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Price Action in Day Trading by Dadas

  • #3,081
  • Sep 15, 2013 12:51pm Sep 15, 2013 12:51pm
Quoting EaglePip
{quote} Its been great to study recent enhancements to trading the Pteczs. Have created an index to track the key posts and been practicing with the HiLo bar script. Not sure how others delete and cleanup old scripts and wanted to ask about it. Instead I did some searching and have created a script which may be useful. Just drag the script to the candle that needs to be deleted. Hope its ok! {file} {file}
That's exactly the way I do it.
Also, simply making a script with only one command line ObjectsDeleteAll();
is very usefull to quickly clean up all the objects form the chart, when things get messy,
as they often do on the MT4.
Trade the facts, not opinions.
  • #3,082
  • Sep 15, 2013 3:12pm Sep 15, 2013 3:12pm
Quoting EaglePip
Instead I did some searching and have created a script which may be useful. Just drag the script to the candle that needs to be deleted. Hope its ok!
Objects in MQL must be given specific names.
So, they are recognised by their names, given by the programmer.
Thus, as long as the HILOBAR_Zones are created given the same names as in the deleting script,
the deleting script will do it's job.
Otherwise, it won't work.
So, the creating script and the deleting script must be a complimentary set.
Concluding, you have created a a specific deleting tool for the specific plotting tool.
Trade the facts, not opinions.
  • #3,083
  • Edited 6:09am Sep 18, 2013 4:14am | Edited 6:09am
Market is doing the normal - the FOMC meetings 17&18, they
are deciding what to do next with the USD, print more or stop.

I have some thoughts about this situation, Thursday and Friday will show if I am right.

Monday was, actually very good for me, I closed all my floating positions, all of them.
Only two were losing ones, but that was included in the deal.
They were both compensated for.

And, Tuesday I was looking for an Entry, but it was hard to find a good one.
I did one on GOLD and closed quickly c/z the situation was uncertain,
though Price did reach my TP later on, like it's anything new...

Later I opened a Short on EU and was at +16 Pips but the TP was at +40Pips
and there was DR space very well fitting into the situation.
However, Price stopped and consolidated around +/-4Pips, so it's floating.

But, I got a very strong realisation!
Sometimes even watching a guy on youtube who has very little knowledge of what he is doing
can bring some light if one can fish out the pearls hidden in there.
The realisation is not anything new, it is the Range Stats we are using,
just applied more precisely.

The guy was using ATR to Trade on M5 and was looking for Entries upon some trend line
and the 2 candles in same direction rule plus ATR(4) .
The ATR told him his Target in Pips, it was like 0.5 to 2 Pips, usually.

In my trade I was on H1 and set the Custom_Range_Stats to 60.
It showed the average of 15Pips.
So, there was my answer, right in front of my eyes.
I should have closed at +15Pips, c/z that was what the Market was giving at that moment!

Now, you can relate this to all those guys who were waiting for TP Pips and looking
how the Price went back to take their SL out.

This is a big piece of knowledge!

This leads to a deeper understanding of why things happen as they often happen.
Because we don't know what's going on!

And, this leads to a deeper understanding that if one wants to take the H1 Ranges,
he must Enter very precisely at Tops or Bottoms, so he must look for Entries
on very small Tf's so he can take as much of the H1 H/L as possible.

Otherwise, if one wants to Trade Open/Close, he must use something like the Body Average Range
intstead of the whole Candle Range! And, that makes even smaller Pips.

Further, this also explains why the Risk/Reward principle will not work,
unless applied to a very precisely defined strategy!

But most important, this insight gives us a powerful knowledge to better decide on our action!
And, to create an even better strategy.
Trade the facts, not opinions.
  • #3,084
  • Sep 18, 2013 6:19am Sep 18, 2013 6:19am
@Dadas
newbie here , i think your thread is a great head start to learn Price Action
just subscribed , gonna read the whole thing

Respect
  • #3,085
  • Sep 18, 2013 9:20am Sep 18, 2013 9:20am
So, here is the Ultimate Secret to this Market Trading!

I have written a very simple indicator which plots only 2 lines.
It is called: Body_ATR_Levels.mq4
It finds the highest Open or Close value of the Bars_For_ATR number.
It finds the lowest Open or Close value of the Bars_For_ATR number.
It calculates the Average and plots a line from current Candle Open Up
and from current Candle Open Down in the distance of the Average.

It also shows the Body_ATR in Pips.

This simple indicator reveals the whole truth about all your Losses!
It shows why Price never reached your expected Take Profit!
It shows why Risk/Reward is only a theory constructed only for those,

who know how to apply it, and is the major reason why the rest only Risk!

You can only take as much as the Market offers!
Otherwise, you must forget all rules and be patient, very patient.


The more impatient and unconfident you are, the more you need to be aware of what you can take!
Attached File(s)
File Type: mq4 Body_ATR_Levels.mq4   4 KB | 364 downloads
File Type: ex4 Body_ATR_Levels.ex4   5 KB | 320 downloads
Trade the facts, not opinions.
  • #3,086
  • Sep 18, 2013 12:41pm Sep 18, 2013 12:41pm
Today I traded GOLD and EURUSD on H1 charts.
I wasn't looking for Big Pips, only for what was available at the moment.

Attached Image (click to enlarge)
Click to Enlarge Name: eurusdh1.png Size: 36 KB

On EURUSD I was playing out yesterday's trade.

Attached Image (click to enlarge)
Click to Enlarge Name: goldh1.png Size: 37 KB

Attached Image (click to enlarge)
Click to Enlarge Name: goldm15.png Size: 38 KB

And, this time I didn't close "too early", because I was taking just what I had planned.
Trade the facts, not opinions.
  • #3,087
  • Sep 18, 2013 1:01pm Sep 18, 2013 1:01pm
Quoting Dadas
Market is doing the normal - the FOMC meetings 17&18, they are deciding what to do next with the USD, print more or stop.
I have some thoughts about this situation, Thursday and Friday will show if I am right.
Well, actually, it is now, and I was right!
Trade the facts, not opinions.
  • #3,088
  • Sep 18, 2013 1:34pm Sep 18, 2013 1:34pm
Quoting Dadas
{quote} Well, actually, it is now, and I was right!
Hi Dadas,

How are you doing?

In daily chart I am plannin to trade following way.
1. Get PTECZ candle
2. Then identify the trend.
3. Then put buy stop or sell stop order based on the trend.
4. Then gauge the take profit level from weekly chart with the help of Body_ATR pips your indicator.
  • #3,089
  • Sep 18, 2013 2:11pm Sep 18, 2013 2:11pm
Quoting bedayan
{quote} Hi Dadas, How are you doing? In daily chart I am plannin to trade following way. 1. Get PTECZ candle 2. Then identify the trend. 3. Then put buy stop or sell stop order based on the trend. 4. Then gauge the take profit level from weekly chart with the help of Body_ATR pips your indicator.
Hi Bedayan!

Hope you will share your charts with trades, here!
That's the way I can help you and others can benefit, too.
Trade the facts, not opinions.
  • #3,090
  • Sep 18, 2013 7:43pm Sep 18, 2013 7:43pm
Hi Dadas!

I've just started watching a series of videos about PA. beside reading some books and I'm glad to find a PA thread to learn from your charts how to apply what I'm studying more correctly and effectively in the trading arena ... N.B. I'm a very newbie to forex in general (a little more than a month ) so I'll always need some extra explanation here and there from time to time . thx
So sorry for always replying late! But I got 2 Jobs!!
  • #3,091
  • Sep 19, 2013 3:30pm Sep 19, 2013 3:30pm
So, as you know me, I spent my day on Trading and Developing.
Thus, I expanded the latest Body_ATR_Levels.mq4 by some interesting features.

Now, Body_ATR_Levels.mq4 contains:
A. 2 static Lines:
1. From current Candle Open Up in the distance of the Average,
2. From current Candle Open Down in the distance of the Average.
B. 3 moving lines:
1. The Current Bid Price Line,
2. A Line from Current Bid Price Line Up in the distance of the Average,
3. A Line from Current Bid Price Line Down in the distance of the Average.
This is to help you see where the TP would be if you Opened a position at that moment.

Thus, you can see more clearly if the Trade has any potential of being a good one or not.
C. Custom_TP_Pips input:
If you want to use a fixed TP Target in Pips, you can SwitchOn_Custom_TP and
input your preferred TP in Pips. Then, 3 moving lines will always be apart in the Custom_TP_Pips distance.

You can still use the indi only showing the 2 static lines and switch off the other functions.

Use the 2 static lines as your Top & Bottom.
Trade inside them Shorting when Price is at the Top,
Longing when Price is at the Bottom.
Remember to use the other rules, as well!
Attached File(s)
File Type: mq4 Body_ATR_Levels.mq4   7 KB | 410 downloads
File Type: ex4 Body_ATR_Levels.ex4   6 KB | 337 downloads
Trade the facts, not opinions.
  • #3,092
  • Sep 19, 2013 3:34pm Sep 19, 2013 3:34pm
My trades, today:
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdm15.png Size: 35 KB

Attached Image (click to enlarge)
Click to Enlarge Name: goldm15.png Size: 42 KB

The Trades are not so good, mainly because I was developing and testing,
thus not being fully concentrated on the charts, but all of them would have reached TP,
as you can see by the TP level markings.
Trade the facts, not opinions.
  • #3,093
  • Sep 19, 2013 6:41pm Sep 19, 2013 6:41pm
Quoting Dadas
So, as you know me, I spent my day on Trading and Developing. Thus, I expanded the latest Body_ATR_Levels.mq4 by some interesting features. Now, Body_ATR_Levels.mq4 contains: A. 2 static Lines: 1. From current Candle Open Up in the distance of the Average, 2. From current Candle Open Down in the distance of the Average. B. 3 moving lines: 1. The Current Bid Price Line, 2. A Line from Current Bid Price Line Up in the distance of the Average, 3. A Line from Current Bid Price Line Down in the distance of the Average. This is to help you see where the...
Hi, Dadas,

Thanks so much for supplying us the new tools. I tried some of them, to be honest, I think as the newbie as me, I can't handle these new powerful tools, I still love your original clean chart and PTECZ, and I'm still keeping practice and practice when I'm free. I hope I can understand your method more and more and one day I can enjoy those powerful tools too.
  • #3,094
  • Sep 19, 2013 6:54pm Sep 19, 2013 6:54pm
Quoting Dadas
So, as you know me, I spent my day on Trading and Developing. Thus, I expanded the latest Body_ATR_Levels.mq4 by some interesting features.
Many thanks for the new Body AtR Levels Indicator.
Have been working on a routine way to apply it.
As an example, have applied the HiLo Bar script to a recent H4 candle.
Looking for entry on H1 and used the Body ATR to set Tp.
Hope, I've got it right.
Still in the trade. Will see how it goes.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdh1.png Size: 34 KB
  • #3,095
  • Sep 20, 2013 3:42am Sep 20, 2013 3:42am
Quoting ena816
{quote} Hi, Dadas, Thanks so much for supplying us the new tools. I tried some of them, to be honest, I think as the newbie as me, I can't handle these new powerful tools, I still love your original clean chart and PTECZ, and I'm still keeping practice and practice when I'm free. I hope I can understand your method more and more and one day I can enjoy those powerful tools too.
Hi Ena!

Yes, I understand!
Especially the "Mighty" PTECZ_Trader can be quite a challange for anyone new!

It's a very good thing that you are doing the manual job, and so, learning better!
Don't worry, the whole secret in reading the charts with tools on them is getting
your eyes & brain to get accustomed to see & properly interpret the picture.
This is not easy, I don't know why? We would need a brain scientist to work on this!
Somehow, our brains, at least in the majority, find it difficult to get this picture-language.
So, it takes a lot of chart-hours! Really, a whole lot of them!

However, the new tools are becoming ever more simple!
Just take a look at this chart:
Attached Image (click to enlarge)
Click to Enlarge Name: audusddaily.png Size: 41 KB

This chart only contains the new Body_ATR_Levels.mq4,
2 Zones plotted with 111_Draw_Custom_Zone_Candle.mq4,
2 Trend Lines plotted manually for the Trend referrence.

The 2 Stats at the bottom are optional, just for quick check, if I need it.
How difficult is that?
Trade the facts, not opinions.
  • #3,096
  • Sep 20, 2013 4:01am Sep 20, 2013 4:01am
Quoting EaglePip
{quote} Many thanks for the new Body AtR Levels Indicator. Have been working on a routine way to apply it. As an example, have applied the HiLo Bar script to a recent H4 candle. Looking for entry on H1 and used the Body ATR to set Tp. Hope, I've got it right. Still in the trade. Will see how it goes. {image}
Hello EaglePip!

Generally, I see you are getting the huntch of it!
However, the Body_ATR_Levels show you the Market Volatility
in the chosen Period of Time, ie. 5 Candles by default,
calculated on the Closed Candles.

So, as you see, the Volatility was very low for your time of Trading,
thus you should expect only that many Pips!

So, your Entry was wrong!
You went Long when the Volatility was already exhausted!
You should look for Buy at the Bottom, not at the Top!

And, at times of such low Volatility, you should just take a break
or look for a better opportunity on another instrument.
Trade the facts, not opinions.
  • #3,097
  • Sep 20, 2013 4:03am Sep 20, 2013 4:03am
Hey Dadas,

Just wanted to write you to say thanks for this thread and the immense about of time it must cost you. Wish I had a vouch to throw your way.

I'm versed (only) from a theoretical perspective on PA, PA bars, Martin Pring, etc but your thread still manages to add great value. Haven't managed to read everything in your thread yet, but will keep chipping away until I'm done.

Thanks again,
Greg
  • #3,098
  • Edited 5:10am Sep 20, 2013 4:48am | Edited 5:10am
Quoting fx-greg
Hey Dadas, Just wanted to write you to say thanks for this thread and the immense about of time it must cost you. Wish I had a vouch to throw your way. I'm versed (only) from a theoretical perspective on PA, PA bars, Martin Pring, etc but your thread still manages to add great value. Haven't managed to read everything in your thread yet, but will keep chipping away until I'm done. Thanks again, Greg
Hi fx-greg!

Thanks a lot for your support!

I read you were looking for a script, so I wrote one for you!

It will plot you 2 lines in the distance of OFFSET_PIPS variable from Bid,
which you can change in the script by modifying it.
Also, you can change the colors in the same way.

As script, it can not display the input parameters window!
Scripts don't do that!

The lines will begin where you drop the script!

I am not allowed to post in other threads, as they made me commercial member, so I can't post it in your thread.
Attached File(s)
File Type: mq4 111_Draw_Price_Offset_Lines.mq4   2 KB | 355 downloads
Trade the facts, not opinions.
  • #3,099
  • Sep 20, 2013 5:33am Sep 20, 2013 5:33am
Here is my running Trade that illustrates the recent Body_ATR_Levels Trading.
Attached Image (click to enlarge)
Click to Enlarge Name: audchfdaily.png Size: 43 KB

I managed to Enter Short near Daily Open Price (Blue dotted line).
TP according to Body_ATR_Levels.
At the moment SL is @ BE, so no sweat.
Trade the facts, not opinions.
  • #3,100
  • Sep 20, 2013 6:00am Sep 20, 2013 6:00am
Quoting Dadas
{quote} Hi fx-greg! Thanks a lot for your support! I read you were looking for a script, so I wrote one for you! It will plot you 2 lines in the distance of OFFSET_PIPS variable from Bid, which you can change in the script by modifying it. Also, you can change the colors in the same way. As script, it can not display the input parameters window! Scripts don't do that! The lines will begin where you drop the script! I am not allowed to post in other threads, as they made me commercial member, so I can't post it in your thread. {file}
Thanks Dadas, that's very kind of you. The generosity of our fx community never ceases to amaze me.

And yes, the whole Commercial member thing is disruptive imo. It wouldn't - or at least shouldn't - be difficult for mods to figure out who's trying to flog crap in a can and who's for real.

I know that the folks over at the J16 thread have had the same issue. Ironically, before the commercial member thing, FF has enjoyed many of it's now member numbers from people flocking to FF precisely for PA threads.

Anyway, for now I'm making a list of charts and questions re your thread - but I'll carry on reading first.

Cheers again for the script.
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