enhance my trading.


Quoting Sutts
Thanks for the kind words guys. I've learned much from your posts so let's keep the discussions going. I hope we can refine a set of rules that will keep us out of trouble and with luck we can learn from each other's successes and failures over the coming weeks.

I've got a long way to go but I really believe in this method of riding momentum - it makes more sense than anything I've tried before. I especially like the simple rule of parking stops behind the reaction (signal) bar. The reaction shows supply or demand kicking in and the potential...
  • #1,411
  • Mar 6, 2010 6:20am Mar 6, 2010 6:20am
Quoting Buildcity
I do agree with you, especially the way to put a small SL above or below a pin bar, trading in this way make me feel alive again while I used to lose 20 ~ 30 pips per trade previously (don't want to lose, then the loss becme even bigger....... haha).

BTW, do you guys have a handy SL script / EA which can be hide from broker but the trader can freely move it (by mouse) up and down on the main chart?

I am searching it to further enhance my trading.
Hi,
I've just trialled this EA on demo, works very well, and can be great for our purposes - it was posted by someone on FF.

2 ways to use it.
1. Open trade yourself. Then manage it by moving the tp/ sl line on the chart ( just double click it). The sl/tp is hidden from the broker. Always have a hard sl also just in case of platform going down!
2. Put a horizontal line on your chart where u want the trade to trigger. Double click and rename it to bs ( for buy stop) or ss ( for sell stop). You can have both if u want. Then when price hits your line, a trade is opened. Manage it as u would in 1 above.

Hope this helps.
Pardy
Attached File(s)
File Type: ex4 EASY.ex4   10 KB | 511 downloads
  • #1,412
  • Mar 6, 2010 6:21am Mar 6, 2010 6:21am
Hey Sutts and Buildcity,

I agree, small stop is the key. I used to have large stopps (20-30 pips) as well to "give it room to move", how wrong I was.

If you are right in the wave count you will make money with the impusive wave. If you were wrong the small stop gives you a chance to try again 2-3 more times with 10-12 pip stops.

Then by allowing the winners to run your net gain is a plus.

I am up early this am reading an learning as much as I can, review old post etc. I hope everyone realizes the value of what Sho has given us.
  • #1,413
  • Mar 6, 2010 6:24am Mar 6, 2010 6:24am
Quoting TheRoper
Hey Sutts and Buildcity,

I agree, small stop is the key. I used to have large stopps (20-30 pips) as well to "give it room to move", how wrong I was.

If you are right in the wave count you will make money with the impusive wave. If you were wrong the small stop gives you a chance to try again 2-3 more times with 10-12 pip stops.

Then by allowing the winners to run your net gain is a plus.

I am up early this am reading an learning as much as I can, review old post etc. I hope everyone realizes the value of what Sho has given us.
Its pure gold!! Since ure getting in the trade earlier, as opposed to indi driven entries, you can get away with not giving it too much room!!!
  • #1,414
  • Mar 6, 2010 6:39am Mar 6, 2010 6:39am
Kurt,

My trading has not been bad during this past year. But what was letting me down was the SL. Because your advised on most threads and by many traders to have a SL, which allows the market to breath. So out of 4 trades I always normally had one as a loser. Now since that was 30 to 40 pips. That always took a large chunk of my profit. Especially when your average win was from 10 to 25 pips. So this idea of using 10 to 15 pip SL at the right place, has worked wonders for me.
  • #1,415
  • Mar 6, 2010 6:46am Mar 6, 2010 6:46am
Quoting Pardy
Its pure gold!! Since ure getting in the trade earlier, as opposed to indi driven entries, you can get away with not giving it too much room!!!
I have tried a lot of methods and this is the one that is making up the lost pips from the past
  • #1,416
  • Mar 6, 2010 6:49am Mar 6, 2010 6:49am
Quoting ukcool
Kurt,

My trading has not been bad during this past year. But what was letting me down was the SL. Because your advised on most threads and by many traders to have a SL, which allows the market to breath. So out of 4 trades I always normally had one as a loser. Now since that was 30 to 40 pips. That always took a large chunk of my profit. Especially when your average win was from 10 to 25 pips. So this idea of using 10 to 15 pip SL at the right place, has worked wonders for me.
Thanks UK, we are all helping each other. I think this is what makes this thread so special. Good or bad everyone's posts helps us grow into better traders.
  • #1,417
  • Mar 6, 2010 10:19am Mar 6, 2010 10:19am
Quoting Pardy
Hi,
I've just trialled this EA on demo, works very well, and can be great for our purposes - it was posted by someone on FF.

2 ways to use it.
1. Open trade yourself. Then manage it by moving the tp/ sl line on the chart ( just double click it). The sl/tp is hidden from the broker. Always have a hard sl also just in case of platform going down!
2. Put a horizontal line on your chart where u want the trade to trigger. Double click and rename it to bs ( for buy stop) or ss ( for sell stop). You can have both if u want. Then when price hits your...
Tks mate, will give it a try in coming trading day.

Cheers
City
  • #1,418
  • Mar 6, 2010 7:58pm Mar 6, 2010 7:58pm
Hello Sho


Quote
Sutts ENTRY Rule:
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.


Sorry to trouble you, You have answered this before, but still not clear, I can count impulse and corrective waves but sutts explanation of entry based on the rules he wrote refers to the third wave (Impulse for a entry).

Wave 1 (Impluse)
Wave2(corrective)
IB/OB/PB then break enter for a trade (3rdwave) and stop loss based on IB/OB/PB

Is this your aggrement as well. Do you trade only 3rd wave for all initial entry?

Do you ever trade wave 1?


Regards
Adler
  • #1,419
  • Edited 10:09pm Mar 6, 2010 9:50pm | Edited 10:09pm
Hello Sho

Based on this system, I have done wave counts and entries accordingly. Please can you confirm whether my thaughts are in line with this system. Your help is greatly appreciated

I have pointed places where the probable entries and exits are!

I have pointed where I would think Impulse , corrective and impulse turned corrective and also corrective turned impulse . Please can you correct me where I went wrong in the counts?
Attached Image (click to enlarge)
Click to Enlarge Name: Wave Analysis and Entries1.jpg Size: 113 KB
  • #1,420
  • Edited 3:34am Mar 7, 2010 3:18am | Edited 3:34am
Quoting adler
Hello Sho

Based on this system, I have done wave counts and entries accordingly. Please can you confirm whether my thaughts are in line with this system. Your help is greatly appreciated

I have pointed places where the probable entries and exits are!

I have pointed where I would think Impulse , corrective and impulse turned corrective and also corrective turned impulse . Please can you correct me where I went wrong in the counts?

Nice chart adler thanks. Should be good for discussion.

I'll leave the real comments to the master but perhaps I could make a few observations in the mean time.......

These comments are based on feedback I've had from Sho in the past where I've missed waves created by inside bars and mini corrections created by just a few bars. Missing a mini-correction can lead to missed opportunities. For instance, towards the right of the chart you would have missed a nice long.

Where I run into problems is whether a single (non IB) bar can represent a correction or failed impulse. I guess this will always be a problem as Elliot Wave Theory is well known for its subjective nature and miscounts are common from what I gather.
Attached Image (click to enlarge)
Click to Enlarge Name: Wave Analysis and Entries1.jpg Size: 156 KB
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