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Intraday price action trend trading

  • #8,141
  • Sep 12, 2011 7:49am Sep 12, 2011 7:49am
i guess set up wasn't bad after all .
price did reach the profit target but i got stopped out for BE before that...
oh well....
  • #8,142
  • Sep 12, 2011 8:07am Sep 12, 2011 8:07am
Hi elliotrader, nice trades and good read on the divergence!! Quick question --- I see that you are using the stoch settings of 14,3,3. I've been using 5,3,3 and I noticed some used 8,3,3. I don't know which is right or is it just personal preference. Any help would be appreciated. Thanks Joe
  • #8,143
  • Sep 12, 2011 8:35am Sep 12, 2011 8:35am
hi joe!!
first let me start by congrats u for the impressive progress u are making ...

as for ur Q,im not sure which settings of the stochastic is better .all i know is that im used to it and it works for me.

remember,its not about the indicators-its about momentum.
wish i could help more...
  • #8,144
  • Sep 12, 2011 9:14am Sep 12, 2011 9:14am
one more euro trade im in.
SL moved to BE+2 already...will keep trailing it or profit target will get hit.
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  • #8,145
  • Sep 12, 2011 9:32am Sep 12, 2011 9:32am
Quoting elliotrader
hi joe!!
first let me start by congrats u for the impressive progress u are making ...

as for ur Q,im not sure which settings of the stochastic is better .all i know is that im used to it and it works for me.

remember,its not about the indicators-its about momentum.
wish i could help more...
Thank you so much for the encouragement!! Much to learn and re-learn!!

Yes momentum is king. "Sho's (amazing)price action method" really is making sence. Now to get it to sink in and become second nature. Patience will be necessary with that.

I see that you use tradestation also (I've been using it for a couple years). I have just been learning the forex aspect of the platform. I think the futures switch to dec on thurs. I'm not sure if you have traded long or not but switch days can be erratic because the big firms have to roll their positions from Sep to Dec --- so there might be some eratic bars. FYI so just be extra careful. And again who knows I might be totally wrong -- won't be the 1st. or last.
  • #8,146
  • Sep 12, 2011 9:45am Sep 12, 2011 9:45am
look at that..
i was defiantly riding the momentum
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  • #8,147
  • Sep 12, 2011 9:53am Sep 12, 2011 9:53am
since price action is bearish and did NOT get rejected from my target zone,meaning,i did not see any buyers coming in,i decided to stay in the trade and not to close it.instead i trailed my SL to +40 and will keep trailing it to lock more profit as price keep dropping.
if buyers decide to jump in than im already locking very nice profit.
  • #8,148
  • Sep 12, 2011 10:04am Sep 12, 2011 10:04am
buyers decided to show up on the next bar so i got stopped for 40.
i might be done with the currencies for the day.

its been a good day for me:
4 trades.
3 winners
1 BE.

unless i see a very solid set up im pretty much done for the day.
do not want to give the market anything back.
  • #8,149
  • Sep 12, 2011 10:24am Sep 12, 2011 10:24am
Quoting elliotrader
buyers decided to show up on the next bar so i got stopped for 40.
i might be done with the currencies for the day.

its been a good day for me:
4 trades.
3 winners
1 BE.

unless i see a very solid set up im pretty much done for the day.
do not want to give the market anything back.
Nicely done. I am so skiddish on exits and you're examples really help. Thanks!!
  • #8,150
  • Sep 12, 2011 10:37am Sep 12, 2011 10:37am
one more....

SL is at BE+2 so its another winner already.
i do think tho that this trade will provide some very nice pips.
will post my exit later once i do it.
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  • #8,151
  • Sep 12, 2011 10:49am Sep 12, 2011 10:49am
look at the chart below.
it explains why im expecting this trade to give me nice pips
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  • #8,152
  • Sep 12, 2011 11:20am Sep 12, 2011 11:20am
too busy w my trades cant post a chart at the moment but we just had a IB brkdown to the downside on 15min chart of euro which could be a nice set up for short.(i did not add to my position since i don't want to be too greedy and also the time factor).
just throwing it out there
  • #8,153
  • Sep 12, 2011 11:41am Sep 12, 2011 11:41am
not sure where this up move came from.....
got stopped on my last euro trade for BE+2...
  • #8,154
  • Sep 12, 2011 12:34pm Sep 12, 2011 12:34pm
The same cenario for me, late in the trading hours, 1loss 1 win


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cheers
  • #8,155
  • Sep 12, 2011 1:27pm Sep 12, 2011 1:27pm
so overall i had a good trading day.
3 winners.
2 BE(the stop was actually BE+2) BUT i consider them as BE.

my winners banked me really nice profits but for me the lesson of the day is the importance of SL.
on my second BE trade if i would have not placed a SL i would have lost all my profit and lose a lot more.

i was convinced the euro would drop to test today's low but instead i got a sudden rise and i got stopped out.
if it wasnt so late in the day i would ask myself-is momentum changing?is the market trying to tell me something?

i will be back on london session to find the answer to my Q but untill than im a happy trader who preserved his capital and was lucky enough to even make some...

my rule:
always use SL
if the market gives u some try not to let it all back.keep it for yourself!enjoy it!

see u guys later....
  • #8,156
  • Sep 12, 2011 3:21pm Sep 12, 2011 3:21pm
Hi everyone!

I just finished reading the main thread. Going to start posting the trades I take during the NY Session.

Who's trading the new york session with me?

Had two nice trades today for a total profit of +4.8% on my account. I risk 1% of total account equity per position. Here are my trades
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  • #8,157
  • Sep 13, 2011 1:00am Sep 13, 2011 1:00am
Quoting Shyguy356
Hi everyone!

I just finished reading the main thread. Going to start posting the trades I take during the NY Session.

Who's trading the new york session with me?

Had two nice trades today for a total profit of +4.8% on my account. I risk 1% of total account equity per position. Here are my trades
Welcome Shyguy -- nice trades, I'm new here myself --- I am working my way into NY session soon I've been starting with London so far. c ya around. Joe
  • #8,158
  • Sep 13, 2011 2:25am Sep 13, 2011 2:25am
I wasn't sure how to read this chart but the market is telling me now ( down ). The reason is that we were in a downtrend because of the keltner channel but we bounced off of surport and there was a new impulse move that ended with a down pinbar. I would have thought short because of the pinbar and more that 50 % retracement for the whole move. It had too wide a stop for me and didn't retrace --- oh well.
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  • #8,159
  • Sep 13, 2011 2:31am Sep 13, 2011 2:31am
Same time frame I thought this was a better setup because the corrective wave didn't turn into an impulse like the EU. Just missed the buy on the retrace.
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  • #8,160
  • Sep 13, 2011 2:36am Sep 13, 2011 2:36am
hi joe!!!
i actually took this pin and was able to make 10 pips.the green bars before that pin was making me not too confidence so i decided to trail my stop instead of having a hard profit target.
i like the fact that u did not take this trade since it didn't fit ur risk crateria.....
remember,risk first!!than the profit...

good job!!lets see what else is coming to us...

p.s!!
where is everybody?megara,gravi,boubafx???miss u guys...
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