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Intraday price action trend trading

  • #9,261
  • Feb 6, 2012 8:17am Feb 6, 2012 8:17am
Quoting palmy
Here's another trade:

USD/CHF M5
Long Entry: 0745 GMT
Exit: 0838 GMT
TP: 10 pips (RRR 1:2)

1. Saw a breakout upwards (Point A) after some ranging.

2. Trend was sideways slightly and up from 000 GMT.

3. Wasn't sure which point in the support area to take (between yellow lines)

4. Long'd at point B when price hit upper yellow line and got stopped with 5 pips loss.

5. Long'd at point C again when price hit lower yellow line.

6. TP at point D when TP hit 10 pips.

I think I got lucky in this trade because the 1st corrective...
Hi Palmy,

I think you did get lucky here because after the bullish momentum there where four 5m bars reversing from this level creating strong short term resistance. The better play would have been to wait for the break, of this short term resistance, before going long, once in the trade there was plenty of indication that momentum was failing.
It's always easy in hindsight, the difficult thing is catching it in real time but with practice and plenty of patience we'll all get there.

Hope this helps.
Attached Image (click to enlarge)
Click to Enlarge Name: 6th Jan UC 5m Chart.jpg Size: 96 KB
  • #9,262
  • Feb 6, 2012 9:22am Feb 6, 2012 9:22am
Quoting stevepatt
Hi Palmy,

I think you did get lucky here because after the bullish momentum there where four 5m bars reversing from this level creating strong short term resistance. The better play would have been to wait for the break, of this short term resistance, before going long, once in the trade there was plenty of indication that momentum was failing.
It's always easy in hindsight, the difficult thing is catching it in real time but with practice and plenty of patience we'll all get there.

Hope this helps.
Thanks Steve. I realised my mistake right after I entered at #C. On reflection, I realised my mistake was going through a few pairs at the same time without detailing my steps.

Thanks again for pointing to me the proper entry. Helps heaps!

Cheers
  • #9,263
  • Feb 6, 2012 9:58am Feb 6, 2012 9:58am
[quote=palmy;5359213]Thanks Steve. I realised my mistake right after I entered at #C. On reflection, I realised my mistake was going through a few pairs at the same time without detailing my steps.

Thanks again for pointing to me the proper entry. Helps heaps!

Hi Palmy,

It might help to concentrate on one pair whilst your learning the ropes it's a big advantage to have a good idea for how one pair moves in different conditions. Trying to concentrate on multi pairs trading 5m charts is very difficult, I still haven't learned to multi task.
  • #9,264
  • Feb 6, 2012 11:04am Feb 6, 2012 11:04am
Got stopped out, at BE, on first attempt long the following 5m bar was bullish and it's low was exactly the same as previous bar low.

It's hard to put into words but once you have been watching a pair for a long period of time you get to know when something is building it's like an elastic band being stretched there's some give going on but eventually it's got to be released and bang it burst through previous resistance.

The main thing here was the strong demand level created on the 1st Feb, look at the 1hr and 4hr charts.
Attached Image (click to enlarge)
Click to Enlarge Name: 6th Jan EU 5m Chart.jpg Size: 127 KB
  • #9,265
  • Feb 6, 2012 4:18pm Feb 6, 2012 4:18pm
Hi all!

Sorry for my late reply.
Firstly, @MJurban, @simplicity - thanks for your comments.

Quoting MJurban
to 1: for me it is a valid long but i was waiting for a short at this point, cause EURUSD had a long ralley from the 1.3080 to 1.3200
1.3200 was a tripple top and not so easy to break
@MJurban - you have right. These 3 tops were very important. I didn't notice them.

Quoting simplicity
Hi Laziale,
IMO, the 1st trade was OK but you got the loss. Think about it as the cost to run this business.
Loss is ok. I just wanted to know if everything was according to the rules Thanks for your opininon!

My friday's trade:

http://imgpaste.com/9VnE.jpg

Ok, my today's chart.

http://imgpaste.com/RMoA.jpg

A) Would you trade short here? If yes, where to open? At close of this bar or on break of low. If you opened at close/low of bar A, would you close your order after first of this bull bar (because IB?) or not?

B) Nice entry in my opinion, but SL is pretty big. Do you think like me?

C&D) Double tops but it's not very important for us, am I right?

E) What do you think about placing the order after this bar. If yes would you play long at close or after price breaks the high?

F) Open at break of high or just my imagination?


Thanks for your replies!
Happy trading!
  • #9,266
  • Feb 7, 2012 2:25am Feb 7, 2012 2:25am
Quoting Laziale
Hi all!

Sorry for my late reply.
Firstly, @MJurban, @simplicity - thanks for your comments.



@MJurban - you have right. These 3 tops were very important. I didn't notice them.


Loss is ok. I just wanted to know if everything was according to the rules Thanks for your opininon!

My friday's trade:

http://imgpaste.com/9VnE.jpg

Ok, my today's chart.

http://imgpaste.com/RMoA.jpg

A) Would you trade short here? If yes, where to open? At close of this bar or on break of low. If you opened at close/low...
Hi Laziale,

What your looking for is momentum, bars that have little or no shadow, you then look for the pull back to the Keltner Channel and look for set ups. I find it helps to look at higher TFs to find areas of supply and demand to make sure I'm not trying to go short from a demand area and vis-versa. The more time spent studying how a particular pair moves the better.

The chart from the 3rd Feb didn't show any momentum in either direction until after NFP the chart from the 6th Feb is posted below as I was reading it.
Attached Image (click to enlarge)
Click to Enlarge Name: 7th Feb EU 5m Chart.jpg Size: 115 KB
  • #9,267
  • Feb 7, 2012 4:30am Feb 7, 2012 4:30am
Quoting Laziale
Hi all!

Ok, my today's chart.

http://imgpaste.com/RMoA.jpg

A) Would you trade short here? If yes, where to open? At close of this bar or on break of low. If you opened at close/low of bar A, would you close your order after first of this bull bar (because IB?) or not?

B) Nice entry in my opinion, but SL is pretty big. Do you think like me?

C&D) Double tops but it's not very important for us, am I right?

E) What do you think about placing the order after this bar. If yes would you play long at close or after price breaks...
Hi Laziale,
My ideas:

A) No trade due little room for your profit
B) No trade. As you said SL was to big
D was the second top to but momentum was bullish -> pass this trade
E) I would not take this trade because entry was near to resistance (Double top C & D)
F) I trade mainly base on Support and Resistance. So I would pass this trade. I would take a try if price had moved lower to previous support (near C & D)
  • #9,268
  • Feb 7, 2012 7:41am Feb 7, 2012 7:41am
Who says lightning doesn't strike twice almost a carbon copy of yesterday's trade, and I remembered to capture a screen shot of the actual trade.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 7th Feb EU 5m Chart.jpg Size: 116 KB
Click to Enlarge Name: 7th Feb EU 5m Chart 2.jpg Size: 100 KB
  • #9,269
  • Feb 7, 2012 10:09am Feb 7, 2012 10:09am
I take some time to post some of my trade
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu43.jpg Size: 73 KB
Click to Enlarge Name: eu44.jpg Size: 72 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #9,270
  • Feb 7, 2012 10:10am Feb 7, 2012 10:10am
Next
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu37.jpg Size: 73 KB
Click to Enlarge Name: eu45.jpg Size: 82 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #9,271
  • Edited 10:35am Feb 7, 2012 10:13am | Edited 10:35am
Next 2
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu38.jpg Size: 74 KB
Click to Enlarge Name: eu39.jpg Size: 79 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #9,272
  • Feb 7, 2012 10:14am Feb 7, 2012 10:14am
Next 3
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu40.jpg Size: 82 KB
Click to Enlarge Name: eu41.jpg Size: 84 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #9,273
  • Feb 7, 2012 10:15am Feb 7, 2012 10:15am
Last
Attached Image (click to enlarge)
Click to Enlarge Name: eu42.jpg Size: 65 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #9,274
  • Feb 7, 2012 3:40pm Feb 7, 2012 3:40pm
Quoting stevepatt
What your looking for is momentum, bars that have little or no shadow (...)
@stevepatt - Hmm, based on ebook "The trade price method 1.2", I thought that momentum is just impulsive move.
P.10 "REMEMBER IMPULSIVE moves (momentum) are the god father of all trading method."
But based on your reply I'm in wrong. I understand that in ebook there is some inaccuracies, right?

Quoting stevepatt
I find it helps to look at higher TFs to find areas of supply and demand to make sure I'm not trying to go short from a demand area and vis-versa. The more time spent studying how a particular pair moves the better.
Yep, you're right. This element I need to improve in my trading. Thanks!

Quoting stevepatt
The chart from the 3rd Feb didn't show any momentum in either direction until after NFP the chart from the 6th Feb is posted below as I was reading it.
And what about 03.02 at 5pm (from 1.3105 to 1.3145)?

@simplicity - Many thanks for your opinion
  • #9,275
  • Feb 8, 2012 12:17am Feb 8, 2012 12:17am
Quoting boubafx
Next
Nice trades,Bouba
regarding your first chart you'd better to close the 3d part of position manually after those 2 solid bullish bars... but i guess that's your rule - to leave the rest part running and wait either for TP, or BE
Attached Image (click to enlarge)
Click to Enlarge Name: bouba.jpg Size: 80 KB
  • #9,276
  • Feb 8, 2012 1:18am Feb 8, 2012 1:18am
Quoting Laziale
@stevepatt - Hmm, based on ebook "The trade price method 1.2", I thought that momentum is just impulsive move.
P.10 "REMEMBER IMPULSIVE moves (momentum) are the god father of all trading method."

But based on your reply I'm in wrong. I understand that in ebook there is some inaccuracies, right?

Yep, you're right. This element I need to improve in my trading. Thanks!

And what about 03.02 at 5pm (from 1.3105 to 1.3145)?

@simplicity - Many thanks for your opinion
I look for an impulse move that has bars with little or no bar shadow top and bottom it shows a much stronger impulsive move and then look for a corrective move that has smaller bars with shadow top and bottom.


There no real right or wrong way to look at it, it's looking at it in a way that works for you. i don't really know if the ebook has any inaccuracies.

I didn't look at this move because it was after the London Close and on a Friday.
  • #9,277
  • Feb 8, 2012 1:56am Feb 8, 2012 1:56am
Are we going to get a test of former resistance and is it going to hold could be the start of a new trading range?
Attached Image (click to enlarge)
Click to Enlarge Name: 8th Feb EU 1h Chart.jpg Size: 151 KB
  • #9,278
  • Feb 8, 2012 3:38am Feb 8, 2012 3:38am
Quoting Gravi
Nice trades,Bouba
regarding your first chart you'd better to close the 3d part of position manually after those 2 solid bullish bars... but i guess that's your rule - to leave the rest part running and wait either for TP, or BE
Yes, my rule. It avoids me the fear and the greed.

In additon, i thought that there was a high probability that this gap would be closed fastly; and i was wrong
I hear and I forget. I see and I remember. I do and I understand.
  • #9,279
  • Feb 8, 2012 3:43am Feb 8, 2012 3:43am
EUR/USD short. Counter trend trading
Entry
http://img196.imageshack.us/img196/9...212eurusd1.gif
Closed: -6p
http://img638.imageshack.us/img638/8...212eurusd2.gif

My analysis
http://img813.imageshack.us/img813/607/080212eurusd.gif

Hi Sho,
If you have time, could you please give me some comments? Thanks
  • #9,280
  • Feb 8, 2012 4:21am Feb 8, 2012 4:21am
Quoting simplicity
EUR/USD short. Counter trend trading
Entry

Closed: -6p


My analysis


Hi Sho,
If you have time, could you please give me some comments? Thanks
Hello Simply,

I hope that Sho will give you his opinion.

My thought is that you have a very good approach of trading and often good entry, but you must now work on the trade management and find one that suit you. i'm sure your result will become greater.

I think you work a lot on your entry and not enough on your TP, stop and trade management.

If you reread the thread, Sho have said many times that the entry is not the most important part of a sucess in trading, and i'm agree with him.

Look how many time you have green pips (4-7 pips) in your trade and then you take a loss. For me it's not a good thing.

Trading is very hard and often randomn, so try to take what market give you is very good imho. And be happy and thanks the market even if he gives you as little as 6-7 pips on the half or the third of your position. It's a winner.


Look the chart
Attached Image (click to enlarge)
Click to Enlarge Name: 080212eurusd1.gif Size: 26 KB
I hear and I forget. I see and I remember. I do and I understand.
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