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Price action momentum trading

  • #101
  • Aug 18, 2011 3:54am Aug 18, 2011 3:54am
When I try to practice, the momentum bar is really subjective, it's hard to identify. I am trying to survive.
  • #102
  • Aug 18, 2011 5:39am Aug 18, 2011 5:39am
Nice thread. Great information that's very useful.
  • #103
  • Aug 18, 2011 10:57am Aug 18, 2011 10:57am
how many pips are the best timing for stop order?
  • #104
  • Aug 19, 2011 4:22am Aug 19, 2011 4:22am
Hey guys, this is my 1st trade using this method and just wanted to see if I've done it right. So here is my breakdown of how I came to this trade.

1. Got my S&R lines from the H1 TF. Made sure that they had at least 3 touch points to validate.
2. The red candle after the blue momentum candle showed that the Bear side didn't have enough push as it didn't have a new low.
3. I then set a Buy Stop price a few pips above the high of the Momentum candle and waited for it to activate.
4. As the candle neared the Resistance line, I held a tight SL and kept pushing it 10 pips everytime.
5. Finished the trade with 20 pips TP.

Did I get this right? All feedback welcomed.
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  • #105
  • Aug 19, 2011 9:04am Aug 19, 2011 9:04am
Quoting KMidas
Ok, since Survivor asked for more participation from us I will post a recent trade that I took. I post it because there are many points I would like to make. I am not very experienced trader and I switched to intraday trading since I have read this post. This is why if I am wrong somewhere I hope someone more experienced will jump in and correct me.

In the chart below GBP/USD looks like it is trending down and we were in a pullback. I entered a pending sell order below the big bearish bar. The order was 12 pips below the low price. After 2 bars...
nice point there..
but i'm always use the lock profit ea to secure my profit...
  • #106
  • Aug 23, 2011 10:19am Aug 23, 2011 10:19am
First sorry about delay in my posts. I was down with some medical and serious personal problems.

This all is subjective and not yet finalized. But here is how i am doing right now and it has been working well. Note that i trade 15M chart. If you higher time frames using this method, higher stop loss and Targets will be more suitable.

I use an initial stop loss of about 10 pips. Either price runs in my direction, or i am wrong. I dont increase my SL in HOPE that price will turn. As soon as price is 15 pips in favour after the trade, i move Sl to my cost. Not losing money is my way of making money.

Then, I trail my SL every 15 pips. Taking profits is pretty tricky. I generally target, previous highs, round numbers etc.However, if i see strong momentum in my direction, i hold on. If i see momentum slowing i get out.

Hope this helps. Thanks for all the comments here. i will try to adress them one by one.

EDIT: I forgot to mention, i always get out half my position at 20 ticks. No matter what.
Making money is easy- Just dont take losing trades
  • #107
  • Aug 23, 2011 10:27am Aug 23, 2011 10:27am
Here was what i did today. Was worth lots of pips
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Making money is easy- Just dont take losing trades
  • #108
  • Aug 23, 2011 10:31am Aug 23, 2011 10:31am
Quoting KMidas
Ok, since Survivor asked for more participation from us I will post a recent trade that I took. I post it because there are many points I would like to make. I am not very experienced trader and I switched to intraday trading since I have read this post. This is why if I am wrong somewhere I hope someone more experienced will jump in and correct me.

In the chart below GBP/USD looks like it is trending down and we were in a pullback. I entered a pending sell order below the big bearish bar. The order was 12 pips below the low price. After 2 bars...

Nice points there. System is just one part of trading. Money management, mind games all play roles.
Making money is easy- Just dont take losing trades
  • #109
  • Aug 23, 2011 10:33am Aug 23, 2011 10:33am
Quoting kostas1
Just came back from vacation and found your first thread! Good luck and good job.
I think your approach using CHOROS in H1 has some good applications. My advice to newbies, use Survivor's method to take quick scalps (10-20p) per trade and you will have many wins. Use lower TFs to fine tune your exit. My only concern is that you don't get an early seat in the train (compared with CHOROS). But it seems to be a winning seat if you don't stay too long with it.

Now i have approval from masters of the game themselves. Listen to him. He is my guru. Thank you sir.
Making money is easy- Just dont take losing trades
  • #110
  • Aug 23, 2011 10:42am Aug 23, 2011 10:42am
Hi Survivor,

Hope you are fine with your personal life.

May I ask you a question?

Is your chart free of moving average, S/R, TL, pivot, Rounds, etc now????


cheers,
kk007
  • #111
  • Aug 23, 2011 10:43am Aug 23, 2011 10:43am
Quoting bobowang
When I try to practice, the momentum bar is really subjective, it's hard to identify. I am trying to survive.

A valid point here. Momentum bars are indeed somewhat subjective. Thats why i stress- take a trade only when its is as obvious to you as your nose. Dont try to catch every move. You will get killed if you think you can jump in after every bar and make money. Dont over trade. Let the trade come to you and slaps you in face. and tell you i am here. take me.
Making money is easy- Just dont take losing trades
  • #112
  • Aug 23, 2011 10:44am Aug 23, 2011 10:44am
Quoting kk007
Hi Survivor,

Hope you are fine with your personal life.

May I ask you a question?

Is your chart free of moving average, S/R, TL, pivot, Rounds, etc now????


cheers,
kk007
Price KK... i have abandoned everything. I just need price bars. You are free to use choros mas if you want.
Making money is easy- Just dont take losing trades
  • #113
  • Aug 23, 2011 10:52am Aug 23, 2011 10:52am
Quoting Survivor
Price KK... i have abandoned everything. I just need price bars. You are free to use choros mas if you want.
Amazing!!!
  • #114
  • Aug 23, 2011 11:08am Aug 23, 2011 11:08am
Hi Survivor,

This is what happening right now, there was a momentum bar 3 bar ago, if I entered at the momentum bar break and set SL to -10, it is a loser, is it?

cheers,

kk007
Attached Image
  • #115
  • Aug 23, 2011 1:08pm Aug 23, 2011 1:08pm
Quoting kk007
Hi Survivor,

This is what happening right now, there was a momentum bar 3 bar ago, if I entered at the momentum bar break and set SL to -10, it is a loser, is it?

cheers,

kk007
How did it go? It's all after the event analysis but still. After your momentum bar there was clear lack of momentum. I would have tightened my SL and taken a loss if necessary. I rarely keep my sl below previous bar when i am long. Break below previous bar low is negative sign for me. That means sellers a fighting back.
Making money is easy- Just dont take losing trades
  • #116
  • Aug 23, 2011 2:17pm Aug 23, 2011 2:17pm
Quoting kk007
Hi Survivor,

This is what happening right now, there was a momentum bar 3 bar ago, if I entered at the momentum bar break and set SL to -10, it is a loser, is it?

cheers,

kk007
You bought it right @ resistance - yesterday's high (1.4432 on my charts).

Take care.

Vidas

---------------

"Do not sell morning weakness in the strong uptrend" - old Sumer proverb.
“Do not sell morning weakness in the strong uptrend” – old Sumer prov
  • #117
  • Edited 8:27pm Aug 23, 2011 8:13pm | Edited 8:27pm
Quoting Survivor
How did it go? It's all after the event analysis but still. After your momentum bar there was clear lack of momentum. I would have tightened my SL and taken a loss if necessary. I rarely keep my sl below previous bar when i am long. Break below previous bar low is negative sign for me. That means sellers a fighting back.
Ok, this strategy may reduce a bit loss, but not much less than 10 pip in this case.
If a 1 pip offset is needed for bar break, the stoploss will still be 10 pip in this case.
Thanks.
  • #118
  • Aug 23, 2011 8:14pm Aug 23, 2011 8:14pm
I am not trading this one, just to discuss. There is no uses of S/R in this method.

Take care.

Quoting vidas7
You bought it right @ resistance - yesterday's high (1.4432 on my charts).

Take care.

Vidas

---------------

"Do not sell morning weakness in the strong uptrend" - old Sumer proverb.
  • #119
  • Aug 23, 2011 9:17pm Aug 23, 2011 9:17pm
Possibly another -10pip loser?
Attached Image
  • #120
  • Aug 25, 2011 7:52pm Aug 25, 2011 7:52pm
greetings i am very much new to forex but determind to learn it
u have posted a chart with great information and stratigy but i dont seem that i actual it may happen and we see clear entry and exit doors like i am trying to apply what u have shown but cant help out on my own can u plz help me and apply on the chart which i am providing ur stratigies i will be very much thank full
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