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Learning price action

  • #1
  • First Post: Jun 4, 2011 3:21am Jun 4, 2011 3:21am
I HAVE STARTED THIS THREAD TO DISCUSS WITH THE TRADERS THE CONCEPTS I WILL LEARN AS I EXPLORE PRICE ACTION TRADING EVERYTHING I WILL LEARN FROM BOOKS, WEBSITES etc WILL BE POSTED HERE AND I HOPE TRADERS OF ALL LEVELS WILL DISCUSS THEIR VIEWS HERE

TILL NOW MY STRATEGY WAS ONLY BASED ON INDI's AND I HAVE MADE ONLY
1700 PIPS IN 6 MONTHS AND I WANNA IMPROVE THAT SO I HOPE YOU WILL ENJOY THIS THREAD...
  • #2
  • Jun 4, 2011 3:37am Jun 4, 2011 3:37am
INDICATORS VS PRICE


The reason why many people hate indi's cuz they a historical calculation of price itself but i can say i have profited from these indicators if you use them intelligently rather than take all the signals they produce

FOR EXAMPLE: I have been using dual time frame momentum strategy for 1 year now 6 on demo and six on real and have made 1700 pips on a real account and i can't thank the guy who invented stochastic enough but then i look at the charts and look at the no of trades price action would have created and see the huge no of trade setups...

SO NO SURPRISE HERE PRICE ACTION WINS

One more thing about the system i use is that the amazing risk to reward ratio it offers me which is 1:3 and the risk is just 25 pips on every trade so i think indicators are also important and stochastic has helped me time my entries to perfection...
  • #3
  • Jun 4, 2011 3:54am Jun 4, 2011 3:54am
THERE IS ONE THING THAT REALLY OPENED MY EYES ON READING CHARTS. I CONTACTED A PRO TRADER WHOSE BOOK I HAD JUST READ AND I THANKED HIM FOR TEACHING ME ABOUT THE CONCEPT OF MOMENTUM INDICATORS BUT HE SAID SOMETHING WHICH I WILL NEVER FORGET
HE SAID EVERY WANNABE TRADER SHOULD KNOW WHAT EACH BAR MEANS OR WHAT IT IS TELLING ABOUT THE CURRENT SITUATION OF THE MARKET.
HE SAID LETS SAY A BREAKOUT OR REVERSAL HAPPENS MOST TRADER START SCRATCHING THEIR HEAD THINKING WHAT JUST HAPPENED THEY SAY THAT THEY DID NOT SEE ANY PATTERN AND DON'T UNDERSTAND WHAT THE LOGIC BEHIND THE BREAKOUT OR REVERSAL WAS AND THAT'S WHY IT IS IMPORTANT TO KNOW WHAT IS HAPPENING CURRENTLY WITH PRICE AND THIS IS WHY PRICE ACTION WILL ALWAYS COME BEFORE INDI's
  • #4
  • Jun 4, 2011 4:13am Jun 4, 2011 4:13am
Quoting flightless
[font=Comic Sans MS][size=4][color=Blue][b]THERE IS ONE THING THAT REALLY OPENED MY EYES ON READING CHARTS. I CONTACTED A PRO TRADER WHOSE BOOK I HAD JUST READ AND I THANKED HIM FOR TEACHING ME ABOUT THE CONCEPT OF MOMENTUM INDICATORS BUT HE SAID SOMETHING WHICH I WILL NEVER FORGET
HE SAID EVERY WANNABE TRADER SHOULD KNOW WHAT EACH BAR MEANS OR WHAT IT IS TELLING ABOUT THE CURRENT SITUATION OF THE MARKET.
HE SAID LETS SAY A BREAKOUT OR REVERSAL HAPPENS MOST TRADER START SCRATCHING THEIR HEAD THINKING WHAT JUST HAPPENED THEY SAY THAT THEY DID...
Yeah, I'm not so sure about that.

I've found that PA works through separate reasons at various levels of bar detail,
and that as long as one can watch the overall and understand the details of one, small predictive area,
enough in-trade drawdown will carry a trade with reasonable risk.
  • #5
  • Jun 4, 2011 4:44am Jun 4, 2011 4:44am
can u put off your caps so it can be easy to read your posts.
Trade responsiblypatience is the key/Swing trader
  • #6
  • Jun 4, 2011 4:55am Jun 4, 2011 4:55am
Quoting Incrediblle
can u put off your caps so it can be easy to read your posts.
Yes, I agree - Stop Shouting.............
It never gets easier, you just get better
  • #7
  • Jun 4, 2011 5:08am Jun 4, 2011 5:08am
Quoting Shabs19
Yes, I agree - Stop Shouting.............
Ok but "cosmic sans ms font" looks cool
  • #8
  • Jun 4, 2011 2:49pm Jun 4, 2011 2:49pm
Quoting flightless
I HAVE STARTED THIS THREAD TO DISCUSS WITH THE TRADERS THE CONCEPTS I WILL LEARN AS I EXPLORE PRICE ACTION TRADING EVERYTHING I WILL LEARN FROM BOOKS, WEBSITES etc WILL BE POSTED HERE AND I HOPE TRADERS OF ALL LEVELS WILL DISCUSS THEIR VIEWS HERE

TILL NOW MY STRATEGY WAS ONLY BASED ON INDI's AND I HAVE MADE ONLY
1700 PIPS IN 6 MONTHS AND I WANNA IMPROVE THAT SO I HOPE YOU WILL ENJOY THIS THREAD...
want to know what I learn from books, websites, and etc.

blah blah blah.. I can't make money so I'll write a book or sell some content... this is what a moving average is.. this is what a pattern looks like..
  • #9
  • Jun 4, 2011 3:06pm Jun 4, 2011 3:06pm
Good on you on starting this thread man and I for one will conribute to it if it discusses pa in a meaningful way. BTW I would be delighted with 1700pips in 6 months.....extrapolate for a year and that comes to 70pips a week. With the correct size this could earn you a good living!!

Kal
  • #10
  • Jun 5, 2011 5:16am Jun 5, 2011 5:16am
Good Thread...Price action is the king of trading. I myself use it as the base of my trading strategy, most traders out there waste time and money on useless indicators and eventually they turn to the basics.

price action + fundamentals = most powerful method for trading any market.
  • #11
  • Last Post: Jun 5, 2011 2:54pm Jun 5, 2011 2:54pm
Quote
DON'T UNDERSTAND WHAT THE LOGIC BEHIND THE BREAKOUT OR REVERSAL WAS AND THAT'S WHY IT IS IMPORTANT TO KNOW WHAT IS HAPPENING CURRENTLY WITH PRICE AND THIS IS WHY PRICE ACTION WILL ALWAYS COME BEFORE INDI's


would you kindly care to enlighten us on the details?
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