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Intraday price action trend trading

  • #9,141
  • Jan 4, 2012 4:42am Jan 4, 2012 4:42am
Hello everyone and late Happy new year
My first trade in 2012: AUD/USD short

Entry
http://img856.imageshack.us/img856/7...112audusd1.gif

Stopped: -11p
http://img225.imageshack.us/img225/4...112audusd2.gif
  • #9,142
  • Jan 4, 2012 9:34am Jan 4, 2012 9:34am
Quoting boubafx
Hello clean,

look the chart
Thanks bouba

Now it makes sense. I need more screentime
  • #9,143
  • Jan 4, 2012 9:58am Jan 4, 2012 9:58am
Quoting trade price
Happy new year to all of you..i wish all of you success in comin years..
Regards
Your Friend -sho-
Thank you sho!

I hope success stays at your side and 2012 will be a great year for you!

Thanks for all you shared with us. Hope to see you again a little more in this thread. I would love to see some of your comments and some of your own trades here. And i am sure all of us would be glad if you do that.

But you shared already so much time and knowledge with us. I dont want to be greedy!

Best regards
  • #9,144
  • Jan 4, 2012 3:09pm Jan 4, 2012 3:09pm
obvious downtrend. 62% PB with mid k line resistance. trade went 11 pips before coming back at me. out BE +1.
Attached Image (click to enlarge)
Click to Enlarge Name: 4-1-12.jpg Size: 170 KB
  • #9,145
  • Jan 4, 2012 3:46pm Jan 4, 2012 3:46pm
I am trying to apply Mr. Sho's method to trading CL futures and I am finding it very difficult. The volatility is such that trying to trade a 15 min chart, I am finding my stop-loss is too big with almost any signal bar even when I look at entering on a 50% retrace of the next bar. Any suggestions from some of more senior traders with lots of experience with this method would be greatly appreciated.
  • #9,146
  • Jan 5, 2012 3:55am Jan 5, 2012 3:55am
USD/CAD short, not intra day trade (H4) but intra day loss
Entry
http://img109.imageshack.us/img109/1...112usdcad1.gif

Stopped: -36p
http://img408.imageshack.us/img408/5...112usdcad2.gif
  • #9,147
  • Jan 5, 2012 4:25am Jan 5, 2012 4:25am
Quoting simplicity
USD/CAD short, not intra day trade (H4) but intra day loss
Entry


Stopped: -36p
My thought. I think i would have took it too. Very good entry my friend.

If you took such entries each time you wil have more RR2 winner than loss. High probability setup imho , even if it is a loss.
Attached Image (click to enlarge)
Click to Enlarge Name: 050112usdcad1.gif Size: 33 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #9,148
  • Jan 5, 2012 7:31am Jan 5, 2012 7:31am
Quoting boubafx
My thought. I think i would have took it too. Very good entry my friend.

If you took such entries each time you wil have more RR2 winner than loss. High probability setup imho , even if it is a loss.
Thanks Bouba,

Yes, it was a good set up:
1. Previous support turned to resistance
2. Inside bar
3. ~61.8 fibonacci retracement

It was triggered in the morning but I waited until European session to get the reaction. There was a good reaction from Frankfurt market (See the 5M chart) and I was in a trade. Unfortunately, it was a loss. That's trading, we never know the outcome. Maybe next time I'll be the winner

http://img32.imageshack.us/img32/121...12usdcad22.gif
  • #9,149
  • Jan 5, 2012 11:36am Jan 5, 2012 11:36am
The market keeps moving in "predictable" waves I just try to trade PA and momentum as close as possible to the different levels.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4th Jan EU 5m Wave Chart.jpg Size: 89 KB
Click to Enlarge Name: 3rd Jan EU 5m Wave Chart.jpg Size: 88 KB
Click to Enlarge Name: 5th Jan EU 5m Chart.jpg Size: 99 KB
  • #9,150
  • Jan 5, 2012 8:29pm Jan 5, 2012 8:29pm
Quoting stevepatt
The market keeps moving in "predictable" waves I just try to trade PA and momentum as close as possible to the different levels.
Hi Stevepatt,
I see the useful indicator in your chart (Calendar headlines). I sometimes forget the news and get in trouble. Do you use commercial indicator or free one? If it's free, could you please share with us?

Regards,
http://img401.imageshack.us/img401/6...neu5mchart.jpg
  • #9,151
  • Jan 6, 2012 12:30am Jan 6, 2012 12:30am
Quoting simplicity
Hi Stevepatt,
I see the useful indicator in your chart (Calendar headlines). I sometimes forget the news and get in trouble. Do you use commercial indicator or free one? If it's free, could you please share with us?

Regards,
http://img401.imageshack.us/img401/6...neu5mchart.jpg
Hi Simplicity,

Here's the indicator
Attached File(s)
File Type: mq4 FFCalH.mq4   51 KB | 389 downloads
File Type: ex4 FFCalH.ex4   37 KB | 385 downloads
  • #9,152
  • Jan 6, 2012 4:20am Jan 6, 2012 4:20am
Wow The vast of information in Sho's threads just amazes me.. I just finished reading all pages in 138 in three days xD Now i got 600+ page here to go...

I got couple questions regarding when not to trade.

1. Whenever there is news I shouldnt trade right?
2. What about summer holiday and christmas, what about other holidays?
3. And when do I know there is huge sport event going on like superbowl since I live in Finland I dont get access to these information throught TV so I thought that maybe some of you know better

Thank you in advance

I'd like to also thank you all seniors of this thread like Mjurban, francis, buildcity and Sutts and rest who have made there previous thread I have read so informative but most gratitude goes to the master Sho

Duy
  • #9,153
  • Jan 6, 2012 6:20am Jan 6, 2012 6:20am
Quoting duy90
Wow The vast of information in Sho's threads just amazes me.. I just finished reading all pages in 138 in three days xD Now i got 600+ page here to go...

I got couple questions regarding when not to trade.

1. Whenever there is news I shouldnt trade right?
2. What about summer holiday and christmas, what about other holidays?
3. And when do I know there is huge sport event going on like superbowl since I live in Finland I dont get access to these information throught TV so I thought that maybe some of you know better

Thank you in advance

I'd...
Hi Duy,

When there is a red news release it's probably best not to trade an hour either side of it. Personally I don't trade the last two weeks of December because of a lack of liquidity, bank holidays and public holidays are the same especially when they are in both Europe and US. I can't say I've found big sports events have much effect on the markets but if you want to keep up with what's happening just find a decent sports site and that should list any big sports event going on around the world.

I hope this helps.
  • #9,154
  • Jan 6, 2012 8:32am Jan 6, 2012 8:32am
Took this long trade after market bounced twice from a S R level using a 5 pip SL I exited at next level of S R for +30 pips.
This is what I like about these levels if the market finds one of them you can enter a trade, very close to them with a small SL, and get a very good R:R with a relatively small return in pip terms.
Attached Image (click to enlarge)
Click to Enlarge Name: 6th Jan EU 5m Chart.jpg Size: 99 KB
  • #9,155
  • Jan 6, 2012 8:35am Jan 6, 2012 8:35am
Thank you for quick and responsive answer, Steve

Do you know any particular big sport events that are not good for Trading?
  • #9,156
  • Jan 6, 2012 8:42am Jan 6, 2012 8:42am
Quoting duy90
Thank you for quick and responsive answer, Steve

Do you know any particular big sport events that are not good for Trading?
Hi Duy,

No I gave up on trading horses too many unknowns, even more dodgy than trading Forex.

EU is back to that level again and just busted straight through it always better to take the first attempt at a level if you get the PA.
  • #9,157
  • Jan 7, 2012 2:51pm Jan 7, 2012 2:51pm
Hi all!
I'm just reading 'The Trade Price Method 1.2.pdf' and I have two questions, maybe someone can answer me.
So, the first one is about p. 28, the bottom picture. Are there only showed good trades, because imho there should be another short trade at third or fourth green bar from the left. I think it's very similar sitution that we have few bars before. If someone disagrees with me, please tell me why you think so.
Second question is about p. 44, the upper picture, trade with 6 pips loss. Why there was a long trade? Ok, it was impulsive move, but it look like an end of this move. If we take that impulsive move broke the bearish trend, is it the better decision to wait for corrective move and then entry the market?
Thanks in advance!
  • #9,158
  • Jan 8, 2012 3:48pm Jan 8, 2012 3:48pm
Quoting eurovitz
I am trying to apply Mr. Sho's method to trading CL futures and I am finding it very difficult. The volatility is such that trying to trade a 15 min chart, I am finding my stop-loss is too big with almost any signal bar even when I look at entering on a 50% retrace of the next bar. Any suggestions from some of more senior traders with lots of experience with this method would be greatly appreciated.
Hi Eurovitz, Sorry I'm not a senoir trader with this method but I will tell you my thoughts. I was finding the same problem with the curriencies on the 15 minute time frame (wide stops with too few signals) so I adapted the approach to watch the 15 min and trade off the 5 min where the stops are tighter and there are more signals. I'm basically just starting to ramp up with this approach so keep your fingers crossed. I don't know if that will work with the volatile crude market --- maybe even down to 2 minutes but then you run into different problems. Either way please let us know how that works out because I plan on moving back to futures and adding crude, gold and equities. I hope this helps. Joe
  • #9,159
  • Jan 9, 2012 8:50am Jan 9, 2012 8:50am
Quoting stevepatt
Hi Simplicity,

Here's the indicator
Thanks Steve
  • #9,160
  • Jan 9, 2012 9:10am Jan 9, 2012 9:10am
Quoting duy90
I got couple questions regarding when not to trade.

1. Whenever there is news I shouldnt trade right?
2. What about summer holiday and christmas, what about other holidays?
3. And when do I know there is huge sport event going on like superbowl since I live in Finland I dont get access to these information throught TV so I thought that maybe some of you know better

Duy
Hi Duy,

My ideas:

1. There are some disadvantages of news trading: wide spread, slippage. However, there are some people who make money consistently by news trading only. Take your time to observe some news release and you'll have your answer.

2. As price action traders, we trade at Support/Resistance level combine with momentum. Ask yourself these questions: Who create those momentum? Who hold/break these support/resistance levels? Can we, retail traders create those momentum? Can we hold/break support/resistance levels? No, we can't. Only big money can create the momentum. Only them can hold/break the support/resistance levels. Without the attendance of institution, trading at support/resistance level will be random and less accurate. IMO, if they are on holiday, don't hesitate to spend your time on other activities. we should be on holiday too.
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