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intraday trend trading with price action

  • #1,701
  • Mar 24, 2010 8:01am Mar 24, 2010 8:01am
Quoting matlobien
Sho, is your swing trading entries based on the same criteria as explained in this thread ?

yes.what i shared with u so far thats is about 30% of what i know
normally i enter with 15min intraday and let it run.about the swing trade later.
i dont like to confuse you guys.thats why i dont make complicate things for u guys.
i am trying to explain easy way.
1 thing at a time.
  • #1,702
  • Mar 24, 2010 8:05am Mar 24, 2010 8:05am
Quoting trade price
did u see the chart?
eventhough its a indicision bar but
its a small stop.after an impulsive it represents the selling presure and its a fib level.
fib is a great tool(its not methood) for traders.
I must have got it wrong when you mentioned no price action, no trade on the first page, that you meant price action to be bar/candle pattern.
So from this example, you will still open a trade when there is a small bar in a corrective move, even though the bar may not be any bar pattern.

Please correct me if I am wrong.
  • #1,703
  • Mar 24, 2010 8:06am Mar 24, 2010 8:06am
Quoting trade price
divergence is still valid until the down move comes.
after the divergence it may go up or down.divergence represents momentum is slowing.not trend reversing.most people misuse the stocastic or any momentum indicators.they allways blame methood or indicator but they doesnot understand how to use them.
Thanks.
  • #1,704
  • Mar 24, 2010 8:12am Mar 24, 2010 8:12am
Quoting trade price
ok guy get ready for one more important lesson.
mju its ur chart.786 similer type of thing u asked i will explain more later.

see the chart first and then
see the big number 2, the bearish bar where i pointed.

our entry was great(green bar).we did get stoped out(red bar). now i wanna see is it real bull or it was just stop hunt.close of this bar now i know it was stop hunt big boys are comeing.for this kind of setup you would not get retracement most of the time.to many orders in the market that moves the market very quickly....
graet posting, thanks
i always had the feeling it is like you said but could not realy handle it.
I knew that short was not over when sl was taken but what to do? no chasing , the move down was very fast and strong

i dont know nothing about level playing
i understand the stop hunting and why the downmove was so strong
  • #1,705
  • Mar 24, 2010 8:15am Mar 24, 2010 8:15am
Quoting the novice
I must have got it wrong when you mentioned no price action, no trade on the first page, that you meant price action to be bar/candle pattern.
So from this example, you will still open a trade when there is a small bar in a corrective move, even though the bar may not be any bar pattern.

Please correct me if I am wrong.
bar is just time frame.we care what the overall market condition is.that what i call price action.i dont call a candle or a bar price action.most of the trader call only candle or a bar price action.but i am not agree with them.
for me price action is overall market condition.(what market is telling me)
  • #1,706
  • Mar 24, 2010 8:53am Mar 24, 2010 8:53am
Quoting trade price
bar is just time frame.we care what the overall market condition is.that what i call price action.i dont call a candle or a bar price action.most of the trader call only candle or a bar price action.but i am not agree with them.
for me price action is overall market condition.(what market is telling me)
This is good.
Thanks for the clarification.
  • #1,707
  • Mar 24, 2010 8:57am Mar 24, 2010 8:57am
Quoting trade price
yes.what i shared with u so far thats is about 30% of what i know
normally i enter with 15min intraday and let it run.about the swing trade later.
i dont like to confuse you guys.thats why i dont make complicate things for u guys.
i am trying to explain easy way.
1 thing at a time.
Thanks Sho.

You really explain things easy.

Wish you had been my Maths teacher at school.

  • #1,708
  • Mar 24, 2010 9:51am Mar 24, 2010 9:51am
Hi guys,
Interesting discussion this morning. I missed the train on the GU, nothing new. Sho on your chart the entry bar is a doji or near doji with almost equal wick on both sides and short ones at that. In "volume spread analisys" this type bar/candle with high volume (need a tick chart for that) is considered a set up by strong hands to either accumulate or distribute before a move. They buy in a down move to create a consolidation area or correction to draw in weaker players while adding to their position. The doji is created when they Are ready to continue the move (down) , and buy or sell into all the supply at a certain area soaking up whatever momentum is left to the up side but not forcing the price down until everything at that price is theirs, thus the short wick. If price goes a tick or 2 up they sell in to it enough to stop it. If price goes below it they will buy enough to stop it. When there are no buyers north of that position they reverse their buys at a small loss creating more momentum to the down side.
This all made sense when I wasn't drinking.
  • #1,709
  • Mar 24, 2010 9:54am Mar 24, 2010 9:54am
Quoting Bankshot
Hi guys,
Interesting discussion this morning. I missed the train on the GU, nothing new. Sho on your chart the entry bar is a doji or near doji with almost equal wick on both sides and short ones at that. In "volume spread analisys" this type bar/candle with high volume (need a tick chart for that) is considered a set up by strong hands to either accumulate or distribute before a move. They buy in a down move to create a consolidation area or correction to draw in weaker players while adding to their position. The doji is created when they Are...
Wow, that well interesting. thanks bankshot
  • #1,710
  • Mar 24, 2010 10:59am Mar 24, 2010 10:59am
Quoting Bankshot
Hi guys,
Interesting discussion this morning. I missed the train on the GU, nothing new. Sho on your chart the entry bar is a doji or near doji with almost equal wick on both sides and short ones at that. In "volume spread analisys" this type bar/candle with high volume (need a tick chart for that) is considered a set up by strong hands to either accumulate or distribute before a move. They buy in a down move to create a consolidation area or correction to draw in weaker players while adding to their position. The doji is created when they Are...
Thanks Bankshot, interesting stuff for sure. Wish we knew more of the games played behind the scenes. It would really help with the PA reading if you could associate it with the actions of the big players.
  • #1,711
  • Mar 24, 2010 11:11am Mar 24, 2010 11:11am
Hi Sho,

I think I need your help with my interpretation of impulse waves please.

I thought I had it wrapped up but a few bad trades today got me wondering.

I attach charts of EU and GU today. The EU looked a better setup but at the time of my trades I thought we were in the correction phase of bullish impulses on both EU and GU.

I took an earlyish EU entry at the reaction to the 38.2. This was stopped out. Luckily I didn't get any further signal bars on the EU correction.

The first GU entry looked pretty good I thought - reaction to 50% fib and prior support line. This was stopped out and price fell to the 61.8 fib where we got another reaction. I went long again and got stopped out again.
By the time we got another signal bar we were well past the 61.8 level so I called it quits.

What I really need to know is: WERE WE IN A CORRECTION TO A BULLISH IMPULSE MOVE OR NOT?

I think in future I might just stick to trading with the channel. This clever stuff might be beyond me.

Thanks
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Impulse1.GIF Size: 26 KB
Click to Enlarge Name: Impulse2.GIF Size: 26 KB
  • #1,712
  • Mar 24, 2010 11:57am Mar 24, 2010 11:57am
I've been thinking some more about the above trades. On both EU and GU we'd been in a strong down trend for some time. I got excited when I saw what I thought was a bullish impulse (against the trend and the channel but an impulse move none the less). I'd been looking for clear impulses all day and I thought I had a good one.

Now, looking back, what I was expecting was for the trend to turn on a dime and head magically back up. This was clearly wishful thinking. In such situations in future I think I won't consider an impulsive move against the trend as such a hot ticket and fully expect a deep (if not full) retrace before price even thinks about reversing.

Heck, I even discarded a perfectly good pin bar off prior support turned resistance at the central channel line due to the prospect of this long setup (see 1 bar before my first GU entry). Yes, I actually saw what could be an A+ setup and passed on it.

I think I need my head examining.
  • #1,713
  • Mar 24, 2010 12:05pm Mar 24, 2010 12:05pm
Quoting Sutts
Hi Sho,

I think I need your help with my interpretation of impulse waves please.

I thought I had it wrapped up but a few bad trades today got me wondering.

I attach charts of EU and GU today....
eu trade was ok but stoped out.
gu was completly wrong play
Attached Image (click to enlarge)
Click to Enlarge Name: dave.gif Size: 29 KB
  • #1,714
  • Mar 24, 2010 12:48pm Mar 24, 2010 12:48pm
Sho would this qualify as an entry candle (arrow) ie open of green candle, 50% retrace and area of support
Attached Image (click to enlarge)
Click to Enlarge Name: ffffffffffffffffffffff.gif Size: 21 KB
  • #1,715
  • Mar 24, 2010 5:21pm Mar 24, 2010 5:21pm
Quoting trade price
eu trade was ok but stoped out.
gu was completly wrong play

Thanks for the advice Sho. Even though those green bars looked strong I can see now they were completely dwarfed by the big red bar and that should have set the alarm bells ringing. I'll keep working at it.

I think until I become more proficient I should listen to what the channel is telling me and stick with trades in line with the channel slope.

Cheers,

Dave
  • #1,716
  • Mar 24, 2010 8:32pm Mar 24, 2010 8:32pm
Quoting trade price
eu trade was ok but stoped out.
gu was completly wrong play
Sorry brother as I am not sharp and things sink in my had late.
I did not understand that fully.

I thought we make impulsive waves from swing high and swing low. And once market fails to make new high we consider that change of wave direction, i mean corrective waves become impulsive wave etc.

And I thought price action would tell the end of impulsive wave and I can take shot. But I think I am totaly wrong. Sorry brother can you explain one more time that how we take price action to decide impulsive wave.
And in the chart grey area, does the third pin bar candle telling us that trend is down or momentum is down?
Because one red and two up green are equal and as market has no time frame so it does not bother the candles, but we are looking into candles as time.. like red bar movent is in 15 min where as two green up made in 30 min. so down speed was greater then up speed which is rythem and momentum (if I am not wrong. ) so momentum is down based on speed and then fouth pin bar unable to close above the chaned middle and chanel acted as resistance, so that price action confirm down trend and down momentum. Is it correct? I am sorry for long question but many things are going on in my mind...

Thanks bro.
  • #1,717
  • Mar 24, 2010 11:55pm Mar 24, 2010 11:55pm
Hi Francis,

Could you share your big number indicator? I always miss to take this into consideration before jump in, it could be a good help.

Tks
City

Quoting francis2
Sho would this qualify as an entry candle (arrow) ie open of green candle, 50% retrace and area of support
  • #1,718
  • Mar 25, 2010 12:12am Mar 25, 2010 12:12am
Quoting trade price
yes.what i shared with u so far thats is about 30% of what i know
normally i enter with 15min intraday and let it run.about the swing trade later.
i dont like to confuse you guys.thats why i dont make complicate things for u guys.
i am trying to explain easy way.
1 thing at a time.
I really hope we qualify soon to learn the other 70%.

The amount I have learned in the past 2 months is amazing.

And it is really not rocket science, just simple basics applied properly and at the right time.

But , you can have the best method and still fail. You have to have some one to show you how to use it correctly. And that is where you are successful Sho.

You really are a good teacher.

We salute you.

  • #1,719
  • Mar 25, 2010 3:05am Mar 25, 2010 3:05am
Sho,

I think this might be a better candidate for a bullish impulse.
I'm trying to see the clues that tell us the major flow is now to the upside.

Am I on the right track?

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: Impulse3.GIF Size: 16 KB
  • #1,720
  • Mar 25, 2010 4:15am Mar 25, 2010 4:15am
Quoting Buildcity
Hi Francis,

Could you share your big number indicator? I always miss to take this into consideration before jump in, it could be a good help.

Tks
City
Hi Buildcity
I have this one:
I don't know the fifference between ex.4 and mq4
Attached File(s)
File Type: mq4 SDX-SweetSpots_v4_MP6L.mq4   10 KB | 303 downloads
File Type: ex4 SDX-SweetSpots_v4_MP6L.ex4   6 KB | 269 downloads
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