Attachments: Price is everything

Price is everything

#31,121
Nov 1, 2018 7:58am Nov 1, 2018 7:58am

alexpeter
| Joined Nov 2018 | Status: Trader | 6 Posts

what do you think about NZD JPY?

#31,122
Nov 2, 2018 3:41pm Nov 2, 2018 3:41pm

Squiggles
Joined Nov 2014 | Status: Trader | 1,736 Posts

I don't see anything in this thread about Price, Let alone that it is everything.
Patterns, TL's, Supp n Dem, Flags, Mkt structure, Sam Seiden, Wycoff, volume, basically everything but PRICE
This is a price chart, can you trade price ? yes,,, is it everything ? Yes,,, Just my 10 Bucks

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#31,123
Edited 8:23pm Nov 3, 2018 8:00pm | Edited 8:23pm

Winston Reed
Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts

Quoting Squiggles

Disliked

I don't see anything in this thread about Price, Let alone that it is everything. Patterns, TL's, Supp n Dem, Flags, Mkt structure, Sam Seiden, Wycoff, volume, basically everything but PRICE This is a price chart, can you trade price ? yes,,, is it everything ? Yes,,, Just my 10 Bucks {image}

Ignored

What is your understanding of price? What is your understanding of what Red thought price was? Can you clearly articulate price action?

Red mentions Sam Seiden near the beginning of his thread but does not devote any forward loyalty to him. I do not recall Red devoting his trading style to Wycoff, volume??? Maybe other contributors have but not Red. Red was in fact loyal to price. Perhaps his sense of R:R was challenged. Price is made up of structure. Red understood structure. Your chart is blank and does not convey anything. Can you elaborate just a bit on your understanding of the chart you display?

#31,124
Nov 3, 2018 10:00pm Nov 3, 2018 10:00pm

tradestar1
Joined Nov 2009 | Status: Trader | 996 Posts

You want to trade price?
Use range or renko charts.... Those are pure price charts.

#31,125
Nov 3, 2018 10:56pm Nov 3, 2018 10:56pm

Lbkr
| Joined Sep 2016 | Status: Trader | 9 Posts

Quoting tradestar1

Disliked

You want to trade price? Use range or renko charts.... Those are pure price charts.

Ignored

Are these types of charts available on MT4?

#31,126
Nov 3, 2018 11:14pm Nov 3, 2018 11:14pm

tradestar1
Joined Nov 2009 | Status: Trader | 996 Posts

I don't know.... I don't use that crappy platform.

#31,127
Nov 4, 2018 12:04am Nov 4, 2018 12:04am

Lbkr
| Joined Sep 2016 | Status: Trader | 9 Posts

Any suggestions of a better platform?

#31,128
Nov 4, 2018 1:04am Nov 4, 2018 1:04am

tradestar1
Joined Nov 2009 | Status: Trader | 996 Posts

NinjaTrader which is free if you use the NinjaTrader brokerage....
https://ninjatrader.com

Or MotiveWave which you would buy and depending on the edition would cost you from $259 to more depending on how much you think you need. I run the strategy edition and it was $595 plus the expanded charts module which was an additional $249... They run specials every year around Year end and offer 20% off on all.
https://www.motivewave.com/home.htm

If your gonna work you need the right tools for the job... Professional tools for a professional job.....

#31,129
Nov 4, 2018 8:06am Nov 4, 2018 8:06am

Nefser
| Joined Nov 2013 | Status: Trader | 255 Posts

Quoting tradestar1

Disliked

You want to trade price? Use range or renko charts.... Those are pure price charts.

Ignored

Quoting tradestar1

Disliked

I don't know.... I don't use that crappy platform.

Ignored

I think it's quite amusing that on one hand you infer you only need the basics to trade "pure price charts".

Then, on the other hand, you're slamming perfectly reasonable and usable charting/trading software and suggesting that people fork out $$$ for a specialised "professional" software package. I think that's more than a bit silly.

If you have a reasonable mindset for trading, then any of the current tools available (including many phone/tablet apps) are MORE than sufficient for many peoples needs. I would suggest that if your 'system' requires more tools/features than these 'basic' (sorry, un-professional) tools provide, then it's your system that should be scrutinised and reviewed to see whether it's actually a requirement to trade successfully.

Sure, if you want to have multiple screens, powerful PC's, expensive trading software, etc...well, go for it.

However, I'd say that for many (most?) it's completely unnecessary.

#31,130
Nov 4, 2018 9:47am Nov 4, 2018 9:47am

tradestar1
Joined Nov 2009 | Status: Trader | 996 Posts

Quoting Nefser

Disliked

{quote} {quote} I think it's quite amusing that on one hand you infer you only need the basics to trade "pure price charts". Then, on the other hand, you're slamming perfectly reasonable and usable charting/trading software and suggesting that people fork out $$$ for a specialised "professional" software package. I think that's more than a bit silly. If you have a reasonable mindset for trading, then any of the current tools available (including many phone/tablet apps) are MORE than sufficient for many peoples needs. I would suggest that if your...

Ignored

Well I'm happy to have been able to amuse you......

A trading system/method should be simple, but if you have inferior software that can't handle the data feed accurately or a broker whose feed is crap then you are at a disadvantage.
And yes my system/method does require a tool that can handle data accurately ...

As to the software costing you something... Yes Motivewave does cost you. NinjaTrader is free if you open an account with NinjaTrader brokerage which you can trade FX, Futures and Stocks from... Their commissions are very competitive and their service is very good.

Also as you say "For many (most?) it's completely unnecessary ..... and you are correct .... But Many (Most) here have hobby accounts and are overall losing traders...
Remember the the stats?..... 90% of traders fail... Is it the fault of their trading platform? Probably not entirely. But the reasons for these falures has been beaten to death in post after post and book after book so I don't see the need for redundancy here.

If you're a winning trader and using MT4 .... Well good on ya. Don't try to fix what ain't broke.

#31,131
Nov 4, 2018 10:07am Nov 4, 2018 10:07am

Nefser
| Joined Nov 2013 | Status: Trader | 255 Posts

Quoting tradestar1

Disliked

A trading system/method should be simple, but if you have inferior software that can't handle the data feed accurately or a broker whose feed is crap then you are at a disadvantage.

Ignored

Well, if you are using a service from a company (whether it be broadband, broker, etc.), if they're not supplying a good service, then switch! However, that's not really the point you were making, as you were specific about a trading software package.

From what I've seen/heard - All the tools (free or paid) seem to handle the data absolutely fine, but then again, I don't know what special requirements you have to do whatever it is you need to do to trade. Obviously, you need to do what works. But you suggesting to throw software like MT4 (inferring its completely unusable) in the bin seems a bit OTT.

No, I don't use MT4, so I actually wouldn't know. But seeing it is used by many people, I can't fathom how it can be as broken as you're inferring.

#31,132
Nov 4, 2018 10:19am Nov 4, 2018 10:19am

Squiggles
Joined Nov 2014 | Status: Trader | 1,736 Posts

[quote=Winston Reed;11655847]{quote} Price is made up of structure. Red understood structure. Your chart is blank and does not convey anything.

Hi Winston, Thanks for the PM
I was thinking to open a thread about Price. I looked at thread titles to help me find an appropriate title for my thread.
You have misunderstood me, I like Red as much as the next guy but “Price is everything” to me, should be ( at least a little bit ) about Price but Red’s thread is mainly about mkt structure TL’s etc, etc. but not Price. I don’t see anything about Price.
Structure is structure a TL is a TL and S&R is S&R but they are not price.
It’s my understanding that Price is a Number and to me this thread is not about that.
Not looking to rile you or anyone here.
Happy trading

#31,133
Nov 7, 2018 9:45am Nov 7, 2018 9:45am

simond2002
Joined May 2012 | Status: ... | 1,925 Posts

Coming out of FF retirement to make a comment…

To avoid any doubt, red probably should have titled this thread, “Price-Action is Everything”. I think it would’ve given more context to the statement he made on his first post regarding the necessity for “engulfing whipsaw patterns” in his own trading.

To me (and I’d suggest to people like red too), these patterns are essentially the patterns of candles printed in a price chart. They’re a 2-dimensional permanent trace of time-sampled price (the TF) going up and down over real time. With a basic understanding of how supply and demand drives these movements in price it’s possible to employ certain PA patterns in one’s own trading to try (with an odds based risk-managed outlook) and anticipate where price will head as one enters the market.

Regarding Sam Seiden, I was always interested in the link between what red was doing and what Seiden advocated. red was present in some of Seiden's webinars from the noughties. In those webinars Sam sometimes spoke of an alternative method for entering the market to that of leaving limit orders at fresh zones. He referred to it as, “confirmation”. Hearing this and then discovering PIE, a lightbulb went off in my head because essentially, by waiting for engulfing PA patterns to print at key-levels, red is waiting for confirmation before entering.

There was another side to red’s trading that seemed less cautious and quite frankly a little gung-ho. That said, however, the simplicity of the basic edict of engulfing whipsaw patterns at key levels, is something I’ll be eternally grateful to him for bringing to my attention. It really helped me on my way.

#31,134
Nov 8, 2018 4:21am Nov 8, 2018 4:21am