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Intraday price action trend trading

  • #3,181
  • May 28, 2010 1:43am May 28, 2010 1:43am
gu +25 hammer tightened stop to low of entry candle t/p near tops r/n
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  • #3,182
  • May 28, 2010 1:46am May 28, 2010 1:46am
classic patterns e/j and eu
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  • #3,183
  • May 28, 2010 1:48am May 28, 2010 1:48am
Thks, you are back, the room is yours

Quoting francis2
classic patterns e/j and eu
  • #3,184
  • May 28, 2010 1:56am May 28, 2010 1:56am
Quoting Buildcity
Thks, you are back, the room is yours
Hi BC Im trying
Why does e/j fly and gu stall is it just a game of chance if Id traded e/j id have been laughing if id held on to gu id be in a loser now
theyre in similar positions regarding res to me
  • #3,185
  • May 28, 2010 2:01am May 28, 2010 2:01am
Uj +20

Nice pin with trend easy 1:2.

Too bad i didn't take the pin on EJ m15, easily reached my targets :O
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Never whishing, always trading.
  • #3,186
  • May 28, 2010 2:02am May 28, 2010 2:02am
I was keen to get in on the right side of a potential GU break out this morning.

I bought off this 15 min pin.
15 pip risk. Unknown, but potentially good profit.

If it works out it will be good.
If it doesn't, I'll incur a business overhead.

Just like the lorry driver transporting goods today. He will pay for fuel etc and he might even get a puncture or a breakdown. But that's the cost of doing business.

Good luck today!

Rob
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  • #3,187
  • May 28, 2010 2:09am May 28, 2010 2:09am
tried gu again -11
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  • #3,188
  • May 28, 2010 2:24am May 28, 2010 2:24am
gu +18 when it broke back thru trendline
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  • #3,189
  • Edited 2:55am May 28, 2010 2:28am | Edited 2:55am
Quoting priceaction
I was keen to get in on the right side of a potential GU break out this morning.

I bought off this 15 min pin.
15 pip risk. Unknown, but potentially good profit.

If it works out it will be good.
If it doesn't, I'll incur a business overhead.

Just like the lorry driver transporting goods today. He will pay for fuel etc and he might even get a puncture or a breakdown. But that's the cost of doing business.

Good luck today!

Rob
That's 15 pips added to my week's overheads

But I know (after the fact) that I could have come out at almost BE and gone short on a break of an IB to the downside. I could even have taken small profit after the pin and then taken the IB.

As my teacher used to write on my report "could do better".
  • #3,190
  • May 28, 2010 2:48am May 28, 2010 2:48am
Quoting priceaction
That's 15 pips added to my week's overheads

But I know (after the fact) that I could have come out at almost BE and gone short on a break of an IB to the downside.

As my teacher used to write on my report "could do better".
would you say that even though momentum is up, you would have shorted this Inside Bar because the prior bar tested a resistance area ? (1.46)

i thought this too and observed it a few times, but actually i didn't react on it.

still learning
Never whishing, always trading.
  • #3,191
  • May 28, 2010 2:56am May 28, 2010 2:56am
Quoting Hova
would you say that even though momentum is up, you would have shorted this Inside Bar because the prior bar tested a resistance area ? (1.46)

i thought this too and observed it a few times, but actually i didn't react on it.

still learning
Inside bars to me can be risky because even though there was the wick on the green bar that could have been a retrace before going back up again I know the price action traders seem to rate inside bars pretty low on the reliability scale the price could have broken the low of the inside bar only to retest the trendline and rise again
However regardless of that fact and I know were not supposed to take note but stoch was also down and the trendline coincided aswell
  • #3,192
  • May 28, 2010 3:00am May 28, 2010 3:00am
missed this on gu intercandle retrace to go short having breakfast at the time M15 M1
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  • #3,193
  • Edited 3:31am May 28, 2010 3:10am | Edited 3:31am
Quoting Hova
would you say that even though momentum is up, you would have shorted this Inside Bar because the prior bar tested a resistance area ? (1.46)

i thought this too and observed it a few times, but actually i didn't react on it.

still learning
Yes momentum was up.

But momentum changes as do trends (particularly in areas of previous support & resistance - which existed in this case) - and we need to be fast enough to spot the changes and not get married to a trend.

The reason why many people don't trade before 9am London time is because the market has often (not always) woken up. Often it's still dithering around with no clear direction.

Sho doesn't trade before 9.30am London time.

There are many traders who also do not trade on Fridays because of potential sloppy markets which create more chance of losing money than making money.

I'm considering revising my trading plan with both of the above.

Rob
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  • #3,194
  • May 28, 2010 3:11am May 28, 2010 3:11am
i found inside bars to be very reliable, i trade them actively for 3 weeks now, i know its not a long time, but i got a 75% winning ratio
Never whishing, always trading.
  • #3,195
  • May 28, 2010 3:13am May 28, 2010 3:13am
EJ M5

I love it when a Plan works out, too bad i missed this thing doing something else, but reached targets without problems, trend trading rulz
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Never whishing, always trading.
  • #3,196
  • May 28, 2010 3:21am May 28, 2010 3:21am
Quoting Hova
i found inside bars to be very reliable, i trade them actively for 3 weeks now, i know its not a long time, but i got a 75% winning ratio
Yes I like IBs too.

Pit trader PeterCrowns introduced the DIBs method to FF a long time ago.
That's based on inside bars.

All traders have different likes and dislikes. The only thing that matters is what makes money for them.

Rob
  • #3,197
  • May 28, 2010 3:27am May 28, 2010 3:27am
Yes I followed Peters posts too when he was around I think in the right place theyre reliable eg in a trend situation just not sure as a reversal signal
  • #3,198
  • May 28, 2010 3:35am May 28, 2010 3:35am
aus +11 breaks highs and hammer
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  • #3,199
  • May 28, 2010 3:36am May 28, 2010 3:36am
Quoting francis2
Yes I followed Peters posts too when he was around I think in the right place theyre reliable eg in a trend situation just not sure as a reversal signal
I know what you mean Francis.

In the case of the trade I took, price was in an area of support & resistance so in hindsight (a wonderful thing) I should have been on my guard for a potential breakout or reversal, and had I been quicker off my feet, I would have taken the IB. The reality is, I got "hopeful" of a breakout upwards. Tut tut!

Next time :-)

Rob
  • #3,200
  • May 28, 2010 3:38am May 28, 2010 3:38am
I just love this one

Classic Sho's method, a bit lucky for me as I carry on my quick in and out approach.

1st entry near the MA10, caught 13 when it arrived 1.452;
2nd entry, as it is perfect pin, went for another short (before the close of 1st trade), then price suddenly drop down and near the lower band of KC, sharp cut again with 10.

Haha, I'm just so lucky

Back to work

Edit: another lucky, the price raised to 1.458 the bar after
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