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intraday trend trading with price action

  • #1,861
  • Apr 13, 2010 2:09am Apr 13, 2010 2:09am
I am a newbie with your thread sho. Very nice!! and I make some green pipies thanks to your theory.
But I have a question anyway:
How do you consider a trend? Do you consider higher TF 4H,1H, or only a sloppy direction on 15min???

Can anybody answer?
Thanks in advance.
  • #1,862
  • Apr 13, 2010 3:27am Apr 13, 2010 3:27am
Hi Feri,

As Sho has advised, stay with just one time frame. The 15 min will tell you all you want to know. Trade the immediate trend, by looking for impulsive/corrective moves.

Go thru the document produced by Alan, and as much of the thread as possible to fully understand entries and exits - this will pay you good dividends.

Pardy
  • #1,863
  • Apr 13, 2010 6:07am Apr 13, 2010 6:07am
Quoting trade price
all the big move happens when stocastic or any indicator is overbought or oversold.
thats why dont look at them before entering.

sho
wow - Sho excellent advice on these indicators... I am still reading and reading and going to do some more reading, but I like what I read, it brings a lot together that has been hanging like loose ends in the wind...

Thanks for your time and effort
  • #1,864
  • Apr 14, 2010 9:39am Apr 14, 2010 9:39am
hi, a noob still learning here..

been reading thru a few times. incredible stuff. i've got a question.

for you all, how is the best wayy to tell the market is flat? (the most accurate in your opinion?)
  • #1,865
  • Apr 14, 2010 10:15am Apr 14, 2010 10:15am
Quoting firdaus10
hi, a noob still learning here..

been reading thru a few times. incredible stuff. i've got a question.

for you all, how is the best wayy to tell the market is flat? (the most accurate in your opinion?)
For me this is flat (Current EJ Chart), the candle is stuck between the KC
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  • #1,866
  • Apr 15, 2010 2:18am Apr 15, 2010 2:18am
I am posting a pic of the chart with some questions. Anyone can answer.

NR 1: is this bar considered as pin bar? did anybody take the trade SHORT even if PA closed above KCf and it was strong UP momentum? And, even KCh went slowly UP.

NR 2: lighter perhaps. again same question, diferent momentum. Is that bar marked with arrow considered as pin? Despite of strong momentum there? Anyone took LONG? If yes, only because Resistance line (light blue)

NR 3: Did anybody take SHORT there? If yes why? How to consider PA marked "V" shaped line? is it corrective wave and then from point 4 Impulsive?

NR 4: Did anybody take SHORT there? If yes why? PA closed above UP going KCh, no signs to go shortexcept arrowed green pin bar if it coul be so called..
Thanks, it will be great school for me.
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  • #1,867
  • Apr 15, 2010 3:28am Apr 15, 2010 3:28am
hi sho, had a few items that need clarification
thanks for your help!
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  • #1,868
  • Apr 15, 2010 4:25am Apr 15, 2010 4:25am
Hi Sho,

after wading thru the early pages of your thread, am still reading more - please review and give feedback:

Impulse : Red
Corrections: Purple

Trade 1: entry upon passing open after failing retest of resistance, SL @ Resistance; + 60

Trade 2: entry upon failing to breach the resistance @ 38% of prev move, SL above 38% level +5; +25

Trade 3: Entry 5 pips below RN after retesting of RN failed, SL 10 pips above RN - still in trade

Much appreciated
  • #1,869
  • Apr 15, 2010 4:33am Apr 15, 2010 4:33am
Quoting Paulette
Hi Sho,

after wading thru the early pages of your thread, am still reading more - please review and give feedback:

Impulse : Red
Corrections: Purple

Trade 1: entry upon passing open after failing retest of resistance, SL @ Resistance; + 60

Trade 2: entry upon failing to breach the resistance @ 38% of prev move, SL above 38% level +5; +25

Trade 3: Entry 5 pips below RN after retesting of RN failed, SL 10 pips above RN - still in trade

Much appreciated

Let see if chart has now attached
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  • #1,870
  • Apr 15, 2010 9:27am Apr 15, 2010 9:27am
HI!!, I've been pretty much stalking this thread for a while but confused about some stuff.

For instance, at what point during a trade should we move it to break-even? Because from some of Shos' post, a trade is moved to break even after 3-4 pips in the positive?

The second thing is, once there's a divergence showing, are we NEVER! allowed to take a trade? if so, then at what point are we allowed to after a divergence is shown?

thanks for any replies! http://cdn.forexfactory.com/images/icons/icon10.gif

Derik.
  • #1,871
  • Apr 15, 2010 12:38pm Apr 15, 2010 12:38pm
Quoting Derik
HI!!, I've been pretty much stalking this thread for a while but confused about some stuff.

For instance, at what point during a trade should we move it to break-even? Because from some of Shos' post, a trade is moved to break even after 3-4 pips in the positive?

The second thing is, once there's a divergence showing, are we NEVER! allowed to take a trade? if so, then at what point are we allowed to after a divergence is shown?

thanks for any replies! http://cdn.forexfactory.com/images/icons/icon10.gif

Derik.
Hi Derek I believe the general consensus is to bring trade to b/e after first bar has closed
Divergence is a warning that a reversal could be around the corner and as with everything in forex isnt a definite if a trade sets up with low risk you can take it
  • #1,872
  • Apr 15, 2010 3:17pm Apr 15, 2010 3:17pm
what do you guys think of this?

i was reading the trade price pdf during class and realized how silly it was for me to only watch eur/usd

so i opened a bunch of charts with keltners and saw usd/cad here

is this valid even though price violates the middle band?
Attached Image
  • #1,873
  • Apr 15, 2010 3:18pm Apr 15, 2010 3:18pm
i cut off too much

if you look left you can see resistance turning to support

so does that make it okay that price violated the middle band?
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  • #1,874
  • Apr 15, 2010 3:55pm Apr 15, 2010 3:55pm
why is it silly? there wil come a time when you realize what you are doing here is simply training yourself to know that pair like the back of your hand. It will come in handy for you. Someday you may realize that price patterns oft times lie. Not a put down on this method or any other - just most likely this is just a bustop on a long journey. good trading to u.
I mean - if your interest is in knowing price patterns - then proceed w/ looking at many pairs - if your interest is in knowing a pair so well you can sense when something aint right - then stick to a single pair.



Quoting frankkn
i was reading the trade price pdf during class and realized how silly it was for me to only watch eur/usd
In trading, there is no bullshit. You either make money or you don't.
  • #1,875
  • Apr 15, 2010 5:34pm Apr 15, 2010 5:34pm
Quoting Derik
HI!!, I've been pretty much stalking this thread for a while but confused about some stuff.

For instance, at what point during a trade should we move it to break-even? Because from some of Shos' post, a trade is moved to break even after 3-4 pips in the positive?
depend on market and price action.sometimes i open and close the trade on the spot.

Quote
The second thing is, once there's a divergence showing, are we NEVER! allowed to take a trade? if so, then at what point are we allowed to after a divergence is shown?
Derik.
i do take the trades when divergence comes but u must be carefull because momentum is slowing.i only take A+ trades after divergence with small stop .
and get out as soon as i do see reversal.
for A+ trades read all the threads.


Quoting frankkn
what do you guys think of this?

i was reading the trade price pdf during class and realized how silly it was for me to only watch eur/usd

so i opened a bunch of charts with keltners and saw usd/cad here

is this valid even though price violates the middle band?
if u wanna stick with one or two u can .its hard for new people to use lots of charts at the same time.u can do that with enough practice and errors.
more charts mean u will get better setups(u can be a picky).
u dont have to force ur self to trade bad setups.but at the begining stick with one or two,see and underrstand those pairs behaviors.slowly increase more pairs to ur arsenal.
and yes its still a valid trade. kelthner is only guide for new people.i trade naked charts.u can do that with enough experience. i dont draw any line or any thing on the charts while trading.u will do the same as well soon.
with momentum and small stops trades is valid.
and when we look at the charts we dont need to much back data.
if u want keep daily or 4hour chart as a refrence.only for support and resistant nothing else.
i can see another nice couple of entry was on the charts.


Quoting Paulette
Hi Sho,

after wading thru the early pages of your thread, am still reading more - please review and give feedback:

Impulse : Red
Corrections: Purple

Trade 1: entry upon passing open after failing retest of resistance, SL @ Resistance; + 60

Trade 2: entry upon failing to breach the resistance @ 38% of prev move, SL above 38% level +5; +25

Trade 3: Entry 5 pips below RN after retesting of RN failed, SL 10 pips above RN - still in trade

Much appreciated
u r doing great.keep it up.
keep every thing simple as much as possible like ur doing allready.
Quoting nkp9999
Hi,

Can you please tell me if this is the correct thinking? Should the entry have been at the close of the previous IB or should it be on the break of the IB?

TIA.
entry was break of ib.or u can wait for retrace for small stop.
or u can pass the trade.

Quoting learner
Thank you for your valuable time. I have been following this thread silently from the beginning. I've learned a lot from you, you are an angel.

I have a question for you regarding the attached trade example.

In the number 2 short trade. While the Keltner Channel is going upwards and the candle closed as a bullish candle. Why is this considered a short trade?

I am interested in learning the reasoning behind this as I do not understand why.

Thank you in advance.
.
because momentum changed.and answer is on the charts why i entered.

Quoting rogerdoger
hi sho, had a few items that need clarification
thanks for your help!
your charts.again dont trade side way market untill u know the ins and out of the methood.
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thanks to all.

may be i wont be able to answer time to time.please help each others.i am not ignoring any body.dont argue in the public forum without valid reason.dont waste valuable time.keep practicing what u know.trading is simple.peoples make that difficult.they does not know how to trade..remember chart is a chart.
i will answer whenever i can.keep practicing.
i have shared lots of things but i said them like puzzles.read all the posts again and again u will get the picture.
when times will come i will share bit more each time.
i will share some institutional(mm) play. not yet.its how to play both side of the market.(not advanced it is advanced++)
and its not for under capitalised person.its with the hedging stratagy.
so stay tune its long way to go guys.
and i can see all of u still a baby for market.not only u guys most of the people with ff from long time.(imho).

dont missuse what i share with u guys.use how i say u will get better result.if u dont it will take bit more time to understand what i said.


thats all for now
happy trading
sho
  • #1,876
  • Apr 15, 2010 5:40pm Apr 15, 2010 5:40pm
thanks sho. good work
  • #1,877
  • Apr 15, 2010 9:48pm Apr 15, 2010 9:48pm
Quoting mrgreen
why is it silly? there wil come a time when you realize what you are doing here is simply training yourself to know that pair like the back of your hand. It will come in handy for you. Someday you may realize that price patterns oft times lie. Not a put down on this method or any other - just most likely this is just a bustop on a long journey. good trading to u.
I mean - if your interest is in knowing price patterns - then proceed w/ looking at many pairs - if your interest is in knowing a pair so well you can sense when something aint right -...
Nice suggestion.

Just do the style work for you is enough.
  • #1,878
  • Apr 16, 2010 1:36am Apr 16, 2010 1:36am
Quoting trade price
use how i say u will get better result.if u dont it will take bit more time to understand what i said.
Completely aggreed.

However, it is so difficult to follow. Sometime, it seems a retracement for long.

Actually, it is a retracement for short. Another time, it seems an entry point of retracement, but the price retraces further.

I understand the divergent, but never use it for any trade yet.

The positive thing is that all babies will grow up into adults. I hope we all can.
  • #1,879
  • Apr 16, 2010 2:45am Apr 16, 2010 2:45am
With Sho's method, we need incredible discipline to make it work.

Here are some beliefs which Mark Douglas encourages in his book "Trading in the Zone". Being aware of them is one thing, but instilling them in us as "second nature" and living by them, is the real challenge.

I AM A CONSISTENT WINNER BECAUSE:

 

  1. I objectively identify my edges
  2. I predefine the risk of every trade
  3. I completely accept the risk or I am willing to let go of the trade
  4. I act on my edges without reservation or hesitation
  5. I pay myself as the market makes money available to me
  6. I continually monitor my susceptibility for making errors
  7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them


Poster below.

Attached File(s)
File Type: pdf I am a consistent winner because.pdf   25 KB | 1,509 downloads
  • #1,880
  • Apr 16, 2010 9:34am Apr 16, 2010 9:34am
Hi Sho...

Just wanted to share my first trade using your methodology. I must say I typically don't read the rookie section on FF but I some how stumbled upon your thread. With out a doubt it's one of the most informative threads here at FF.

Here is my 15M EU chart. We had a pullback to the middle keltner channel and a pin bar formed. We are in a down move so I jumped in on the next candle that broke the bottom on the PB. Easy 26 pips. I think I got the entry correct. Any feedback would be appreciated.
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