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Intraday price action trend trading

  • #9,721
  • May 5, 2012 5:29am May 5, 2012 5:29am
Another missed opportunity. Hope somebody played it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ej1.gif Size: 267 KB
Click to Enlarge Name: ej2.gif Size: 275 KB
Look for reasons not to take a trade.
  • #9,722
  • May 6, 2012 9:54pm May 6, 2012 9:54pm
Quoting overseaz
Hi Lim,
Here is my taken and missed opportunities on Friday. Did you take any of those?
overseaz, thanks 4 the chart..
Good knowledge for me..
Attached Image (click to enlarge)
Click to Enlarge Name: EU overseaz rev.gif Size: 287 KB
  • #9,723
  • May 7, 2012 2:17am May 7, 2012 2:17am
Are you guys planning to trade EUR or any currency at all today, since bank holiday?
  • #9,724
  • May 7, 2012 3:43am May 7, 2012 3:43am
Quoting duy90
Are you guys planning to trade EUR or any currency at all today, since bank holiday?
Sure, why not? As long as market movement can cover the spread cost, it's tradeable.
  • #9,725
  • May 7, 2012 8:00am May 7, 2012 8:00am
http://www.forexfactory.com/C:%5CUse...pusd%2015m.gifHey guys, even after a while following the thread and trying to trade I still haven't found success... I lost 100 euro so far out of 500 euro accountD But i am learning new things everyday, I wanna ask if I am doing it right?

I have attached a picture of GBPUSD

sl 10 + spread 3
tp gray

Signal arrow
Enter x

edit:SL hit...


http://postimage.org/image/ni9adafud/
http://postimage.org/image/ni9adafud/
  • #9,726
  • May 7, 2012 8:56am May 7, 2012 8:56am
Quoting xyzxyz
overseaz, thanks 4 the chart..
Good knowledge for me..
Lim,
I agree, it was not my best play, but after impulsive move and stop loss was small. So, I decided to take a chance. I didn't like that price was at Demand zone and close to NFP news. That's why I closed position before it hit my stop loss when I realized that momentum was on the opposite side. It's always better to wait for perfect setups.
Good trading
Alec
Look for reasons not to take a trade.
  • #9,727
  • May 7, 2012 9:05am May 7, 2012 9:05am
Hi there,Im no expert like Sho is but you are entering after a sharp rise.Allow the trade to pullback then wait for a bulllish candlestick pattern to enter.

Quoting duy90
http://www.forexfactory.com/C:%5CUse...pusd%2015m.gifHey guys, even after a while following the thread and trying to trade I still haven't found success... I lost 100 euro so far out of 500 euro accountD But i am learning new things everyday, I wanna ask if I am doing it right?

I have attached a picture of GBPUSD

sl 10 + spread 3
tp gray

Signal arrow
Enter x

edit:SL hit...


http://postimage.org/image/ni9adafud/
http://postimage.org/image/ni9adafud/
Attached Image
  • #9,728
  • May 7, 2012 10:46am May 7, 2012 10:46am
Hi

Im glad the thread is alive.

I had nice holidays. Hope you guys got a lot of good trades.

Today I made my first trades after the timeout. Got 5 signal. 3 looser and 2 winner.

Alec, congratulation for the V from our master Sho!


duy90 try to master the method. Money will come back to you. But demo first, don’t waste your money right now. Look at post #9652 the pin is no signal, it is just pause of momentum. Wait for confirmation before jumping in at these situations.
  • #9,729
  • Edited 1:27pm May 7, 2012 12:19pm | Edited 1:27pm
Quoting Clean Chart
Hi

Im glad the thread is alive.

I had nice holidays. Hope you guys got a lot of good trades.

Today I made my first trades after the timeout. Got 5 signal. 3 looser and 2 winner.

Alec, congratulation for the V from our master Sho!
Hi Chris,
Thanks. Welcome back! Let's master the method together.
Don't forget to include your charts
Here are my thoughts on GU today. 15M chart
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 280 KB
Look for reasons not to take a trade.
  • #9,730
  • May 8, 2012 10:08am May 8, 2012 10:08am
Quoting Clean Chart
Hi

Im glad the thread is alive.

I had nice holidays. Hope you guys got a lot of good trades.

Today I made my first trades after the timeout. Got 5 signal. 3 looser and 2 winner.

Alec, congratulation for the V from our master Sho!


duy90 try to master the method. Money will come back to you. But demo first, don’t waste your money right now. Look at post #9652 the pin is no signal, it is just pause of momentum. Wait for confirmation before...
About the post you linked. Should I enter after the bar that Sho pointed at with an arrow and for example 5. arrow is a mistake entry in my opinion because he is selling into support

So basically what the method is about

1.KC/Trend
2.Impulsive/Corrective wave
3.Momentum and Enter after corrective wave
4.Price action signal
5.Enter if not buying into res or selling into support

Am I right??
  • #9,731
  • May 8, 2012 11:05am May 8, 2012 11:05am
duy90

You are right, that are the basics.

The important thing about the post 9652 is number 2. Try to look at the chart and what Sho wrote. And then combine it with the chart you attached. In my eyes your entrysignal is just pause of momentum. I would not count the pin as an corrective wave, so you are still in the impulsive wave.

But dont worry about the trade. One winner will fill your loss and get you some extra pips it is just about trade- and moneymanagment. Just go on and post another trade.

The example 5 Sho pointed out.
I think when Sho tells us this one is a valid entrysignal it is a valid entrysignal. He has the experience to know when a trade can blast throw a support and when not.
But we dont. That is why we just should take the best trades (A+). Hope with lot of screentime we can get more trades and still make money;-)

Just my point of view
  • #9,732
  • May 8, 2012 11:29am May 8, 2012 11:29am
Quoting duy90
About the post you linked. Should I enter after the bar that Sho pointed at with an arrow and for example 5. arrow is a mistake entry in my opinion because he is selling into support

So basically what the method is about

1.KC/Trend
2.Impulsive/Corrective wave
3.Momentum and Enter after corrective wave
4.Price action signal
5.Enter if not buying into res or selling into support

Am I right??
Hello duy, maybe i can share my opinion for you.
IMO, the priority before taking any trade is :
1. Define the support / resistance area. Look at where the price reverse in the past, mark the area. Don't try to precisely mark the area, sometimes price pierced the area too far, but come back and reverse. Sometimes price not touch the area but reverse early before hit the zone. If you selling into support or buying into resistance, ready to move the SL quickly to BE if market allowed you to do, or take take little profit ASAP.
2. The trend of your main TF and bigger TF trend. Learn to visualize the trend only by looking the candle formation, KC only act as a guide at first. Don't restrict your self only trade by the direction of KC ( this is only my opinon). Better judge the trend by candle formation.
Taking trade in the same direction of bigger trend will help the your RR ratio bigger & you can easily cover you losses with 1 or 2 trade.
3. Spot the impulsive - correction wave. This is the hardest part, especially in choppy days.
4. Wait for PA signal. Remember, do not take trade only based on candle, consider the support/res , trend & impulsive corrective wave. Signal candle will be stronger if happened at support/res area.
5. Extra things you may consider is correlation between pair. This will help you pick the pair which will continue it impulsive-corrective-impulsive move pattern. Sometimes you will see two pair make almost identical pattern at the same time, but later they move differently. One continue it's impulsive move, the other failed to continue it's impulsive move. This is a hard subject to explain, but if you watch many pair, you'll get the idea.

I hope my opinion not add confusion to the method. Good luck with you trade.
  • #9,733
  • May 8, 2012 12:06pm May 8, 2012 12:06pm
Quoting pipmunks
Hello duy, maybe i can share my opinion for you.
IMO, the priority before taking any trade is :
1. Define the support / resistance area. Look at where the price reverse in the past, mark the area. Don't try to precisely mark the area, sometimes price pierced the area too far, but come back and reverse. Sometimes price not touch the area but reverse early before hit the zone. If you selling into support or buying into resistance, ready to move the SL quickly to BE if market allowed you to do, or take take little profit ASAP.
2. The trend of your...
Okay i understood somehow, but I got couple questions + comment

1. About resistance should I mark all of them or just the top and bottom?
2.Trend means I should draw trendline?
3. Still trying to spot impulsive and corrective waves in live trading...
4. And what do you mean by PA signal and Candleformation I know some candle formation but still it is not that reliable to think the trend has ended. But about PA signal I still don't quite get it. Can you give me an example with a picture?
  • #9,734
  • Edited 8:55pm May 8, 2012 1:11pm | Edited 8:55pm
Quoting duy90
Okay i understood somehow, but I got couple questions + comment

1. About resistance should I mark all of them or just the top and bottom?
2.Trend means I should draw trendline?
3. Still trying to spot impulsive and corrective waves in live trading...
4. And what do you mean by PA signal and Candleformation I know some candle formation but still it is not that reliable to think the trend has ended. But about PA signal I still don't quite get it. Can you give me an example with a picture?
Mark any zone that can support your trading decision. You can draw trendline to help visualize trend.
Here example of EU chart. EU trend is down. I've mark some of minor zone that respected by market several times. There's a down trendline coincidende with minor zone. Now i'm waiting any bearish PA in the zone to take short a trade.
Attached Image (click to enlarge)
Click to Enlarge Name: EU 9-5-2012.PNG Size: 16 KB


Update :
Trade taken on M5 based on bearish IB break downside. Remember what i said about zone, sometimes they're pierced but later price come back and reverse.
Attached Image (click to enlarge)
Click to Enlarge Name: EU 9-5-2012 Update.PNG Size: 13 KB


Update :
There another opportunity present itself on M15 chart. Bearish PB IB break downside. Could give RR 1:7 if the trade managed well. Too bad i'm already sleep, didn't take the setup .
Attached Image (click to enlarge)
Click to Enlarge Name: EU 9-5-2012 Update 2.PNG Size: 13 KB
  • #9,735
  • May 8, 2012 3:48pm May 8, 2012 3:48pm
Quoting duy90
Okay i understood somehow, but I got couple questions + comment

1. About resistance should I mark all of them or just the top and bottom?
2.Trend means I should draw trendline?
3. Still trying to spot impulsive and corrective waves in live trading...
4. And what do you mean by PA signal and Candleformation I know some candle formation but still it is not that reliable to think the trend has ended. But about PA signal I still don't quite get it. Can you give me an example with a picture?
Please complete steps in my post #9682 and post #9683 as intraday trend example I did for Lim. Unfortunately there is no shortcut. You will find candle formations and much more in 1st thread.
Alec
Look for reasons not to take a trade.
  • #9,736
  • Edited 11:30pm May 8, 2012 10:57pm | Edited 11:30pm
About IB and OB plays, what it means for them to break? I mean does it have to break the body of previous bar into impulsive direction or also has to break the wig of previous bar??

And also how you take half of position off? You open 2 trades at same time then close one and make another one BE?
  • #9,737
  • May 8, 2012 11:59pm May 8, 2012 11:59pm
Quoting duy90
About IB and OB plays, what it means for them to break? I mean does it have to break the body of previous bar into impulsive direction or also has to break the wig of previous bar??

And also how you take half of position off? You open 2 trades at same time then close one and make another one BE?
IB break means, price break LOW or HIGH of the IB candle.
In MT4 you can specify to close any lot amount of your opened trades. Ex: you open trade with 1 lot. If you want to close 0.5 lot, type 0.5 in the volume menu (red circled area).
Attached Image (click to enlarge)
Click to Enlarge Name: EX.PNG Size: 22 KB
  • #9,738
  • Edited 12:41am May 9, 2012 12:18am | Edited 12:41am
Quoting pipmunks
IB break means, price break LOW or HIGH of the IB candle.
In MT4 you can specify to close any lot amount of your opened trades. Ex: you open trade with 1 lot. If you want to close 0.5 lot, type 0.5 in the volume menu (red circled area).
Attachment
Wow you guys have been a great help to me Thank you very much. Btw I am reading Sho's first thread now third time And its now clearer than ever to me, but I still I need to learn more. I am suprised to see how many important points I missed while reading two first time. And I recommend anyone who still has problem with this method like me to re-read the master's thread again and again

I hope this thread is not going to die
  • #9,739
  • Edited 3:24am May 9, 2012 2:18am | Edited 3:24am
Spot this opportunity to ride bigger trend on GBPAUD. Signal based on Bullish OB happened on res become supp area. First TG res zone above & RN 1.6050
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD.png Size: 17 KB


Update : closed 1/3 for 1:1 RR, move the stop and let the rest running.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD Update.png Size: 14 KB


Update : add another position, after corrective move ended.
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Click to Enlarge Name: GBPAUD Update 2.png Size: 16 KB
  • #9,740
  • May 9, 2012 3:43am May 9, 2012 3:43am
Thank you pipmunks for sharing you trade.

I was scared because i thought momentum changed. So i didnt take this one.
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