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Which Indicator Best Represents Price Action

  • #21
  • Edited 7:20pm Jun 8, 2014 6:44pm | Edited 7:20pm
I think some people have already answered your question.

FerruFx
The best indicator you will ever find is your eyes.

Mingary
There is no indicator that can represent Price Action.
Price Action is the indicator.

FerruFx
The very first thing if you want to be a trader would be to learn patience ... You seem to have some lack on this !
_______________________

You can NOT always get the straight answer... Sometimes you need to re-think all those answers and the next question would be "HOW" (instead of blaming the use of this forum!)

This is what I do on Daily Chart with NO indicator at all...
1. Identify resistance/support area
2. Wait for 'sign of reversal' on those area (Engulfing, Pin bar, Piercing, etc.) Googling if you don't know any of those
3. Execution. It can be market order, stop order or limit order. Set the SL and TP with RR minimal 1:1 (better 1:2)

Trading should be as easy as 123

To me, the best indicator represents Price Action is the Candlestick itself

Good luck!
  • #22
  • Jun 8, 2014 7:15pm Jun 8, 2014 7:15pm
Is it OK to post outside link on this forum? I can give you examples on this case if I'm allowed to do so... Thx.
  • #23
  • Jun 8, 2014 11:55pm Jun 8, 2014 11:55pm
Quoting Axau
Is it OK to post outside link on this forum? I can give you examples on this case if I'm allowed to do so... Thx.
Dear ANAX

Please post the links.

Dear All,
Thanks I got my answer about indicators.
  • #24
  • Feb 26, 2020 12:23pm Feb 26, 2020 12:23pm
Quoting FerruFx
{quote} You can get entry points with any indicator. In your example of 2 MAs, depend on what kind of trader you are (or want to be ) ... higher period for long term trading ... lower period for scalping/day trading.
Hi FerruFx, do you know how to coding alert for me when the recently price has triggers the high / low of zig zag (with parameters of 5-3-3 / settingable) in the historical price ?

What I means that the alert is gonna alarm me when the recerntly price hit again the (long) historical (ago), high low of zig zag. This tools will always looking for the historical high low of zig zag. This is how its gonna work. Do you get me ?
I really need it. Thank you very much.
  • #25
  • Feb 29, 2020 2:55pm Feb 29, 2020 2:55pm
Quoting Mingary
{quote} There is no indicator that can represent Price Action. Price Action is the indicator.
Let’s think about that, really think hard, the word “action” implies that something has happened.

Therefore, all price action is in the past, it’s over, done and dusted.

Drop that word now, no one has ever defined Price Action to my satisfaction!

Using the past to predict the future, how’s that working for you?

Now, we are left with Price, we cannot trade in in the past, we can only trade in the NOW.

To find out how, read this thread https://www.forexfactory.com/showthread.php?t=976730

Enough Sunday morning philosophy
It takes a lot for me to IGNORE you, but you can try.
  • #26
  • Feb 29, 2020 7:32pm Feb 29, 2020 7:32pm
Quoting Erebus
{quote} Let’s think about that, really think hard, the word “action” implies that something has happened. Therefore, all price action is in the past, it’s over, done and dusted. Drop that word now, no one has ever defined Price Action to my satisfaction! Using the past to predict the future, how’s that working for you? Now, we are left with Price, we cannot trade in in the past, we can only trade in the NOW.


Price action is the key word used from where everthing written after that word is bullshit. In other words bullshit starts after the word price action.

We can only trade in the NOW.

NOW has bid and ask. Nothing else. It is the price of doing business. We can't go back in time do business in the past after seeing the now. We don't have the future to do business now.
Know what you trade
  • #27
  • Feb 29, 2020 7:34pm Feb 29, 2020 7:34pm
Pa is a personal perception and cannot be represented by anything. Each perception is a consequence of conditions which are also personal. Methinks.

To base a trading strategy only on personal perceptions can be a bit risky and can create a lot of confusions in the long run.

Best is to establish objectivities based on personal perceptions supported by sound money management and to create an healthy patter to the avoidance in not getting caught in oneself. MethinksTwice.
trading is simple but is simple is not easy.
  • #28
  • Feb 29, 2020 7:44pm Feb 29, 2020 7:44pm
Quoting ZenNy
Pa is a personal perception and cannot be represented by anything. Each perception is a consequence of conditions which are also personal. Methinks. To base a trading strategy only on personal perceptions can be a bit risky and can create a lot of confusions in the long run. Best is to establish objectivities based on personal perceptions supported by sound money management and to create an healthy patter to the avoidance in not getting caught in oneself. MethinksTwice.
When the trader base his trading strategy on personal perception aka price action, it's simply guessing. Like guessing black after the price action of the roulette wheel spits out 3 consecutive red. Price action is guessing in a nicer word.
Know what you trade
  • #29
  • Feb 29, 2020 7:45pm Feb 29, 2020 7:45pm
As far as I know, price action is just another name for candlestick trading, only some have added those fake support/resistance lines to it and think by combining it all that it will mean something. Sample size of a candlestick shape ="1". Sample size of a support/resistance line touch = "1". Probability (odds) of 1 sample = 0.00%. Guess, guess, and guess again. The great thing about trading is you can see the direction unfold before you risk your money. When you set up a probability measuring system, you don't have to guess. That's the difference between "price action" and "price cycles", LOL. I prefer trading the cycles.
You cannot be extraordinary by being normal
  • #30
  • Feb 29, 2020 7:51pm Feb 29, 2020 7:51pm
Quoting dkrock
Guess, guess, and guess again. The great thing about trading is you can see the direction unfold before you risk your money.
The great thing about roulette and bacarrat is you can see the direction unfold "shown on the history board" before you risk your money.
Know what you trade
  • #31
  • Feb 29, 2020 8:01pm Feb 29, 2020 8:01pm
Quoting BWilliam
{quote} The great thing about roulette and bacarrat is you can see the direction unfold "shown on the history board" before you risk your money.
I have the secret to winning at roulette betting on red / black, odd / even or high / low, when those crazy streaks happen

Place your bet, not on the previous outcome, but the one before that

e.g. Last spins are R, B, B, R ———— the bet is B

try it and see
It takes a lot for me to IGNORE you, but you can try.
  • #32
  • Feb 29, 2020 8:08pm Feb 29, 2020 8:08pm
Quoting Erebus
{quote} I have the secret to winning at roulette betting on red / black, odd / even or high / low, when those crazy streaks happen Place your bet, not on the previous outcome, but the one before that e.g. Last spins are R, B, B, R ———— the bet is B try it and see
Man you are cheating using advantage play.

Since you share your secret winning strategy I share mine.
FTL.
Check out this best price action strategy.
Know what you trade
  • #33
  • Feb 29, 2020 8:14pm Feb 29, 2020 8:14pm
Quoting BWilliam
{quote} When the trader base his trading strategy on personal perception aka price action, it's simply guessing. Like guessing black after the price action of the roulette wheel spits out 3 consecutive red. Price action is guessing in a nicer word.
That is why I spoke about objectivities, in objectivities I mean guides or rules if you like.

You combine the two and you are not guessing, then it becomes a probability factor, of course you will also lose and that is why also I mentioned money management and mental patterns.

Easy? No but doable.
trading is simple but is simple is not easy.
  • #34
  • Feb 29, 2020 8:29pm Feb 29, 2020 8:29pm
Quoting BWilliam
{quote} The great thing about roulette and bacarrat is you can see the direction unfold "shown on the history board" before you risk your money.
Those are games of chance and the board is absolutely meaningless as each new spin/deal is a unique event. Each price cycle in trading is a unique event too, which is why trading the last trade all over again using support/resistance is meaningless; however, it is easy to measure price cycles with enough consistency to make profit. Unlike a game of chance, price has to follow the previous price. It is not a totally random number.
You cannot be extraordinary by being normal
  • #35
  • Feb 29, 2020 8:34pm Feb 29, 2020 8:34pm
Quoting dkrock
....however, it is easy to measure price cycles with enough consistency to make profit. Unlike a game of chance, price has to follow the previous price. It is not a totally random number.
This is where the mathboyz disagree with you.

The market is described as random walk with levy flight.
It falls under non-stationary process.

So your bolded statement is factually wrong.

Unless you are prepared to put up a hypothetical paper for peer review to prove your assertion.
Know what you trade
  • #36
  • Feb 29, 2020 8:40pm Feb 29, 2020 8:40pm
Quoting BWilliam
{quote} This is where the mathboyz disagree with you. The market is described as random walk with levy flight. It falls under non-stationary process. So your bolded statement is factually wrong. Unless you are prepared to put up a hypothetical paper for peer review to prove your assertion.
Yeah, whatever. Theorists vs traders. I don't mind if they don't know how to trade. Could care less about it, LOL. Let me just make it simple. Mathboyz want to dazzle you with their linear equations, but the market is non-linear. Until they figure that out, I wouldn't waste any time on them. That's where "probability" kicks in. If you don't know how to do "probability" math, you shouldn't discuss trading systems or behaviors, LOL. Good Luck.
You cannot be extraordinary by being normal
  • #37
  • Feb 29, 2020 8:43pm Feb 29, 2020 8:43pm
Quoting dkrock
Each price cycle in trading is a unique event too, which is why trading the last trade all over again using support/resistance is meaningless...
Quoting dkrock
Unlike a game of chance, price has to follow the previous price.
Both this statements contradict each other.
Know what you trade
  • #38
  • Feb 29, 2020 8:44pm Feb 29, 2020 8:44pm
Quoting BWilliam
{quote} This is where the mathboyz disagree with you. The market is described as random walk with levy flight. It falls under non-stationary process. So your bolded statement is factually wrong. Unless you are prepared to put up a hypothetical paper for peer review to prove your assertion.
As for what you put in bold, are you kidding me? LOL LOL LOL LOL. What market are you trading? I would stop trading it immediately. Are you buying at 1.4093 and the next price is 4.2393? Then 0.3455? WOW! You need a better broker.
You cannot be extraordinary by being normal
  • #39
  • Feb 29, 2020 8:47pm Feb 29, 2020 8:47pm
Quoting BWilliam
{quote} {quote} Both this statements contradict each other.
Again, what a comic! Do you know what a cycle is? Up and down. Do you know how price moves? Up and down. The next price follows the previous price. The next cycle follows the previous cycle. Are you drunk right now? Never mind. I get it. You have no idea what you are talking about. No big deal. I suspect 99 out of 100 people never saw or used an indicator before they started trading, so I expect you to be clueless about it.
You cannot be extraordinary by being normal
  • #40
  • Edited Mar 1, 2020 12:01am Feb 29, 2020 11:40pm | Edited Mar 1, 2020 12:01am
Quoting Erebus
{quote} Let’s think about that, really think hard, the word “action” implies that something has happened. Therefore, all price action is in the past, it’s over, done and dusted. Drop that word now, no one has ever defined Price Action to my satisfaction! Using the past to predict the future, how’s that working for you? Now, we are left with Price, we cannot trade in in the past, we can only trade in the NOW. To find out how, read this thread https://www.forexfactory.com/showthread.php?t=976730 Enough Sunday morning philosophy ...
As soon as one trades in the NOW, that action immediately becomes the past: trading in the NOW is meaningless!
Therefore, the only thing that matters is the FUTURE.
One should not care what the price is doing NOW, one should only care about the price LATER IN TIME while acting in the NOW
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