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Intraday price action trend trading

  • #3,821
  • Jul 6, 2010 8:55am Jul 6, 2010 8:55am
Perhaps everyone has seen this but just in case, I wanted to share the way in which Gold has been plunging from its all time high recently by breaking in huge drops out of 4hr wedges.

The weekly chart is from yesterday.
The 4hr today.

Rob
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Gold.jpg Size: 434 KB
Click to Enlarge Name: Gold 6 July 2010.jpg Size: 163 KB
  • #3,822
  • Jul 6, 2010 8:57am Jul 6, 2010 8:57am
nice timing by gold as aud tests a high



Regards


Red
  • #3,823
  • Jul 6, 2010 9:20am Jul 6, 2010 9:20am
Quoting priceaction
Two 'reasonably' bearish momentum bars break the trend line and two pins then point the way for a break of support and a good probability of a continued downward move.

Flick over to the 1hr chart and we can see a more convincing bearish engulfing move.

Rob
Poor GU analysis on my part!
  • #3,824
  • Jul 6, 2010 9:25am Jul 6, 2010 9:25am
Quoting trade price
GU AND EU
Excellent Sho
  • #3,825
  • Jul 6, 2010 9:36am Jul 6, 2010 9:36am
Quoting trade price
it was a slap take .from other thread.they think they knows what they talk.
I hope they try to learn from what you share with them Sho.
  • #3,826
  • Jul 6, 2010 9:40am Jul 6, 2010 9:40am
long eu was 13 pips in profit, take it or trail sl to B/E
always the same question
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-0272.gif Size: 26 KB
  • #3,827
  • Jul 6, 2010 9:41am Jul 6, 2010 9:41am
Quoting trade price
GU AND EU
Sho, in your GU chart below, is the pink zone simply resistance which became support?

Thanks,
Rob
Attached Image (click to enlarge)
Click to Enlarge Name: long today1.gif Size: 16 KB
  • #3,828
  • Jul 6, 2010 9:48am Jul 6, 2010 9:48am
Quoting MJurban
long eu was 13 pips in profit, take it or trail sl to B/E
always the same question
at this point, i took 11 pips profit.
that leaves me with 48 pips on eu and 9 pips on gbpusd, a great day for me
  • #3,829
  • Jul 6, 2010 9:54am Jul 6, 2010 9:54am
Quoting trade price
well done MJ.

Thank you Sho,
managing the exit is still the ´most difficult part of the trading
  • #3,830
  • Jul 6, 2010 10:13am Jul 6, 2010 10:13am
Attached Image (click to enlarge)
Click to Enlarge Name: cc.jpg Size: 81 KB




Difficult pair to trade but goes like all hell once it establishes a trend



Regards


Red
  • #3,831
  • Jul 6, 2010 10:21am Jul 6, 2010 10:21am
Attached Image (click to enlarge)
Click to Enlarge Name: aud macd.jpg Size: 94 KB




Div in play


Red
  • #3,832
  • Jul 6, 2010 11:11am Jul 6, 2010 11:11am
Hi guys,learning a lot of price action and its uses and its my preferred way of trading..Iam still reading the other thread and i just have 1 question for now..

Do we enter on the break of the bar or at the open of the new bar?

Kai
  • #3,833
  • Jul 6, 2010 11:26am Jul 6, 2010 11:26am
Quoting khairul81
Hi guys,learning a lot of price action and its uses and its my preferred way of trading..Iam still reading the other thread and i just have 1 question for now..

Do we enter on the break of the bar or at the open of the new bar?

Kai

Depends on the setup, would be much easier if you gave a real time example and explain what you are watching for


Regards


Red
  • #3,834
  • Jul 6, 2010 1:07pm Jul 6, 2010 1:07pm
Attached Image (click to enlarge)
Click to Enlarge Name: aud hs.jpg Size: 66 KB



Closed aud short at support, waiting for another entry higher at right shoulder, scalping north in the meantime



Regards


Red
  • #3,835
  • Jul 6, 2010 1:26pm Jul 6, 2010 1:26pm
Quoting khairul81
Hi guys,learning a lot of price action and its uses and its my preferred way of trading..Iam still reading the other thread and i just have 1 question for now..

Do we enter on the break of the bar or at the open of the new bar?

Kai

when we take a pinbar or an outsidebar as our trigger candle, we wait for it to close and open the trade immediatly after the close of this candle..when an insidebar is our triggercandle we wait for a break of this candle...
hope this helps

cheers
  • #3,836
  • Jul 6, 2010 1:26pm Jul 6, 2010 1:26pm
Bought aud and expect right shoulder to be completed at around 0.85402



Red
  • #3,837
  • Jul 6, 2010 1:39pm Jul 6, 2010 1:39pm
Attached Image (click to enlarge)
Click to Enlarge Name: aud long.jpg Size: 63 KB




Red
  • #3,838
  • Jul 6, 2010 4:12pm Jul 6, 2010 4:12pm
Attached Image (click to enlarge)
Click to Enlarge Name: aud.jpg Size: 64 KB


Attached Image (click to enlarge)
Click to Enlarge Name: eg.jpg Size: 78 KB



Red
  • #3,839
  • Jul 6, 2010 5:02pm Jul 6, 2010 5:02pm
Attached Image (click to enlarge)
Click to Enlarge Name: ea.jpg Size: 73 KB



Still think this will spike supply zone higher, don't trust this will drop from here, although it does look like a H&S has developed



Red
  • #3,840
  • Jul 6, 2010 8:05pm Jul 6, 2010 8:05pm
Hi Buildcity,

sorry seem my question out of context. Can you please advise if you use MT4 chart ? if yes, can you please advise how you make the candle color and it's so bold ? if compare to normal MT4.

Thanks,


Quoting Buildcity
One last trade, see whether the pattern works.....

Edit: good trade -16
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