Price Action in Day Trading by Dadas | Page 10 | Forex Factory

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Price Action in Day Trading by Dadas

  • #181
  • Mar 27, 2013 3:25am Mar 27, 2013 3:25am
Great thread D.

  • #182
  • Mar 27, 2013 3:43am Mar 27, 2013 3:43am
Quoting davidtrader
sell position in audusd notic that i inter later in this position
davidtrader, please post your results, your closed trades, both Profit and Loss.
I will show you what you have done right, and/or what was wrong.
Trade the facts, not opinions.
  • #183
  • Mar 27, 2013 5:05am Mar 27, 2013 5:05am
EURJPY
An example of what you should and should not do:
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-m5-fxsalt-ltd-4.png Size: 76 KB


I saw a PTECZ on the M5.
The price brokeout, so I entered Long.
I watched the Price Action.
A new PTECZ formed.
I saw the Consolidation on the left.
I saw the larger trend as Bearish.
Thus, I closed the Long.
I opened a Short with the trend.
Trade the facts, not opinions.
  • #184
  • Mar 27, 2013 5:29am Mar 27, 2013 5:29am
EURJPY

With the trend, I continued.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-m5-fxsalt-ltd.png Size: 66 KB


Finally, said, enough.

When you are trading the M1 PTECZs, you have to sit there and watch the Price Action, there is no time to pee.
When you are trading the M5 PTECZs, you have to sit there and watch the Price Action, there is no time to pee.
When you are trading the M15 PTECZs, you have to sit there and watch the Price Action, you can afford a quick break.
When you are trading the M30 PTECZs, you have to sit there and watch the Price Action, you can afford a longer break.
When you are trading the H1 PTECZs, you have to watch the Price Action every closed hour, you can afford a long break.
When you are trading the H4 PTECZs, you have to watch the Price Action every 4 hours, you can afford a very long break.
When you are trading the D1 PTECZs, you have to watch the Price Action when the chart day ends, you can afford a whole day break.
When you are trading the W1 PTECZs, you have to watch the Price Action when the chart week ends, you 've got a whole lot of time.
When you are trading the MN PTECZs, if that makes any sense to you, you have to watch the Price Action when the chart month ends.
Trade the facts, not opinions.
  • #185
  • Mar 27, 2013 7:14am Mar 27, 2013 7:14am
Hi Dadas

I'm still not sure when I should open a trade - I get it that the PTECZ is a very important zone. If we are watching the PTECZ closely, then what is the purpose of the Custom Zone Candle.

Anyone who has grasped the concept, would you care to share what you 'see' please?

I like that its possible to trade without indicators but after having read through the thread, I'm still not able to see when we should trigger a trade precisely.
  • #186
  • Mar 27, 2013 7:29am Mar 27, 2013 7:29am
Hi Dadas, nice work so far. I have, I hope, a sensible question.

With regard to your above EY charts we can see we are in a short market, per this timeframe. Why are you drawing your PTECZ's where price turns long? Why not where the sellers join the market as in my example? In this way we highlight where the sellers have come in and sold highlighting where, should price return to this level, a place to sell again?

Attached Image (click to enlarge)
Click to Enlarge Name: ey270312.PNG Size: 31 KB


Cheers Daz.
Keep smiling
  • #187
  • Mar 27, 2013 8:09am Mar 27, 2013 8:09am
Quoting Misterdaz
Hi Dadas, nice work so far. I have, I hope, a sensible question.

With regard to your above EY charts we can see we are in a short market, per this timeframe. Why are you drawing your PTECZ's where price turns long? Why not where the sellers join the market as in my example? In this way we highlight where the sellers have come in and sold highlighting where, should price return to this level, a place to sell again?

Attachment

Cheers Daz.
You are correct and you understand the idea.
I am showing both ends.
You need to know both ends, the Begining, where to enter,
and the End, where to exit.

It takes some Timeframe shuffling.

But, I am not telling anyone how they should trade.

Your way is very good, simple, probably effective .

I want to know, where the trend can potentially turn back, because that will be a momentum time.

Take a look at GOLD, just now, read my posts on here:
http://www.forexfactory.com/showthre...56#post6551956

The market is Bearish, but what momentum in Long.


Also, see the potential like this?
The early entry.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-m5-fxsalt-ltd.png Size: 50 KB
Trade the facts, not opinions.
  • #188
  • Mar 27, 2013 8:19am Mar 27, 2013 8:19am
OK, nice. In a way your are highlighting where 1 2 3 patterns turnaround, the point at which supply or demand come in and reverse price.

Just took this trade, more in line with your boxes earlier.

Attached Image (click to enlarge)
Click to Enlarge Name: ey270312a.PNG Size: 33 KB


Daz.
Keep smiling
  • #189
  • Mar 27, 2013 8:26am Mar 27, 2013 8:26am
Quoting Misterdaz
OK, nice. In a way your are highlighting where 1 2 3 patterns turnaround, the point at which supply or demand come in and reverse price.

Just took this trade, more in line with your boxes earlier.

Attachment

Daz.
Great, now to show your trade, all you do is drag and drop the closed trade from the MT4 Terminal
History, and there you have it on the chart! Just uncheck the "Chart on foreground" in "Chart properties window".
Trade the facts, not opinions.
  • #190
  • Mar 27, 2013 8:31am Mar 27, 2013 8:31am
Oh, you want me to show off!!! hahahahah. Here you go.

Attached Image (click to enlarge)
Click to Enlarge Name: ey270312b.PNG Size: 31 KB


Daz
Keep smiling
  • #191
  • Mar 27, 2013 8:40am Mar 27, 2013 8:40am
You see, the concept is to look for the beginning in the end.
That is why I use the Potential Trend Ending Candle Zone (PTECZ).

If I look for the beginning at the beginning, I am already late, very late.

If I start looking for the beginning at the end of the Trend, I am where I am supposed to be, at the first station.
Thus, I am one of the first to board the train, and this train has no reservations.

The first get the best places, the last hang outside and often fall under the train.
Trade the facts, not opinions.
  • #192
  • Mar 27, 2013 8:42am Mar 27, 2013 8:42am
Quoting Misterdaz
Oh, you want me to show off!!! hahahahah. Here you go.

Attachment

Daz
It is not showing off, just showing it in the proper way.
Nobody wants to see your account statement.
This way shows at least some credential.
Trade the facts, not opinions.
  • #193
  • Mar 27, 2013 8:50am Mar 27, 2013 8:50am
Quoting Dadas
It is not showing off, just showing it in the proper way.
Nobody wants to see your account statement.
This way shows at least some credential.
Hey don't mind me, I'm just kidding
Keep smiling
  • #194
  • Mar 27, 2013 8:52am Mar 27, 2013 8:52am
Dadas, I am truly enjoying your thread. Thank you very much
  • #195
  • Mar 27, 2013 9:12am Mar 27, 2013 9:12am


nice thread with a whole new perspective. i am a newbie. but heard and read quite a bit on fx. never traded. but this thread is refreshingly different. got to admit i got lost in the first few pages but i am determined to nail it down. kudos Dadas !
  • #196
  • Mar 27, 2013 9:12am Mar 27, 2013 9:12am
Quoting Misterdaz
Hey don't mind me, I'm just kidding
You see, now Misterdaz, one of your pictures is not correct, I suggest it is the second one, the last one.
Your first picture shows your entry and exit in somewhat different places.

The second one is an ideal representation.

The idea is to show the truth, not the perfect situation as you would like it to be.

We are here to learn from our mistakes, if they are mistakes, at all.
Trade the facts, not opinions.
  • #197
  • Mar 27, 2013 9:23am Mar 27, 2013 9:23am
Yes my entry was what you might call an "aggressive entry". I didn't wait for price to break down before entering. The trade off I suppose is I wanted the tightest entry in relation to my stop rather than wait for price to break lower and have to risk more pips and thus lower lot size.

You must have very good eyes
Keep smiling
  • #198
  • Mar 27, 2013 10:23am Mar 27, 2013 10:23am
What I wrote yesterday about EURUSD, proved absolutely correct, today.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m30-fxsalt-ltd.png Size: 48 KB
Trade the facts, not opinions.
  • #199
  • Mar 27, 2013 10:26am Mar 27, 2013 10:26am
Quoting Misterdaz
Yes my entry was what you might call an "aggressive entry". I didn't wait for price to break down before entering. The trade off I suppose is I wanted the tightest entry in relation to my stop rather than wait for price to break lower and have to risk more pips and thus lower lot size.

You must have very good eyes
On the contrary, my eyesight is not so good.
However, I do know what to look for.
And, I have my magnifying glass always with me!
Trade the facts, not opinions.
  • #200
  • Mar 27, 2013 11:51am Mar 27, 2013 11:51am
Quoting lilies
Hi Dadas

I'm still not sure when I should open a trade - I get it that the PTECZ is a very important zone. If we are watching the PTECZ closely, then what is the purpose of the Custom Zone Candle.

Anyone who has grasped the concept, would you care to share what you 'see' please?

I like that its possible to trade without indicators but after having read through the thread, I'm still not able to see when we should trigger a trade precisely.
It will not happen just like that and because you get the idea.
It takes practise, a lot of practise.
When you have at least 8 months practise, you can start saying something.
After 2-3 years, you may be good.
After 5-7 years, you will be the expert.

There are no shortcuts, here.

I go fast, faster then others, because I spend the whole day with Forex.
I do not read books, I do not watch TV, I only watch a film or XFactor
in the weekend, and that only ca. 2 hours.
The rest of the time, when I do not sleep or do whatever I must, house chores,
I spend on Forex.

If you can do 10% of what I do, but systematically, you will, eventually get there.
Do not expect to be expert in 2-3 days or 2-3 weeks.

Follow the steps I write in my posts.

Be sure to read them all.
Trade the facts, not opinions.
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