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intraday trend trading with price action

  • #1,921
  • Apr 21, 2010 2:32pm Apr 21, 2010 2:32pm
Here's the link to a free "partial" online version of a book about modern day traders who made their millions from very little: Millionaire Traders

One of the traders in the book (page 325) is Steven Ickow who trades the Nasdaq.
You can watch a brief TV interview with him at the book's web site here

http://www.millionairetradersbook.co...7/08/cover.jpg
  • #1,922
  • Apr 21, 2010 2:33pm Apr 21, 2010 2:33pm
Quoting francis2
Thanks Sho theres a lot to learn
In the bottom chart of gbp supplied by priceaction there were two buying opportunities you marked before the top pin bar with divergence
these two were right under the round number do we take these set ups anyway or pass on them thanks
momentum(speed) exceeds everything.(at least for me.)

all of u missing the most important element of success full trading.
with out that traders does not have a success full destination.
  • #1,923
  • Apr 21, 2010 2:50pm Apr 21, 2010 2:50pm
Quoting trade price
yes i use 15 min and price action.what at the moment heppening(what market is telling me).i wait for price to reject to go short.if momentum is possitive wait for break out and retrace for continuation trade. see the chart. Attachment

read this first than go read next chart and comment.i used numbers read one after another.its same gu 4 hour chart.then read next chart.

when price gap down or up.its normaly act as support and resistant.
because there was some orders in the market that made on the chart gap up or down.
when...
Sho thanks.
I have printed all that as I need to read and understand carefully.
  • #1,924
  • Apr 21, 2010 7:06pm Apr 21, 2010 7:06pm
Quoting trade price
....i am an aggressive player...
so do whats suits u guys.experiment what works for u.keep doing what makes u money.get rid of what does not.remember i am too aggressive player..
u are aggressive?
hahah. awesome Sir.
we'll get along much better.
  • #1,925
  • Apr 21, 2010 7:12pm Apr 21, 2010 7:12pm
Quoting priceaction
Here's the link to a free "partial" online version of a book about modern day traders who made their millions from very little: Millionaire Traders....
one of the mentioned traders in that book is R. Campbell.
he is a forex factory member since 2006, although he's not active here any more.
  • #1,926
  • Apr 21, 2010 8:26pm Apr 21, 2010 8:26pm
Thanks Francis to share the setup and the ways to trade. Now we can understand more from your HUGE daily charts.

Cheers
City


Quoting francis2
Sho mailed me and said if I was interested I could explain a bit how I try to trade using my take so to speak
I have 5/21/65 sma on the chart the 21 equates to the 5 on the 60 min chart roughly they vary a bit according to pairs when viewing M15
I have found that price loves the m5 and will bounce off it regularly
I have also found to my cost that regardless of momentum (and am still trying ) dont trade against the 21 ma a good example this morning on eu/usd twice momentum was down and the set up was for short but if you look both times the 21...
  • #1,927
  • Apr 22, 2010 4:40am Apr 22, 2010 4:40am
Quoting trade price
momentum(speed) exceeds everything.(at least for me.)

all of u missing the most important element of success full trading.
with out that traders does not have a success full destination.
Sorry, I have an embarassing question to ask.

Momentum (speed) as defined by the length of the bar chart compared to previous bars ?
  • #1,928
  • Edited 7:07am Apr 22, 2010 4:42am | Edited 7:07am
talking about the gap.i did posted 4 hour gu chart yesterday.
when its filled see still holding and its been rejected from that level.
see how players flip the side.thats how u have to dance with the market

todays 4 hour chart
Attached Image (click to enlarge)
Click to Enlarge Name: 22-04-2010 10-17-33.gif Size: 6 KB





Quoting aiyahmarklah
Sorry, I have an embarassing question to ask.

Momentum (speed) as defined by the length of the bar chart compared to previous bars ?
size of the bar and speed of the move.how fast the price moving.more volume comeing to the market to follow through.
  • #1,929
  • Apr 22, 2010 4:52am Apr 22, 2010 4:52am
Quoting trade price
size of the bar and speed of the move.how fast the price moving.more volume comeing to the market to follow through.
I hear you...thanks
  • #1,930
  • Apr 22, 2010 4:55am Apr 22, 2010 4:55am
Quoting trade price
yes i use 15 min and price action.what at the moment heppening(what market is telling me).i wait for price to reject to go short.if momentum is possitive wait for break out and retrace for continuation trade.
see the chart.

Attachment




read this first than go read next chart and comment.i used numbers read one after another.its same gu 4 hour chart.then read next chart.

when price gap down or up.its normaly act as support and resistant.
because there was some orders in the market that made on the chart gap up or down.
when...
It helps me a lot. Thank you Sho.
  • #1,931
  • Apr 23, 2010 5:12am Apr 23, 2010 5:12am
Quoting trade price
i would like to share a small story with...
king =market
boulder=all the strugle to become a trader.
kings welthiest marchent and courtiers=educated,inteligent people ,or who does not get the success and they blame the market or broker or indicators.they never want to do any practice. they does not wants to do any hard work.they want easy money.they doesnot bother to remove the boulder to know the markets intention.

the peasant=success full trader.who does hard work.what ever comes to the way he removes .does all the hard work to become success full in trading.he strugle and finally he get success in this bussiness.

when he removes the boulder
then the market(king) indicates that it was a test for him.he makes money from the market.
he understand the markets intention.he learned what other people never understand.

Be a peasant(successfull trader).do all the hard work to become a successfull trader.what ever comes to the way remove them.allways know that its a task by the market(king).
  • #1,932
  • Apr 23, 2010 5:17am Apr 23, 2010 5:17am
Quoting trade price
hey Rob
pm me your email.

To all...
Here is the butterfly one..


butterfly =most of the newbie people in the forum.
boy is = people in the forum or internet who does not know how to trade succesfully. and they try to help others .

they make those newbies(butterfly)trading life more worst.eventhough their intention is to truly help those guys (butterfly) .they(boy) helps u to pick up some bad habbits.and those habits stays with most of the peoples all the way .and they doesnot success in this bussiness.
like butterfly those people is helpless they doesnot have any control.newbie(butterfly)doesnot know what to do.

-----
poor butterfly!!!!!!!
  • #1,933
  • Apr 23, 2010 8:11am Apr 23, 2010 8:11am
Who= boulder?
  • #1,934
  • Apr 23, 2010 9:38am Apr 23, 2010 9:38am
boulder = constant opportunities!!
Nothing is true, Everything is permitted
  • #1,935
  • Edited 5:51am Apr 24, 2010 5:27am | Edited 5:51am
Trading psychologist Brett N. Steenbarger talks about a few typical trading problems

Inserted Video



Brett N. Steenbarger, PhD, is Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, New York. An active trader and author of the popular TraderFeed blog, Steenbarger coaches traders in hedge funds, proprietary trading groups, and investment bank settings. He is also the author of the Wiley titles Enhancing Trader Performance and The Psychology of Trading. Steenbarger received a BS from Duke University and a PhD in clinical psychology from the University of Kansas.
  • #1,936
  • Apr 25, 2010 5:17am Apr 25, 2010 5:17am
Sho,

Its really worth to spend the weekend on your post #1912. I have more idea on the importance / relationship among momentum, candle formation, divergence and the major s/r levels. Hope I can sooner or later remove my old habits and not to be the poor butterfly

--> Alan, I think you have lots of works to do. He he....

Cheers
City

Part of #Post 1912 from Sho
momentum(speed) exceeds everything.(at least for me.)
first of all i said trade with the momentum ..momentum can break round number or anything in the way.momentum mean train is comeing 120mph(parabolic price move).u must go with the flow or stand back.

do u think it is possible to reverse a train while its going 120 mph.it just filled the gap with that move.if u see 4hour TF u will see what i mean.
when momentum is not with u dont trade at supply or demand level.stand back.
wait for momentum to stall or show a sign that train is stoping.(mean look for divergence).
institution creates those momentum moves.those are the moves heppen when big orders come to the market place.and all of the big boys sing together.this is where u will see parabolic moves.when they slowly start unloading their back pack(profit taking),now momentum get slow and divergence comes.and when they see other institutions are doing the same thing they flip the side and join the other side.and sometimes that profit talking becomes revarsal.

divergence shows when momentum is slowing.it tells us last train stop is near the corner.it does not mean jump in staight way.wait for divergence first (if u wanna go for against the trend) other wise no trade against the trend,look for revarsal candle formation with divergence to go opposite of last impulsive move.
momentum(speed) first everything else next.

its allways easy to trade the trend.so stick with the trend until u feel the market.(u r thinking how to feel?)
its the experience with the market.
than u can dance or sing with the market.only supply and demand level or candle is not enough to trade.if its easy than people could make money with EA.they will give the CEO possition to the ROBOT.
trust ur eyes.u said it was s a strong up trend.did u trust ur eyes?learn to trust ur eyes.there was few long entry.u did not take those and u did look for to reverse the train.trade with the flow.

my entry is based on 15m TF .higher time frame only for support or resistant.if its get there be carefull.it does not mean u have to go opposite.only take the revarsal when 15 in showing momentum is slowing and combine with the candle formation.and look for where it might get stuck.if no room to go .stay side line.
where u took the trade it was just at the middle of the battle field.see the 4hour for better view. trade with the winning force(current momentum) or back off.
see the chart both chart now 4hour and 15m..

http://cdn.forexfactory.com/attachme...1&d=1271867708
  • #1,937
  • Apr 25, 2010 1:58pm Apr 25, 2010 1:58pm
Our edge is just the beginning to being consistently successful

http://dc122.4shared.com/img/9674065...Over_Marke.flv
  • #1,938
  • Edited 7:58pm Apr 25, 2010 7:52pm | Edited 7:58pm
Hello to all, after carefully read the posts in the thread and some of the attached documents, I realized this is one of the few communities in which members are trully interested in improving trading quality, thats why I decided to join it and give thanks to Sho and his collaborateurs for the oppotunity to learn and share my point of view here.

After watch rhe ideo it seems to me like "the edge", that was so many times highlighted in this Mark Dougla's interview and also in the book "Trading in the Zone", is precisely what Sho is giving to all of us. It's the first step (and still a hard one) of this journey, in which the second step is thinking in probabilities instead of "write or wrong". I am sure that If you take enough time to absorb a technical method like this one and trust it, the second step becomes much easier to achieve, since you will be sure that you might dont know the outcome of a particular trade, but with this edge you will be succesfull in a string of trades.

Thank you for the video, Price Action
  • #1,939
  • Apr 26, 2010 2:33am Apr 26, 2010 2:33am
hi sho, do you have any techniques used to determine which moves will become corrective turned impulsive moves or do you enter with the trend on the corrective move but exit with a small loss/win to be aligned with the corrective turned impulsive move
  • #1,940
  • Apr 26, 2010 3:36am Apr 26, 2010 3:36am
hi gents,
reading thread and finding very interesting, however only up to page 21 and i need to foind out how to set up the keltner bands, i have them on met 4 but they dont look like anyone elses
what settings do we use? time frames mas etc,
thanks in advance
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