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Price Action Trading (PAT) - Amplifying Market Insights

  • #1,141
  • May 9, 2023 7:44am May 9, 2023 7:44am
Quoting Pat Chiko
{quote} NASDAQ Partial TP {image}
NASDAQ

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I come from the future.
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  • #1,142
  • May 9, 2023 8:11am May 9, 2023 8:11am
Quoting maleki616
Dear Pat, I hope you are doing well. Would you please kindly let us know about these abbreviations you used in your charts like as BPR, QM, RSF, SRF, ...? what kind of method you use for trade? If these are some concepts related to the institution trading method or something special just in Price Action? What kind of macroeconomics data you probably consider for your set up? Because I saw most economics data, have not much effect after the time of release. For example, it has been for about 9 month increasing rate hike by the FED, but for example...
Hi Pat,

I am also waiting for your reply to this. Please share which strategy you are following and any TA documents you suggest us refer.

Thanks,
  • #1,143
  • May 9, 2023 9:48am May 9, 2023 9:48am
GJ

Scalping LONG

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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #1,144
  • May 9, 2023 9:53am May 9, 2023 9:53am
Quoting Pat Chiko
GJ Scalping LONG {image}
Still holding your GU shorts bro, just close all. It was a good ride with ya
More time in the market, does not mean you trade better!
  • #1,145
  • May 9, 2023 10:23am May 9, 2023 10:23am
Quoting Pat Chiko
GJ Scalping LONG {image}


GJ

Clearing up liquidity above bofre major news next few dayss

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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #1,146
  • May 9, 2023 10:31am May 9, 2023 10:31am
gold is running smoothly as you said
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rip and tear until it's done
  • #1,147
  • May 9, 2023 10:50am May 9, 2023 10:50am
Quoting maleki616
Dear Pat, I hope you are doing well. Would you please kindly let us know about these abbreviations you used in your charts like as BPR, QM, RSF, SRF, ...? what kind of method you use for trade? If these are some concepts related to the institution trading method or something special just in Price Action? What kind of macroeconomics data you probably consider for your set up? Because I saw most economics data, have not much effect after the time of release. For example, it has been for about 9 month increasing rate hike by the FED, but for example...
Quoting forkstrader
{quote} Hi Pat, I am also waiting for your reply to this. Please share which strategy you are following and any TA documents you suggest us refer. Thanks,
Hi

There is no universal trading system that works for everyone.
To be successful, you must create a trading system that is customized to your individual trading style.

Personally, I crafted my own system by studying a variety of trading methods and adapting them to fit my unique approach.
Remember, the key to success in trading is to constantly refine and improve your strategies based on your own experiences and observations.

I suggest you read "Market Wizards" books by Jack D. Schwager is an excellent book for anyone interested in understanding how the market works.

One of the key takeaways from the book is that there is no one-size-fits-all trading system that works for everyone.
Each trader has their own unique approach to the market, and it is essential to develop a trading system that fits your individual style.

This requires a deep understanding of the market, as well as the ability to adapt and refine your strategies based on personal experiences and observations.

Overall, "Market Wizards" is an invaluable resource for anyone looking to improve their trading skills and gain a deeper understanding of the market.

My trading system is primarily based on the Wyckoff Method with the use of Support and Resistance.
However, I also study and employ other Price Action trading systems such as Sam Seiden S&D, OHLC, Order Block, RTM, Fractal, Elliot Wave, SMT, and ICT.

Rather than following a single system, I have developed my own approach and methodology for taking trades.
I have provided numerous examples in my postings, and it is easy for other traders to understand my setups by simply looking at the charts.
As they say, a chart speaks a thousand words.

On Fundamental I seldom discuss it in here ,as I've a small group analyzing Microecononmic and Fundamental perspective.
I come from the future.
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  • #1,148
  • May 9, 2023 10:54am May 9, 2023 10:54am
Quoting Pat Chiko
{quote} {quote} Hi There is no universal trading system that works for everyone. To be successful, you must create a trading system that is customized to your individual trading style. Personally, I crafted my own system by studying a variety of trading methods and adapting them to fit my unique approach. .
One of the things I've found among successful traders is that they develop ways of looking at markets that:
a) are original and
b) that make great sense to them.

The originality of their perspectives helps them see what others don't.
The familiarity of the perspectives helps them align their cognitive strengths (how they best process information) with their decision making.

Very often this means that successful traders trade with a signature style, not a generic one.

Working with mentors and researching markets and market patterns are very helpful in developing the raw materials for one's signature style.

Trade Safely.
I come from the future.
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  • #1,149
  • May 9, 2023 11:05am May 9, 2023 11:05am
Big Bro i always want to ask you, what is your thought on Volume profile?
More time in the market, does not mean you trade better!
  • #1,150
  • May 9, 2023 11:05am May 9, 2023 11:05am
Xu can be going to test the upper level s
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  • #1,151
  • May 9, 2023 11:07am May 9, 2023 11:07am
I think Pat was trying to convey this to you by saying in simple terms about his own Style that "if you are an impatient person it will be very hard for you to play longer Time Frames so focus on scalping short because the temptation will cause mistakes, I think it's not talked about much and probably the most important thing at the beginning is to do an analysis of your own character and build a strategy for the features you have because it will limit our mistakes.I believe that psychology is 60% of success if you understand and master it
  • #1,152
  • May 9, 2023 11:28am May 9, 2023 11:28am
Quoting Surya108
Xu can be going to test the upper level s {image}
clearly it did
rip and tear until it's done
  • #1,153
  • May 9, 2023 11:29am May 9, 2023 11:29am
Quoting Fardeen1209
Big Bro i always want to ask you, what is your thought on Volume profile?
Personally , I don't use it.

In my understanding VP would have to based on the futures market and not the spot. Is that correct?
Maybe Price Distribution Study is more relevant in Spot Forex.

Price Distribution studies are not Market Profile although very similar.
No volume is used since no volume is currently available for Forex from a centralized exchange.

One thing I notice in Price Distribution study is to watch for is a push beyond an extreme, if it is met with buying/selling and returns to the 2%/-2% area and holds, then this is a good place to establish positions in the direction of the intial move.

Nothing new here, just a reminder of the dynamic associated with the charts.

Normally(if there is such a thing), a breakout does not occur until a value area has balanced to a high degree.
This is very important.
News can certainly push price quickly to a new value area, but often it will return to balance the real value.
I come from the future.
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  • #1,154
  • May 9, 2023 11:30am May 9, 2023 11:30am
Quoting sisucoro
{quote} clearly it did
but didn't took it because of fear already made some good trades and now struggling with fear to take trades missed 2 good trades like this
any advice on controlling fear?
  • #1,155
  • May 9, 2023 11:42am May 9, 2023 11:42am
Quoting Pat Chiko
{quote} Personally , I don't use it. In my understanding VP would have to based on the futures market and not the spot. Is that correct? Maybe Price Distribution Study is more relevant in Spot Forex. Price Distribution studies are not Market Profile although very similar. No volume is used since no volume is currently available for Forex from a centralized exchange. One thing I notice in Price Distribution study is to watch for is a push beyond an extreme, if it is met with buying/selling and returns to the 2%/-2% area and holds, then this is a...
By 2%/-2% move, you mean price movement (something like 240pips in GU)?
More time in the market, does not mean you trade better!
  • #1,156
  • May 9, 2023 11:45am May 9, 2023 11:45am
Quoting Pat Chiko
{quote} EJ Averaging Down on BPR set up {image} {image}
EJ

Holding these position by averaging down method.

It's important to acknowledge that not all trades are the same.
Before implementing the averaging down method, it's crucial to analyze the market structure.
By doing so, you can ensure that the structure is still intact.
If it is, adding to a losing position can help balance it out and minimize losses.
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However, it is advisable to exercise caution while implementing the averaging down method in trading.
Before adding to a losing position, it is crucial to analyze the market structure to ensure that it is still intact.
If the market structure is still intact, adding to a losing position can help balance it out and minimize losses.

However, if you are uncertain about how to read the market structure, it is better not to implement the averaging down method as it could accelerate your account's destruction.

One final note is when you're wrong, you're wrong.
The best is, to get out quick, put the loss behind you and start to focus on the next possible trade.

I believe the less time you spend in the market the better.
The only reason to be in, is that there is a clearly defined money making opportunity.

If it does not pan out then conditions of your trade have changed.
There's not point in being exposed to any risk and its imperative that you close our position.
I come from the future.
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  • #1,157
  • May 9, 2023 11:52am May 9, 2023 11:52am
Quoting Fardeen1209
{quote} By 2%/-2% move, you mean price movement (something like 240pips in GU)?
Not on the pips count but on Value Curve of Price Distribution.

The intent is simply to analyze price levels within the curve for short term trading.
It is calculated by using TradeStation platform, with the ELD.

As value develops during the month, the levels will change.
It is entirely based upon where price trades within the curve.
If the longest line changes, then the deviations will change.
I come from the future.
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  • #1,158
  • May 9, 2023 11:56am May 9, 2023 11:56am
Quoting Pat Chiko
{quote} Not on the pips count but on Value Curve of Price Distribution. The intent is simply to analyze price levels within the curve for short term trading. It is calculated by using TradeStation platform, with the ELD. As value develops during the month, the levels will change. It is entirely based upon where price trades within the curve. If the longest line changes, then the deviations will change.
That is definitely out of my league what you are trying to explain
More time in the market, does not mean you trade better!
  • #1,159
  • May 9, 2023 12:04pm May 9, 2023 12:04pm
Quoting Fardeen1209
{quote} That is definitely out of my league what you are trying to explain
Not necessary to go into it, as Price Distribution Analysis is about determining support and resistance levels in price.
In it's scope, it is somewhat similar to Market Profile, but does not account for volume.
I come from the future.
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  • #1,160
  • May 9, 2023 12:09pm May 9, 2023 12:09pm
Quoting Pat Chiko
{quote} Not necessary to go into it, as Price Distribution Analysis is about determining support and resistance levels in price. In it's scope, it is somewhat similar to Market Profile, but does not account for volume.
Any good link, i can go into in my free time, cause i have a whole long journey in front of me.
But i guess it is purely maths formulae
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More time in the market, does not mean you trade better!
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