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Intraday price action trend trading

  • #8,161
  • Sep 13, 2011 4:44am Sep 13, 2011 4:44am
Good morning Elliotrader, Ya tough read so far today.
  • #8,162
  • Sep 13, 2011 4:52am Sep 13, 2011 4:52am
Not sure if this is a legit wedge trade and if so where would the stop be placed? If above the top of the wedge so also would be too wide a stop for me so maybe try the trade on a retrace. I'll sit it out and see what develops.

(Edit) Just noticed we're also below recent surport and a RN.
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  • #8,163
  • Sep 13, 2011 5:03am Sep 13, 2011 5:03am
joe u can find a nice post by sho explaining how to use stops and entries on triangle(same idea for wedge) in the first educational thread,page 138,post#2059.
  • #8,164
  • Edited 5:22am Sep 13, 2011 5:07am | Edited 5:22am
Same chart 15 minutes later. Whew!! Lucky I haven't brushed up on chart patterns yet.

(edit) wonder if the pros knew that setup or play and hooked people short. It sure took off in the other direction in a hurry (momentum/speed).

**(2nd edit)Look at how different the stoch looks. Sho is so right that indicators don't work. Price action does!!! Wow maybe that might actually sink in this time. Price action (momentum/speed)!!**
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  • #8,165
  • Sep 13, 2011 5:08am Sep 13, 2011 5:08am
Quoting elliotrader
joe u can find a nice post by sho explaining how to use stops and entries on triangle(same idea for wedge) in the first educational thread,page 138,post#2059.
Thanks!!
  • #8,166
  • Sep 13, 2011 5:41am Sep 13, 2011 5:41am
Time does answer all and hindsight is a wonderful thing. This updated EU chart shows that the corrective wave turned impulse from post #8158 was the start of the new trend. I can't spot that change when its trading live -- yet. But my take here is that the 1st arrow is the signal bar and take the trade on the next bar with the 2nd arrow. Sho mentioned time and again that you have to change with what the market is telling you.
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  • #8,167
  • Sep 13, 2011 6:12am Sep 13, 2011 6:12am
i think we just got a visit from buildcity

any chance for a comeback??
  • #8,168
  • Sep 13, 2011 7:57am Sep 13, 2011 7:57am
Quoting elliotrader
i think we just got a visit from buildcity

any chance for a comeback??
Hi mate,

I'm nobody, just like you guys ~ one of the followers of Sho

Trade safe + trade well

City
  • #8,169
  • Sep 13, 2011 8:09am Sep 13, 2011 8:09am
u r nobody?????common city,give urself some credit
its nice to see u in here...
many thx to u and other seniors who made this thread what it is...
of course it is up to each one of us to take the tools given to us and go on our own journey but it would not be possible without kindness and corporation from the master himself and all his followers...

wish u nothing but the best,hope to see u here again !!!

back to trading...
  • #8,170
  • Sep 13, 2011 8:24am Sep 13, 2011 8:24am
Quoting elliotrader
u r nobody?????common city,give urself some credit
its nice to see u in here...
many thx to u and other seniors who made this thread what it is...
of course it is up to each one of us to take the tools given to us and go on our own journey but it would not be possible without kindness and corporation from the master himself and all his followers...

wish u nothing but the best,hope to see u here again !!!

back to trading...
Ditto ---- so true and nicely said!!!
  • #8,171
  • Sep 13, 2011 8:46am Sep 13, 2011 8:46am
Shorted this trade and had a 10 pip stop in. but after the fact noticed the RN , surport line and the doji (?) and stoch divergence so I just scratched it right away. Just hit my stop so --- good scratch. but I have to learn not to take those in the furture. Also No down momentum followthrough.

Is it just me or is this a tough trade day? I'm not spotting much but then again I could be on system overload.
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  • #8,172
  • Sep 13, 2011 7:59pm Sep 13, 2011 7:59pm
I got burned on that trade you got out of. Good one jozone. Lost 2.8% today on two trades. Sometime went weird with my lot sizes and increased my risk exposure. Today was tough. Momentum came before the open so when NY opened prices were just consolidating from the previous move. Gotta be patient and wait for the momentum, then the retrace, then the signal.
  • #8,173
  • Sep 14, 2011 2:27am Sep 14, 2011 2:27am
4 potential trades but all have divergence and all 4 PB seems like Indecision bars so I'm on the sidelines. We shall see how it plays out.Any thoughts?
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  • #8,174
  • Sep 14, 2011 2:46am Sep 14, 2011 2:46am
Same charts 1 bar later. Divergence was right!! EU and AU maybe could be CT trades ( too advanced for me for now ). EU had doji? in yellow oval and RN. AU had stopped into some old surport and RN.

Maybe a trade developing off the pull backs.
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  • #8,175
  • Sep 14, 2011 3:36am Sep 14, 2011 3:36am
I bought and scratched this trade. The setup looked good and momentum was there if you bought the open. Too wide a stop for me. It ran up 10+ pips which should have made it a scratch stop if you took the open trade (if thats your parameters). I bought the pullback at my level but by then momentum had shifted and there was reports coming out in 5 min is why I took a quick scratch. I Would have been stopped out for 10 pip.

So maybe lesson learned is determine momentum on a retrace move. This trade the retrace was 20 pips from the high. maybe allow certain time or pipd away before cancelling the order, I'm still trying to sort all of this out so not sure. And there will be another trade around the corner.
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  • #8,176
  • Sep 14, 2011 4:11am Sep 14, 2011 4:11am
  •  Megara
  • | Joined Sep 2009 | Status: MOMENTUM'S THE GODFATHER OF TRADING | 759 Posts
I like CT when they are at extreme level.
Don't enter late if you want to play CT
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Shake it off!Lick the Wound,Prey Again!
  • #8,177
  • Sep 14, 2011 4:17am Sep 14, 2011 4:17am
I'm not spotting anything today, maybe overthinking things, maybe trying too hard, maybe nothing there or maybe big boys are waiting for US news in a few hours so nothing to do until then or all of the above. Who knows. Stepping away and clear the head if thats even possible.
  • #8,178
  • Sep 14, 2011 4:29am Sep 14, 2011 4:29am
Quoting Megara
I like CT when they are at extreme level.
Don't enter late if you want to play CT
I don't have experience with CT but I'm trying to spot the setups for the future thats why I'm posting them if I think they are there to see if I'm seeing the set ups right.

I hoping to see if I can even figure out the trend trade 1st. Some of it seems to be coming together other parts are still very foggy. But then again I think the last 2 days have been hard reads. You mentioned earlier some consolidation on the 4H charts that could have a big part to do with it. I still don't watch the 4H enough yet.
  • #8,179
  • Sep 14, 2011 8:57am Sep 14, 2011 8:57am
The last two days have had terrible PA. So hard to trade. Only taking A+ setups until we stop consolidation.
  • #8,180
  • Sep 14, 2011 9:04am Sep 14, 2011 9:04am
yes i agree ,markets are tricky....
i took this one on the eur.
im still in it ...sl=be+15 already...
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