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Price action at the core = family members' discussion project

  • #721
  • Jan 8, 2021 8:38pm Jan 8, 2021 8:38pm
Quoting unknown7
Did anyone follow GBPJPY today? Psychology at play just George talks about. The previous high was the target to be broken; see how amazingly price did this! It really tests your discipline and the mental game. First, price goes near the previous high (George mentioned this in the podcast), then stays there for HOURS, creating false levels. (Traders are very impatient) Then finally it does a fake move down enticing traders to sell. And guess what? where you put your SL? Price stays there more MORE time, shorts are already trapped and any longs with...
GBPJPY is boring limited to 64pips is due to the recent strong bullish run possible target 142.712. There were 2 trade opportunites, first after taking out the day high target 140.308. Second when market retest DOL with a sharp spike after NFP when Friday is expected to close with a bull candle.
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Know what you trade
  • #722
  • Jan 9, 2021 1:12am Jan 9, 2021 1:12am
Anything I choose to contribute is of my thinking and is not of other people's information or material. I say this because someone messaged me believing that I 'just take other people's ideas'.

I always chuckle when I see people talking about the market in a way where they "know" what it's going to do. There is a reason why trading comes with a disclaimer talking about past performance not being a reflection of future activity or performance.

Moving on.

I prefer to use tools that AT LEAST, work effectively and regularly 80% of the time. Usually tools that work and are useful 100% of the time. Otherwise, you find yourself in a True/False or Wet/Dry trade approach. That is what your usual indicators and strategies offer.

Below is a further examination of how to create a practical approach for your trades.


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I hope you find it helpful.

Peter
Real Trading is not gambling.
  • #723
  • Jan 9, 2021 4:50am Jan 9, 2021 4:50am
Quoting PeterCaleb
A Picture Tells 100 stories. Which story determines YOUR thinking? And does your thinking align with the market you trade? {image} Have you ever considered using your FIbs and waves approach within the quadrant context? Here's a pic (not mine but serves its purpose). Now try working out your percentages for your desired trade setup. {image} I hope that gets you thinking and I hope it helps. Peter
quarters theory around large.00 numbers
  • #724
  • Jan 9, 2021 6:49am Jan 9, 2021 6:49am
Quoting BWilliam
GBPUSD made 2 clear moves for Friday. First started from Frankfurt open to hit the day high before NFP. The second is the bullish spike during London close to close with a expected daily bear candle. {image}
Is GBPUSD preparing something?

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  • #725
  • Jan 9, 2021 12:25pm Jan 9, 2021 12:25pm
Quoting PeterCaleb
Anything I choose to contribute is of my thinking and is not of other people's information or material. I say this because someone messaged me believing that I 'just take other people's ideas'. I always chuckle when I see people talking about the market in a way where they "know" what it's going to do. There is a reason why trading comes with a disclaimer talking about past performance not being a reflection of future activity or performance. Moving on. I prefer to use tools that AT LEAST, work effectively and regularly 80% of the time. Usually...

Hello Peter,

What's your opinion on Stop losses do you use them? Or you use a similar approach as George?

Cheers!
  • #726
  • Jan 9, 2021 9:54pm Jan 9, 2021 9:54pm
Quoting devontrader
{quote} quarters theory around large.00 numbers


Hi devontrader,

OK good. What else? What other perspectives can you deduce?

Peter
Real Trading is not gambling.
  • #727
  • Jan 9, 2021 9:59pm Jan 9, 2021 9:59pm
Quoting unknown7
{quote} Hello Peter, What's your opinion on Stop losses do you use them? Or you use a similar approach as George? Cheers!


Hi unknown7,

It will depend on the situation. Sometimes a small SL is worthwhile. Other times I may use a swing stop. But for me, this is not a wide stop as other people would try to use for a swing trade. So really, it depends on the situation.

Peter
Real Trading is not gambling.
  • #728
  • Jan 9, 2021 10:39pm Jan 9, 2021 10:39pm
Every day is a new opportunity. Strategizing for a great trade setup is simple once you use the proper tools and learn to think properly. Once you stop trying to "predict" and instead work WITH the market you trade.

Just a thought .....


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Real Trading is not gambling.
  • #729
  • Jan 10, 2021 3:54am Jan 10, 2021 3:54am
Simple vs Oversimplified ....


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Real Trading is not gambling.
  • #730
  • Jan 11, 2021 12:47am Jan 11, 2021 12:47am
Quoting PeterCaleb
Anything I choose to contribute is of my thinking and is not of other people's information or material. I say this because someone messaged me believing that I 'just take other people's ideas'. I always chuckle when I see people talking about the market in a way where they "know" what it's going to do. There is a reason why trading comes with a disclaimer talking about past performance not being a reflection of future activity or performance. Moving on. I prefer to use tools that AT LEAST, work effectively and regularly 80% of the time. Usually...
now that's interesting, they are everwhere!
  • #731
  • Jan 11, 2021 4:06am Jan 11, 2021 4:06am
Quoting asset21
{quote} now that's interesting, they are everwhere!


Yes indeed. Hihihihi
Real Trading is not gambling.
  • #732
  • Jan 11, 2021 4:11am Jan 11, 2021 4:11am
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I've always liked this one. Daily Open Price reversal. A probability tool/Fibs-Waves approach can help to isolate and markup an easy move. Resting your triangle just on the DO price, and resting it on the lowest/highest price point, you can stalk the move - wave by wave. If it's a new one for you, try it out.

I hope that helps.

Peter
Real Trading is not gambling.
  • #733
  • Jan 11, 2021 4:37am Jan 11, 2021 4:37am
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Here's VWAP Peter style. I like to use ratios rather than as a "MA". Since VWAP when used appropriately, is focused on broker data and transparency. Of course a broker does it their way but YOU are the trader. A ratio of price is correlated to time and momentum, not price. So a ratio can be used to generate targets. Have fun playing with it. Please remember, this style is used for study, but can also be used to create opportunities.

NB - The better the data from your broker, the more accurate the VWAP use.

Peter


Attached File(s)
File Type: mq4 VWAP.mq4   2 KB | 462 downloads
Real Trading is not gambling.
  • #734
  • Jan 15, 2021 3:38am Jan 15, 2021 3:38am
Impulse and subtle momentum. Many people never learn about PSAR when it comes to subtle momentum and periodic strength. Some people use PSAR but after looking around, I have seen that most are just doing what people have done before them. It's not always good.

Below is one trade setup I worked with today. I like to use limits to enter (positive slippage and better price entry) and when the subtle momentum builds, this is what people like to use as MTF direction alignment. PSAR can help with ratio and FIB preparation and while "trends" are non-existent for many people, the nature of self propelled direction accumulates and offers "gimme trades". And if you deny yourself of that, then what are you trading?


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Peter
Real Trading is not gambling.
  • #735
  • Jan 15, 2021 6:28am Jan 15, 2021 6:28am
Peter,
interesting charts in #722. Been trying to get my head round what you are saying but would you mind throwing a few hints about your percentage boxes?
Regards
DM

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  • #736
  • Jan 15, 2021 9:13am Jan 15, 2021 9:13am
Quoting Danger-Mouse
Peter, interesting charts in #722. Been trying to get my head round what you are saying but would you mind throwing a few hints about your percentage boxes? Regards DM {image}


Everything that happens in life has a beginning, middle and end. And trading is no different. The screenshots I used for the percentages pics are from BWilliams back in post 710 and 713 of this thread. So now with this new information, Danger-Mouse, you may be able to see what is illuminated in the pictures. Trading is about everything that is NOT printed on the price chart of any trading desk or platform. Percentages, ratios and probabilities.

See how you go now.

Peter
Real Trading is not gambling.
  • #737
  • Jan 15, 2021 12:56pm Jan 15, 2021 12:56pm
Attached is vwap bands and arrows show the 8am Frankfurt session. the advantages of these bands they are the same on the one hour chart to the 1 minute.
Start at midnight and expand out.
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  • #738
  • Jan 15, 2021 9:16pm Jan 15, 2021 9:16pm
Quoting Londonpip60
Attached is vwap bands and arrows show the 8am Frankfurt session. the advantages of these bands they are the same on the one hour chart to the 1 minute. Start at midnight and expand out. {image}


Yes indeed you could set it up to be effective that way. Not exactly what I was referring to in the earlier post. But true/false and wet/dry trade setups can be pretty effective too.

Great work.

Peter
Real Trading is not gambling.
  • #739
  • Jan 15, 2021 9:56pm Jan 15, 2021 9:56pm
Here is your usual market ....


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Looks like any market really, right?
Real Trading is not gambling.
  • #740
  • Jan 15, 2021 10:22pm Jan 15, 2021 10:22pm
And the basic guts of market activity looking from the outside in.....


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With this understanding in hand, now add your Fibs-Wave approach. And then perceive the probabilities of the FUTURE not based on the past to derive an awareness. This awareness must be present BEFORE you can "make money". Most people assume that making money is the end result. No no no no !! KEEPING YOUR MONEY is the end result. The future, YOUR future, could involve things like - bail-ins, federal freeze outs, shutdowns, curfews, martial law, regime change, forced segregation, material confiscation and many more rather unpleasant things. But because people have poor memories of human history these days (Usually because they can just "google it" etc) they seem to ignore the fact that the financial markets are not YOUR markets AKA playground. They were created by others for other reasons. However if you know nothing about history then you have no clue what you're really involved in. Do you.

Why am I writing this?

People could do SO MUCH better than they are currently with their trading, IF, they stopped assuming their past thinking will "solve" the problems of today. You don't know or understand NOW, because you didn't change your thinking in the past for it to ripple into the present.

So trading is definitely NOT about making money. If that is all you see, then I hope you have great health and income insurance. Because you're going to need it. Communities have always and will always live and die based on the truth that exists and is known and understood.

So the more objective you can be, the more you see the world. PERIOD. If you want to put this to the test - try reassigning your most right edge of your chart's activity to the very left of your screen and begin to build a profile based on what you KNOW and UNDERSTAND. By doing this, you have no choice but to create a view that is working ONLY with the hidden nature of the market you trade. People who JUST trade what they see, will never survive, because Life requires more of you than only what is 2 feet right in front of you at all times. If you only focus on that 2 feet, it's too easy to get sideswiped or clubbed permanently out of the game.

Things to think about while you're so focused on "making money".

Peter
Real Trading is not gambling.
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