my two trades currently going...
Intraday price action trend trading
- #5,821
- Nov 4, 2010 9:49pm Nov 4, 2010 9:49pm
- Joined Nov 2009 | Status: Trader | 1,093 Posts
- #5,822
- Nov 5, 2010 12:47am Nov 5, 2010 12:47am
both stopped out...
Price also told you that it might turn against your trades. On the uj trade you had a dbhlc with a shaven head and a doubble top. That tells you there is big resistance above and a lot of supply. On the au when that small pin formed before taking price higher, that should have alerted you that a possible 123 formation was in progress. So if your stops werent allready at breakeven then they should be at that point or just take profit. Depending on your stop placement they could've probably given 1:1.
My two cents anyways
Looking forward to a new day of trading, should be another interesting day with the nfp data coming out.
- #5,824
- Nov 5, 2010 2:35am Nov 5, 2010 2:35am
good day,
May I ask, upon spoting signal, usually do you execute the trade instantly or you would place order?
If your playing of an ib you can wait for it to break. People play that one slightly different though it seems.
- #5,827
- Nov 5, 2010 2:55am Nov 5, 2010 2:55am
- Joined Jan 2010 | Status: Yet to replace my suit in black.... | 3,268 Posts
thank you Store
Picture attached is my entry and just got stop out with little profit.Not sure is this the correct entry
. - KC is in upward trend;
- IB break out as entry signal;
Stop Loss always be placed under / above the signal bar, in your case the SL should be right below the 2nd last green (the IB), a few pips below its wick. Then move SL to BE if the price moving upward, say about 10p, its my view.
Cheers
Eric
- #5,828
- Nov 5, 2010 2:57am Nov 5, 2010 2:57am
thank you Store
Picture attached is my entry and just got stop out with little profit.Not sure is this the correct entry
Guess you took it on the break of the ib right? I dont have that small bar on my feed though. Another possibility would be an entry on the second red bar, impulsive move, corrective which is rejected by first band and forms a small pin.There is regular divergence showing as well now, so when I go against that I also tend to go for small quick gains.
- #5,829
- Nov 5, 2010 3:08am Nov 5, 2010 3:08am
- Joined Jan 2010 | Status: Yet to replace my suit in black.... | 3,268 Posts
And here is EURJPY
Thank you if all the master can comment
- #5,830
- Nov 5, 2010 3:10am Nov 5, 2010 3:10am
Yes, it was an IB break out trade per Sho's setup
- KC is in upward trend;
- IB break out as entry signal;
Stop Loss always be placed under / above the signal bar, in your case the SL should be right below the 2nd last green (the IB), a few pips below its wick. Then move SL to BE if the price moving upward, say about 10p, its my view.
Cheers
Eric
Shake it off!Lick the Wound,Prey Again!
- #5,831
- Nov 5, 2010 3:20am Nov 5, 2010 3:20am
Its fine imo
There is regular divergence showing as well now, so when I go against that I also tend to go for small quick gains.
IB is doji? or harami=pregnant as describe by steve nison.
Shake it off!Lick the Wound,Prey Again!
- #5,835
- Nov 5, 2010 3:56am Nov 5, 2010 3:56am
I got it. Very simple to understand.
I got stop out on EURUSd because I go to 15 min TF to adjust SL to BE
but reenter again because KC still upward. I will stick to only one TF this time onwards. Thank you for all your encouragement and valuable comments.
Hope I'm not too much bothering.
Anyways its always nice to discuss some charts, good learning tool and im still learning from the real masters here
- #5,838
- Nov 5, 2010 5:11am Nov 5, 2010 5:11am
Is the purple line corrective turn impulsive where it fail to make new high?
However something I picked up from this excellent post by Buildcity http://www.forexfactory.com/showpost...postcount=5804 .
You can see that he doesnt really mark up where all the impulsive and correctiv turns and twitches are but simply views the candles itself and defines momentum on the basis of that. So instead of thinking on where impulsive turned corrective or vice versa he simply watches the momentum and goes with that. It is pretty much just the same thing, but an easier way to just look at the chart and decide right away which way to trade.
So in regards to your question id say momentum is still up but I would be alert for a possible change.
Btw im not sure this is how eric views it at all, just an interpritation that made some things a bit clearer in my head as i said, so i would love to see an input from him or any of the other seniors
- #5,839
- Nov 5, 2010 5:20am Nov 5, 2010 5:20am
Is the purple line corrective turn impulsive where it fail to make new high?
In reality the momentum might have changed or is very close to... That ib broke long but came back within and closed lower. Shows alot of supply above. You could also say that this is a 123 formation and that last candle there is about to confirm that so if that breaks clear then I would say its an impulsive move down.
So took another look and my overcomplicated head starts doing its thing
Some wiser input would be greatly appreciated, think we can all learn from it
- #5,840
- Edited 6:16am Nov 5, 2010 6:08am | Edited 6:16am
- Joined Jan 2010 | Status: Yet to replace my suit in black.... | 3,268 Posts
Is the purple line corrective turn impulsive where it fail to make new high?
I'm not the expert here but Storeball wanted me to share my view here so I do
, Focus on your chart the red line you marked, initially we would most likely trust it was a corrective move after the previous waves, then we might enter a long order after the formation of little IB green, cos the next red initially raised up and break out this little green. Well the SL is bit lower than the IB too as usual.
You might have few pips gained or worst case a small lost. Then we noticed that the red line was changed from impulsive to corrective while the last 2 red candles told you the momentum was changed.
As Sho always reminds us that we should follow the immediate momentum, it changed then we chaged our mind in second.
Good to see some new comers here. I will try to share what I learnt from Sho, even it is only 1/100 Sho's knowledge.
Cheers
Eric
