Hi all,
These days I have seen quite many new comers here and those are very welcome. Though I am not the thread starter (Sho (Trade Price), who is the great tutor to us) I have participated from the very 1st beginning with the kind guidance from Sho. What I want to share is to reinstate the basis of Sho's most basic method.
To summarize what I learnt from Sho so far (Still minimal):
I based on higher TF's supports and resistances (mostly from daily and H4), pay attention on relevant round numbers around, identify the trend whether up, down or sideway, then active my trade based on the momentum of price (still learning though). Remember momentum exceed everything. All entry and exit are based on M15.
The indicators I used are Stoch & Keltner channel (with setting 10).
- Stoch for divergence only and exit purpose;
- Keltner Channel for quick reference on major trend direction, but most important is the immediate price momentum
____________
The above is only a general brief on Sho's most basic method on price action (so far I learnt), you all guys can find lots of detail explanation on each item from the first thread here:
http://www.forexfactory.com/showthread.php?t=217281
The second thread (what you see right now) is for active trading. you can post any your trading and sharing the comments with each other.
The last I would like to state that you may find sometime I did trade counter trend trades (actually quite a lot) which are not the basis of Sho's rules. My bad habit is risky so please no follow. Even you do play this kind of trade, an attachment of small stop loss is a must.
Happy trading to all
City
To Sho: just want to put the right direction to new comers, and please correct me if I'm wrong.
These days I have seen quite many new comers here and those are very welcome. Though I am not the thread starter (Sho (Trade Price), who is the great tutor to us) I have participated from the very 1st beginning with the kind guidance from Sho. What I want to share is to reinstate the basis of Sho's most basic method.
To summarize what I learnt from Sho so far (Still minimal):
I based on higher TF's supports and resistances (mostly from daily and H4), pay attention on relevant round numbers around, identify the trend whether up, down or sideway, then active my trade based on the momentum of price (still learning though). Remember momentum exceed everything. All entry and exit are based on M15.
The indicators I used are Stoch & Keltner channel (with setting 10).
- Stoch for divergence only and exit purpose;
- Keltner Channel for quick reference on major trend direction, but most important is the immediate price momentum
____________
The above is only a general brief on Sho's most basic method on price action (so far I learnt), you all guys can find lots of detail explanation on each item from the first thread here:
http://www.forexfactory.com/showthread.php?t=217281
The second thread (what you see right now) is for active trading. you can post any your trading and sharing the comments with each other.
The last I would like to state that you may find sometime I did trade counter trend trades (actually quite a lot) which are not the basis of Sho's rules. My bad habit is risky so please no follow. Even you do play this kind of trade, an attachment of small stop loss is a must.
Happy trading to all
City
To Sho: just want to put the right direction to new comers, and please correct me if I'm wrong.
very luckily i got away with some very risky trades
(just joking)
