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Intraday price action trend trading

  • #2,621
  • May 17, 2010 3:42am May 17, 2010 3:42am
Quoting priceaction
Hi Dave,

I believe we should only take the trades that we are comfortable with. We all have unique trading personalities and our own set of rules. It's the trader who sticks to their own rules who is consistently profitable. Just because one guy makes a nice trade, it doesn't mean everyone else should have taken it.

The only important thing to me as a trader is my upward sloping equity curve. Nothing else matters.

Rob

PS note that we (GU) are back at that "area of interest" shown in my previous post, with divergence.

which way are going on GU ? Overall trend is down but short term trend is up...confused so i stay on the sidelines
Never whishing, always trading.
  • #2,622
  • May 17, 2010 3:47am May 17, 2010 3:47am
Quoting Sutts
I took that GU IB short for +40 but felt very uneasy about it. It should have had a 32 pip stop but I winged it with a 15 pipper. I see you guys regularly taking IB entries that I can't take because of the stops required. In fact I can hardly think of any IBs recently that required less than a 15 pip stop.

Are you using large stops or simply doing what I just did - using a stop within the signal bar that equals your max risk?

Cheers

Dave
Dave to me if youre going to let price retrace back to top of ib the entry is wrong get out early and reenter when price comes back past original entry point
  • #2,623
  • May 17, 2010 3:50am May 17, 2010 3:50am
Quoting Hova
which way are going on GU ? Overall trend is down but short term trend is up...confused so i stay on the sidelines
consider this the main trend is down, but in the trend we have pullbaks, right? so now we could see a pullback to some stronger resistance level and then the trend countinue.

P.S. On intra the best is when overall trend lines up with intraday trend the stronegest moves.

Some stron res in atachment when the blue line convergies with TL we could see a strong move down
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 39 KB
  • #2,624
  • May 17, 2010 3:53am May 17, 2010 3:53am
Quoting priceaction
Hi Dave,

I believe we should only take the trades that we are comfortable with. We all have unique trading personalities and our own set of rules. It's the trader who sticks to their own rules who is consistently profitable. Just because one guy makes a nice trade, it doesn't mean everyone else should have taken it.

The only important thing to me as a trader is my upward sloping equity curve. Nothing else matters.

Rob

PS note that we (GU) are back at that "area of interest" shown in my previous post, with divergence.
Thanks Rob. I agree we should stick to our own rules and work within our own comfort zone. I was raising the point because the Sho rules state the stop should always be above/below the signal bar. This is keeping me out of many IB setups which is frustrating, especially when I see many folk taking them and doing very well. I'd just like to know if we're bending the rules slightly to cater for the increased volatility lately or if there's other ways to play IBs that I'm not aware of.
  • #2,625
  • May 17, 2010 3:55am May 17, 2010 3:55am
Quoting francis2
Dave to me if youre going to let price retrace back to top of ib the entry is wrong get out early and reenter when price comes back past original entry point
Thanks Francis, this is what I need to learn....when to get out early. Are you basing your early exit on 1M price action? - I have been watching it.
  • #2,626
  • May 17, 2010 4:03am May 17, 2010 4:03am
Quoting wasskii
consider this the main trend is down, but in the trend we have pullbaks, right? so now we could see a pullback to some stronger resistance level and then the trend countinue.

P.S. On intra the best is when overall trend lines up with intraday trend the stronegest moves.

Some stron res in atachment when the blue line convergies with TL we could see a strong move down
im sorry to say that, but i think your Fibo lines are drawn wrong
Never whishing, always trading.
  • #2,627
  • May 17, 2010 4:08am May 17, 2010 4:08am
Quoting Sutts
Thanks Francis, this is what I need to learn....when to get out early. Are you basing your early exit on 1M price action? - I have been watching it.
yes once next bar starts I watch M1 candles I usually get either retrace first before crossing entry price or candle will test price then close back under line retrace a bit then go your way this way I minimize drawdown
  • #2,628
  • May 17, 2010 4:12am May 17, 2010 4:12am
It's important to be aware of supply & demand levels.
Sho teaches this as part of his method.

Example 1
Example 2
Example 3
Example 4
  • #2,629
  • May 17, 2010 4:13am May 17, 2010 4:13am
gu +14 bounce off r/n hammer
Attached Image (click to enlarge)
Click to Enlarge Name: a.gif Size: 28 KB
  • #2,630
  • Edited 4:54am May 17, 2010 4:39am | Edited 4:54am
I know someone took the last Inside Bar long, but why ? Momentum was down wasnt it ? Look at the two red candles eating the 6 prior candles....
should i have changed my view on the big green candle sitting on S1 (green Line) ?

same thing on EU
Attached Image
Never whishing, always trading.
  • #2,631
  • May 17, 2010 4:43am May 17, 2010 4:43am
Quoting Hova
I know someone took the last Inside Bar long, but why ? Momentum was down wasnt it ? Look at the two red candles eating the 7 prior candles....
should i have changed my view on the big green candle sitting on S1 (green Line) ?

same thing on EU
explain please
  • #2,632
  • May 17, 2010 4:46am May 17, 2010 4:46am
Watch out, divergence on both
  • #2,633
  • May 17, 2010 4:47am May 17, 2010 4:47am
How do you guys enter a trade?
In the open, close or middle of a bar?
  • #2,634
  • Edited 9:23am May 17, 2010 4:51am | Edited 9:23am
You may interest to check Sho's posts recently (1st thread) on whether you are aggressive or conservative player, then you should know the idea.

Cheers
Eric

Quoting ShengL
How do you guys enter a trade?
In the open, close or middle of a bar?
  • #2,635
  • May 17, 2010 4:51am May 17, 2010 4:51am
Quoting Hova
I know someone took the last Inside Bar long, but why ? Momentum was down wasnt it ? Look at the two red candles eating the 7 prior candles....
should i have changed my view on the big green candle sitting on S1 (green Line) ?

same thing on EU
hello everyone.

Hova i see its a long entry.
we allways use recent move .thats why we dont like birds eye view.we trade only current momentum.only care latest momentum.what is present.hope it make sence.

to francis.= hey i have been mising you my old buddy.
to eric= can i still call you city.its my one of favorite name.
to Rob=keep it up buddy .keep up your good work.you are an inteligent guy.destiny is not far for you.
to Dave=its time to break some rules and make bit new in rules.
  • #2,636
  • May 17, 2010 4:54am May 17, 2010 4:54am
Quoting francis2
explain please
hope the attached pic helps
Attached Image
Never whishing, always trading.
  • #2,637
  • May 17, 2010 4:55am May 17, 2010 4:55am
Of course, I could recognise myself much more easier when someone call me City

Quoting trade price
hello everyone.

Hova i see its a long entry.
we allways use recent move .thats why we dont like birds eye view.we trade only current momentum.only care latest momentum.what is present.hope it make sence.

to francis.= hey i have been mising you my old buddy.
to eric= can i still call you city.its my one of favorite name.
to Rob=keep it up buddy .keep up your good work.you are an inteligent guy.destiny is not far for you.
to Dave=its time to break some rules and make bit new in rules.
  • #2,638
  • May 17, 2010 4:58am May 17, 2010 4:58am
Quoting trade price
hello everyone.

Hova i see its a long entry.
we allways use recent move .thats why we dont like birds eye view.we trade only current momentum.only care latest momentum.what is present.hope it make sence.

to francis.= hey i have been mising you my old buddy.
to eric= can i still call you city.its my one of favorite name.
to Rob=keep it up buddy .keep up your good work.you are an inteligent guy.destiny is not far for you.
to Dave=its time to break some rules and make bit new in rules.
morning Sho good to see you, yes had a few things to do, this week aswell will be here a bit hopefully
  • #2,639
  • May 17, 2010 5:02am May 17, 2010 5:02am
Quoting trade price
we will have a lesson on that setup.and why its long?what was behind that setup.will post in the main thread later when i can with the chart.if i forget remind me in couple of days.
Sho / Rob / Francis / Dave

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  • #2,640
  • May 17, 2010 5:03am May 17, 2010 5:03am
Morning Sho!
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