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Intraday price action trend trading

  • #5,561
  • Sep 17, 2010 5:22am Sep 17, 2010 5:22am
Quoting Storeball
Hey Price!

Hoping I could pop a quick one on the chart you posted there. Doesnt it concern you that it actually is a small hangman your going against, which should signal a reversal? I know it is probably technically an inner bar and it also failed to close below the upper band which i guess has alot to do with going long again, just wondering if that was something you would be worried about?
I was aware of the hangman as taught by all the text books. I was also aware that the preceding bars showed considerable momentum.

I viewed the bar you called a hangman as a simple pullback into a demand zone that was correcting itself in the direction of the trend, although I was on my guard for anything to happen. However if you look at the lower time frames, and the price action which followed after the daily bar, you could also see how the correction was developing after a series of lower time frame pullbacks resulting in 'pins or hangmans' in the direction of the trend. You could watch the pressure building on that level at the top of yesterday's bar. None of the lower time frame hangmen acted like the text books teach. They all headed in the direction of the upward momentum like sling-shots catapulting price up further after you pull back the elastic.

Being familiar with the trading approach which Sho teaches in this and his educational thread, helps to look at charts through a different lens.

Rob
  • #5,562
  • Sep 17, 2010 5:56am Sep 17, 2010 5:56am
Hi folks,

Wondering what you folks think of this here that i see happening over and over again.

I dont want to deviate the thread whatsoever.

This here, is simply an observation which i would like to share and possibly discuss with you guys, and would simply like you more experienced traders opinions on the matter.

Its about trendline breaks and how they "appear" to increase speed when they break.

Wanted to know if you guys have noticed it and potentially see how one could enter them with correct stop and entry criterias in combination with pullbacks

Thanks for the time
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  • #5,563
  • Sep 17, 2010 6:52am Sep 17, 2010 6:52am
Classic setup out at +10
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  • #5,564
  • Sep 17, 2010 8:03am Sep 17, 2010 8:03am
quick +10 on USD/CAD before leaving for the work, another classic setup
  • #5,565
  • Sep 17, 2010 8:16am Sep 17, 2010 8:16am
i forgot to mention my -4 loss on the kiwi during asian session last night
  • #5,566
  • Sep 17, 2010 7:11pm Sep 17, 2010 7:11pm
Quoting Pipalicious
Hi folks,

Wondering what you folks think of this here that i see happening over and over again.

I dont want to deviate the thread whatsoever.

This here, is simply an observation which i would like to share and possibly discuss with you guys, and would simply like you more experienced traders opinions on the matter.

Its about trendline breaks and how they "appear" to increase speed when they break.

Wanted to know if you guys have noticed it and potentially see how one could enter them with correct stop and entry criterias in combination...

This is how I primarily trade.

It works well with a trending market. If you are in a tight range maybe 60 pips or less. By the time you get the entry you are often to close to the other side of the range.

I draw the trendlines on a 15m chart, being aware of the 1h and 4h charts. Then if I am getting a strong move I will enter with the close of a 5m candle on the other side of the trendline. My stop is 5 pips or so away from the previous swing high or low. As with all else we do, you have to be careful of supply/demand zones to reverse it aginst you. My favorite is when you get a pull back into one of these zones and you just know that it is going to rocket out of there. More orders getting filled is what causes the speed at which they break. Another thing they often do is pull back to fib levels.

I would draw on your chart to show where I put stops but I haven't figured out how to do this.

Rufus:nerd:
Attached Image
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #5,567
  • Sep 19, 2010 4:13am Sep 19, 2010 4:13am
Quoting Rufus
This is how I primarily trade.

It works well with a trending market. If you are in a tight range maybe 60 pips or less. By the time you get the entry you are often to close to the other side of the range.

I draw the trendlines on a 15m chart, being aware of the 1h and 4h charts. Then if I am getting a strong move I will enter with the close of a 5m candle on the other side of the trendline. My stop is 5 pips or so away from the previous swing high or low. As with all else we do, you have to be careful of supply/demand zones to reverse it...

Hey Rufus,

Cheers for your comment.

I was thinking of something similar. i.e:

trendline on 15m with breakout pullback + pa formation "ala" sho. (one bar pullback will do).

However when you look at it like this most break with so much force they dont provide pullbacks on 15m.

This takes me to what you mentioned. Wait for pullback or close of candle on 5m chart.

The only concern i have with trading after the candle closes on 5m chart is that mentally it makes me feel as if im chasing price rather than entering at a better price with a pullback.

Either i have to keep testing it but any suggestions would be grateful

PS:

Get JING for your images. Its easy and all you do is select the image and draw on it. Its what i use and many others on this forum.

Cheers

Pip
  • #5,568
  • Sep 19, 2010 1:35pm Sep 19, 2010 1:35pm
Another classic setup on USD/CAD from Friday, I didn't have a chance to post the chart on Friday. There was a news report coming out but it was a low risk high reward trade, I took +10 out of the move
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  • #5,569
  • Sep 19, 2010 2:19pm Sep 19, 2010 2:19pm
Quoting Pipalicious
Hey Rufus,

Cheers for your comment.

I was thinking of something similar. i.e:

trendline on 15m with breakout pullback + pa formation "ala" sho. (one bar pullback will do).

However when you look at it like this most break with so much force they dont provide pullbacks on 15m.

This takes me to what you mentioned. Wait for pullback or close of candle on 5m chart.

The only concern i have with trading after the candle closes on 5m chart is that mentally it makes me feel as if im chasing price rather than entering at a better price with...

I think the pictures will show my way of thinking. I agree that at times it just rockets out of there but if I can't have my stop 5 pips below the swing low and keep it around 20 pips max. I leave it alone.

I will look into the JING, thanks.

Rufus
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #5,570
  • Sep 19, 2010 10:46pm Sep 19, 2010 10:46pm
Quoting Pipalicious
Hey Rufus,

Get JING for your images. Its easy and all you do is select the image and draw on it. Its what i use and many others on this forum.

Cheers

Pip

I have found the JING

Thanks Pipalicious


Rufus :nerd:
Attached Image
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #5,571
  • Sep 20, 2010 4:20am Sep 20, 2010 4:20am
Quick trade out +8 , USD/CHF
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  • #5,572
  • Sep 20, 2010 4:40am Sep 20, 2010 4:40am
Quoting jj7000
Quick trade out +8 , USD/CHF
same here JJ,

But SL (BE) +1

http://www.forexfactory.com/showpost...&postcount=922
  • #5,573
  • Sep 20, 2010 6:45am Sep 20, 2010 6:45am
Quoting Buildcity
same here JJ,

But SL (BE) +1

http://www.forexfactory.com/showpost...&postcount=922

You know the old saying , "great minds think a like" . I like how you always give credit to Sho, he definitely gave me a career outside of my job
  • #5,574
  • Sep 20, 2010 8:55am Sep 20, 2010 8:55am
What do you think guys?
Enter @1.3041
SL hit @1.3051
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  • #5,575
  • Sep 20, 2010 9:26am Sep 20, 2010 9:26am
Quoting tonysep
What do you think guys?
Enter @1.3041
SL hit @1.3051
I got similar situation on EJ and same entry after the nice pin. Stop out too
  • #5,576
  • Sep 20, 2010 9:59am Sep 20, 2010 9:59am
Quoting tonysep
What do you think guys?
Enter @1.3041
SL hit @1.3051
Hi Tony,
We never know what's going to happen but before going short, we might have been cautious about the previously proven demand zone that I've shaded in green on your chart.

This is how I went long there

Rob
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  • #5,577
  • Sep 20, 2010 12:02pm Sep 20, 2010 12:02pm
Hey Rob

That is a good point re the demand zone but wouldn't Sho say short this based on the fact that near term momentum was down and that is more important than anything else?

Thanks

Mark
Holy Grail = J16 + F12 x infinity
  • #5,578
  • Sep 20, 2010 12:11pm Sep 20, 2010 12:11pm
Quoting ngu
Hey Rob

That is a good point re the demand zone but wouldn't Sho say short this based on the fact that near term momentum was down and that is more important than anything else?

Thanks

Mark
Maybe Sho would. Only he can answer that.

It gave me 35 pips of profit so it was a good trade.

Rob
  • #5,579
  • Sep 20, 2010 12:16pm Sep 20, 2010 12:16pm
Thanks Rob
Holy Grail = J16 + F12 x infinity
  • #5,580
  • Edited 11:38pm Sep 20, 2010 10:50pm | Edited 11:38pm
Long G/U
I wanted to buy before bar close as it was just with kC line. At last min. market moves 6 pips and order filled at 5 pips more so amost 11 pips gap.
But Rules says.... buy at close of bar... trying to stick with rules.
Edit; SL moved under next bar below now.
Edit: SL hit
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