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Intraday price action trend trading

  • #6,021
  • Nov 30, 2010 9:51pm Nov 30, 2010 9:51pm
  •  Megara
  • | Joined Sep 2009 | Status: MOMENTUM'S THE GODFATHER OF TRADING | 759 Posts
My opinion
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Shake it off!Lick the Wound,Prey Again!
  • #6,022
  • Nov 30, 2010 9:55pm Nov 30, 2010 9:55pm
  •  Megara
  • | Joined Sep 2009 | Status: MOMENTUM'S THE GODFATHER OF TRADING | 759 Posts
My opinion
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Shake it off!Lick the Wound,Prey Again!
  • #6,023
  • Nov 30, 2010 9:59pm Nov 30, 2010 9:59pm
  •  Megara
  • | Joined Sep 2009 | Status: MOMENTUM'S THE GODFATHER OF TRADING | 759 Posts
Quoting FXprobe
Found that out the hard way. ate up my profit from the last two days.
Live and learn
====================
Don't despair, sunshine is ahead and welcome here
Shake it off!Lick the Wound,Prey Again!
  • #6,024
  • Nov 30, 2010 10:01pm Nov 30, 2010 10:01pm
Just for share, it all depends on our own personality and how risky allowance we play.

For me, still learning to play longer term play based on higher time frame. But for M15 intraday day trading, my target is 30p/day (quite realistic, honest) as basis and those extra is bonus for rainy days. Dont count the daily gain / loss, but count it weekly or monthly, if the daily average is 30p for me is fine.

What I suggest is, if we even cant make it consistence on demo with 30+ daily average, at least for 2 to 3 months, then dont go for live.

My view only.




Quoting Megara
==================================
Eric,
Don't mind me to ask, how many pips does a day trader can make and as well as loss.

I am asking because I am not sure if my target profit and maximum of loss is realistic.

My entry is base on 4H TF and I monitored 5pairs of currency. My maximum loss per trade is 30pips in order for me to gain 60pip, 2:1
Last week, I don't have loss trades and I got a bonus day, 420pips per week.

You enter 20 trades per day, and bag 50 pips in one day that's SUPERMAN to me. I might got heart attack and suffer to...
  • #6,025
  • Nov 30, 2010 10:13pm Nov 30, 2010 10:13pm
One more advice on the risk limit per trade for intraday trading.

I would only allow -20p loss per trade as max otherwise it is hard to gain back what we lost.

Most of the times we have to let the SL be hitted and focus our attention on another entry, if we keep moving the SL bigger and bigger, it just doesnt work at all.




Quoting Megara
==================================
Eric,
Don't mind me to ask, how many pips does a day trader can make and as well as loss.

I am asking because I am not sure if my target profit and maximum of loss is realistic.

My entry is base on 4H TF and I monitored 5pairs of currency. My maximum loss per trade is 30pips in order for me to gain 60pip, 2:1
Last week, I don't have loss trades and I got a bonus day, 420pips per week.

You enter 20 trades per day, and bag 50 pips in one day that's SUPERMAN to me. I might got heart attack and suffer to...
  • #6,026
  • Nov 30, 2010 10:42pm Nov 30, 2010 10:42pm
  •  Megara
  • | Joined Sep 2009 | Status: MOMENTUM'S THE GODFATHER OF TRADING | 759 Posts
So professional trader sum up their pips in weekly and monthly basis instead of daily.
Thank you for your insight.
In the initial month I made quite a lot of mistakes and now I understand much more but still a lot to learn.
What matter most is to be a consistence player then pips will follow through, right?
Shake it off!Lick the Wound,Prey Again!
  • #6,027
  • Nov 30, 2010 10:49pm Nov 30, 2010 10:49pm
Quoting Megara
So professional trader sum up their pips in weekly and monthly basis instead of daily.
Thank you for your insight.
In the initial month I made quite a lot of mistakes and now I understand much more but still a lot to learn.
What matter most is to be a consistence player then pips will follow through, right?
Iron solid, we all have bad days sometime, even those professional!!
  • #6,028
  • Dec 1, 2010 12:46am Dec 1, 2010 12:46am
Have opened 3 trades GBP/USD lon, EUR/USD long and AUD/USD long. What do you guys think?
Mr pips your coming with me
  • #6,029
  • Dec 1, 2010 1:01am Dec 1, 2010 1:01am
GBP/USD just got stoped out for loss of 10 pips

Edit: back in looks like moving the right way now
Mr pips your coming with me
  • #6,030
  • Dec 1, 2010 1:12am Dec 1, 2010 1:12am
Have just moved stop to BE on AUD/USD.
Am about to move to BE onEUR/USD.
Mr pips your coming with me
  • #6,031
  • Dec 1, 2010 1:12am Dec 1, 2010 1:12am
  •  Megara
  • | Joined Sep 2009 | Status: MOMENTUM'S THE GODFATHER OF TRADING | 759 Posts
Quoting FXprobe
Have opened 3 trades GBP/USD lon, EUR/USD long and AUD/USD long. What do you guys think?
Can you post your chart
Shake it off!Lick the Wound,Prey Again!
  • #6,032
  • Edited 1:36am Dec 1, 2010 1:19am | Edited 1:36am
Just enterd short onGBP/JPYat close of pin.

OPS just got closde out to

Just went long on EUR/JPY fingers crossed.

Just moved stop to BE on EUR/JPY.
Mr pips your coming with me
  • #6,033
  • Dec 1, 2010 2:37am Dec 1, 2010 2:37am
Just closed out trades on AUD/USD and EUR/JPY for a profit of 125 pips how sweet.. Here's my charts.

ops take two!!!
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Mr pips your coming with me
  • #6,034
  • Dec 1, 2010 2:44am Dec 1, 2010 2:44am
Wonderful


Quoting FXprobe
Just closed out trades on AUD/USD and EUR/JPY for a profit of 125 pips how sweet.. Here's my charts.

ops take two!!!
  • #6,035
  • Dec 1, 2010 3:03am Dec 1, 2010 3:03am
  •  Megara
  • | Joined Sep 2009 | Status: MOMENTUM'S THE GODFATHER OF TRADING | 759 Posts
Great catch.
My opinion about your chart
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Shake it off!Lick the Wound,Prey Again!
  • #6,036
  • Dec 1, 2010 3:13am Dec 1, 2010 3:13am
  •  Megara
  • | Joined Sep 2009 | Status: MOMENTUM'S THE GODFATHER OF TRADING | 759 Posts
My free trade
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Shake it off!Lick the Wound,Prey Again!
  • #6,037
  • Dec 1, 2010 3:16am Dec 1, 2010 3:16am
Quoting Buildcity
Sure man

Those you mentioned are potential entries according to Sho's method, but these day I'm trying to be more conservative and looking for a closer entry near the centre line of KC.

For entries beyound the outer bands, if there is no other reason(s) came together (good s/r etc), somehow it would become a chasing market ones, just my thought.

But man dont worry, our plays definitely go with our personality.

Happy trading.
Eric
Very good advice for beginners.

  • #6,038
  • Dec 1, 2010 3:21am Dec 1, 2010 3:21am
I like what I'm seeing here and have been reading the other thread as I am watching you guys trade this live. I have noticed my Keltner bands are not like yours. Could someone please tell me what you have the inputs at?

thanks!
A woman drove me to drink, and I forgot to thank her
  • #6,039
  • Dec 1, 2010 3:27am Dec 1, 2010 3:27am
  •  Megara
  • | Joined Sep 2009 | Status: MOMENTUM'S THE GODFATHER OF TRADING | 759 Posts

Try this
Attached File(s)
File Type: mq4 Keltner Channel.mq4   3 KB | 282 downloads
Shake it off!Lick the Wound,Prey Again!
  • #6,040
  • Dec 1, 2010 3:36am Dec 1, 2010 3:36am
Quoting Megara

Try this
Thank you much!
A woman drove me to drink, and I forgot to thank her
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