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intraday trend trading with price action

  • #1,961
  • Apr 30, 2010 6:25am Apr 30, 2010 6:25am
Quoting trade price
momentum will tell us when price would not move any more.when trend is finish for the day
again if momentum is in the market we will trade.this is the reason i dont use avarage daily moves.odd days are great to make money.those days are strong trending market days and lots of volume in the market.i love odd days.most people are scared to take the possition after daily ATR moves.
but why market still moves after the daily ATR ? because big boys are in the market.
hope it make sence.
Perfect sense, thanks mate.
Want what the market wants
  • #1,962
  • Apr 30, 2010 10:04am Apr 30, 2010 10:04am
just to be clear this one of your a+ entries rigjht just found the thread interesting stuff
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  • #1,963
  • Apr 30, 2010 11:41am Apr 30, 2010 11:41am
Quoting kodflakes
just to be clear this one of your a+ entries rigjht just found the thread interesting stuff
Hi mate,

You may find interesting discussion on this set up here (#2170 - 2183 as conclusion)

http://www.forexfactory.com/showthre...22822&page=146

Cheers
City
  • #1,964
  • Apr 30, 2010 1:14pm Apr 30, 2010 1:14pm
Thanks to Sho for sharing this strategy.

It's great to find a system with a genuinely good R:R ratio.
  • #1,965
  • Apr 30, 2010 7:56pm Apr 30, 2010 7:56pm
Thanks to all of u.
No one wont be able to post here unless u r in my buddy list or u have 10+ vouch.for the open discussion use my other thread and i will join with u guys whenever i can .i will share time to time if i think i have to.
i dont want to make this thread too big.still if u have anything important to share pm me if u are not in my buddy list,i will add u and u can post here.thanks again all the nice people from all over the world.its my another family now.
i will open the thread again in the future for everyone if time comes.
i wish all of u good luck,and hope u have found something that will help u little bit in your journey.and i will post here to share more with u guys when ever i can .
happy trading
sho
  • #1,966
  • May 3, 2010 6:50am May 3, 2010 6:50am


Each day is diffrent in the market.in every trade u have to manage diffrently .depend on situation.
make a trading plan.and adjust them with ur personality time to time. there is only one hard rule in trading.that is protect ur capital.do what ever u need to do that.
fight with the market to protect that. profit will come if u can save ur capital .
let the market to slap u.dont let it gun shot on ur chest.
let the market to do what ever its wants to do,just save ur self.we dont know the out come of each trade.we will trade as long as the setup meets our trading criteria(what ever methood u follow).
u have to take all the trades ur methood gives u.
if u take one and dont take the other one. u will see the one u did not take was the best one .so trust ur methood and follow.dont change the methood if u know that is good .change your self and your thinking to adjust with the methood.u can only change the methood if methood tells u to do that.(hah hah its confusing).if u are biginer only play conservative setups.wait for the right set ups.and allways play with the trend as long as u dont understand market properly.

if u take the aggressive entrys still try to take the good setups only.
it could be the best system(methood) in the world if u dont know how to use it u will fail.
.who to blame?its allways u.its allways depend how u react with the market movement.
if u follow diffrent stratagy.use diffrent account.it will help u to easily see your trading results and u will understand which stratagy is better.
when u trade allways trade a single stratagy in a trading session.dont mix all the stratagy.this is where disaster will come.dont take revenge trades.u will blow ur account.and off couse when u r making money allways stay on gaurd.overconfidence is no good for trading.dont trade slow time.for day trading we need volatility.
if u use indicators understand what its telling u.
even in the best and obvious setups why most people fails?because its their thinking.in a obvious uptrend or downtrend(parabolic move) dont try to go opposite direction.its allways amatures who allways see revarsal in a strong trend.he/she allways try to take the reversal trade and forget to take the trade in the direction of big order flow.where all the money is.
after every trade clear up your head.if u feel u have to get those money u just lost.thats a big warning signal.stop trading right that moment.shut the platform and do something else.
emotion have no place in successfull trading.
its allways u who is standing infront of your success. there is no way we know what the next setup will do.we would love to .but its not possible.trading is a probability game .if u feel lazy or sleepy dont trade.u dont need to trade every day.trade only when u feel comfortable with ur mind and body condition.before the trade allways watch at least few minutes the market action.what i mean is if you start trade at 9:00 everyday,try to watch the market for 10 to 15 mins.try to get a feel first, how market is moving today,what is the markets plan,is it side way market or trending maket.and make your plan acordingly to the market movement.then if any setup comes take the trade.
most of the time best decision is to stay side line.dont over trade.and dont make trading complicated.the more u complicate the trading, less u will follow your methood.dont force your self to trade only for enjoying.
in the forum not many people talk about momentum.most of the people allways talk about indicators,system,money management.
i know they are all good talk but they all forget about the most important thing. thats Momentum.
if u read the millionaire traders book by kathy lien.
u will find very first story.thats Dana who did talk about momentum.some others trader said that as well.
did u noticed what he said about momentum.
read that book properly and understand what most of the successfull trader said about the momentum.
if u can spot the momentum your entry and exit will be much better .
it will save u from the disaster.and will give u bigger profit.u will know when to stay out of the market.thats it for now.
(i have added few sentences in the first post from this post.)


happy trading
sho
  • #1,967
  • May 3, 2010 7:15am May 3, 2010 7:15am
Quoting priceaction
The market painted a pin this morning at support and resistance and gave us a clue as to what might happen next.
(this post is from second thread.(using ROB's post).}
yes that was a fib level as well.thats why move was strong.some people doesnot belive in fib.some will say stop loss is for loser.there is only one reason .the reason is it does not work for them.or they does not know how to use them.when ever u decide something allways use your common sence.dont fall into trap .if u use common sence u will be ahead of the game all the time.when u play any setup allway watch support and resistant levels those are supply and demand levels.this is essential in trading.
and i have added the chart as well.
happy trading to all of u
sho
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  • #1,968
  • May 4, 2010 6:32am May 4, 2010 6:32am
Hi Sho

I wanted to ask a question regarding one of the fundamentals of the style. I thought I might ask it using todays EUR/USD chart as an example, all my trading is done off the 5 so I hope I don't confuse anyone here but suffice to say that I believe price action is price action on any time frame, it just gets faster and more signals.

Any case I wanted to post todays chart as an example to my question. If you see each bar with a dot above it, these are my shorts, blue circles are good, red is a potential set up but I left it for some reason, yellow is a take and break even or I cut it.

I wanted to ask about the reds and see if you agree on passing these trades. On trades 2 and 5 you'll see a similar issue, both are trading into what I feel is the demand level, so trade 2 is an inside pin bar but very near to the demand level, so little room to breathe on entry with possible quick sharp reversal. Also trade 5, which is a better set up I think since it is in a more obvious impulsive is the same, trading into demand level combined with 150 floor trader level.

So my question is, do you factor into your trading what is ahead of price and take account of this in your decision on whether to pass the trade or not.

Would be great to hear your thoughts?
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Want what the market wants
  • #1,969
  • May 4, 2010 7:19am May 4, 2010 7:19am
Quoting DangerBoy
Hi Sho

I wanted to ask a question regarding one of the fundamentals of the style. I thought I might ask it using todays EUR/USD chart as an example, all my trading is done off the 5 so I hope I don't confuse anyone here but...
just added opinion about no 2 ,5 and no 7 trade.
no2:
thats definately a short entry.after an impulsive move took out the previous low so there is more chance it will continue to go down .because there were some stop did put by long traders,they were out now.we did get a correction.and u can see its in a fib level.and its an obvious rejection from middle band(ma).
it was an inside bar or u can say allmost pin bar.u can take that in a continuation move of bigger trend.over all its an high probability trade.
if impulsive move is strong that mean momentum is in our direction, lots of continuation orders ,so we would not worry too much about round number or resistant,but keep your eyes open,if u see any revarsal at those level get out,u can allways get back in later when dust settles, other wise stay with momentum dont worry too much.

no 5.
its not a good set up.but u can trade that as a quick scalp with small risk.momentum is with u .like i said before u can see how previous support did broke it hammared.why? because again its momentum what did break the support..

i would not take the your no 7 because its against the momentum.eventhough it did rejected from privious support..so it was a pass trade for me.


allways try to takr the possition with the trend .revarsal occuares once or twice in a day.continuation again and again.as long as u r with momentum(orderflow) u will win bigger.just keep an eye to all other factor but not too much.and try to go higer time frame u will get higer hit rate more pips.u will get less market noise.

hope it make some sence
happy trading
sho
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  • #1,970
  • May 4, 2010 7:30am May 4, 2010 7:30am
Quoting priceaction
City,

I did a similar exercise (before that recent nice move down) and below is what I saw (in hindsight) today.

To keep the chart clean, no S&R has been used, but in practice it would be.

With most SLs for these trades at 10 pips, the chart could have been traded by maintaining a strict 2:1 RR.

I caught just 3 of these moves which I'm pleased about since it was such a choppy day due to the holidays in UK & Japan.
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again i am using Rob post here.
u can see by those trades,that its allways more ods in your favour if u trade with the momentum.and intraday most of the pair will give u 1:2 than a pull back.if u stick with the rules and follow the methood pull the triger whenever methood tells u .u will be a runner in this bussiness.it could be hindsight but its all market action.
so u must have to pull the triger on time.no hesitation.
everything will be clear day by day why i trade like that.
happy trading
sho
  • #1,971
  • May 4, 2010 7:39am May 4, 2010 7:39am
Thanks for your time Sho, makes sense.

7 was a red dot so i didn't take either because of the impulsive looking long side move.

You've pointed out a good one for me though, I think I need to pay more attention to what price did on the previous swing and how it breaks the high or low. Have added it onto my chart rules and will start watching it.

Cheers Mate
Want what the market wants
  • #1,972
  • May 5, 2010 5:40am May 5, 2010 5:40am
I posted this chart in the other forum and Sho has asked me to post it here also.

It's 5 May and we have (potentially high-impact) news coming out of the USA in a few hours. It's important to be aware of the pennant which is creating support and resistance as the market consolidates prior to news.

This is time to take care and preserve our capital.

Read more about pennants

Rob
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  • #1,973
  • May 5, 2010 5:53am May 5, 2010 5:53am
The chart below shows why it is very important to mark up support and resistance zones on our charts.

We might get momentum, IBs & OBs that suggest to us that we open a trade, but we need to take special care when heading towards these support and resistance zones.

Rob
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  • #1,974
  • May 5, 2010 6:07am May 5, 2010 6:07am
Quoting priceaction
The chart below shows why it is very important to mark up support and resistance zones on our charts.

We might get momentum, IBs & OBs that suggest to us that we open a trade, but we need to take special care when heading towards these support and resistance zones.

Rob
it means big orders are waiting at those levels.
so be extra carefull when those obvious levels comes.before jumping on the board think twice.
nice work ROB.
  • #1,975
  • May 6, 2010 6:15am May 6, 2010 6:15am
if your are scared to pull the triger at those levels(circled in the chart).
than definately you have to go long way.allways use small stops.
as a retail trader we must have to use the stop loss.no one watching over our shoulder.thats why its easy to get emotional.but if its a farm (institution)and u trade for them then u are bound to closed the possition when predifine losses occures.because its allways someone above your level who is watching your trades.thats why some people will say stop orders are for loser.thats not true.thats word is only valid for institution not for retail traders.yes u can make money without the stop order but u need deep pocket.and its not for retail.dont let any one to tell you trade without the stop.as a retail trader you wont be able so success in this business.institution mostly use mental stops.their orders are big and it does not get executed at the same level.as a retail trader to servive in this game never ever forget to use stops.if u dont use stops,one day you will blow your accout.and that day will come.
we dont trade fib or any technical indicator .we watch price reaction at those levels and we trade price.we want to see what is heppening at those levels.if price tells us to jump in why hesitation.jump in.but must define your stop level.
when u day trade u need extra concentration.manage the trade actively.
like i said before all works but you must have to know when to use it and when not to.u must have to train your self to understant those signals.
so dont blame any more any one or any methood or any indicator.
use your common sence and train your self.most important be patience .
wait for the price to tell you when to get in and out.must pull the triger when time comes.
happy trading
sho
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  • #1,976
  • May 6, 2010 6:26am May 6, 2010 6:26am
Here is a thout im a slow learner and i think trade price is always have something to teach. And i also now that there is other good traders here that are understand this method. So what would u all say about starting a skype room or another chatt room i know alot of strategys here has it. that way we can learn and we can tell eatchother about trade opurtonity that arrives.

Also if trade price or someone else would like to i would welcome an webinarie what do u all think ??


best regards
  • #1,977
  • May 6, 2010 7:58am May 6, 2010 7:58am
Quoting jgadefelth
Here is a thout im a slow learner and i think trade price is always have something to teach. And i also now that there is other good traders here that are understand this method. So what would u all say about starting a skype room or another chatt room i know alot of strategys here has it. that way we can learn and we can tell eatchother about trade opurtonity that arrives.

Also if trade price or someone else would like to i would welcome an webinarie what do u all think ??


best regards
hey jg.

i would join in with skype, no problem.

i think it would be great
  • #1,978
  • May 7, 2010 4:12am May 7, 2010 4:12am
Thanks to TWEE and FF team.
they have moved our second thread from trading journal to interactive section.and new name is- intraday price action trend trading

so look for second one in interactive section not any more in trading journal.
happy trading
sho
  • #1,979
  • May 7, 2010 4:25am May 7, 2010 4:25am
ok i have created a room on skype now i only need some members so everyone that is intrested and trading this method be in touch please u can search for me on skype my name there is also jgadefelth


best regards
  • #1,980
  • Edited 3:45pm May 7, 2010 3:45pm | Edited 3:45pm
Hi everyone,

I've attached the latest version of the Trade Price Thread compilation PDF. Its a lot better presented and organised then before so it will work even better as a revision tool.

It includes the original material from the entire main thread plus the subsequent posts that Sho's made since then and also contains selected material from the second trade discusion thread.

Also there are new chapters including subjects such as Support and Resistance, Mental Preparation and of course the all new Trade Price Fables!

I see that more than 1000 members have downloaded the first PDF so hopefully this will be of as much help to everyone as the thread has been for me and my understanding of Price Action.

Thanks again to Sho,

Alan
Attached File(s)
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