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Intraday price action trend trading

  • #9,201
  • Jan 25, 2012 6:57pm Jan 25, 2012 6:57pm
Quoting stevepatt
Hi jvh,

Here's the indicators I use:
can you post your tpl file cuz my chart is not looking like yours
KEEP IT SIMPLE PIPPING
  • #9,202
  • Jan 26, 2012 12:36am Jan 26, 2012 12:36am
Quoting jvh2811
can you post your tpl file cuz my chart is not looking like yours
I'm using a Mac and trading using parralles and I can't find the tpl file to up load it, adjust the indicators to how you want them to appear that's what I did.

The Murry Math indicator needs to be set to P64 and Stepback0, you can do this in INPUTS.
  • #9,203
  • Jan 26, 2012 6:56am Jan 26, 2012 6:56am
I'm not seeing any clear direction in the market at Frankfurt or London open, at the moment, and find it much better to allow the market to clearly define what it wants to do before looking for trades.

The short trade was taken at 11.20 GMT, you often find the market reluctant to go higher after a bullish run up (and vies versa) around this time because Frankfurt and London don't want to commit to new positions before New York shows their hand.
Attached Image (click to enlarge)
Click to Enlarge Name: 26th Jan EU 5m Chart.jpg Size: 97 KB
  • #9,204
  • Jan 26, 2012 10:16am Jan 26, 2012 10:16am
This shows why I use Muury Math Lines to help with areas of resistance and support. I was waiting for this level to be hit to see the reaction, with the next bar being bearish I went short and targeted the previous support.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 26th Jan EU 5m Chart 2.jpg Size: 119 KB
Click to Enlarge Name: 26th Jan EU D1 Chart.jpg Size: 123 KB
  • #9,205
  • Jan 26, 2012 1:29pm Jan 26, 2012 1:29pm
http://savepic.net/2368227m.gif
"To become a pro you have to think like a pro". Sho
  • #9,206
  • Jan 26, 2012 2:05pm Jan 26, 2012 2:05pm
Quoting Nanitoide
http://savepic.net/2368227m.gif
Hi Nanitoide,

How big was your SL? I see your entries where good but don't you move your SL to BE when the market has moved the length of your SL? You where up about 25+ pips on both trades when they reversed on you and went negative just something to think about.

Personally I would have exited at first support level and then looked to get back in if the set up occured.
  • #9,207
  • Jan 26, 2012 10:48pm Jan 26, 2012 10:48pm
Quoting stevepatt
Hi Nanitoide,

How big was your SL? I see your entries where good but don't you move your SL to BE when the market has moved the length of your SL? You where up about 25+ pips on both trades when they reversed on you and went negative just something to think about.

Personally I would have exited at first support level and then looked to get back in if the set up occured.
Hi, stevepatt.
No correction. So it can be.

http://savepic.net/2423307m.gifhttp://savepic.net/2419211m.gif

My initial stop for first position was 15 pips. After I removed the stop order. It's confusing, right?
It was my plan.
I looked at the price. I watched the momentum. He was bearish.
It was a false bullish breakout. Put yourself in the shoes of the investor. Retail traders need a stop loss. Investors do not need stop loss orders.
If I put a short stop-loss, then it would be knocked out.
I was looking for candles, which were formed after the break. If the price was fixed and established a new high. Then I would have walked out. Would close the loss-making positions.
I moved two positions to breakeven when the price reached the zone demand.
Then price has gone even lower. She went to the next zone of demand. Here I closed the positions.

p.s. sorry for my english.
"To become a pro you have to think like a pro". Sho
  • #9,208
  • Jan 26, 2012 11:08pm Jan 26, 2012 11:08pm
Quoting Nanitoide
Hi, stevepatt.
No correction. So it can be.

http://savepic.net/2423307m.gifhttp://savepic.net/2419211m.gif

My initial stop for first position was 15 pips. After I removed the stop order. It's confusing, right?
It was my plan.
I looked at the price. I watched the momentum. He was bearish.
It was a false bullish breakout. Put yourself in the shoes of the investor. Retail traders need a stop loss. [b]Investors do not need...
trading w/o stoplosses is a risky play... big guys(you said investors) have a deep pocket, you do not
  • #9,209
  • Jan 26, 2012 11:09pm Jan 26, 2012 11:09pm
My scalp today. See the slide show:

http://savepic.net/2361867m.gifhttp://savepic.net/2362891m.gifhttp://savepic.net/2359819m.gif

Initial stop was 7 pips. Result +7 pips.
"To become a pro you have to think like a pro". Sho
  • #9,210
  • Jan 26, 2012 11:16pm Jan 26, 2012 11:16pm
Quoting Gravi
trading w/o stoplosses is a risky play... big guys(you said investors) have a deep pocket, you do not
Hi, Gravi.
And so what?
They have big lots. I have a micro.

You must understand the psychology of the investor, then you can see them.
"To become a pro you have to think like a pro". Sho
  • #9,211
  • Jan 26, 2012 11:42pm Jan 26, 2012 11:42pm
Quoting Nanitoide
Hi, Gravi.
And so what?
They have big lots. I have a micro.

You must understand the psychology of the investor, then you can see them.

ok... let's see what happens next
  • #9,212
  • Jan 27, 2012 3:49am Jan 27, 2012 3:49am
Hi Steve,

I wonder whether it is your favorite set up or not?
I don't use Murray Math line. Just swing low, swing high and momentum.
http://img338.imageshack.us/img338/9...112gbpusd1.gif
  • #9,213
  • Jan 27, 2012 6:18am Jan 27, 2012 6:18am
Quoting simplicity
Hi Steve,

I wonder whether it is your favorite set up or not?
I don't use Murray Math line. Just swing low, swing high and momentum.
http://img338.imageshack.us/img338/9...112gbpusd1.gif
Hi Simplicity,

I do like that set up where short term resistance turns to support for long trades.

I started using MMLs about 6 months ago and find the market keeps returning to same areas time after time, like the EU chart from yesterday when the market spiked up to hit the line spot on before turning around it gives me levels to be aware of the higher the TF the better.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 27th Jan GU 5m Chart.jpg Size: 103 KB
Click to Enlarge Name: 26th Jan EU 5m Chart 2.jpg Size: 119 KB
  • #9,214
  • Jan 27, 2012 6:48am Jan 27, 2012 6:48am
Quoting stevepatt
Hi Simplicity,

I do like that set up where short term resistance turns to support for long trades.

I started using MMLs about 6 months ago and find the market keeps returning to same areas time after time, like the EU chart from yesterday when the market spiked up to hit the line spot on before turning around it gives me levels to be aware of the higher the TF the better.
It seems MMLs work well for you. I have some questions:
1. Where should we put our SL? Should we put SL above/below momentum bar or above/below swing high/swing low?
2. Do you consider Risk:Reward ratio before enter the trade?
  • #9,215
  • Jan 27, 2012 7:56am Jan 27, 2012 7:56am
Took this short trade, not an ideal entry but I'm watching it.
Attached Image (click to enlarge)
Click to Enlarge Name: 27th Jan EU 5m Chart.jpg Size: 138 KB
  • #9,216
  • Jan 27, 2012 7:57am Jan 27, 2012 7:57am
Quoting Nanitoide
Hi, Gravi.
And so what?
They have big lots. I have a micro.

You must understand the psychology of the investor, then you can see them.
Hey nani, i'm agree with Gravi. If you move your stop biger and bigger, one day or another, you will burn out your account, sure.

Don't let your stop become bigger and bigger. It's too dangerous;

Protect your capital first, move your stop at BE fastly and take some profit fastly.

Nobody knows how many pips he can do after his entry. The only thing you can master is how you manage your trade. Nobody knows where the market will go, NOBODY.

I have notice daytrading after daytrading that you must take what market give you. It turns so often.

Have an edge(momentum, HH, HL, pattern...) and play your edge.

Take some pips on a part of your position and trail your stop to BE. Maybe after the market will go against you, maybe it will be a homerun, no matter.

If it goes against you, you have some pips in the bank, and if it is a homerun, you have a part of your position in for big profits: it's all in trade management. The less stoploss, the better. Profit must be manage at the best, but came after;

Work on that buddies.

Bouba
I hear and I forget. I see and I remember. I do and I understand.
  • #9,217
  • Jan 27, 2012 8:12am Jan 27, 2012 8:12am
Quoting stevepatt
Took this short trade, not an ideal entry but I'm watching it.

Exited trade for +2 pips.
  • #9,218
  • Jan 27, 2012 8:47am Jan 27, 2012 8:47am
Quoting simplicity
It seems MMLs work well for you. I have some questions:
1. Where should we put our SL? Should we put SL above/below momentum bar or above/below swing high/swing low?
2. Do you consider Risk:Reward ratio before enter the trade?
Hi Simplicity,

I trade mainly off 5m charts and I like to place my SL above the momentum bar but with a maximum SL of 20 pips.
I like to see at least a TP of 1:1, preferably 2:1, before resistance or support.

The trade I just took was entering too late after the initial move, which came after an high impact news release, just didn't quite reach +20 pips stopped spot on another MML.
Attached Image (click to enlarge)
Click to Enlarge Name: 27th Jan EU 5m Chart 2.jpg Size: 127 KB
  • #9,219
  • Jan 27, 2012 10:31am Jan 27, 2012 10:31am
Took this long trade on EU entered with momentum from support and very aware of resistance above which was getting weaker.
Attached Image (click to enlarge)
Click to Enlarge Name: Jan 27th EU 5m Chart 3.jpg Size: 117 KB
  • #9,220
  • Jan 27, 2012 10:39am Jan 27, 2012 10:39am
awesome day so far
Attached Image (click to enlarge)
Click to Enlarge Name: asdas.gif Size: 22 KB
KEEP IT SIMPLE PIPPING
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