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intraday trend trading with price action

  • #1,881
  • Apr 17, 2010 2:05am Apr 17, 2010 2:05am
Quoting ozziedave
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.
Yes nice pick, I would do the same short, but watch out the R/N of 1.53.

Cheers
City
  • #1,882
  • Apr 17, 2010 2:09am Apr 17, 2010 2:09am
Hi Rob,

Nice tips, any full version of this ebook? Can it be shared here?

Thks City

Quoting priceaction
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:
[list=1][*]I objectively identify my edges
[*]I predefine the risk of every trade
[*]I completely accept the risk or I am willing to let go of the trade
[*]I act on my edges without reservation or hesitation
[*]I pay myself...
  • #1,883
  • Apr 17, 2010 11:43pm Apr 17, 2010 11:43pm
Quoting Buildcity
Hi Rob,

Nice tips, any full version of this ebook? Can it be shared here?

Thks City
hi city,
i dont know where i had downloaded the book but there is a download in the FF Thread "The Dace" on first page : The Dance Tools.zip
hope that helps
  • #1,884
  • Apr 18, 2010 12:02am Apr 18, 2010 12:02am
Quoting MJurban
hi city,
i dont know where i had downloaded the book but there is a download in the FF Thread "The Dace" on first page : The Dance Tools.zip
hope that helps
Yes, MJ, I got it. Tks

Have a nice week end with family!!

City
  • #1,885
  • Apr 19, 2010 4:40am Apr 19, 2010 4:40am
ok guys .here is a post i posted in the james thread with the chart.thought i should post it here as well.may be u will find something use full from this post.
____________________________________________________________
---------------------------------------------------------------------
Hello everyone.
i am not a great traders like others here.in here lots of nice people sharing their knowledge.i am nothing compare to them.
still thought i must join with u guys to contribute.
if it helps some of u guys i will be glad.my english is bit poor so excuse me for that.i am setteled in uk not an english man..
what i am sharing with all of is.
its bit of understanding supply and demand levels and trade at them with the market flow.how to trade with the momentum.
please feel free to comment on my posts.
if i am wrong correct me may be i can learn something new from u guys.learning never ends.probably bit of out of james methood but any of u might pick up few things from my chart or post and u can add to ur arsenal..or may be i can learn something from ur feedback.
i mostly use supply and demand levels (obvious levels) to entry my position.
understanding supply and demand levels help u to get better entry and exit.
if u see the chart u will get the idea.a picture is worth thousand word.thats why i attached a AUD/USD 4 hour chart.
i use stocastic to see any divergence comeing in the market (nothing else)
on the supply or demand levels.
understanding those levels u can safely enter with small stops .it will make more odds in ur favoure.market is made of imbalance of supply and demand.
must have to have patience to price come to those levels and retest the levels.wait for market to make a nice entry bar or entry point for u.
there is some time u can take break out trades at those levels as well.
the more higher time frame the more stable those levels.
there is some times price will hit those levels like a train is going 120 mph.
u have to stand back.with enough practice and errors u will feel what market is telling u.momentum is with u or aginst u.
u have to see which levels u are on where are u going?
are u standing on the train line in front of the on coming train. (speed is 120 mph) .
or u wanna ride the train safely?
if u wanna ride the train know how to ride it safely.know where the train stop is.that u can get on board safely.
there is some time u must not ride the train.(if its wrong train).u have to know is it the last stop.(revarsal)

know the supply and demand levels.and trade at that levels..
those two are the foundation of profitable trader. use pin bar or any other candle stick pattern to get ur entry
and use other indicators(if u want) as just for confirmation.if u wanna use any know ins and out of that indicator.but remember price is king.less is better.

on the chart see supply levels and demand levels.
once supply level or demand levels get broken. they act as opposite force.
what i mean when supply level gets broken it become demand level.and vice versa.
hope it helps
i will visit some time to get some great knoweledge from all the great traders.

happy trading
sho

Attached Image (click to enlarge)
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  • #1,886
  • Apr 19, 2010 6:44am Apr 19, 2010 6:44am
Attached Image


Great explanation. Supply and demand lines generally are as subjective as most other technical observations, when prices reach those levels, there are only two possibilities, either it holds or it breaks (duh). This is a great pic for explanation where there are two types of entry.

Marked 1 and 2 are typical S/R lines where the best entry is on the retracement back to that line. Taking the retracement is safer than taking a shot at that level outright because you can gauge strength of the level first. Sometimes you will miss the move entirely due to strong buying or selling, but generally, taking the pullback will improve your odds of winning. Eg, if the pullback is very strong, then you know that the level might not hold and you can save yourself some pips by not entering.

Number 3 is my fav type of entry. Where demand line become supply line and vice versa. Jame16 people call them Price Pivot Zone (PPZ). This type of level is very strong and usually do not need to wait for a pullback before entering.

my 2 cents

regards
  • #1,887
  • Apr 19, 2010 10:15am Apr 19, 2010 10:15am
Hi Sho,

Great stuff!!

Took me half an hour to read and re-read and detail exam on what's telling us with the price action in the chart.

Although I'm not fully understanding on the stuff of demand and supply but it really open my eyes. please share this topic even further or guide us some other links to study. Hope .... one day we can trade the FX like yours.

Once again, big thanks for your guidance.
Cheers
City

Quoting trade price
ok guys .here is a post i posted in the james thread with the chart.thought i should post it here as well.may be u will find something use full from this post.
____________________________________________________________
---------------------------------------------------------------------
Hello everyone.
i am not a great traders like others here.in here lots of nice people sharing their knowledge.i am nothing compare to them.
still thought i must join with u guys to contribute.
[color=blue]if...
  • #1,888
  • Apr 19, 2010 10:31am Apr 19, 2010 10:31am
Quoting Buildcity
Hi Sho,

Great stuff!!

Took me half an hour to read and re-read and detail exam on what's telling us with the price action in the chart.

Although I'm not fully understanding on the stuff of demand and supply but it really open my eyes. please share this topic even further or guide us some other links to study. Hope .... one day we can trade the FX like yours.

Once again, big thanks for your guidance.
Cheers
City
dont worry city.its a small piece of puzzle how i do.read and understant that post u will find the tresure(i mean it). keep practicing what u allready know.i can see u are same as me.we think a like.one day u will be lot better than me.

To all:
guys.i have got a email from twee.
twee just moved the thread from rookie section to discussion thread.
thanks to twee and the FF team.
so we are now disscusion thread.keep going .

happy trading
sho
  • #1,889
  • Apr 19, 2010 10:54am Apr 19, 2010 10:54am
Understanding comes slowly to some, but others not at all.
  • #1,890
  • Apr 19, 2010 11:07am Apr 19, 2010 11:07am
Sho,

The supply demand explanation seems confusing , kindly teach us once more.

Hari.
  • #1,891
  • Apr 19, 2010 11:21am Apr 19, 2010 11:21am
Quoting aiyahmarklah
Attachment

Sometimes you will miss the move entirely due to strong buying or selling, but generally, taking the pullback will improve your odds of winning. Eg, if the pullback is very strong, then you know that the level might not hold and you can save yourself some pips by not entering.
from original post.
--There is some times price will hit those levels like a train is going 120 mph.--

Thanks for contribution buddy.
  • #1,892
  • Apr 19, 2010 2:56pm Apr 19, 2010 2:56pm
Quoting sruthihari
Sho,

The supply demand explanation seems confusing , kindly teach us once more.

Hari.
I am second on that. I am also confused on that. Also please what is relation between momentum and demand and supply?
  • #1,893
  • Apr 19, 2010 6:42pm Apr 19, 2010 6:42pm
i would like to share a small story with all of u.i did read it long time ago somewhere.i wanna see can u learn any thing from this story?
------------------------------------

In ancient times, a king had a boulder placed on a roadway. Then he hid himself and watched to see if anyone would remove the huge rock. Some of the king's wealthiest merchants and courtiers came by and simply walked around it. Many loudly blamed the king for not keeping the roads clear, but none did anything about getting the big stone out of the way. Then a peasant came along carrying a load of vegetables. On approaching the boulder, the peasant laid down his burden and tried to move the stone to the side of the road. After much pushing and straining, he finally succeeded. As the peasant picked up his load of vegetables, he noticed a purse lying in the road where the boulder had been. The purse contained many gold coins and a note from the king indicating that the gold was for the person who removed the boulder from the roadway. The peasant learned what many others never understand.
  • #1,894
  • Apr 20, 2010 3:10am Apr 20, 2010 3:10am
Quoting trade price
i would like to share a small story with all of u.i did read it long time ago somewhere.i wanna see can u learn any thing from this story?
------------------------------------

In ancient times, a king had a boulder placed on a roadway. Then he hid himself and watched to see if anyone would remove the huge rock. Some of the king's wealthiest merchants and courtiers came by and simply walked around it. Many loudly blamed the king for not keeping the roads clear, but none did anything about getting the big stone out of the way. Then a peasant came...
Hi Sho,

I guess all the above can basically be summed up in another way.

"you can lead a horse to water, but you can't make it drink"

There comes a point where the pieces are all there and we just have to put them together ourselves.

Alan
bringing order to chaos....
  • #1,895
  • Apr 20, 2010 4:01am Apr 20, 2010 4:01am
Quoting AlanOne
Hi Sho,

I guess all the above can basically be summed up in another way.

"you can lead a horse to water, but you can't make it drink"

There comes a point where the pieces are all there and we just have to put them together ourselves.

Alan
well said, alan. i agree. we only will see the results if we work on ourselves, improve our skills, learn from our mistakes ect. if we´re just standing sideways waiting that the method will come to us...nothing will happen.

thanks sho for the amazing teaching
  • #1,896
  • Apr 20, 2010 4:49am Apr 20, 2010 4:49am
i wanna make u mature in this game.its not for faint hearted people.
i told u i will go advance slowly slowly.
and told u i will explain everyhing slowly slowly.this is scalpers trainng(mental training).have u forgotten.success rate is 1%(near zero).its not for everyone.
(i think u are beliving that slowly).
do u think its easy to become one of them?

i can tell u where to buy and where to sell.can give u a easy money making pill.it would not work in the battle field.u have to fight with the britest people in the world.specialy when scalping, u r playing with the fire.u cant play with the fire with out proper training,u will get burned.

if i teach u like the avarage guy ,than what is the diffrence between succes and failer.i can tel u buy a pin bar ob ib u will get success .its not that easy.i have been to the boiler room(oh no another story).i know what i am doing.its tough love.that will make u better.it took me ages under the big arms(another).to become a pro u have to think like a pro.
have to train like a pro.not like avarage guys out there.u have to know the market pulse.what the big boys does.how they think.(i think u understand why i say most people is here in the FF they are still baby for market)

few days ago i told u guys
*lot more people to lose*
u definatly understand that last sentence now.and still lot more to lose.
if u dont understand anything right now dont worry u will get them later

last story is a big lesson for u guys.i will break it down in next couple of days.
most of the answers i have allreday posted in that post #1885 .(u r wondering thats definately not).u will understand that later. stay tune.
while u are on the forum or internet use small possition.if u can use multiple monitors.its cheap now days.post ur trades in the active thread.
i know u guys are bored with my words.no more .finished my class now

oh God i have definitly miss spelled lots of words
no i cant be a teacher

happy trading
sho
  • #1,897
  • Apr 20, 2010 7:43am Apr 20, 2010 7:43am
Quoting trade price
i wanna make...
Hi Sho,
Thanks for all your guidance.

I can read bars/candles and I can identify significant price levels using the 4hr & daily charts. And I can understand that you will enter your trades at these significant (supply & demand) levels. I also know you like fibs.

Do you only use the 15 min bars to judge whether price will plough through the significant level or get rejected? Or do you also use something else?

I have used your example chart to show what I mean.

Thanks in advance for any advice.

Rob
Attached Image (click to enlarge)
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  • #1,898
  • Edited 8:17am Apr 20, 2010 8:11am | Edited 8:17am
Hi Sho,

Today with GBPUSD I believe we reached a supply & demand area. There were several pins which I see as a possible short entry sign.

The first few pins (against the trend) did not work and price broke up through my supply & demand zone. The second few pins (the first one against the trend) worked out.

Using today's chart, can you help me understand why the first few pins were not good signs to go short?

After everything below, I am in good profit today. But I could be in more profit if I understood more.

Many thanks
Rob
Attached Image (click to enlarge)
Click to Enlarge Name: sho 2.jpg Size: 172 KB
  • #1,899
  • Apr 20, 2010 11:08am Apr 20, 2010 11:08am
Quoting priceaction
Hi Sho,

Today with GBPUSD I believe we reached a supply & demand area. There were several pins which I see as a possible short entry sign.

The first few pins (against the trend) did not work and price broke up through my supply & demand zone. The second few pins (the first one against the trend) worked out.

Using today's chart, can you help me understand why the first few pins were not good signs to go short?

After everything below, I am in good profit today. But I could be in more profit if I understood more.

Many thanks
Rob
hey Rob
pm me your email.

To all
one more story.

--------
A boy found a cocoon of a butterfly. One day a small opening appeared. He sat and watched the butterfly for several hours as it struggled to force its body through that little hole. Then it seemed to stop making any progress. It appeared as if it had gotten as far as it could, and it could go no further.
So the boy decided to help the butterfly. He took a pair of scissors and snipped off the remaining bit of the cocoon.
The butterfly then emerged easily. But it had a swollen body and small, shriveled wings.
The boy continued to watch the butterfly because he expected that, at any moment, the wings would enlarge and expand to be able to support the body, which would contract in time.
Neither happened! In fact, the butterfly spent the rest of its life crawling around with a swollen body and shriveled wings. It never was able to fly.
  • #1,900
  • Apr 20, 2010 12:08pm Apr 20, 2010 12:08pm
Quoting trade price
i would like to share a small story with all of u.i did read it long time ago somewhere.i wanna see can u learn any thing from this story?
------------------------------------

In ancient times, a king had a boulder placed on a roadway. Then he hid himself and watched to see if anyone would remove the huge rock. Some of the king's wealthiest merchants and courtiers came by and simply walked around it. Many loudly blamed the king for not keeping the roads clear, but none did anything about getting the big stone out of the way. Then a peasant came...
Hi All,

It looks as though for my next pdf compilation I will need to include a chapter called "Trade Price's Fables".

Anyway it looks as though we are starting to look at what is going on "behind" the charts and focus on the supply and demand levels that push and pull price action. Forexrook pointed me towards some of Sam Seidens webinars on FXStreet which deal exclusively with this subject and for anyone like me who is casting around for as much information as possible then its a big help. No doubt it will help us understand better the next lessons that Sho has in store for us.

The link is http://www.fxstreet.com/search/contr...1-e9bf77216d2f

Hope it helps everyone

Alan
bringing order to chaos....
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