Price Action Trading

[pppglowacki]

Originally Posted by Airborne

pppglowacki, do you buy your entire position up front, or do you split it up in say 1/3rds? Then scale profits one the way up. I'm looking into this right now. I think it might allow more flexibility. So if I have a 50 pip stop and 5k account I could buy 2 lots of GU and open 3 orders of .66 each. If stopped you take the whole hit of 2%. Then I'm thinking of setting the first tgt say 15 pips then 25. Stops move to B/E once 20-25 hits. Then just hold on to the last one as long as possible... Does this make sense?

Hi Airborne, hmm no i buy the entire position at once...i do not split it up. After I place a trade with the specified number of lots, i then set a stop loss and if i get stopped out the entire position is closed. I also pick a place to for my first profit target, at this location i usualy close about 1/2 lots and let the rest run. Hope this helps.

Also, so as i understand your stop loss is 50 pips but your first profit target is at 15??

Thanks

[pppglowacki]

Originally Posted by milamber

IMHO, looking at the news for the day is the first thing you should do even before analysing the charts, especially when daytrading and using the shallow stops that we use, precisely because of the sudden spike towards our stops that it can cause. I always eyeball the upcoming news and give myself sufficient time till the news for my trade to happen then either i close 30mins before or hold if i think the news will spike things my way. I'd even look for a long trade (for eg.) if i see a news coming in the next 4-5 hours that will cause the market to go bullish. Unless i'm holding a position for longterm, then news has less of an effect. Just my two cents...

Hi Milamber...i agree with you 100%. Thanks for the input.
Enjoy!

[milamber]

Originally Posted by pppglowacki

Hi Milamber...i agree with you 100%. Thanks for the input.
Enjoy!

No prob. Just to quote an example, i've been long on GBP/USD since market opened today. It went up +30 pips and then back down again now at +14pips. I've moved my stops tighter to protect 10pips now and i'm eyeballing the PPI news coming out later if i'm still in this trade at that time. I won't be too worried if price can break 215 before that. If i'm stopped out, i'll be looking for a reentry point lower and still be pleased with my 10pips so far. Yeah, i'm betting USD will crumble this week. It was artificially buoyed up last week so inherent weakness should go against the dollar in all pairs esp, GBP/USD which has broken over a double bottom pattern. As i write this, the pair has gone back up to +19pips after resting at 180 for a long time. Putting a support line there since it has bounced off there twice already today.

[pppglowacki]

Well i was sick all last week so very sorry for not posting my daily possible trades but to make up for the loss i will post them now...

03-10-08

GU Sell trade

I had two barriers drawn and the price went and broke past the first barrier but my entry would have been at the break of the second barrier.

Entry @ 2.0203
Stop @ 2.0219 (stop loss is 21 pips away with spread)
Profit target would have reached with minimum 2:1 trade but my exit would probably be around 2.0080.

[pppglowacki]

Well this was also a neat trade and followed my rules nicely.The GU was looking bullish and i was looking for my context and the trigger which did occur at 3:00.

BUY @ 2.0050
Stop @ 2.0043 (stop loss is 13 pips with spread)
Profit Target is the doji at the top of the move up which is also the 76.4% fib level of the move up. My Exit is around 2.0180

[pppglowacki]

The GU did lots of funky stuff during the asian session but it still gave a nice context and buy trigger at 4:30

Buy @ 2.0103
Stop @ 2.0088 (Stop loss is 20 pips with the spread)
My first Profit Target would have been at the second black line (2.0176) on the 30 minute chart. I would have moved my stop to even and let the rest run probably.

[pppglowacki]

This was the trade on friday that i was looking at. The first barrier was broken and i was looking for a sell but i knew that the second barrier was also there. The second barrier was also broken but the sell did not fit in to my rules. I finaly did not take the sell but it was a nice ride down anyway.

Sell @ 2.0370
Stop @ 2.0397
Profit Target would have been some where...not sure realy :P I will just use my imagination for this trade. It was a good sell and also made me realize that i have to add this context to my trading rules...

[pppglowacki]

Good morning...woke up this morning for london open.. waited for my sell trigger and after seeing it i went in.

Sell @ 2.0200
Stop @ 2.0215 (stop loss is 15 pips with the spread)
1st profit target was on the daily 61.8% @ 2.0088...this profit target was reached so i closed 10 lots for a profit of +112 pips.... I moved my stop to break even. I will get some sleep and update later.

The two images attached are of my entry and first profit target reach.

thanks bye

[pppglowacki]

Well i exited and closed all of my contracts @ 12:05 today for +165 pips.

It was an ok trade i guess...i didnt learn anything though

attached is the exit of the trade.

[Airborne]

Originally Posted by pppglowacki

Well i exited and closed all of my contracts @ 12:05 today for +165 pips.

It was an ok trade i guess...i didnt learn anything though

attached is the exit of the trade.

Dude that is RAD, wow 10 lots man you sure took some from the market.. Keep it up!