Looks like a double top is forming on h1 eurusd. Does that justify to short if the rules are satisfied?
Kindly please comment.
Thanks.
Kindly please comment.
Thanks.
Attached Image (click to enlarge)
Price Action Trading with Indicators! The Freebie System
sorry missed this post been very busy.
in a way candlesticks, barcharts, line charts etc are all indicators as they intepret price for the trader and drop it on a chart to make it easier to see.
Prior to charting and even now traders used the ticker or tape. This is the way Jesse Livermoore traded, a very good book by the way, just google his name.
Clearly charts are more visual and if you like candesticks than by all means use, but generally speaking I dont use them, i use a barchart because i trade off price and i like to keep things simple.
I dont hold the view that you need to trade candlesticks or know all the bar/chart formations in order to be successful either. What we see on the chart are the same thing, and we may even trade the same trade, but in deferent ways and call if different things, but does it really matter, no.
If you can understand the behaviour of PA on 4 markets, and have a sound method you will ok with a proper plan.
I know that as i have spent a lot of time looking at systems but always come back to PA but its hard as very few people trade it as originally intended. There are plenty of people saying that they trade PA but they nearly always trade PA with indicators because to trade naked requires thousands or hours observing markert or reading/watching educational material. You need to be dedicated so people go down the indicator as it feels easier. However, most discover that you need PA to confirm the setup, ie discretion based upon PA and observation of the market. And it still ends up requiring many hours of work.
I like this thread because dredd does not pretend that the indys are the holy grail. He says it like it is and provides a very good framework to trade off key levels to get you up and running quickly. This suits all levels of traders and once you understand how the system works you may find you can lose the indys altogether.
Bascially, once you have total belief in a system you trading will improve as losses become part of your business overheads as YOU know you will get the next one.
The difficulty is getting the faith/belief in a system in the first place. For me its more around getting a quiet space that I can trade in without being distracted.
Thanks Dredd for the thread and sticking with it.
Trade Well
ST
in a way candlesticks, barcharts, line charts etc are all indicators as they intepret price for the trader and drop it on a chart to make it easier to see.
Prior to charting and even now traders used the ticker or tape. This is the way Jesse Livermoore traded, a very good book by the way, just google his name.
Clearly charts are more visual and if you like candesticks than by all means use, but generally speaking I dont use them, i use a barchart because i trade off price and i like to keep things simple.
I dont hold the view that you need to trade candlesticks or know all the bar/chart formations in order to be successful either. What we see on the chart are the same thing, and we may even trade the same trade, but in deferent ways and call if different things, but does it really matter, no.
If you can understand the behaviour of PA on 4 markets, and have a sound method you will ok with a proper plan.
I know that as i have spent a lot of time looking at systems but always come back to PA but its hard as very few people trade it as originally intended. There are plenty of people saying that they trade PA but they nearly always trade PA with indicators because to trade naked requires thousands or hours observing markert or reading/watching educational material. You need to be dedicated so people go down the indicator as it feels easier. However, most discover that you need PA to confirm the setup, ie discretion based upon PA and observation of the market. And it still ends up requiring many hours of work.
I like this thread because dredd does not pretend that the indys are the holy grail. He says it like it is and provides a very good framework to trade off key levels to get you up and running quickly. This suits all levels of traders and once you understand how the system works you may find you can lose the indys altogether.
Bascially, once you have total belief in a system you trading will improve as losses become part of your business overheads as YOU know you will get the next one.
The difficulty is getting the faith/belief in a system in the first place. For me its more around getting a quiet space that I can trade in without being distracted.
Thanks Dredd for the thread and sticking with it.
Trade Well
ST
ST thanks for your interpretation of PA however I feel that your composition of the elements are missing one vitally important ingredient, some would say the most vital ingredient, candles.
So, are you actually trading a live account ST, if so how long have you been trading live for?
" Dont wait for your boat to come in ..... swim out and meet it"
Posting my trades here for the first time to make sure I am interpreting Dredd's rules correctly. I've had a lot of false starts and realised where I made my mistakes - I think these two were text box according to Dredd's simple rules so I would appreciate any comments before I go ahead and think I have (finally) got my act together.
First EURGBP on 15m. 4H shows up trend, failed at daily pivot, HA green, Stoch was not green at time of trade but later confirmed - took Buy at red line as seemed to hit resistance at pivot several times before. Managed to bag a 1:5 RR as it went through the higher levels.
Identical trade on EURUSD 15m - up trend confirmed, daily pivot failed, green HA, Stoch just turned green. Only a 1:2 RR here but I'm not greedy
I must be doing something right I guess
First EURGBP on 15m. 4H shows up trend, failed at daily pivot, HA green, Stoch was not green at time of trade but later confirmed - took Buy at red line as seemed to hit resistance at pivot several times before. Managed to bag a 1:5 RR as it went through the higher levels.
Identical trade on EURUSD 15m - up trend confirmed, daily pivot failed, green HA, Stoch just turned green. Only a 1:2 RR here but I'm not greedy
I must be doing something right I guess
- #2,030
- Apr 29, 2011 1:16pm Apr 29, 2011 1:16pm
- | Joined Jun 2010 | Status: Focus And Simplicity | 1,116 Posts
No man is free who is not a master of himself. -P.M.-
