Price action at the core = family members' discussion project

Fill the holes .....

Attached Image (click to enlarge)

MY favorite game hahaha

Study time !! Here's that same chart reversed. And who says you can't learn something new .... see how many 'same setups' you can pick out in reverse .......

Attached Image (click to enlarge)

When the market you are trading is doing THIS .....

Attached Image

Then you can be sure it's NOT doing THIS ....

Attached Image

Simultaneously.

The market CANNOT be doing BOTH at the same time, regardless of which TF you use as a viewing position. "Resistance" occurs BOTH above AND below. You need to remember, that if you are trading Forex, the more traditional idea or concept of Support and Resistance does NOT apply in the ways that you think (i.e. above is called resistance and below is called support). Why not? Those terms and the basic concept of them combined comes from trading or investing in Commodities and Shares/Stocks as it is 'more acceptable' to buy low and sell high or hold. To sell short a stock is more costly and risky (generally) and is usually frowned upon. And there are additional rules to selling short a stock that must be understood, whereas, in Forex, you can buy OR sell the base or quote currency.

Why am I showing this?

Put aside the "storyline" of the "why" that you subscribe to, when trying to explain what is happening in the Forex markets. Simply return to a simpler time in your mind, when resistance meant - the refusal to accept or comply with something; the attempt to prevent something by action or argument.

If and when you do this, it can become clearer that trying to trade without using some type of magnifying glass, is like driving a Ferrari with a blindfold over your head.

Most of what happens in these markets is trackable and therefore leaves a trace of what it will do again and again.

Hope that helps.

Peter

Peter, It's helpful indeed. Thank you.

I know that people are always trying to harness an advantage over the market of their choice, but there is only one way to do this ....

The market does do things in a "routine way". Yes people may be aware that George talked about this. The real question here is, do you want to be trying to perform successful trades each day (or maybe most days), or do you want to setup a "routine trap"? To do this requires an understanding of how the market moves around. It's helpful to start with looking at a chart and "frame it" so you see the layers. If you review George's material, you will see this is what George decided would work for him.

(Not my pic)

My experience tells me that if you want or need to study something, do it thoroughly. Seeing as I don't know who will read this, I will assume that everyone who does read it, can learn something from it. OK. Below is a folder you can view/download (clean) that contains some indicator tools that you can try out. NB. Please do not misinterpret my intention here. This is DEFINITELY NOT about "indicators" and therefore, trying to take this thread in a different direction. I see these as study tools ONLY. So please do not think of them as a holy grail or a "quick fix solution" to your problems. Use them one at a time on a clean chart and then make notes on what you see. After you have done this with all of them, hopefully start to see what becomes obvious to you.

Also, please be aware, none of these are "NEW". If you know me by now, you know that no indicator can solve a human problem. So please be patient and take some time to learn about YOU while you make your observations.

https://drive.google.com/drive/folders/1O_Xkl84IXiR3CuunUWubJED6I_bK6lyO?usp=sharing

PS = Pay close attention to this one ----> !sm_WorkTime_no_autogmt

Market Activity and relative STD DEV of this activity
ADR
Relative Highs and Lows
Immediate Short Term Direction
Larger Time Horizon (HTF)
Time Of Day
News or No News
Heavy Duty Political Events (Eg US Election)
Pre-Market Open or Close (Eg. Sunday Night/Monday Morning and Late Friday)
Real Life Real Time Upper Low Resistance (M1)
Trade Type
MTF Magnification
Style of Entry = Early, At, With Confirmation
Market Activity - Previous Relative Highs and Lows
Inline trade or Reversal Spread Trade (Multi pair trades)
First Or Second Touch Trade
Up, Down, Sideways or Unknown ......

Just one of my lists. Hehehehehe.

Peter

The above list is NOT set in stone BUT it DOES offer a great depth and gauge of what a market is "thinking". It still surprises me that people with seemingly lots of trading experience, still don't know how to ask why.

A study I did years ago, was to determine for myself, the nature of trend vs momentum. I wasn't satisfied with what the books said and so got out my calculator and set off on an adventure. You need to realize, that I am talking about an era when Stocks and Bonds were the hot commodity to "wealth" as Black Monday '87 was not quite out of the rear view mirror but people still "believed in" trend trading and investing.

On my quest, I found that the more I tried to get into the "control room" of the financial markets, the more I became bedazzled by a myriad of, what I would today call "useless information". Why useless? I don't trade with Barclays Bank. I can't satisfy the prerequisite criteria to do so. So why am I looking at reams of dot matrix paper folds of data? What do I think is "hidden" in there? The truth is, you have to think like a bank or market maker to be one. To trade CDO's and all those funky products that large organisations love to package and trade. BUT, unless you have access to trade them, or, have ambitions to trade in a Hedge Fund that trades those kinds of products, why do it?

"NEW" markets are always based on the old ones. Crypto and others today all fundamentally function the same way these promissory note "financial markets" have always had to function. Please don't let technology destroy your understanding of what was, had to be part of what is and will be.

Sorry I digressed there. Each market has a small medium and large horizon that acts as a barometer. When you start out with all this trading "stuff", it's easy to swim around in circles. Just like the old saying "You can lead a horse to water but if it doesn't like you for some reason, you'll surely be kicked in the teeth for it." Hehehehe. The old old ways of trading meant you needed to think and walk in numbers. That was the ticker tape. But now, you have a square or rectangle view of a price chart, or a vertical price axis.

But some things never change. Fair value, Level one track, Level 2 track, Level 3 track and then you have your breakout. Small, medium, large and a breakout.

In the money and out of the money. If you have Levels 1-3 OR a breakout, then how many "options" does the market REALLY have available to fool you? Are you a fool? Are you someone who gets blindsided by your own selfish wants? Do you miss the point of the "test" that presents itself every time you look at a chart?

THIS is why I shared that list. Not to big note myself but to show that I can write it there as easily as I did, but, there's no promise or guarantee of any action taking place on your side.

So ..... do you want to trade or, be a child pretending and being amused with "talk"?

I can point out trades all day and week and month BUT, if your knowledge and know-how cannot keep up, then a "seeing is believing" attitude creeps in. And this is not trading, it's entertainment.

So stand up. Pull up your panties and smile and realize that trading becomes fun when you TRACK your progression and can see that others are being truthful without judgment. It's no longer "I have to be better than him/her".

I hope what I have contributed makes sense and is not confusing anyone. Trading can be very addictive. But so can hookers and scotch !!

Hehehehehehehehehe

Peter

Attached Image (click to enlarge)

The Splinter trade. Tiny little up tick to top out the move before the nice chunky reversal. A great little trade but a BUGGER to perfect. We're talking about less than 2 PIPS stopping distance between the previous high on close price and the tip. Now, you could use a drop order at or just above that previous top, or, you could wait, then go in with a market order. For me, I try to use both. No point in missing a doozy like that one !! I can hear you asking, when does that ever present? Actually most days. Remember - horizontal, angle, vertical and market activity. Is it all REDS or BLUES on its way out? Can I find a good reason why it WILL NOT continue? How many of my tools work ....

A) 100% accurately of the time?
B) 90% accurately of the time?
ETC
ETC
ETC ?????????

Peter

It's good to get onto a setup that you see ....

Peter is the reason your scaling in there on the 1 min, the confluence from the 4 hourly?

cheers Mike

would you consider gold to be in a place of interest?

cheers Mike

I did very quickly glance at the 4HR earlier on. But no not really, but I suppose you could in greater detail. If I was doing a 1HR trade I would definitely look closely at the 4HR chart. I was watching the 15MIN and seeing it in low volatility. So I thought I'd zoom in. I did a very short term trade based on extreme upper resistance with multiple failing attempts to break through. The target was clear in a lower level. I put a black line below the trade so I knew where my target was positioned. And the green box for marking the vacuum.

I hope that helps.

Peter

Quoting asset21

Disliked

would you consider gold to be in a place of interest? cheers Mike {image} {image}

Ignored

It's making a run up so it could take a roll over and consolidate. However, with that large red candle period at left, I'd be wondering if it wants to pressure cook to go beyond it and breakthrough. Only time will tell. Sorry for being so brief, I don't usually speculate or bet.

Peter.

Thanks for the replies, very interesting as always

regards

Quoting asset21

Disliked

Thanks for the replies, very interesting as always regards

Ignored

No problem. If you like trading Gold, have a look at the weekly chart. It's just bounced off its lower extreme after the peak of early August. It's now using momentum as a drift. So keep this in mind. The BEST oscillative reversals for commodities come from Weekly correlation. But keep an eye on USD bias of JPY.

Peter

When you're learning to determine what makes a 'good setup' .....

- Is it extreme enough ?
- Will it be with or against its own momentum ?
- What's in it for me ? .... What is the market showing me I can risk so I can protect my capital THEN claim a healthy profit ?
- Is it a 'spearhead' peak or trough ? ^
- Is it a road block ? IiiIiiI

Can I risk eg 1PIP or point to make 5 or 10 ? And does it need to be a huge trade move to achieve this?

Your willingness to assume that EVERYONE is wrong about how to perform YOUR trades will help you in leaps and bounds. If they "like" the 1HR chart because it gives them a warm feeling inside, but you notice they always seem to use post-cluster stop loss positions and values, ask yourself why? Something to do with those BIG 1HR chart spikes on each end of the open and close? Lazy breeds lazy.

Peter

I am so glad that GEORGE AUS is back and with some more love to share.On our main project,many were giving this generous 63yrs young man headaches only because he is a lover of traders.There is nothing this man says about this market that is wrong.I have worked deeply with his method and with all his reprimand and tasks.I know what i have become in this business.George is the greatest ever.I appreciate you sir.