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Price Action Trading (PAT) - Amplifying Market Insights

  • #941
  • Apr 26, 2023 8:25am Apr 26, 2023 8:25am
Quoting Pat Chiko
{quote} GOLD Partial TP.{image}
GOLD

Made 100 pips pull back to demand zone.
Price already break structure. The pullback is taking up liquidity.
Add position at demand.

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  • #942
  • Apr 26, 2023 8:40am Apr 26, 2023 8:40am
Quoting Pat Chiko
{quote} USD CHF Abandon this trades. Price still seeiking lower liquidity. {image}
USD CHF

Everything moves fast in one go.

Traded few pair, late to post this reverse trades, from long to SHORT.

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  • #943
  • Apr 26, 2023 12:06pm Apr 26, 2023 12:06pm
95% of people are imitators; only 5% are initiators and innovators.

Isn't it interesting that those odds are similar to the odds of independent traders becoming consistently profitable?
Imitation is not a winning strategy.
It is a sure path for being part of a herd.

I emphasized the importance of learning from your own trading experience: what works for us and makes sense to us often reveals our underlying strengths.
A mentor can help you learn from your experience; not follow their advice and experience.

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  • #944
  • Apr 26, 2023 2:19pm Apr 26, 2023 2:19pm
Quoting Pat Chiko
95% of people are imitators; only 5% are initiators and innovators. Isn't it interesting that those odds are similar to the odds of independent traders becoming consistently profitable? Imitation is not a winning strategy. It is a sure path for being part of a herd. I emphasized the importance of learning from your own trading experience: what works for us and makes sense to us often reveals our underlying strengths. A mentor can help you learn from your experience; not follow their advice and experience. {image}
Thanks for this and all the charts you post. Came across this quote the other day which is kind of inline with your one.
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  • #945
  • Apr 26, 2023 2:47pm Apr 26, 2023 2:47pm
Quoting Pat Chiko
95% of people are imitators; only 5% are initiators and innovators. Isn't it interesting that those odds are similar to the odds of independent traders becoming consistently profitable? Imitation is not a winning strategy. It is a sure path for being part of a herd. I emphasized the importance of learning from your own trading experience: what works for us and makes sense to us often reveals our underlying strengths. A mentor can help you learn from your experience; not follow their advice and experience. {image}

Pat Chiko
It's true what you say that we don't learn anything by copying, we just impair our brain, But I also think that it's worth watching people who are doing well on the market and draw conclusions from them why they're doing so well, I mean the psychological aspect because I don't think everyone, even though they may be very smart or what they can do well in Trading. Don't you think so? I think the key is to know your good and bad sides as soon as possible and try to use them in the stock market, "example, if you are an impatient person it will be hard for you to play long TFs, you must try to scalp because you can't stand it and it will be easy to make mistakes.
I'm curious about your opinion, Pat Cziko
  • #946
  • Apr 26, 2023 6:06pm Apr 26, 2023 6:06pm
Quoting Pat Chiko
95% of people are imitators; only 5% are initiators and innovators. Isn't it interesting that those odds are similar to the odds of independent traders becoming consistently profitable? Imitation is not a winning strategy. It is a sure path for being part of a herd. I emphasized the importance of learning from your own trading experience: what works for us and makes sense to us often reveals our underlying strengths. A mentor can help you learn from your experience; not follow their advice and experience. {image}


Well put and absolutely correct.....

R
Ronnie Renko
  • #947
  • Apr 27, 2023 12:56am Apr 27, 2023 12:56am
Pat what do you think about chatGPT, will it change trading dramatically?

my short opinion: manual trading will remain. neither EAs (expert advisor) nor AI (artificial intelligence) can erase the human advantage,

at most they can serve as an aid.

but i don't know how that will turn out;-)
trading is like dancing, don't think and just listen to the music!
  • #948
  • Apr 27, 2023 1:09am Apr 27, 2023 1:09am
Quoting Pat Chiko
95% of people are imitators; only 5% are initiators and innovators. Isn't it interesting that those odds are similar to the odds of independent traders becoming consistently profitable? Imitation is not a winning strategy. It is a sure path for being part of a herd. I emphasized the importance of learning from your own trading experience: what works for us and makes sense to us often reveals our underlying strengths. A mentor can help you learn from your experience; not follow their advice and experience. {image}
I learn quite alot from you. Just the perspective is an individual stuff which is hard. The battle of being consistent instead of greed is kinda tough.

guess I need more experience and learning and patience!
  • #949
  • Apr 27, 2023 1:18am Apr 27, 2023 1:18am
Dear Pat,
I hope you are doing well. Whats is your analysis regarding Gold in weekly or monthly time frame?
  • #950
  • Apr 27, 2023 2:21am Apr 27, 2023 2:21am
EUR AUD

Trying to Scalping LONG for this one.

Any comment welcome.

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  • #951
  • Apr 27, 2023 2:48am Apr 27, 2023 2:48am
Quoting Pat Chiko
EUR AUD Trying to Scalping LONG for this one. Any comment welcome. {image}
Hey bro, mind I ask
Do you monitor all these currency pairs by yourself everyday or you have an algo or team which indicates a potential trade on XY pair or YZ pairs?

For me, it is hard to monitor all these pairs, i stick with major pairs and the only cross pairs i watched is GJ and rarely EG
More time in the market, does not mean you trade better!
  • #952
  • Apr 27, 2023 2:55am Apr 27, 2023 2:55am
Quoting Pat Chiko
EUR AUD Trying to Scalping LONG for this one. Any comment welcome. {image}
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  • #953
  • Apr 27, 2023 3:41am Apr 27, 2023 3:41am
Quoting Fardeen1209
{quote} Hey bro, mind I ask Do you monitor all these currency pairs by yourself everyday or you have an algo or team which indicates a potential trade on XY pair or YZ pairs? For me, it is hard to monitor all these pairs, i stick with major pairs and the only cross pairs i watched is GJ and rarely EG
As you say it's hard, then there is no way, to achieve something in life.

I am experiencing this so thought to convey it here.
  • #954
  • Apr 27, 2023 3:57am Apr 27, 2023 3:57am
Quoting Pat Chiko
EUR AUD Trying to Scalping LONG for this one. Any comment welcome. {image}
Same trade bro! Must be luck ;-)
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  • #955
  • Apr 27, 2023 4:05am Apr 27, 2023 4:05am
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  • #956
  • Edited 6:11am Apr 27, 2023 4:21am | Edited 6:11am
EURUSD..will see
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  • #957
  • Apr 27, 2023 4:22am Apr 27, 2023 4:22am
Quoting Pat Chiko
EUR AUD Trying to Scalping LONG for this one. Any comment welcome. {image}
There's not much to say. It is a base or Cp in LTF. It may or may not work. I prefer your analyzes on H4 or D1. Nice trade yesterday on USDCHF. The fact that he had to go down to get more liquidity was an excellent intuition. I would never have gotten there.
  • #958
  • Apr 27, 2023 5:40am Apr 27, 2023 5:40am
Scalping GJ 16 pips TP 10 pips SL. Move to breakeven as soon as price shifts in my favour.
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  • #959
  • Apr 27, 2023 5:50am Apr 27, 2023 5:50am
Quoting Pat Chiko
EUR AUD Trying to Scalping LONG for this one. Any comment welcome. {image}
Hey Chiko,

The first question why for long? Only with a hope for reversal pattern(aka double top, qm, h&s), looks like there is strong level on weekly chart. Personally more understand for short
  • #960
  • Apr 27, 2023 5:50am Apr 27, 2023 5:50am
Quoting matkooo2575
will see {image}
What is this?
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