Price Action in Day Trading by Dadas | Page 13 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Price Will Tell - Supply/Demand Price Action Trading 1,858 replies

The Price is Right: Trading Price Action 219 replies

Price action at the core / tma intra day 5,016 replies

2 day price action 8 replies

Attachments: Price Action in Day Trading by Dadas
Exit Attachments

Price Action in Day Trading by Dadas

  • #241
  • Mar 28, 2013 10:59pm Mar 28, 2013 10:59pm
Dadas,
Is there anyway that you can add an option to the Custom_Zone indicator so I can manipulate which previous zone candle to be outlined/drawn in the chart. For example, drawing March 26 only...or Combination of March 26 and 27? I hope this is not to hard to program.

Thanks a lot!

4x4x
  • #242
  • Mar 28, 2013 11:32pm Mar 28, 2013 11:32pm
dadas, whats your idea about using heiken ashi candle instead of candle stick for indicate ptecz?
  • #243
  • Mar 29, 2013 2:45am Mar 29, 2013 2:45am
coloured boxes in pic are daily candle zone
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd-h1-alpari-nz-limited.png Size: 51 KB
Click to Enlarge Name: eurusd-m5-alpari-nz-limited-6.png Size: 49 KB
  • #244
  • Mar 29, 2013 2:47am Mar 29, 2013 2:47am
Quoting forexforex
Hi Dadas,

The Custom_Zone_Candle indicator basically outlines or draws the previous candle of the TF specified in the value of the variable.

How is this significant in relation to PTECZ?

What is the criteria in determining the PTECZ? Do you deviate from it depending on the PA.??

Sorry for asking these again if you already answered these queries?

4x4x
That is correct, I have been writing about this and showing examples all through this thread.
This is what this thread is all about.

I have posted the link to my full analisys of GOLD, which is an example of what the trader should
be able to do in order to see the Global and Local positioning, and which is a perfect illustration
of the application of the Zone Candle concept.
http://www.forexfactory.com/showthre...56#post6551956

The Zone Candle is significant to the PTECZ, because we are working with the PTECZs inside a larger
Timeframe context which is our trading style. W1 or D1 for Daytrading, for example.

The PTECZ (Potential Trend Ending Candle Zone) - the name says it all!
Example:
On a Bearish trend - you see one which was important yesrterday, it ended a certain local trend,
where the price Consolidated inside the PTECZ, it is higher today.
Just when that Candle closed, yesterday, we did not know if it was the Ending one, thus Potential.
We watch what the price is trending to do inside that PTECZ.

Let us say, the price continued down - a new Local Trend.
We look for the next Potential Trend Ending Consolidation Zone.

When it is there and the price Consolidates in it, we know that the price can always do 3 things:
1. Consolidate,
2. Breakdown,
3. Breakout.

How can I get more clear than this?

Everything is shown on my chart examples, everything.

Take one, put it on full screen, and study it as long as it takes you to see.

The chart is about seeing it, not writing about it.

I will not write live comentaries about the price action of a chart.

Zone Candle - Global positioning,
PTECZ - Local Positioning.

GET IT?!
Trade the facts, not opinions.
  • #245
  • Mar 29, 2013 2:54am Mar 29, 2013 2:54am
Quoting forexforex
Dadas,
Is there anyway that you can add an option to the Custom_Zone indicator so I can manipulate which previous zone candle to be outlined/drawn in the chart. For example, drawing March 26 only...or Combination of March 26 and 27? I hope this is not to hard to program.

Thanks a lot!

4x4x
Yes, it is possible to programme.
No, I am not interested, draw them, it is good excercise for you.
If D1 is too small, use W1.
If the D1 is a Consolidation inside an earlier D1, the better.
You can get into position earlier.
You should and must always be aware of your Global and Local positioning,
thus, when using the D1 Zone Candle, you must take a look at the D1 chart
to see where you are standing. You only need to switch Tfs with one click.
You do not need a second chart for this.
Trade the facts, not opinions.
  • #246
  • Mar 29, 2013 3:10am Mar 29, 2013 3:10am
Quoting davidtrader
dadas, whats your idea about using heiken ashi candle instead of candle stick for indicate ptecz?
In my early days of Forex I experimented with all sorts of ideas.
Heiken Ahsi and other Magic strategies, included.

I present to you, screenshots of two of my early templates, just for laughs:
Attached Image (click to enlarge)
Click to Enlarge Name: gold_black.gif Size: 88 KB


Attached Image (click to enlarge)
Click to Enlarge Name: goldm5_blue.png Size: 115 KB


I still have these templates in some of my platforms' templates folder.

You are free to experiment!
I am trading pure Price Action, not some transformed Pseudo-Price Action.
Trade the facts, not opinions.
  • #247
  • Edited 6:20am Mar 29, 2013 3:49am | Edited 6:20am
Market Sentiment & Price Action

Forex is a great place to be!
I wake up in the morning, an idea for a new article pops up in my head,
I start the MT4, and, there it is, a perfect example on the chart!

Everywhere the trader looks, someone is asking about their Market Sentiment, FF included.
Thus, many traders try to trade upon this idea. They try to gauge the Market Sentiment and
make their trading decision based on that supposed Sentiment.

I say, FORGET IT!
It is just another trick!
Another way of bias, mind programming!

To understand my view, one must realize the reasons for Price Movement.

These are the reasons for Price Movement in order of importance:
1. National Banks regulating their currency exchange rate:
This has nothing to do with any Sentiment and the organisations are non-profit, so there is no speculation involved.
2. National Banks realizing government contracts:
This, again has nothing to do with any Sentiment.
3. Hedging Funds realizing their financial policy:
This, still has nothing to do with any Sentiment.
4. The "Fat Guys" getting even Fatter:
This, has nothing to do with any Sentiment, though they do try to go with the trend.
They, simply are able to move the price, thus are able to take out Stop Losses to their advantage.
5. The retailers Buy or Sell upon trend and other factors:
This is Market Sentiment - the very last reason for Price Movement.

Here, examples of what is and what is not Market Sentiment:
Attached Image (click to enlarge)
Click to Enlarge Name: xauusd-m30-fxsalt-ltd-2.png Size: 79 KB


Attached Image (click to enlarge)
Click to Enlarge Name: xauusd-h4-fxsalt-ltd.png Size: 75 KB


I hope your eyes are getting opened, wider and wider.

Just, do not let them pop out!

PS. (edit)
I just realized, most of you do not see this picture on your broker's charts.
Trade the facts, not opinions.
  • #248
  • Mar 29, 2013 4:34am Mar 29, 2013 4:34am
ABOUT OPINIONS

Yes, I understand, you will be asking about my opinion on this or that.

I would like You to understand a very important issue.
This issue is, probably the main factor which causes a trader to Lose Money!

It is OPINION, also called Bias, Prejudice, Prediction, I think, I want, I must.

This whole thread is about Having No Opinion about the Price.

It is about reading the Price Action without the "I think, I want, I must" factor.

It is about seeing what the chart is really showing, not what we think it is showing!

This is what You must realize, if you want to be successful in trading Forex.

You must kill the Ego, kill the Opinion, kill the "I think, I want, I must"!

The Market, the Price, the Chart does not Give a Damn about Your Opinion!

If You have an idea how to use the Zone Candle and/or the PTECZ in a different way, than presented here,
Please try it out, experiment and share with us!

Show everybody how You can create your own way with these tools!

You are most welcome!

Just, get rid of your opinions about the price!

Trade the facts, not opinions.
  • #249
  • Edited 6:00am Mar 29, 2013 5:38am | Edited 6:00am
GOLD specific reasons for Price Movement

GOLD is a very special security.

National Treasuries keep a huge reserve in GOLD.
Hedging Funds keep a huge capital in GOLD.

I had once assumed, like many others, that GOLD was a safe
security and a one way security - UP.

This assumption, this bias had cost me a lot, and dearly!

I had forgotten or did not think, that in times of crisis
governments, especially of those financially broke countries,
will be Selling parts of their reserves in order to satisfy their national debts.

I had forgotten or did not think, that in times of crisis
Hedging Funds will be Selling GOLD at the end of fiscal year, in order
to generate better results.

You see, how many things a trader must take into account, if they use opinion and bias?

And how free our mind becomes, when it is rid of opinion and bias!
There is only Price Action and what it tells us.
Trade the facts, not opinions.
  • #250
  • Mar 29, 2013 7:53am Mar 29, 2013 7:53am
And, just one more thing for today.

You may think the Market is Closed - yes, for you and me, it is Closed.

The Market almost never Closes.

We can keep a watch out - though, we can not trade:
http://www.xe.com/currencycharts/?fr...o=USD&view=12h
Trade the facts, not opinions.
  • #251
  • Mar 29, 2013 9:40am Mar 29, 2013 9:40am
Quoting Dadas
Guys, I have just noticed a small error in the Custom_Zone_Candle.mq4
There is a choice to switch it on or off on the chart without removing the indicator.
It should automatically delete all the Zones it had drawn.
There was an error, and I have corrected it.
The corrected file is where it was before and here.
Hi Dadas,

I'm enjoying reading your thread thanks for the work you are putting into it.

Could you, please, up load the EX4 version of the Custom Zone Candle indicator. I trade from a Mac and when ever I open a mq4 indicator I just get the text.

Thanks
  • #252
  • Mar 29, 2013 9:56am Mar 29, 2013 9:56am
Quoting stevepatt
Hi Dadas,

I'm enjoying reading your thread thanks for the work you are putting into it.

Could you, please, up load the EX4 version of the Custom Zone Candle indicator. I trade from a Mac and when ever I open a mq4 indicator I just get the text.

Thanks
Attached, the Custom_Zone_Candle.ex4
Attached File(s)
File Type: ex4 Custom_Zone_Candle.ex4   4 KB | 394 downloads
Trade the facts, not opinions.
  • #253
  • Mar 29, 2013 11:29am Mar 29, 2013 11:29am
I am having a great laugh when looking at my previous indicator templates.
I had 10 or 11 different "charts" on one chart, and another 10 or so lines plus some "lamps".

If anybody can trade of something like that, I wish them luck!


Happy Easter, Everybody!
Trade the facts, not opinions.
  • #254
  • Mar 29, 2013 12:29pm Mar 29, 2013 12:29pm
Got it. Thanks again!

Quoting Dadas
That is correct, I have been writing about this and showing examples all through this thread.
This is what this thread is all about.

I have posted the link to my full analisys of GOLD, which is an example of what the trader should
be able to do in order to see the Global and Local positioning, and which is a perfect illustration
of the application of the Zone Candle concept.
http://www.forexfactory.com/showthre...56#post6551956

The Zone Candle is significant to the PTECZ, because we are working with the PTECZs inside a...
  • #255
  • Mar 29, 2013 1:03pm Mar 29, 2013 1:03pm
Quoting Dadas
Attached, the Custom_Zone_Candle.ex4
Thank you.
  • #256
  • Mar 29, 2013 1:04pm Mar 29, 2013 1:04pm
That's what I have been doing...drawing it out. It is not as accurate as your indi, however. Today's volatility is low, and I usually ignore this kind of trading day info, and use Thursday data instead when i base my trading decision on sunday/monday.

If your indi is able to manipulate which candle or TF to be drawn, that would be helpful especially I am watching more than 7 pairs.

Manipulation of candle to be drawn also enables me easily to do visual backtesting of any dates.

I guess i have to deal with plotting tediously for now...or ask a programmer to write an indi for me.

Quoting Dadas
Yes, it is possible to programme.
No, I am not interested, draw them, it is good excercise for you.
If D1 is too small, use W1.
If the D1 is a Consolidation inside an earlier D1, the better.
You can get into position earlier.
You should and must always be aware of your Global and Local positioning,
thus, when using the D1 Zone Candle, you must take a look at the D1 chart
to see where you are standing. You only need to switch Tfs with one click.
You do not need a second chart for this.
  • #257
  • Edited 2:31pm Mar 29, 2013 1:33pm | Edited 2:31pm
Quoting forexforex
That's what I have been doing...drawing it out. It is not as accurate as your indi, however. Today's volatility is low, and I usually ignore this kind of trading day info, and use Thursday data instead when i base my trading decision on sunday/monday.

If your indi is able to manipulate which candle or TF to be drawn, that would be helpful especially I am watching more than 7 pairs.

Manipulation of candle to be drawn also enables me easily to do visual backtesting of any dates.

I guess i have to deal with plotting tediously for now...or ask...
OK, just for You.

Kidding, for everybody.

Variable input Custom_Zone_Candle_dayshift = 1 means last closed candle of chosen Custom_Zone_Candle_Tf.

You will have to count the Candles backwards for backtesting.
Unless you have an indicator showing the Candle index number.

Multiple Candles will not work.
The indi is not written for multi.
And, if you put more Zone Candles, the colors will overlap,
and you will have a strange mosaic, artistic, but impossible to read.
Attached File(s)
File Type: mq4 Custom_Zone_Candle.mq4   5 KB | 518 downloads
File Type: ex4 Custom_Zone_Candle.ex4   4 KB | 378 downloads
Trade the facts, not opinions.
  • #258
  • Mar 29, 2013 1:37pm Mar 29, 2013 1:37pm
Wow! You're awesome. The indis will help me greatly. Thank you! I wish you more success and have a happy holiday to you, Dadas.

Quoting Dadas
OK, just for You.

Kidding, for everybody.

Variable input Custom_Zone_Candle_dayshift = 1 means last closed candle of chosen Custom_Zone_Candle_Tf.

You will have to count the Candles backwards for backtesting.
Unless you have an indicator showing the Candle index number.

Multiple Candles will not work.
The indi is not written for multi.
And, if you put more Zone Candles, the colors will overlap,
and you will have a strange mosaic, artistic, but impossible to read.
  • #259
  • Mar 29, 2013 1:59pm Mar 29, 2013 1:59pm
I don't see the Variable input Custom_Zone_Candle_dayshift, can you please resend it? thanks

4x4x

Quoting Dadas
OK, just for You.

Kidding, for everybody.

Variable input Custom_Zone_Candle_dayshift = 1 means last closed candle of chosen Custom_Zone_Candle_Tf.

You will have to count the Candles backwards for backtesting.
Unless you have an indicator showing the Candle index number.

Multiple Candles will not work.
The indi is not written for multi.
And, if you put more Zone Candles, the colors will overlap,
and you will have a strange mosaic, artistic, but impossible to read.
  • #260
  • Edited 2:16pm Mar 29, 2013 2:04pm | Edited 2:16pm
An Easter Present:

Multi_Zone_Candle.mq4 with Candle Index.

You can highlight the following Zone Candles:
Y1 - Yearly,
MN - Monthly,
W1 - Weekly,
D1 - Daily,
H4 - 4-Hourly,
H1 - Hourly.

You can have them all at once or just the chosen ones.
Option shift included for each Tf separetely.

Candle Index if true, will show a dot under each candle.
Cursor on the dot will show Candle_Index = X .
X is the shift.

Have fun!
Attached File(s)
File Type: mq4 Multi_Zone_Candle.mq4   21 KB | 961 downloads
File Type: ex4 Multi_Zone_Candle.ex4   17 KB | 631 downloads
Trade the facts, not opinions.
2 traders viewing now