I know, I am an addict what can I say.
I can hope I can at least catch up with you!
Anyway, very please to see the old guy here.
I'm off today.
See you and all.
City
Intraday price action trend trading
- #4,461
- Jul 26, 2010 11:27am Jul 26, 2010 11:27am
- Joined Jan 2010 | Status: Yet to replace my suit in black.... | 3,268 Posts
Anyway, very please to see the old guy here.
I'm off today.
See you and all.
City
- #4,462
- Jul 26, 2010 11:29am Jul 26, 2010 11:29am
Thanks, see you tomorrow!
Dont say that, you may focus your catch up on Rob, real good player!! For me, always only 10p on average play
Anyway, very please to see the old guy here.
I'm off today.
See you and all.
City
- #4,463
- Jul 26, 2010 11:53am Jul 26, 2010 11:53am
Hey Rob,
Love your charts, keep them comming!
Love your charts, keep them comming!
Yes it was a bit of a waiting game on GU today.
Two nice shorts on GBPUSD & EURJPY below. It took news to get the GU wheels in motion.
I've scalped EJ & EU earlier but the two below might give me a bit more to finish the day.
Let's also remember that GBPUSD has been rejected by a major supply zone and it was over-bought on the daily.
Rob
- #4,467
- Edited 10:03pm Jul 26, 2010 9:10pm | Edited 10:03pm
- Joined Jan 2010 | Status: Yet to replace my suit in black.... | 3,268 Posts
it is too hard to learn the wave move ....
I'm not senior here, but may be I can share something with you based on my 6 mths' study on Sho's method.
Take your time, no one can master the momentum stuff in one day. And don't simply rely on the pin / inside / outside bars etc to trade, there would be so many false signals.
What I can share with you is that the keltner channel can give you a quick reference on the major trend in your particular time frame (we mostly fix our entry and exit on M15). Within the major trend, figure out those impulsive and corrective waves, once you can identify these two waves within a trend, then wait for the end of corrective move, look for PA confirmation, if it allow you to jump in with the start of impulsive move, then go. Dont chase the market. Play conservative first, if you find yourself can recognise those above in quick manner, then start to move on more aggressive way. It all depends on your personality.
Hope this helps, may be other seniors can help you more.
Cheers
City
PS - read and re-read the first thread that MJ mentioned above. You would definitely find those materials are invaluable, no matter what system / method / trading style you will go further after Sho's lesson. Sho's teaching will form your foundation.
Edit: I used the chart posted by one of the traders last night (Alifari) as demo on what I'm trying to say.
http://www.forexfactory.com/showpost...postcount=4454
- #4,471
- Jul 27, 2010 6:25am Jul 27, 2010 6:25am
- Joined Jan 2010 | Status: Yet to replace my suit in black.... | 3,268 Posts
Nice trade Rob
Actually I did downloard the paint.net, but my company didnt allow me to install!! Cant make nice pic like yours
Actually I did downloard the paint.net, but my company didnt allow me to install!! Cant make nice pic like yours
Here's a 20 pip scalp within good momentum with a TP of +20 set in advance.
Notice how a much lower risk entry opportunity came along after I entered. I could have done three things there:
1) entered a 2nd position
2) move the stop for my original position to the bottom of the red IB
3) done nothing and let the original trade play out
In hindsight, I personally would have liked to have seen myself take option 2 to reduce risk.
There was a very similar move on GBPUSD going on and that trade gave me a pre-set TP of +15 pips.
Rob
- #4,472
- Edited 8:12am Jul 27, 2010 6:26am | Edited 8:12am
Hi Guys,
Having completed reading Sho's Initial thread, have to say top performance and many thanks Sho, Thanks also Alan for the abridged thread document and Buildcity for your trading log. fantastic information. I now wish to contribute to the interactive thread.
As a Junior member I believe there will be some time delay before my initial contributions are posted so please bear with me. I hope I can become over time a useful contributor.
But without further delay details of my first live trades using the 'SHO' method
using 10sma channel (KC not available thru ig at this moment).
1. + 15 pips (+21 Mid price) entered at the close of Pin bar market order 10 pip sl closed out at close of bar as i noticed a convergence between price action and Stochastic.
2. loss - 12 pips entry at close on rejection of price by upper 10sma envelope + prev S/R level. Was my Entry too Aggressive? I could see momentum in the PA but 10 SMA was still sloping downward. With hindsight it's easy to say no trade but at the RH edge of the screen
it looked ok. apart from a very fundamental error trading prior to news!! (I now Know the reason I was concentrating on the chart that I overlooked the 11:00 news release CBI Sales).
I would appreciate any comments on the two trades. image attached
Thanks in anticipation
Xpsb
That's a Gate ahead not a Wall
Having completed reading Sho's Initial thread, have to say top performance and many thanks Sho,
Thanks also Alan for the abridged thread document and Buildcity for your trading log. fantastic information. I now wish to contribute to the interactive thread. As a Junior member I believe there will be some time delay before my initial contributions are posted so please bear with me. I hope I can become over time a useful contributor.
But without further delay details of my first live trades using the 'SHO' method
using 10sma channel (KC not available thru ig at this moment).
1. + 15 pips (+21 Mid price) entered at the close of Pin bar market order 10 pip sl closed out at close of bar as i noticed a convergence between price action and Stochastic.
2. loss - 12 pips entry at close on rejection of price by upper 10sma envelope + prev S/R level. Was my Entry too Aggressive? I could see momentum in the PA but 10 SMA was still sloping downward. With hindsight it's easy to say no trade but at the RH edge of the screen
it looked ok. apart from a very fundamental error trading prior to news!! (I now Know the reason I was concentrating on the chart that I overlooked the 11:00 news release CBI Sales).
I would appreciate any comments on the two trades. image attached
Thanks in anticipation
Xpsb
That's a Gate ahead not a Wall
- #4,473
- Jul 27, 2010 6:38am Jul 27, 2010 6:38am
- | Commercial User | Joined Nov 2007 | 1,079 Posts
Nice trade Rob
Actually I did downloard the paint.net, but my company didnt allow me to install!! Cant make nice pic like yours
The trades are the most important mate and you get plenty of those. I always love to see how all your small wins add up to a very nice end-of-day profit
Rob
- #4,474
- Jul 27, 2010 6:46am Jul 27, 2010 6:46am
- | Commercial User | Joined Nov 2007 | 1,079 Posts
Hey Rob,
Love your charts, keep them comming!
Great to see you here in this tremendous thread
I see you're actually an old-timer here since the early days.
Looking forward to sharing more charts with you.
Rob
- #4,478
- Jul 27, 2010 8:06am Jul 27, 2010 8:06am
I agree Rob, This thread is th Best on FF IMHO. Read through your post last night and learned a lot.
Thanhks
Kurt
Thanhks
Kurt
Hey Kurt,
Great to see you here in this tremendous thread
I see you're actually an old-timer here since the early days.
Looking forward to sharing more charts with you.
Rob
- #4,479
- Jul 27, 2010 8:10am Jul 27, 2010 8:10am
Hi Arjun,
The reason for going long was "Strong momentum" and as Sho always says; "momentum exceeds everything".
We saw price consolidate for a few bars and the pin and IB gave us the opportunity to jump onto the train.
I've highlighted the momentum in the chart below.
Rob
Btw, how do you determine which of ur trades are 1:1 Risk : Reward or higher?
