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Intraday price action trend trading

  • #2,461
  • May 11, 2010 8:47pm May 11, 2010 8:47pm
Quoting xeqter
Hey Sho,

would really like to know your opinion on this ej short trade.
I saw a nice down trend and momentum, so i entered on this retrace pinbar..some mins later I got stopped out with a 40pip loss.
As far as I know the setup is acceptable the only thing i ask myself is, if you would have entered this trade inspite of the fact that the stoploss was about 40 pips?

As a conclusion I believe that on the 15min timeframe we should only take trades with a max. sl of 30 pips.. or do I get something wrong here?

Any answers would be much appreciated!...
Hi Xeqter I am not Sho or senior,so it is just my opinion.I think momentum on your side is first step,second signal bar location,thrid size of signal bar.
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  • #2,462
  • May 11, 2010 9:02pm May 11, 2010 9:02pm
Quoting Buildcity
A quick breadfast in early morning play, don't expect too much in early Asia session

Purely Sho's way - but should be applied in faster market move.
Hi City,
You do great job but in my opinion this was pretty risky entry long as longer time momentum is down and pretty nice size PB bounce from resistance above him with div.I think.Anyway u are good in this so u managed very well.
Happy trading to u.
FX
  • #2,463
  • May 11, 2010 10:13pm May 11, 2010 10:13pm
Quoting Fxfighter
Hi City,
You do great job but in my opinion this was pretty risky entry long as longer time momentum is down and pretty nice size PB bounce from resistance above him with div.I think.Anyway u are good in this so u managed very well.
Happy trading to u.
FX
Tks mate, I used to play MTF sometimes before, this approach did make me so boring to sit in front of the screen but do nothing. I find Sho's lecture is particular good on this issue as all we should concentrate is the M15, for longer TF, say H4 and daily chart, those for me is to identify the major s/r, and nothing else.

I think my strategy (at least at the moment) is to quick in and out, all I needed is the immediate momentum.

I do agree that the MTF play would probably the safety way to play when all green lights are on. But its not my personality.

Tks mate again, all we have to do is to develop our own edge.

Cheers
City
  • #2,464
  • May 11, 2010 11:56pm May 11, 2010 11:56pm
A quick short play after the break of r/n and s/r level at 116.9 (the bottom red line)
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  • #2,465
  • May 12, 2010 12:51am May 12, 2010 12:51am
better no trade, take a break
  • #2,466
  • May 12, 2010 1:13am May 12, 2010 1:13am
hi city and all,
i also watch ej now,
here a trade after the news
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  • #2,467
  • May 12, 2010 1:59am May 12, 2010 1:59am
EJ +37

Nice Inside Bar

entry was a little late, but worked nicely
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Never whishing, always trading.
  • #2,468
  • May 12, 2010 2:06am May 12, 2010 2:06am
Quoting MJurban
hi city and all,
i also watch ej now,
here a trade after the news
Hope you have escaped within the same bar or the latest the next blue tail (suppose +20), I haven't jumped coz the German news.

Hope you well
  • #2,469
  • May 12, 2010 2:14am May 12, 2010 2:14am
Quoting Buildcity
Hope you have escaped within the same bar or the latest the next blue tail (suppose +20), I haven't jumped coz the German news.

Hope you well

yes, i was thief as u teached me, closed rn 117,01 for 12 pips
i had to go to breakfast with my wife
  • #2,470
  • Edited 3:04am May 12, 2010 2:57am | Edited 3:04am
There were a number of bullish tell-tale signs on the higher time frames. Generally speaking there was a lot of support holding price up.

Waiting for 15 min entries using Sho's method, we had two very good opportunities to go long this morning.

IB 1 is banked and has paid my daily wage.
IB 2 is my bonus.

Rob

EDIT: I don't trade based on fundamentals but the fact that Britain had a new Prime Minister sworn in last night might well have boosted the pound.
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  • #2,471
  • May 12, 2010 3:10am May 12, 2010 3:10am
GU
Was this a valid Inside Bar ?

I mean its against 1.5 and yesterdays high, as we know RN are important

i think all these S/R lines are keeping me away from trading
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Never whishing, always trading.
  • #2,472
  • May 12, 2010 3:17am May 12, 2010 3:17am
Rob, great play!! I hope I can join you but still at work

Quoting priceaction
There were a number of bullish tell-tale signs on the higher time frames. Generally speaking there was a lot of support holding price up.

Waiting for 15 min entries using Sho's method, we had two very good opportunities to go long this morning.

IB 1 is banked and has paid my daily wage.
IB 2 is my bonus.

Rob

EDIT: I don't trade based on fundamentals but the fact that Britain had a new Prime Minister sworn in last night might well have boosted the pound.
  • #2,473
  • May 12, 2010 3:23am May 12, 2010 3:23am
Quoting Hova
GU
Was this a valid Inside Bar ?

I mean its against 1.5 and yesterdays high, as we know RN are important

i think all these S/R lines are keeping me away from trading
Hova it's an IB but we need to take care because of the S&R zone below.

We have Bank of England speeches and news in just over an hour and the market "might" decide to pullback before any continuation up.

No guarantees but trade with care.

Rob
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  • #2,474
  • May 12, 2010 4:01am May 12, 2010 4:01am
Hello,
Can anyone tell if this was a valid entry? Bounce of previous resistance and upper line.
Now closed with +14pips

Thanks

Peter
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  • #2,475
  • May 12, 2010 4:21am May 12, 2010 4:21am
Quoting faithno
Hello,
Can anyone tell if this was a valid entry? Bounce of previous resistance and upper line.
Now closed with +14pips

Thanks

Peter
Peter,

Well done banking the pips. That's great.
I believe you entered short, just after that last bull bar.

That would have been beyond my appetite for risk.
We should remember that trend lines are there to be broken and respected.
The important thing is to use price action to help us make our decisions.

Rob
  • #2,476
  • May 12, 2010 4:33am May 12, 2010 4:33am
Quoting Hova
GU
Was this a valid Inside Bar ?

I mean its against 1.5 and yesterdays high, as we know RN are important

i think all these S/R lines are keeping me away from trading
momentum exeeds everything.
  • #2,477
  • May 12, 2010 4:34am May 12, 2010 4:34am
Quoting priceaction
Peter,
...
The important thing is to use price action to help us make our decisions.

Rob
Thank you, you are right, momentum was too bulish, I guess. Was lucky to escape.
But on the other side, I had 9pips SL and was aware of the risk, therefore exited early.

Peter
  • #2,478
  • May 12, 2010 4:37am May 12, 2010 4:37am
Quoting trade price
momentum exeeds everything.
so i'll take that as a big YES
Never whishing, always trading.
  • #2,479
  • May 12, 2010 5:18am May 12, 2010 5:18am
Hi,

Have taken a long position on SGD-JPY @ .6720 … Trend is up and this pair recently broke out of the daily resistance trend line. Ignoring last weeks insane volatility, we have had several retests of this trend which now is acting as support.. I think this pair could push to .7000

Daily chart attached.
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  • #2,480
  • May 12, 2010 5:19am May 12, 2010 5:19am
second trade on eurjpy, not so good,
i though with the 2 big red candles the momentum has changed to the downside, but that was a corrective move, maybe news candle and i shouold have traded long insted of short
i closed the trade very fast with +5 pips and missed the long entry
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