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Intraday price action trend trading

  • #1,841
  • Apr 22, 2010 10:13am Apr 22, 2010 10:13am
Quoting francis2
anyone fancy a long off e/j hammer 75 pip stop
You mean me?? Not that die hard!! Though I used to be..........
  • #1,842
  • Apr 22, 2010 10:13am Apr 22, 2010 10:13am
Existing Home Sales figures were due out. Very risky for me to trade but price had established two double bottoms at a significant level of support & resistance.

I agreed a 10 pip risk. To me, the risk was worth the potential outcome so I went with it.

News came, no real spike, price moved up and so did my SL. First to 5 pips below entry then BE.

A nice trade to end a good day on.

Rob
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  • #1,843
  • Apr 22, 2010 10:22am Apr 22, 2010 10:22am
Quoting priceaction
Existing Home Sales figures were due out. Very risky for me to trade but price had established two double bottoms at a significant level of support & resistance.

I agreed a 10 pip risk. To me, the risk was worth the potential outcome so I went with it.

News came, no real spike, price moved up and so did my SL. First to 5 pips below entry then BE.

A nice trade to end a good day on.

Rob
Nice trade Rob
  • #1,844
  • Apr 22, 2010 10:41am Apr 22, 2010 10:41am
e/j missed the r/n +3 inside bar then went short off inv hammer bottom
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  • #1,845
  • Apr 22, 2010 10:57am Apr 22, 2010 10:57am
Quoting francis2
e/j missed the r/n +3 inside bar then went short off inv hammer bottom
Sir,

What is meant by r/n

Hari.
  • #1,846
  • Apr 22, 2010 10:59am Apr 22, 2010 10:59am
Quoting sruthihari
Sir,

What is meant by r/n

Hari.
SIR I like that thankyou
round number 50/00
  • #1,847
  • Apr 22, 2010 11:22am Apr 22, 2010 11:22am
The reason round numbers are mentioned is that may provide support or resistance on their own. Its a mental thing probably and not a part of the S/R levels you use or have drawn on your chart for you ( daily pivot, Fibonacci ect. ) but worth watching.
  • #1,848
  • Apr 22, 2010 11:33am Apr 22, 2010 11:33am
Quoting Bankshot
The reason round numbers are mentioned is that may provide support or resistance on their own. Its a mental thing probably and not a part of the S/R levels you use or have drawn on your chart for you ( daily pivot, Fibonacci ect. ) but worth watching.
Thank u
  • #1,849
  • Apr 22, 2010 12:19pm Apr 22, 2010 12:19pm
e/j above r/n long top of doji +15
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  • #1,850
  • Apr 23, 2010 1:21am Apr 23, 2010 1:21am
The last bar, retraced 68% then short entry, SL set on top of pin (really small ), set BE after +10, manual cut at recent s/r.
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  • #1,851
  • Apr 23, 2010 1:31am Apr 23, 2010 1:31am
aus short break of inside bar +13
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  • #1,852
  • Apr 23, 2010 1:36am Apr 23, 2010 1:36am
Quoting Buildcity
The last bar, retraced 68% then short entry, SL set on top of pin (really small ), set BE after +10, manual cut at recent s/r.
Build those are nice trades when you get two opposing tails its the equivalent of a goog retrace but without the candle I find
  • #1,853
  • Apr 23, 2010 2:00am Apr 23, 2010 2:00am
aus 38% retrace for short out -2 slight stoch divergence also slow and near previous lows
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  • #1,854
  • Apr 23, 2010 2:11am Apr 23, 2010 2:11am
Quoting francis2
Build those are nice trades when you get two opposing tails its the equivalent of a goog retrace but without the candle I find
Thanks, I took a serious look on your recent setting and brief comments on entry and exit. I hope I can pick up something and remove my die hard habits. Cos you were rarely found on counter trend trades. Thks for sharing the technique.

Cheers
City
  • #1,855
  • Edited 2:51am Apr 23, 2010 2:41am | Edited 2:51am
With news this morning and this afternoon, I was pleased to get this one in beforehand.

But I'm not sure if Sho would approve of me looking at the 5min chart (for divergence and to fine tune the entry) also. I know it worked out very well on this occasion, but whether it's good practice is another thing. What do you think Sho?

Rob

EDIT: On 4hr chart, there was also a good retrace to the 50-61.8% fib zone
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  • #1,856
  • Apr 23, 2010 3:29am Apr 23, 2010 3:29am
gbp +12 out before news now took trade, price hit res area with speed all those long green bars nice retrace, hammer then long, reduced stop to below previous 2 candles double low
I dont know whether I was right or not I think Sho says speed/momentum can override res area so I took it
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  • #1,857
  • Apr 23, 2010 3:32am Apr 23, 2010 3:32am
Quoting francis2
gbp +12 out before news now took trade, price hit res area with speed all those long green bars nice retrace, hammer then long, reduced stop to below previous 2 candles double low
I dont know whether I was right or not I think Sho says speed/momentum can override res area so I took it
Glad I got out 35 pip gap on my charts
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  • #1,858
  • Apr 23, 2010 3:42am Apr 23, 2010 3:42am
eu +20
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  • #1,859
  • Apr 23, 2010 3:52am Apr 23, 2010 3:52am
e/j +40 just waited for break of r/n
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  • #1,860
  • Apr 23, 2010 4:07am Apr 23, 2010 4:07am
as they say gaps always get filled to the pip aswell
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