The brutal truth of day trading

Quoting remonpilip

Disliked

source: https://www.quora.com/Why-are-commod...ent-strategies I am giving everyone some free invaluable knowledge here. Most people, and especially people who profess to know what they are talking about, don’t! They spout verbage but they either don’t trade or they don’t trade successfully. Big hat, no cattle I call it! I find most self proclaimed experts spout a bunch of technical jargon and this and that, but as I said, big hat, no cattle. Now I am not selling anything so I don’t...

Ignored

Quoting Ihlas

Disliked

{quote} Again thank you for your time. Here's the chart. So how can we now where the price will move (longer term) with the data of orderflow? IMHO the data can show what's happening now and few minutes later. Can it show the intention and destination of price movement from up to down? Big red zone is very well structured and it's not about support and resistance line. There are few more details that should be paid attention. For example, if price drops to 1.40457, the whole structure is damaged. {image}

Ignored

Quoting TraderTim125

Disliked

{quote} Just a bit of a trading rant Hi Simnz Thank you very much for your kind offer to supply me with Fx Futures data but I will decline your offer for the time being. I ordered one month of recent FX Futures intraday history from a commercial supplier (CQG Data factory). They initially delivered me the wrong data so I have to go through that annoying and time wasting dance with them but I guess I will eventually get the data I ordered and paid for. I look forward to running it through the number cruncher and seeing what comes out the other end....

Ignored

Quoting RickM

Disliked

{quote} Hi Ihlas I get your idea of how you trade levels and it look smart. Here we differ in our trading stragegy's. I don't focus on levels, or care where price is going as long as I see an imbalance of either Asks or Bids - I look for a short term trades only. I look to enter when bids and orders flip like the Gold trade I took on Friday as seen below. Here you can see the liquidity was ZERO on sellers at that level, meaning the objective of removing all sellers from the chart has been achieved. Why is that the case? Because they became...

Ignored

Quoting Pumi

Disliked

{quote} Do you mean the saying that the market is fractal is a myth?

Ignored

Quoting Ihlas

Disliked

{quote} Yes, the rectangles are meaningless. It's just demonstration. You are restricting yourself from wonderful things. Let the price talk. Look at the chart when it hits 1.43. I don't want to trade like anybody else. Mine is enough for myself. If you can foresee few movements then you can also see the whole picture. I use 1M and 5M.

Ignored

Quoting ryuryu

Disliked

{quote} .

Ignored

Quoting ryuryu

Disliked

{quote} I don't know is market fractal or not. I don't know what big players want. But I know for sure that if you want to make a trading decision you must have some trustable data. Lines and rectangles drown on the chart is not a trustable data. It is impossible to analyse it. Even there is nothing to analyse. But real volume, Delta, order flow, order blocks are the data that can be used. That's all i want to say.

Ignored

Quoting Pumi

Disliked

{quote} Point taken. Edit: Is there a way of getting close to what RickM can see in the absence of the volume data that he has access to? (considering that the use of tools such as rectangles, lines, etc are meant to mark some information that might be important to one's technical analysis - for example to draw a line to mark last week's high and low).

Ignored

Quoting Winston Reed

Disliked

Some will never get out of trading purgatory/hell while others will find their own holy grail. Most post in these forums for one very basic reason: to obtain recognition. This is a natural human condition and is not inherently bad although it can be. As many have noticed in this thread, the most offensive type of posting is that which makes unsubstantiated claims.

Ignored

Quoting ryuryu

Disliked

{quote} I don't know if market fractal or not. I don't know what big players want. But I know for sure that if you want to make a trading decision you must have some trustable data. Lines and rectangles drown on the chart are not the data we can trust. It is impossible to analyze it. Even there is nothing to analyze. But real volume, Delta, order flow, order blocks are the data that can be used. That's all i want to say. {quote} But you were asking how RickM do it. That's why your chart example is meaningless. It has no data to analyze. There is...

Ignored

Quoting ryuryu

Disliked

{quote} I have found that all that delta imbalances mostly occur near the HL, daily open, etc. So your rectangles and lines will make sense after adding some data. For sure. I have posted example later here. The imbalance (red delta) occur near the previous day high. In fact I'm using "lines" too. But my lines are calculated and not static, but in fact they are mostly the same. {quote} Absolutely. Another strange thing is endless fight between logic and magic. The funnies thing that whose who use math just try to explain the things, but wizards...

Ignored

Quoting Ihlas

Disliked

{quote} I just wanted to know if the orderflow data can give long-term direction. As I said, the chart I sent is just marking. Learning never ends. Mine is enough for me but if there's something useful I will attach to my system. That was the main reason of question. I think most valuable thing we can obtain is someone's experience within short time and learn from other's mistake. Good luck!!! {quote} My boxes are dynamic too as price makes something different they change their places....

Ignored

Quoting PeterCaleb

Disliked

"Digitized screen monkeys" must come to appreciate that a "screen" has a fixed set of dimensions and inputs and therefore parameters that one can use or misuse. What I see with many people, is you ACTUALLY believe to your core, that a price chart IS the market. Someone who over-specializes in TA and has made little to no real connection with the outside world, is prone to make up stories to fill in the blanks. We all do this if one has trouble moving onward and upwards. "Usual day trading" is pure speculation. if you doubt this, then you are one...

Ignored

Quoting RickM

Disliked

{quote} Hi Ihlas I get your idea of how you trade levels and it looks smart. Here we differ in our trading stragegy's. I don't focus on levels, or care where price is going as long as I see an imbalance of either Asks or Bids - I look for a short term trades only. I look to enter when bids and orders flip like the Gold trade I took on Friday as seen below. Here you can see the liquidity was ZERO on sellers at that level, meaning the objective of removing all sellers from the chart has been achieved. Why is that the case? Because they became the...

Ignored

Quoting PeterCaleb

Disliked

On another thread, I have tried to explain these things in simple language, only to find that chosen ignorance prevails and common sense is simply not present. So let's have a go here - FX is not based on currency denominations and never has been. It is based on business being carried out worldwide.

Ignored

Quoting joyny

Disliked

{quote} Here in this thread Peter used "simple language".. But now he made fresh start and... well... Awesome!! He wrote good post without any rude word or offense. It was interesting to read. Tnx Peter.

Ignored

Quoting mixedbags

Disliked

{quote} Yes I am enlightened by him. My aunt called me stating that she is moving from London to New York. Need to buy 5 apartments in NY, she also told me the grocery shop she frequents in London is ordering 100 tons of durian from San Diego hence I sell GBP and buy USD

Ignored

Quoting mixedbags

Disliked

No Jokes, she get 1 apartment for me. Done for today as I don't trade NY. {image} Peter, maybe you might get enlighten if you read this thread - Price action at the core = family members' discussion project especially the heated argument about TMA.

Ignored