Attachments: Intraday price action trend trading

Intraday price action trend trading

#9,401
Mar 7, 2012 2:00am Mar 7, 2012 2:00am

stevepatt
Joined Dec 2010 | Status: Never Stop Learning | 7,326 Posts

Entered short after engulfing bar, didn't like the way it was moving so got out with 1 pip.

It's a good idea to check the 30m and 1h charts to get them in line with your trade direction, I didn't do this with this trade, but when you do you can get much better momentum.

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#9,402
Mar 7, 2012 2:41am Mar 7, 2012 2:41am

feline207
| Joined May 2009 | Status: <3 | 680 Posts

Sho, Gravi, thank you for your replies ! Your comments are very useful for my trading and i hope for everyone that is looking at the thread. I am posting some more trades from today. Now i realize that i probably should wait for another few bars after my trades are closed to take the screenshot so we can actually see and discussed what happened AFTER i exited the trades and maybe point towards more proper exits. Have a nice trading session !

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#9,403
Mar 7, 2012 3:38am Mar 7, 2012 3:38am

feline207
| Joined May 2009 | Status: <3 | 680 Posts

Ok here I go with another unfortunate trade for today. Same pair - AUDUSD.
I have written my logic on the chart. There was bearish divergence at the end of the previous move and then followed by a nice wave down that took previous lows, then it retraced showing signs of ressistant at the previous support. I think that i really didn't wait for price confirmation, but that is what i do sometimes, because confirmation gets me in very late.. The bar before the signal bar was an inside bar and it did a break ot the upside so i thought maybe that is the so called trap that instutions do and then sometimes it explodes in opposite direction after that. At least the stop was a small one..

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#9,404
Mar 7, 2012 3:45am Mar 7, 2012 3:45am

stevepatt
Joined Dec 2010 | Status: Never Stop Learning | 7,326 Posts

I've been looking at higher TFs to get an idea where there is going to be momentum, too often on the 5m or 15m TF you can see what looks like momentum but it is going against what is happening on the higher TF.

To get around this I look for inside bars on the 1h and 4h charts and then look to trade the break, this way you can get momentum on your side by trading the PA on the 5m TF.

The charts explain it better, the first chart is 1h and next three are 5m charts

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#9,405
Mar 7, 2012 7:04am Mar 7, 2012 7:04am

loog12us
| Joined Sep 2011 | Status: Trader | 91 Posts

Thanks for your comments sho , its really nice to see you back , if you can spare some time once or twice each weekend for us , i shall be grateful for the kindness.

Quoting feline207

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Ok here I go with another unfortunate trade for today. Same pair - AUDUSD.
I have written my logic on the chart. There was bearish divergence at the end .

Ignored

I think your entry was good , not every setup runs for profit , its just probability game.

Attaching some charts from yesterday's trades , all comments are welcomed

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Tough Times Never Last But Tough People Do

#9,406
Mar 7, 2012 7:52am Mar 7, 2012 7:52am

stevepatt
Joined Dec 2010 | Status: Never Stop Learning | 7,326 Posts

Quoting feline207

Disliked

Ok here I go with another unfortunate trade for today. Same pair - AUDUSD.
I have written my logic on the chart. There was bearish divergence at the end of the previous move and then followed by a nice wave down that took previous lows, then it retraced showing signs of ressistant at the previous support. I think that i really didn't wait for price confirmation, but that is what i do sometimes, because confirmation gets me in very late.. The bar before the signal bar was an inside bar and it did a break ot the upside so i thought maybe that is...

Ignored

Hi Feline,

I think your right it was an impulsive bearish move as it broke previous lows, the only problem, as I see it, was the Keltner Channel was headed up it would take some time before it would start to point down.

This is the only problem with the 15m TF it can take quite a long time for set ups to develop that's why I mostly look at the 5m charts.

#9,407
Mar 7, 2012 7:57am Mar 7, 2012 7:57am

feline207
| Joined May 2009 | Status: <3 | 680 Posts

Quoting loog12us

Disliked

Thanks for your comments sho , its really nice to see you back , if you can spare some time once or twice each weekend for us , i shall be grateful for the kindness.

I think your entry was good , not every setup runs for profit , its just probability game.

Attaching some charts from yesterday's trades , all comments are welcomed

Ignored

I am not the person to judge, we definately need shos or other pros opinion, i just don't understand the second entry on the first chart, the so called retest. It was an upward move that went over previous high and that were some 4 consecutive big green bars. personally i wouldn't take the trade. Just a quick question - how do you mark your entries and exits with those color arrows and the line that is going between them?

#9,408
Mar 7, 2012 8:06am Mar 7, 2012 8:06am

feline207
| Joined May 2009 | Status: <3 | 680 Posts

Quoting stevepatt

Disliked

Hi Feline,

I think your right it was an impulsive bearish move as it broke previous lows, the only problem, as I see it, was the Keltner Channel was headed up it would take some time before it would start to point down.

This is the only problem with the 15m TF it can take quite a long time for set ups to develop that's why I mostly look at the 5m charts.

Ignored

Hello stevepatt, yes you are absolutely right that it takes time, i also use lower timeframe to see what is hapenning inside the trade and probably get a better exit or entry. As far as i understand we don't always wait for the keltner channel to change the slope because that could lead us out of many good moves of the price. I mainly look for an impulsive move and retracement, if it correlates with keltner channel slope and middle band + rejected from previous support/resistance then so much better. I am new to that method of trading so probably I need some more practice and screentime

I guess today just wasn't my best day. Still closed platform with a few pips gain and didn't lose, which is also good.. Hope you have good trades, see you soon !

#9,409
Mar 7, 2012 8:07am Mar 7, 2012 8:07am

stevepatt
Joined Dec 2010 | Status: Never Stop Learning | 7,326 Posts

Quoting loog12us

Disliked

Thanks for your comments sho , its really nice to see you back , if you can spare some time once or twice each weekend for us , i shall be grateful for the kindness.

I think your entry was good , not every setup runs for profit , its just probability game.

Attaching some charts from yesterday's trades , all comments are welcomed

Ignored

Hi Loog,

This is just the way I see it hope it helps.

(1 & 2) As far as I can see your first two trades where shorting into a strong support/resistance level, take a look on the 1h chart.

(3) The winning trade you took I would probaly have entered at the close of the bar you entered on

(4) You where unlucky it was a good set up.

#9,410
Mar 7, 2012 8:12am Mar 7, 2012 8:12am

stevepatt
Joined Dec 2010 | Status: Never Stop Learning | 7,326 Posts

Quoting feline207

Disliked

I am not the person to judge, we definately need shos or other pros opinion, i just don't understand the second entry on the first chart, the so called retest. It was an upward move that went over previous high and that were some 4 consecutive big green bars. personally i wouldn't take the trade. Just a quick question - how do you mark your entries and exits with those color arrows and the line that is going between them?

Ignored

Hi Feline,

Open TRADE HISTORY in the Terminal and left click on a trade and drag it onto your chart and it will appear.

#9,411
Mar 7, 2012 8:39am Mar 7, 2012 8:39am

loog12us
| Joined Sep 2011 | Status: Trader | 91 Posts

Quoting feline207

Disliked

I am not the person to judge, we definately need shos or other pros opinion, i just don't understand the second entry on the first chart, the so called retest. It was an upward move that went over previous high and that were some 4 consecutive big green bars. personally i wouldn't take the trade. Just a quick question - how do you mark your entries and exits with those color arrows and the line that is going between them?

Ignored

The second entry was bit risky , there was divergence , but trend was still downward i guess , 4 green bars does not means trend is bullish , just see the speed of the bars ,

Entry was risky because
1)- Divergence
2)- previous pin failed , resulting in new high

I took entry because:
1)-price just made 1-2 pips high and got rejected , resulting in another rejection bar
2)- so i took the chance with small s/l

So overall not a very favorable entry , i agree

For lines just drag the trade ( from mt4 history ) and drop on chart

Tough Times Never Last But Tough People Do

#9,412
Mar 7, 2012 8:49am Mar 7, 2012 8:49am

loog12us
| Joined Sep 2011 | Status: Trader | 91 Posts

Quoting stevepatt

Disliked

Hi Loog,

This is just the way I see it hope it helps.

(1 & 2) As far as I can see your first two trades where shorting into a strong support/resistance level, take a look on the 1h chart.

(3) The winning trade you took I would probaly have entered at the close of the bar you entered on

(4) You where unlucky it was a good set up.

Ignored

thanks for comments .

regarding trade 3 , i guess you wanted to enter on the pb close , i was doing the same , until i re-read all the sho's posts last week , and i realized one thing , he is very aggressive player , quick in quick out , and many times i would enter on bars that i was not counting good candle stick patterns . So after keeping this in mind and reading further threads i have belive now its very important how bar opned where it closed in relation to last swing , see the bar was a rejection bar and close to last swing , so small s/l on s/r was the trigger for my trade ,

May be i am not very good at explaining , let me quote some words of sho

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Originally Posted by the novice
Hi Sho
Thanks for the great explanation.
My question is why the entry was based on the green indecisive bar which is not a recognisable price action bar. It was also not a rejection of the previous support turned resistant since it remained green.

I must be missing something.
Thanks.

did u see the chart?
eventhough its a indicision bar but
its a small stop.after an impulsive it represents the selling presure and its a fib level.
fib is a great tool(its not methood) for traders.

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Originally Posted by the novice
I must have got it wrong when you mentioned no price action, no trade on the first page, that you meant price action to be bar/candle pattern.
So from this example, you will still open a trade when there is a small bar in a corrective move, even though the bar may not be any bar pattern.

Please correct me if I am wrong.

bar is just time frame.we care what the overall market condition is.that what i call price action.i dont call a candle or a bar price action.most of the trader call only candle or a bar price action.but i am not agree with them.
for me price action is overall market condition.(what market is telling me)
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Hope for the best, but prepare for the worst..intraday trend trading with priceaction

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Tough Times Never Last But Tough People Do