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Intraday price action trend trading

  • #9,161
  • Edited 10:56am Jan 9, 2012 10:38am | Edited 10:56am
Today i had 8 trades - 4 stops, 1 BE and 2 winner about 1:1,5

One trade not closed yet (attached)

- 17:51 stopped out at the stop 4 in the picture, + 4 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: Unbenannt-2.gif Size: 32 KB
  • #9,162
  • Jan 10, 2012 8:24am Jan 10, 2012 8:24am
Still in this short trade, stop to BE though, trying for a 30 pip TP. Have to see if momentum is on my side.
Attached Image (click to enlarge)
Click to Enlarge Name: 10th Jan EU 5m Chart.jpg Size: 93 KB
  • #9,163
  • Jan 10, 2012 8:58am Jan 10, 2012 8:58am
Quoting Laziale
Hi all!
Quoting Laziale
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......
Welcome Laziale,
Just my thoughts -- on the chart you mention on page 28 where the 3rd and 4th green bars are from the left --- I see price stalling where no new lower low is being made ( 4 bars in a row), also the red bar before was an inside bar so when the 3rd green bar from the left broke out to the upside I would be cautious thinking that the bulls are in control or are soon to be and that was followed up with another inside indecision bar ( 4th green bar from the left) so when it broke above the 2nd inside bar there the bulls were in control for sure that’s probably why the next bar was a big green bar ( 5th green bar from the left). But I would have thought short until this point but with the big green 5th bar the momentum looks to have shifted so I would be wary.


On the chart on page 44 my guess is that the low of that bar is around a swap supply/demand level. It was an indecision bar but I'm guessing that the reason to take that trade is that it was still impulse with momentum and the stop was small. For me that is an aggressive trade and I wouldn't have taken it but I am still a new student with this method. I agree with you I would have waited for the corrective retrace and then entered.

I did look over the educational thread and found the mentioned chart. It originally showed up on page 27 post 403 and then answered by Sho on page 29 post 434. I think that chart might be showing even if you are an aggressive trader you can still take many trades with small losses and be profitable with proper trade and money management. Sho mentions that he gets stopped out many many times and he is getting out when we are getting in.

Sho quote on page 39 of PDF -- for entry signals:

“I take position when price stall at or near any of line with a small loss. I don’t wait for pin or outside bar. You can trade like me with enough experience.”

If I have this wrong or if I missed some observations please add comments/correction. Thanks Joe
  • #9,164
  • Jan 10, 2012 9:04am Jan 10, 2012 9:04am
Quoting stevepatt
Still in this short trade, stop to BE though, trying for a 30 pip TP. Have to see if momentum is on my side.
Hi Steve,

IMO, there are 2 support level not far from your entry. I am a conservative traders and I personally don't buy near Resistance or sell near Support. I would stand a side.

Good trading!
http://img402.imageshack.us/img402/1...neu5mchart.jpg
  • #9,165
  • Jan 10, 2012 10:32am Jan 10, 2012 10:32am
Quoting simplicity
Hi Steve,

IMO, there are 2 support level not far from your entry. I am a conservative traders and I personally don't buy near Resistance or sell near Support. I would stand a side.

Good trading!
http://img402.imageshack.us/img402/1...neu5mchart.jpg

Hi Simplicity,

I saw the bar before my entry break the RN and then test it on my entry, I also saw the LH, the Blue line I marked on my chart I was very aware of as support
I exited for +15 pips there wasn't enough momentum on the first attempt.
  • #9,166
  • Jan 11, 2012 5:39am Jan 11, 2012 5:39am
Hello !! I have a question. I usually taking R/R 1:3, i have this last trade, i got my R/R, but market went higher. What would you suggest in situations like this
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 19 KB
  • #9,167
  • Jan 11, 2012 9:32am Jan 11, 2012 9:32am
Quoting mavricos
Hello !! I have a question. I usually taking R/R 1:3, i have this last trade, i got my R/R, but market went higher. What would you suggest in situations like this
Close 2/3 of your position. Move stop loss to BE.
  • #9,168
  • Edited 4:26am Jan 12, 2012 1:57am | Edited 4:26am
Quoting mavricos
Hello !! I have a question. I usually taking R/R 1:3, i have this last trade, i got my R/R, but market went higher. What would you suggest in situations like this
Hi Mavricos,

Enough is enough. Plan your trade and trade your plan if you think it is good enough. Don't try to catch last move. We would love to know the exact turning point but we can't. Be happy with your defined profit. Don't be greedy too much.
  • #9,169
  • Jan 12, 2012 3:53am Jan 12, 2012 3:53am
GBP/JPY short

Entry
http://img27.imageshack.us/img27/5051/120112gbpjpy1.gif

Closed a half: +20p
http://img683.imageshack.us/img683/2...112gbpjpy2.gif

Stopped at BE the other half
http://img827.imageshack.us/img827/1...112gbpjpy3.gif
  • #9,170
  • Jan 12, 2012 6:32am Jan 12, 2012 6:32am
Took this long trade on EU after long momentum.
Attached Image (click to enlarge)
Click to Enlarge Name: 12th Jan EU 5m Chart.jpg Size: 90 KB
  • #9,171
  • Jan 12, 2012 7:33am Jan 12, 2012 7:33am
Quoting stevepatt
Took this long trade on EU after long momentum.
Very good trade Steve
Your exit was almost the end of the move. Can you share with us your exit strategy?
  • #9,172
  • Jan 12, 2012 8:06am Jan 12, 2012 8:06am
Hi Simplicity,

I have been using Murry Math Lines to judge both entries and exits in addition to what's being taught here i.e momentum, supply and demand etc. I look for momentum breaking a strong MML and then look to exit at the next major line.

The market moves in very defineable movement, almost like a lift moving between floors, it's getting in and out of the lift at the right floors that's the difficult part.
Attached Image (click to enlarge)
Click to Enlarge Name: 11th Jan 5m Chart.jpg Size: 103 KB
  • #9,173
  • Jan 12, 2012 9:02am Jan 12, 2012 9:02am
Thanks a lot Steve.
  • #9,174
  • Jan 13, 2012 3:25am Jan 13, 2012 3:25am
EUR/JPY short
Entry
http://img337.imageshack.us/img337/2...112eurjpy1.gif

Closed: +11p (1/2) and +3p (1/2)
http://img208.imageshack.us/img208/8...112eurjpy2.gif
  • #9,175
  • Edited 6:13am Jan 13, 2012 5:47am | Edited 6:13am
Hey everyone. I'm newbie

I would like to thank Sho, Rob(priceaction), Eric(Buildcity) on whose posts I was learning. And I'll try to learn as many as possible from you guys

Happy trading.

EU. Short. Whois in?
SL about 10pips

http://savepic.net/2321617m.png


Edit.
Out with R:R ratio 1:2 = 20, or can was take some about 28pips. Fast trade.

http://savepic.net/2314451m.png
  • #9,176
  • Jan 16, 2012 12:11am Jan 16, 2012 12:11am
Hi guys,
What do you think a bout NZD/USD weekly chart?
http://img688.imageshack.us/img688/1160/nzdusd.gif

I see the failed pin bar (~0.618 Fibonacci retracement) and bullish engulf bar so I am considering to go long
http://img193.imageshack.us/img193/6814/nzdusd1.gif

How about short side?
http://img441.imageshack.us/img441/7158/nzdusd2.gif
  • #9,177
  • Jan 16, 2012 5:00am Jan 16, 2012 5:00am
EUR/JPY short

Entry
http://img841.imageshack.us/img841/9...112eurjpy1.gif

Stopped: -7p
http://img814.imageshack.us/img814/9...112eurjpy2.gif
  • #9,178
  • Jan 16, 2012 5:40am Jan 16, 2012 5:40am
Hi Simplicity,

Maybe another view on the weekly N/U. The ellipse is an impulse move turned corrective and it is now followed up by a new impulse which confirms your original long bias. Time will tell ---maybe see if it takes out the resistance 1st!!
Attached Image (click to enlarge)
Click to Enlarge Name: 1 16 12 A.jpg Size: 65 KB
  • #9,179
  • Jan 16, 2012 6:18am Jan 16, 2012 6:18am
Hello all,
Thanks to all . I'm newbie here .I've finished sho's first thread n forum as well . I thought I understood the method and this is my first live trade but stopped out with 15 pips .
Just want to know is this entry is correct or something wrong? I shorted aus/usd because It's in corrective move(my view) , 38% retrace of previous downside move , below round no. and broke of inside bar stoploss was few pips above of round no. but stopped out.
Just want to learn so plz. help me.
Attached File(s)
File Type: doc aus.usd live trade.doc   50 KB | 187 downloads
  • #9,180
  • Jan 16, 2012 7:58am Jan 16, 2012 7:58am
Quoting jozone1
Hi Simplicity,

Maybe another view on the weekly N/U. The ellipse is an impulse move turned corrective and it is now followed up by a new impulse which confirms your original long bias. Time will tell ---maybe see if it takes out the resistance 1st!!
Thanks Jozone. I missed that zone (your ellipse). It was actually an impulsive move turned a corrective move
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