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intraday trend trading with price action

  • #1,601
  • Edited 9:27am Mar 17, 2010 9:01am | Edited 9:27am
Hey Sho,

I am not being emotional here, but you are indeed an honorable and noble man, a very rare breed nowadays.

You have shared your knowledge, which is your accumalated wealth, power and experience and shared it with those lacking it.

The rapid growth of this thread within such a short timeframe, your countless efforts in supporting the participants, and my luck to have stumbled upon this thread on google are witness to your mentorship for so many.

It has taken me a few days to completely read this thread with its vast size.

Thank you for sharing your set of rules!
Thanks to all the others who have been regularly contributing in order to make learning faster and more interactive

I would appreciate it if you could PM those money management tips you have.

I wish you all the best in all your endeavors.

I also look forward to being an (ir)regular poster on this thread as I have a few observations to contribute which may be of benefit to many if not all.


(if you have reached this line, thank you for reading all of this msg ;-)

Wacky

I am a live trader, I look at too many pairs (16 of them). Seems to be fine for me. There is always some opportunity on different time frames. I only trade 15 min and above. And this year is not favorable to be trading Daily charts IMHO (at least for now).
On top of that I also trade Futures in EUREX and US.
Nothing is true, Everything is permitted
  • #1,602
  • Mar 17, 2010 9:58am Mar 17, 2010 9:58am
I ve downloaded keltner channel from FF and i opened it with meta editor,i couldn't find it in my meta trader platform.so pls tradeprice or any other pros on this thread i will like you to help me out on how to get keltner working for me and perhaps give me an insight on how it works couple with how to read fibonacci.
Thanks God bless................
  • #1,603
  • Mar 17, 2010 10:18am Mar 17, 2010 10:18am
Thank you Sho. Everything is much appreciated. My trading is better than it ever has been.
  • #1,604
  • Mar 17, 2010 11:05am Mar 17, 2010 11:05am
in a situation like this:

according to rule 2* i decided a 3:1 ratio on this trade cause sl was 10 pips and the sweet spot 1.3720 was far enough away.
but after 29 pips insted of 30 price retraced back and
i changed 3:1 in 2:1 and plan to exit with 20 pips what still is a good ratio and better then an B/E exit

what do you think about this?
Attached Image (click to enlarge)
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  • #1,605
  • Mar 17, 2010 2:45pm Mar 17, 2010 2:45pm
Quoting leksyde
I ve downloaded keltner channel from FF and i opened it with meta editor,i couldn't find it in my meta trader platform.so pls tradeprice or any other pros on this thread i will like you to help me out on how to get keltner working for me and perhaps give me an insight on how it works couple with how to read fibonacci.
Thanks God bless................
Hi Leksyde,

Drop the keltner file below into the indicators folder which lives inside the experts folder in your metatrader folder.

Next you need to restart metatrader to recomplile the new file and then the Keltner Channel will be there in the indicators list

Hope this helps

Alan
Attached File(s)
File Type: mq4 KeltnerChannel_v1.mq4   3 KB | 698 downloads
bringing order to chaos....
  • #1,606
  • Mar 17, 2010 5:43pm Mar 17, 2010 5:43pm
Thanks Sho your time here is much appreciated...

Cheers
  • #1,607
  • Mar 17, 2010 7:35pm Mar 17, 2010 7:35pm
Quoting leksyde
I ve downloaded keltner channel from FF and i opened it with meta editor,i couldn't find it in my meta trader platform.so pls tradeprice or any other pros on this thread i will like you to help me out on how to get keltner working for me and perhaps give me an insight on how it works couple with how to read fibonacci.
Thanks God bless................
ok mate
follow this link its free from you tube

how to install indicator in mt4

click the above link it will help you.

sho
  • #1,608
  • Mar 17, 2010 7:39pm Mar 17, 2010 7:39pm
Quoting mystery23
Hey Sho,

I am not being emotional here, but you are indeed an honorable and noble man, a very rare breed nowadays.

You have shared your knowledge, which is your accumalated wealth, power and experience and shared it with those lacking it.

The rapid growth of this thread within such a short timeframe, your countless efforts in supporting the participants, and my luck to have stumbled upon this thread on google are witness to your mentorship for so many.

It has taken me a few days to completely read this thread with its vast size.

Thank you for...
thats good more pair mean more and better setups.
u trade diffrent market thats good.
hope u can help others as well.
thanks mate.
  • #1,609
  • Mar 17, 2010 7:43pm Mar 17, 2010 7:43pm
Quoting mystery23
Hey Sho,
this year is not favorable to be trading Daily charts IMHO (at least for now).
.
thats not true mate.this year is even better for daily time frame .
lots of good swing trading opportunitys.
  • #1,610
  • Mar 17, 2010 8:03pm Mar 17, 2010 8:03pm
last friday i posted usd/chf daily chart.
after that see the yellow arrow there was another entry for short with small risk.close of the bar.
did any one take that trade?
if you did than you are allready out with 3:1 RR
Attached Image (click to enlarge)
Click to Enlarge Name: trade1.gif Size: 18 KB
  • #1,611
  • Mar 18, 2010 2:30am Mar 18, 2010 2:30am
hi all

do u think this was a good entry,its of the 61 fib
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Click to Enlarge Name: 10.gif Size: 48 KB
  • #1,612
  • Mar 18, 2010 3:07am Mar 18, 2010 3:07am
was not a good one

3 bars later close out
  • #1,613
  • Mar 18, 2010 7:23am Mar 18, 2010 7:23am
hello guys
in the second thread see post #490 and chart.
what i said about eur/gbp

see it today.
you could have made lots of money in daily swing trade.
Attached Image (click to enlarge)
Click to Enlarge Name: trade3.gif Size: 17 KB
  • #1,614
  • Mar 18, 2010 7:48am Mar 18, 2010 7:48am
thanks tradeprice for your valuable time out to reply me,keltner is working for me now.keep the good work up.God bless................
  • #1,615
  • Mar 18, 2010 8:41am Mar 18, 2010 8:41am
Quoting trade price
hello guys
in the second thread see post #490 and chart.
what i said about eur/gbp

see it today.
you could have made lots of money in daily swing trade.

Hi Sho,
there is something i do not understand, please help me

if we setup our trades according to the rules let say : 1% risk and 3:1 ratio
if we do this on m15 charts we ´could get one or even more good ones.
with each good one our acconut is 3% up.
if we do this on daily we need more than 1 day to get a setup and a succes but the profit in our account is also only 3%

so we must make more money with the m15 than with the daily ????
  • #1,616
  • Mar 18, 2010 9:21am Mar 18, 2010 9:21am
Quoting MJurban
Hi Sho,
there is something i do not understand, please help me

if we setup our trades according to the rules let say : 1% risk and 3:1 ratio
if we do this on m15 charts we ´could get one or even more good ones.
with each good one our acconut is 3% up.
if we do this on daily we need more than 1 day to get a setup and a succes but the profit in our account is also only 3%

so we must make more money with the m15 than with the daily ????
some people doesnot like to trade smaller time frame or they doesnot have enough time.
day trading is more risky because you are allways in front of the computer your emotion will distruct you .thats where most of the day traders fails.
you can make money in any time frame.
time frame is personnal choice .everyone is diffrent.
like when i trade forex i trade 15 min and sometimes daily swing trades.
when i trade stock i trade 5 min or less with level 2 data.level 2 data is less than a second.it can changes in less than a second. and i have to chang my mind in a second as well.
hope this help
sho
  • #1,617
  • Mar 18, 2010 9:42am Mar 18, 2010 9:42am
Quoting trade price
some people doesnot like to trade smaller time frame or they doesnot have enough time.
day trading is more risky because you are allways in front of the computer your emotion will distruct you .thats where most of the day traders fails.
you can make money in any time frame.
time frame is personnal choice .everyone is diffrent.
like when i trade forex i trade 15 min and sometimes daily swing trades.
when i trade stock i trade 5 min or less with level 2 data.level 2 data is less than a second.it can changes in less than a second. and i have to chang...
thank you, i would like to trade the bigger tfs like daily but i dont like the bigger SL. Maybee after gettíng more confident with the m15 i switch to bigger tf.

edit: i try bigger tfs already but with very little pos size so a sl does not hurt, but a profit is also mini small
  • #1,618
  • Mar 18, 2010 10:19am Mar 18, 2010 10:19am
Quoting MJurban
thank you, i would like to trade the bigger tfs like daily but i dont like the bigger SL. Maybee after gettíng more confident with the m15 i switch to bigger tf.

edit: i try bigger tfs already but with very little pos size so a sl does not hurt, but a profit is also mini small
I also have same kind of problem. I like smaller time frames (15 min is very comfortable for me not much fast and not much slow or I also like 5 min too) but due to job I cannt fully watch the trade and cannt babysit.
So IMHO you can do one thing. You can scale in your lots in longer time frame. When you are in profit, you can add more lots in it keeping your over all risk 1%.
  • #1,619
  • Mar 18, 2010 10:24am Mar 18, 2010 10:24am
Hi sho, I'm very interested in your system of price action trading and I have read the posts that you've pointed out. You have stated 29 rules but I don't really understand them. Do I need to memorize all the 29 rules? Is there any visual step-by-step tutorial available? I use candlesticks so I don't quite understand when you mean inside bar/outside bar/pin bar... Sorry but I'm just a beginner...
  • #1,620
  • Mar 18, 2010 10:32am Mar 18, 2010 10:32am
Quoting 786 trading
I also have same kind of problem. I like smaller time frames (15 min is very comfortable for me not much fast and not much slow or I also like 5 min too) but due to job I cannt fully watch the trade and cannt babysit.
So IMHO you can do one thing. You can scale in your lots in longer time frame. When you are in profit, you can add more lots in it keeping your over all risk 1%.
thanks for help,
something to think about
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