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Price Action in Day Trading by Dadas

  • #281
  • Edited 5:03pm Mar 31, 2013 4:46pm | Edited 5:03pm
Quoting Dadas
Really, guys, I think you know what I mean. It is clear on the charts I have posted. It really does not matter how we call it, as long as we know what to look for. As long, as we understand. The scenario on the chart is very rarely by definition. How many Engulfing Candles by definition have you seen on the charts? Use Your head, your brain, your common sense! Do not try to stick to this or that definition! So, I will make it clear, once more, on the following image: {image}
http://www.forexfactory.com/attachme...1&d=1364684119

I agree with you. We must not try to stick to a definition. But before you desagree with me, read my post again and conclude that your candles match the definition: second real body must engulf the prior real body (it need not engulf the shadows) after a definable trend. And be the
opposite color

By the way.
Great work
  • #282
  • Mar 31, 2013 5:15pm Mar 31, 2013 5:15pm
hi dadas

does i draw the TBCZ and PTECZ right ?. im still trying to digest this methodology and hopefully im in the right direction.

Attached Image (click to enlarge)
Click to Enlarge Name: daily.PNG Size: 45 KB


(a) this is the daily chart with daily cscz as background.
based on this there is a bullish trend based the candle that making higher low and higher high. so expecting to look for buying possibilities on the lower tf.

Attached Image (click to enlarge)
Click to Enlarge Name: h1.PNG Size: 54 KB


(b) this is the H1 chart. im drawing my TBCZ and PTECZ on this time frame.

Attached Image (click to enlarge)
Click to Enlarge Name: 5 min.PNG Size: 56 KB


(c) this is the 5 min chart to monitor the price action that take place within the TBCZ and PTECZ drawn on the H1 time frame.. a pullback torawds the PTECZ would be a place to look for a buying possibilities.

does i do it correctly. using the daily chart for cscz. hour 1 for drawing TBCZ and PTECZ. 5 min for monitoring and entry.

cheers
  • #283
  • Edited 7:45pm Mar 31, 2013 6:30pm | Edited 7:45pm
Dadas,
All I can say is This is AMAZING! These indicators will definitely open the eyes of many traders as their invaluable tool in their trading. Your indicators is helping me a lot in my analysis. Here is a picture of my chart with previous MN's HLOC (high, low, open, close), and previous W's HLOC plotted manually. Just to let you know that I have been doing well in my HLOC trading methodology. I believe it is almost similar to yours (yours is more intuitive). Traders can clearly see different levels of W and MN, and they can base their trading decision on the different levels.
If you can tweak the Multi_Zone_Candle to have an option of lines and colors, that would be great also.

Pic is EUR/JPY

4x4x


Quoting Dadas
But, why stop there? Why not use Custom_Zone_Candle_with_Index.mq4 and Multi_Zone_Candle.mq4 with Candle Index? Then, we can have several Zone Candles and/or PTECZ on a chart. And, from different Timeframes, too: Here, a D1 PTECZ by Multi_Zone_Candle.mq4, an H4 PTECZ by Multi_Zone_Candle.mq4, and another H4 PTECZ by Custom_Zone_Candle_with_Index.mq4: {image} {image} {image}
Attached Image (click to enlarge)
Click to Enlarge Name: Oldpic1.jpg Size: 58 KB
  • #284
  • Mar 31, 2013 9:36pm Mar 31, 2013 9:36pm
Quoting forexforex
Dadas, All I can say is This is AMAZING! These indicators will definitely open the eyes of many traders as their invaluable tool in their trading. Your indicators is helping me a lot in my analysis. Here is a picture of my chart with previous MN's HLOC (high, low, open, close), and previous W's HLOC plotted manually. Just to let you know that I have been doing well in my HLOC trading methodology. I believe it is almost similar to yours (yours is more intuitive). Traders can clearly see different levels of W and MN, and they can base their trading...
I know that there may be some differences between brokers charts, but your monthly OHLC levels are quite a bit different to those on my chart.
The weekly lines that you have put on your chart are definitely not from the previous week. The previous week is clearly visible on your chart. So where did those weekly lines come from?
Please Do Not PM Me With Coding Enquiries
  • #285
  • Mar 31, 2013 11:23pm Mar 31, 2013 11:23pm
Quoting forexforex
Dadas, All I can say is This is AMAZING! These indicators will definitely open the eyes of many traders as their invaluable tool in their trading. Your indicators is helping me a lot in my analysis. Here is a picture of my chart with previous MN's HLOC (high, low, open, close), and previous W's HLOC plotted manually. Just to let you know that I have been doing well in my HLOC trading methodology. I believe it is almost similar to yours (yours is more intuitive). Traders can clearly see different levels of W and MN, and they can base their trading...
I see that you have now edited and changed your chart and put different weekly levels (still not from the previous week though)
This was the chart that you posted originally.

Attached Image (click to enlarge)
Click to Enlarge Name: Oldpic1.jpg Size: 68 KB
Please Do Not PM Me With Coding Enquiries
  • #286
  • Apr 1, 2013 3:26am Apr 1, 2013 3:26am
Quoting ketherr
{image} ("http://www.forexfactory.com/attachment.php?attachmentid=1162652&d=1364684119") I agree with you. We must not try to stick to a definition. But before you desagree with me, read my post again and conclude that your candles match the definition: second real body must engulf the prior real body (it need not engulf the shadows) after a definable trend. And be the opposite color By the way. Great work
ketherr
I know, I do not disagree with you.

I wanted to thank you for your explanation.

And, I posted that to make things clear, again!

Sometimes, one just has to repeat, until others understand.
Trade the facts, not opinions.
  • #287
  • Apr 1, 2013 3:39am Apr 1, 2013 3:39am
scarcity
"does i draw the TBCZ and PTECZ right ?"
Yes, you are doing fine.

"(a) this is the daily chart with daily cscz as background. based on this there is a bullish trend based the candle that making higher low and higher high. so expecting to look for buying possibilities on the lower tf."
I will not comment on this.
You must experience the results, yourself.

"(b) this is the H1 chart. im drawing my TBCZ and PTECZ on this time frame."
Notice that the TBCZ is also a PTECZ ending the Local Bullish Trend.
Potentially, you could have taken a Short there, if your strategy allows this kind of investing.

"(c) this is the 5 min chart to monitor the price action that take place within the TBCZ and PTECZ drawn on the H1 time frame.. a pullback torawds the PTECZ would be a place to look for a buying possibilities. does i do it correctly. using the daily chart for cscz. hour 1 for drawing TBCZ and PTECZ. 5 min for monitoring and entry. "
You are doing it right!
You must experience the results, yourself - on demo.

Keep on the great work!
Trade the facts, not opinions.
  • #288
  • Apr 1, 2013 3:47am Apr 1, 2013 3:47am
The Short I had opened on Friday:
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m30-fxsalt-ltd-2.png Size: 55 KB
Trade the facts, not opinions.
  • #289
  • Apr 1, 2013 3:48am Apr 1, 2013 3:48am
I subscribe.
You are doing great Dadas.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpym15.png Size: 27 KB
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #290
  • Apr 1, 2013 4:08am Apr 1, 2013 4:08am
Quoting ejiexe
I subscribe. You are doing great Dadas. {image}
Hi Ejiexe,

Take care going long on this pair, always look from the top down
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1st Apr 13 EUR:JPY M1 Chart.png Size: 71 KB
Click to Enlarge Name: 1st Apr 13 EUR:JPY W1 Chart.png Size: 69 KB
Click to Enlarge Name: 1st Apr 13 EUR:JPY D1 Chart.png Size: 69 KB
  • #291
  • Apr 1, 2013 4:09am Apr 1, 2013 4:09am
Quoting forexforex
Dadas, All I can say is This is AMAZING!
If you can tweak the Multi_Zone_Candle to have an option of lines and colors, that would be great also. 4x4x
Well, not that I am resisting this time, but isn't that what the Zone Candle is showing?
You have, now the option to highlight any Candle by Index.

Do you really need to know the actual value of OHLC?

Isn't the pictured level enough?

If you need the value for TP, you can use the crosshair tool, right?

But, I might think about labelling the values on the Zone Candle.

And, that is exactly what I mean when I say: Global Positioning!
Trade the facts, not opinions.
  • #292
  • Apr 1, 2013 4:39am Apr 1, 2013 4:39am
Quoting stevepatt
Hi Ejiexe, Take care going long on this pair, always look from the top down {image} {image} {image}
You are correct man. I am trying to learn using this PA consolidation zone and follow the rule.

I am also looking if there is a way i can know when there is a breakup and breakdown after the PTECZ.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpym15.png Size: 66 KB
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #293
  • Apr 1, 2013 4:42am Apr 1, 2013 4:42am
why exit there?

hold positions if it breaks above that level..

(that is the exit of a long entry right?)
  • #294
  • Apr 1, 2013 5:00am Apr 1, 2013 5:00am
Quoting Dadas
scarcity "does i draw the TBCZ and PTECZ right ?" Yes, you are doing fine. "(a) this is the daily chart with daily cscz as background. based on this there is a bullish trend based the candle that making higher low and higher high. so expecting to look for buying possibilities on the lower tf." I will not comment on this. You must experience the results, yourself. "(b) this is the H1 chart. im drawing my TBCZ and PTECZ on this time frame." Notice that the TBCZ is also a PTECZ ending the Local Bullish Trend. Potentially, you could...
thank you dadas.. at least i know that im in the right direction in digesting your methodology.. will reread again this thread and practising to draw the TBCZ and PTECZ while watching the price action and learn what is the candle is telling me..
  • #295
  • Apr 1, 2013 5:00am Apr 1, 2013 5:00am
forexforex & everybody

I just got an idea after forexforex post!

It is not about the OHLC lines and levels, but about methodology.

Let's say we trade OHLC levels, like forexforex.

This would be the methodology using the Custom_Zone_Candle_with_Index.mq4 and H1 chart:

1. H1 on MN (Custom_Zone_Candle_Tf = 43200):
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-h1-fxsalt-ltd-2.png Size: 56 KB

We see where the price is in relation to OHLC levels of last month.

Switching chart to MN for a moment, we can also see the historical levels:
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-mn1-fxsalt-ltd.png Size: 67 KB


We can make first conclusions about where the price is more likely to go next.

2. H1 on W1 (Custom_Zone_Candle_Tf = 10080):
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-h1-fxsalt-ltd-3.png Size: 57 KB


Switching chart to W1 for a moment, we can also see the historical levels:
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-w1-fxsalt-ltd.png Size: 63 KB


We can make further conclusions about where the price is more likely to go next.

3. H1 on D1 (Custom_Zone_Candle_Tf = 1440):
If it is Monday, you might want to use Custom_Zone_Candle_Index = 2
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-h1-fxsalt-ltd-4.png Size: 58 KB


Switching chart to D1 for a moment, we can also see the historical levels:
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-d1-fxsalt-ltd.png Size: 44 KB


I would now check the picture on Custom_Zone_Candle_Index = 4,
because it is the important trend Candle, the next Candles are inside it:
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-d1-fxsalt-ltd-3.png Size: 50 KB


Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-h1-fxsalt-ltd-5.png Size: 59 KB


Now, I think we have all the information on direction for today, or even longer, don't we?

The next step, the Entry Searching, depends on what you are trading, the Term Trading, DT, or Longer?

This is where you decide what trends you want to exploit?
The very Local ones, or the bigger trends, or the very big long term trends.

The choice is yours, it is your strategy!
Trade the facts, not opinions.
  • #296
  • Apr 1, 2013 5:06am Apr 1, 2013 5:06am
The above should be your answer.

I repeat, again:

- Global Positioning - first!

If you always do it like that, from the top to bottom,
you will be able to make the right decisions.

The mistake margin will be much smaller.
Trade the facts, not opinions.
  • #297
  • Apr 1, 2013 5:12am Apr 1, 2013 5:12am
Quoting openyoureyes
why exit there? hold positions if it breaks above that level.. (that is the exit of a long entry right?)
Look at the Global Positioning first!

Look at the H1 chart!

Exit Long is correct, because the price is only retracing on the Bearish Breakdown Candle!

Generally, we should not take Longs on a Bearish Trend!

Look at all the symptoms, from MN down to D1, as above.

Does it look like Long anywhere?

The price is at Support Floor and Breaking Down Supports.

Maybe it is not wise to make firm decisions, now?

See the H4 on D1 (D1 with index 4 - important trend D1):
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-h4-fxsalt-ltd.png Size: 70 KB


Maybe wait for H4 to close?
See what is happening?

Or risk, and go scalping, choice is always Yours!
Trade the facts, not opinions.
  • #298
  • Apr 1, 2013 5:25am Apr 1, 2013 5:25am
Hi Gumrai,
The lines (MN/W) are plotted manually on top of the indicator so they may not be accurate.
I did it just for demonstration that you could have shorted those levels.

Try this for an accurate demo (thanks to Dadas for the indicator):
Using Multi_Zone _Candle>>
1. Show_MN_Rectangle = true
2. MN_Rectangle_shift 2
3. Plot manually with linesv*
4. MN_Rectangle_shift 1
5. Plot manually with lines

Do the same instructions with weeks
Also try MN_Rectangle_shift 3 and you'll see a confirmation of the resistance in at the High
Where the MN and W converge are the significant levels.

*Plotting the lines manually may still give inaccurate levels, but close enough.
I am not sure if it is possible plot these levels automatically using an indicator so we can get more accurate reading.



4x4x


Quoting Gumrai
I see that you have now edited and changed your chart and put different weekly levels (still not from the previous week though) This was the chart that you posted originally. {image}
  • #299
  • Apr 1, 2013 5:35am Apr 1, 2013 5:35am
In other words, EURJPY is at some important Low moment.

So, the price will, probably stick around before it makes a firm decision.

That is the moment where the inexperienced trader gets lost, because
they do not know what to do.
The answer is simple: Do not do anything, watch the Price Action!

Watch and wait for trend to confirm.

Look at the M30 chart with D1 Custom_Zone_Candle_Index = 2 :
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-m30-fxsalt-ltd.png Size: 63 KB

The PTECZ for Potential Long is still only Potential - Why?
Because there is no retrace to the PTECZ from above which would confirm the Long.

Yes, there is some Pip potential (ca. 45 Pips) on that Long, at least to the Resistance (D1 lower shadow).

If you are the aggressive type of trader and Enter very early, that is your choice!
Trade the facts, not opinions.
  • #300
  • Apr 1, 2013 5:44am Apr 1, 2013 5:44am
Quoting forexforex
I am not sure if it is possible plot these levels automatically using an indicator so we can get more accurate reading. 4x4x
Plotting any lines is always possible with an Indicator-tool.
Just specify more precisely, because from what I understand,
You want to plot lines from different Index Candles, thus with automatic plotting,
you need the lines to stay there when you change the index.

This requires more aware use of the indicator, because the lines must always stay there
and must be later deleted manually.

I will write a separate Indicator for this.
Trade the facts, not opinions.
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