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Price Action Trading (PAT) - Amplifying Market Insights

  • #1,201
  • May 11, 2023 3:31am May 11, 2023 3:31am
Quoting Pat Chiko
{quote} UJ Scalp LONG Ne. Hope this trade will work out. Some luck needed here. {image}
UJ

TP Partial.

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I come from the future.
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  • #1,202
  • May 11, 2023 4:22am May 11, 2023 4:22am
Quoting france001
{quote} great trade. Never hesitate, a good trader never hesitate

Two versions of fear impair traders:
the fear of losing money and
the fear of missing opportunity.

Out of fear of losing money, traders will avoid buying weak markets or selling strong ones; they will stop out of long trades on weakness and exit short trades on strength.
Out of fear of missing opportunity, traders will buy markets when they're up and sell them when they're down.

Both forms of fear have negative expected return, particularly in low volatility market conditions, when moves are least likely to extend.
Of course, it's these same low volatility conditions that lead traders to lament that there are no market moves and no way to make money.

Maybe, however, low volatility conditions lead traders to want to catch breakouts and thus act on fear.
When we make new highs or lows, they're afraid of missing the (finally!!) big move.
It's the same fear of a big move that leads those traders to exit long positions on weakness and short positions on strength.


In short quote from one famous newbie : "This is how success lies at the intersection of trading psychology and market understanding.- Sang Real "
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #1,203
  • May 11, 2023 8:25am May 11, 2023 8:25am
Quoting Pat Chiko
EUR AUD. Waititng for LONG N3 set up{image}
EA

TP

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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #1,204
  • May 11, 2023 8:33am May 11, 2023 8:33am
Quoting Pat Chiko
{quote} GOLD Partial TP, take out to buy groceries. {image}
GOLD

target TP

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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #1,205
  • May 11, 2023 8:38am May 11, 2023 8:38am
Quoting pat chiko
{quote} gold target tp {image}
do you trade different fx pairs in different accounts
  • #1,206
  • May 11, 2023 9:05am May 11, 2023 9:05am
Quoting Pat Chiko
{quote} GOLD target TP {image}
GOLD

TP

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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #1,207
  • May 11, 2023 9:12am May 11, 2023 9:12am
Quoting Pat Chiko
{quote} GOLD TP {image}
Pat, You are unstoppable ;-)
  • #1,208
  • May 11, 2023 9:25am May 11, 2023 9:25am
Quoting Pat Chiko
{quote} EA TP {image}
EA

End of scalping

Last two positon closed.
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I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #1,209
  • May 11, 2023 9:25am May 11, 2023 9:25am
Quoting forkstrader
{quote} Pat, You are unstoppable ;-)
Must be my luck day today.
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #1,210
  • May 11, 2023 9:44am May 11, 2023 9:44am
Quoting Pat Chiko
{quote} Must be my luck day today.
Ya.. You can buy groceries for all of us Think and show some generosity.
BTW, it is not just luck
  • #1,211
  • Edited 11:15am May 11, 2023 10:46am | Edited 11:15am
Quoting blinnz999
{quote} PAT what is RSF? H1 Supply?, N3? and other acronyms you use please

I don't quite remember what's N3 but I can help Pat to answer on other acronyms.

ChoCh = Change of Character
BoS = Break of structure
RSF = Resistance Support Flip
SRF = Support Resistance Flip
H1 Supply = Supply zone in H1 timeframe.

Edit: I think N3 is just short for ENTRY. lol
Exhausted
  • #1,212
  • May 11, 2023 10:54am May 11, 2023 10:54am
PAT, can you share me how comfirm entry at the LTF, i often see you saying to wait entry at LTF.
  • #1,213
  • May 11, 2023 11:04am May 11, 2023 11:04am
Quoting blinnz999
{quote} PAT what is RSF? H1 Supply?, N3? and other acronyms you use please
Don't worry about the jargon; it's a fictional term used in trading. Some are made up words to make it sound professionaal, in actuaal it's just names.
While it may have various names and titles, comprehending its meaning is more crucial than memorizing its label.
If you follow the discussion in this thread long enough, you will eventually grasp the significance of these terms and their purposes.
After that, you can rename them to suit your preferences.

Quoting Surya108
{quote} do you trade different fx pairs in different accounts
Please ask me more challenging question.... You question will not improve your trading skill in any way.

Let's begin.
Ask me how I choose the pair to trade based on volatility and setup, including my thought process in executing the N3.

With that kind of question, you will learn the deeper meaning of trading.
Don't worry about the system; you can use your own system.
It doesn't make any difference to me what system you use.

Understanding the thought process are far more important than the system.

But before that, I would like to share some trading thoughts to emphasize the most important wisdom in trading.
That will be in my next post.....
I come from the future.
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  • #1,214
  • May 11, 2023 11:15am May 11, 2023 11:15am
Quoting Elysion
{quote} I don't quite remember what's N3 but I can help Pat to answer on other acronyms. ChoCh = Change of Character BoS = Break of structure RSF = Resistance Support Flip SRF = Support Resistance Flip H1 Supply = Supply zone in H1 timeframe.
Correct me if I am wrong, N3 means ENTRY. Similar to Gr8 for Great
  • #1,215
  • May 11, 2023 11:23am May 11, 2023 11:23am
Quoting Pat Chiko
{quote} But before that, I would like to share some trading thoughts to emphasize the most important wisdom in trading. That will be in my next post.....
This down ones, and everything in between to read:

Focus on being profitable for the week -
Individual trades may go against you and individual trading days can offer little opportunity.
There are enough fresh opportunities in a week to make it reasonable to set a goal of being profitable for the week.
You won't reach your goal every single week, but the mere act of setting the goal keeps you focused.

You don't want to lose so much money in a single day that you can't make it back during the other days of the week.
You also don't want to lose so much money on a single trade that you can't come back during the remainder of the day.

When you really push yourself to be profitable every week, you don't let individual days get away from you.
And when you don't let individual days get away from you, you start managing each trade carefully to ensure that your largest loss won't exceed your largest gain.

I've seen a consistent sign of progress among developing traders: they stop digging themselves into holes.



Take what the market gives you -
Notice that any concentrated selling often precedes nasty short-covering rallies.
Take what the market gave you and started the week green.
Did the market go down even further after I exited? .....................Absolutely.

U want to take something off the table. (partial YP).
You might let a piece of your position ride if you have a longer-term opinion, but never give green a chance to become red.
A winner that turns into a loser is a double loss., But the market doesn't care about that.



Always have something to "lean on" -

Scalpers will notice heavy and persistent selling at a certain price, accompanied by large selling in the order.
They'll lean on that information to find a good entry to sell the market.

At times seller disappear from the market or if new buyers start lifting those offers in size, they can get out quickly.

Knowing you have something to lean on, however, allows you to ride out the noise between entry and exit.
As long as what you're leaning on doesn't vanish, you stay with your idea.

Watch the price if it failed to break above/below the early pricing (and also above week's highs),


So let's restate the pieces of wisdom in reverse order:
1) Before you put your capital at risk, have a well-formed trade idea;
2) When your idea pays you out quickly, take some profits;
3) Don't get caught up in individual trades; focus on profitability over a series of trades and days.

I know, I know. These things sound ridiculously simple.
But that the only way doing all three consistently.
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #1,216
  • May 11, 2023 11:36am May 11, 2023 11:36am
Quoting forkstrader
{quote} Correct me if I am wrong, N3 means ENTRY. Similar to Gr8 for Great
CHoCH stands for change of character
BOS stands for break of structure.
Imbalance equals to basically Gap
Demand equals to buying pressure
Supply equals to selling pressure
LQ = Liquidity is how active the market is
OB = Order Block is the place of an order either for a sell or a purchase of a huge number of Securities
this is basically where the banks and institutions put their orders.
N3 = Entry
SNR = Support & Resistance
LTF = Low Tife Frame
HTF = High Time Frame
  • #1,217
  • May 11, 2023 11:42am May 11, 2023 11:42am
Quoting Pat Chiko
{quote} This down ones, and everything in between to read: Focus on being profitable for the week - Individual trades may go against you and individual trading days can offer little opportunity. There are enough fresh opportunities in a week to make it reasonable to set a goal of being profitable for the week. You won't reach your goal every single week, but the mere act of setting the goal keeps you focused. You don't want to lose so much money in a single day that you can't make it back during the other days of the week. You also don't want to...
Hi Pat.
I just wanted to tell you that I like you a lot.
Thank you for selflessly sharing and helping a lot of traders.
Identifying losers equals victory
  • #1,218
  • May 11, 2023 1:20pm May 11, 2023 1:20pm
Quoting enoch1937
{quote} Hi Pat. I just wanted to tell you that I like you a lot. Thank you for selflessly sharing and helping a lot of traders.
I like you too.

If I come to Guangzhou again, I will visit you.
Or maybe we can meet in Dalian, ?

Use to be difficult to get coffee in China, as most people only drink tea.

Only recently, China start to drink coffee en mass.
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #1,219
  • May 11, 2023 2:47pm May 11, 2023 2:47pm
Quoting Pat Chiko
{quote} I like you too. If I come to Guangzhou again, I will visit you. Or maybe we can meet in Dalian, ? Use to be difficult to get coffee in China, as most people only drink tea. Only recently, China start to drink coffee en mass.
Yes, now young people also love coffee.
Didn't expect you to be to China.
I used to be in Guangzhou, but now I return to my hometown, a small city.
If I do the trade well and also want to go to Kuala Lumpur.
But I don't understand English
Can be a problem.

Do you use scripted tools for entry orders?
Open 6 orders each time.
Identifying losers equals victory
  • #1,220
  • May 11, 2023 3:00pm May 11, 2023 3:00pm
Hi, I'm ForexStats and I'm a professional quant. I will be sharing some of my quantitative forex insights on here going forward.

USD/ZAR is up more than 3% today. Here's how it has performed in the past when it was up this much or more in a single day.
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The average subsequent 1-yr gain has been impressive, up around 12%!
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