Intraday price action trend trading

Momentum 1ST!! Trade was good for 2:1 rather quickly!!

How would this be read? 1 long impulse move or 4 moves. I'm thinking 1 because of higher lows. Just want to see if I'm reading it right. Either way IMO there were 2 nice trades there.Thanks Joe

AU had great momentum and speed followthrough ( and another potential entry IB break). On further look at weekly surport it was a real wide range. For now I've been just using a trendline for S/D so I don't see the whole S/D area yet ( future work--I have a long list which keeps on growing ).

From Feb 11 2011 post 6440

Answers my question on thoughts on the weekly S/R for the AU chart I posted earlier on post 8220.

Momentum exceeds everything. I'm still going through the 1st read of this thread --- there is a lot of valuable additional information to be learned here from all the contributators--but mainly from the originator Sho whose work has opened my eyes ---My sincerest thanks to you all. Joe

Agressive? break out play.

Green PB followed up with the breakdown of the angled wedge line maybe popssible agressive entry there--- or on the next bar -- PB failed to close above angled wedge broke through the low of 6 bars before.

Not sure if last green bar is PB or inecision bar, some surport though. Trend still up but no follow through momentum.

I took the long after the PB thought it was an A+ set up. I did mark the resistance above and thought we would retest it. No such luck-- stopped out. Was an agressive entry wider than my stop of 10 pips. Hopefully lesson learned.

Been lonely here lately!! I hope all is well with everyone!! Have a great weekend. Joe

Hello everyone,

I am a newbie here. Sho's method is very useful. I would like to post my journal in here. Your comment/correction will be highly appreciated. Thanks

My 1st trade today: EUR/USD

Entry: price retested previous support and rejected + pin bar
http://img683.imageshack.us/img683/3...911eurusd1.gif

Result: stopped
http://img843.imageshack.us/img843/7...911eurusd2.gif

2nd trade: GBP/JPY

Entry: price broke trendline and retested
http://img98.imageshack.us/img98/979...11gbpjpy11.gif

Move SL to BE
http://img36.imageshack.us/img36/135...11gbpjpy12.gif

Take profit
http://img199.imageshack.us/img199/8...11gbpjpy13.gif

3rd trade: GBP/JPY

Entry: Outside bar
http://img97.imageshack.us/img97/282...11gbpjpy21.gif

and stopped
http://img708.imageshack.us/img708/1...11gbpjpy22.gif

Welcome Simplicity, I wish you the best!!

I am probably the wrong person to be answering because I am also very new so I hope I don't come off as arrogant by trying to answer because I still don't see things properly, but I can try. This way you and I can learn from others trade reading also. But if I am too new please tell me and I will wait until I am better at the interpretations. I don't want to be the boy with the butterfly and harm someones future possibilities.

So here goes, 1st I notice there are subtle differences in our charts the bars are different, like on your 3rd trade mine isn't an outside bar.

On the 1st trade I think it was a proper PB but it was right after stalling congestion so I diddn't see momentum follow through so probably a low probabilty set up ---- but because it was a PB there were sellers present.

I wouldn't have taken the 2nd trade becasue the market was still trending up but it was a good spot on change of momentum on your part (and many waves into the move already ) and the trade worked out ( I diddn't spot the change in momentum).

On the 3rd trade i would have probably got long after the green PB ( blue arrow) the bar before your entry ( and mine wasn't an outside bar at that time) -- and I would have been wrong and I'd be scratching my head wondering why.

Like I said I'm new here also so I still can't spot things properly but practice and learning together from others is the best way to learn. Not sure if I'm any help --- yet -- I plan/hope to be getting better at this soon.
Joe

Hi Gravi,

I am close to finishing my 1st read of this thread and came across your question about correlation trading.

I do have a lot of experience with that type of trading with index furtures and financial furtures. ex. Buy the Dow sell the S&P at the same time because of their correlation and trade that as a spread. The 2 pairs you have shown in the excel spread sheet do have a close correlation and can be traded the same way. I'd be happy to explain further if you still have any questions relating to this. Joe

I hope I'm not overposting, please tell me if I am. I have review my posted charts and the trades are all over the place with different types of entries. I started out here about a month ago and asked for and recieved great advice ---- focus on A+ trades 1st --- so I hope not to offend anyone if I haven't followed that advice just yet --- things sink in slowly for me so going to try that again ( problem is old habits are hard to break --- I want to take all the trades and see how they work out).

New week -- hopefully many good set ups and many pips for all. Good trading!! Joe

Caught some after London opening

Remember Sho said only enter at whole sale price, but not the retail price, get out at next level of s/r

hi guys!!!!

joe you are not annoying anybody with your posts...keep up with your hard work.to me it looks like you are having a lot of progress,hope you feel it too.

im waiting for NY session to start and hopefully i will post charts later with the trades i took.

nice to see ya here again buildcity!!nice trade u took...once a thief always a thief i guess..

lets make it happen!!!who is me for NY session?

2nd trade today

haha,

THIEF, suit my personality

BTW, see EJ will retest 103 r/n, colud be a good short play, pretty small sl!!

Looks like you have read a lot of previous posts. Tks