Price Action in Day Trading by Dadas | Page 16 | Forex Factory

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Price Action in Day Trading by Dadas

  • #301
  • Apr 1, 2013 3:54am Apr 1, 2013 3:54am
Quoting openyoureyes
why exit there? hold positions if it breaks above that level.. (that is the exit of a long entry right?)
That is the exit for short and ofcourse that is a signal for long but needs to wait for little retracement to consolidation zone.
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #302
  • Apr 1, 2013 4:16am Apr 1, 2013 4:16am
You know what, guys?!

I could have taken the ca. 40 Pips from the Friday Short,
if I had gotten the idea then, to see it like this,
Custom_Zone_Candle_Tf = 1440,
Custom_Zone_Candle_Index = 4 (the important trend Candle).

I checked the W1 and MN, all show the same thing.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m30-fxsalt-ltd-2.png Size: 65 KB


All I needed to do was set my TP just above the Support Zone!

I would have woken up this morning to a bright 40 Pip profit!
Trade the facts, not opinions.
  • #303
  • Apr 1, 2013 4:39am Apr 1, 2013 4:39am
would this PA strategy be applicable to stocks too ?
  • #304
  • Apr 1, 2013 4:43am Apr 1, 2013 4:43am
Dadas

Latecomer here and making my way through your very informative thread. Really like how you have taken it back to the basics. Question? What has happened to the diagrams you posted in posts #3 and #4. They seem not to be loading anymore. Thanks again.
Audentes Fortuna Juvat
  • #305
  • Apr 1, 2013 5:29am Apr 1, 2013 5:29am
Quoting Nijee
Dadas Latecomer here and making my way through your very informative thread. Really like how you have taken it back to the basics. Question? What has happened to the diagrams you posted in posts #3 and #4. They seem not to be loading anymore. Thanks again.
Yes, that is a problem.
They are on a different server, seems the views I get overload that server.
I have asked moderators to enable edit mode for these two posts, so I could upload the charts.

Waiting for their action!
Trade the facts, not opinions.
  • #306
  • Apr 1, 2013 5:32am Apr 1, 2013 5:32am
Quoting CheekyMonkee
would this PA strategy be applicable to stocks too ?
I quess, however, the traditional Stock Market, without leverage, is a bit different.

You must follow the fundamentals and know the situation of the company you own stock.

I have never invested in Stocks, so you must check that out for yourself!
Trade the facts, not opinions.
  • #307
  • Edited 9:42am Apr 1, 2013 5:45am | Edited 9:42am
I have created a new version of Multi_Zone_Candle.mq4.
Now, also available as Multi_Zone_Candle_OHLC_Lines.mq4.

There is a trick, example:
1. Show_MN_Rectangle true & Show_MN_OHLC_Lines false - will show only the Zone Candle.

2. Show_MN_Rectangle true & Show_MN_OHLC_Lines true - will show the Zone Candle and the OHLC Lines.

3. Changing the MN_Rectangle_shift while Show_MN_OHLC_Lines true - will show the new Zone Candle and the OHLC Lines.

The previously drawn lines always stay on the chart once drawn.
They are labelled, so you can know what they are and which Index from.
You must have the "Show Object Text" ticked on in the chart Properties.
You can, then input Show_MN_Rectangle false, the lines will stay.
You can delete the already drawn lines manually - they will always stay on the chart if you do not delete them manually.

This may take some practise, but it is not that difficult!
Attached File(s)
File Type: mq4 Multi_Zone_Candle_OHLC_Lines.mq4   35 KB | 553 downloads
File Type: ex4 Multi_Zone_Candle_OHLC_Lines.ex4   33 KB | 475 downloads
Trade the facts, not opinions.
  • #308
  • Apr 1, 2013 6:27am Apr 1, 2013 6:27am
So, we can, now have a picture like the following one:
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-h4-fxsalt-ltd.png Size: 58 KB
Trade the facts, not opinions.
  • #309
  • Apr 1, 2013 8:04am Apr 1, 2013 8:04am
Any way you look at it, the PTECZ is working!
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m5-fxsalt-ltd.png Size: 50 KB
Trade the facts, not opinions.
  • #310
  • Apr 1, 2013 8:29am Apr 1, 2013 8:29am
Quoting Dadas
I have created a new version of Multi_Zone_Candle.mq4. Now, also available as Multi_Zone_Candle_OHLC_Lines.mq4. There is a trick, example: 1. Show_MN_Rectangle true & Show_MN_OHLC_Lines false - will show only the Zone Candle. 2. Show_MN_Rectangle true & Show_MN_OHLC_Lines true - will show the Zone Candle and the OHLC Lines. 3. Changing the MN_Rectangle_shift while Show_MN_OHLC_Lines true - will show the new Zone Candle and the OHLC Lines. The previously drawn lines always stay on the chart once drawn. They are labelled, so you can know what they...

Thanks for sharing. Nice ones
  • #311
  • Apr 1, 2013 9:04am Apr 1, 2013 9:04am
Quoting Dadas
So, we can, now have a picture like the following one: {image}
Hi Dadas,
First of all , I want to extend my thanks to you for sharing your knowledge. It is very kind of you. It really gives me new insight into trading.
Also thanks for sharing your indicator tools. It is very useful to me. However , I notice there might be a slight mistake in the indicator tools as shown in my attachment. It happens in daily candle zone only. Attached sample is a daily chart (BTW , I am just a newbie , pls forgive if i mistaken)
Attached Image (click to enlarge)
Click to Enlarge Name: CZ.JPG Size: 58 KB
  • #312
  • Apr 1, 2013 9:04am Apr 1, 2013 9:04am
Hi Dadas,
Late commer here. Looking for a thread like this one.
Thanks for sharing the strategy. Please carry on and allow us to be your part.

Thanks again.

Khaled
KISS - Keep It Simple Smart !!!!
  • #313
  • Apr 1, 2013 9:32am Apr 1, 2013 9:32am
I downloaded and attached the indicator Multi Zone Candel OHLC Lines. Can anyone help me to understand how it is used to open/close position?

Thanks in advance.
KISS - Keep It Simple Smart !!!!
  • #314
  • Apr 1, 2013 9:48am Apr 1, 2013 9:48am
Quoting wschoo26
Hi Dadas, First of all , I want to extend my thanks to you for sharing your knowledge. It is very kind of you. It really gives me new insight into trading. Also thanks for sharing your indicator tools. It is very useful to me. However , I notice there might be a slight mistake in the indicator tools as shown in my attachment. It happens in daily candle zone only. Attached sample is a daily chart (BTW , I am just a newbie , pls forgive if i mistaken) {image}
Yes, I was just about to write:

There was a Monday limitation to always show D1 from Friday.

Now, limitation is cancelled, corrected.

The corrected versions to upload from the original post and here.
Attached File(s)
File Type: mq4 Multi_Zone_Candle_OHLC_Lines.mq4   35 KB | 742 downloads
File Type: ex4 Multi_Zone_Candle_OHLC_Lines.ex4   33 KB | 543 downloads
Trade the facts, not opinions.
  • #315
  • Apr 1, 2013 9:51am Apr 1, 2013 9:51am
Quoting khaled_ctg
I downloaded and attached the indicator Multi Zone Candel OHLC Lines. Can anyone help me to understand how it is used to open/close position? Thanks in advance.
It is not to open/close positions.
It shows the Zone Candle and OHLC Lines.

Please, you must study the whole thread to understand.
Trade the facts, not opinions.
  • #316
  • Apr 1, 2013 10:48am Apr 1, 2013 10:48am
The explanation of this PA by Dadas is just too good. He is teaching us the way to see the PA which can be tailor to individual strategy with good money management.

Everyone of us see price in different way though.

Weldone for your explanation of the PA. I am sure alot of people can see the light now.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdm15.png Size: 78 KB
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #317
  • Apr 1, 2013 11:37am Apr 1, 2013 11:37am
Quoting ejiexe
The explanation of this PA by Dadas is just too good. He is teaching us the way to see the PA which can be tailor to individual strategy with good money management. Everyone of us see price in different way though. Weldone for your explanation of the PA. I am sure alot of people can see the light now. {image}
So, you use a small period Moving Average to tell you about trend.

I suggest you look at it like this:
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-m30-fxsalt-ltd-2.png Size: 59 KB


Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-m15-fxsalt-ltd.png Size: 67 KB


Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-m5-fxsalt-ltd.png Size: 55 KB


Go on, move one level up, upgrade your trading!
Trade the facts, not opinions.
  • #318
  • Apr 1, 2013 11:41am Apr 1, 2013 11:41am
Or, you could use the earlier important PTECZ on M30:
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-m30-fxsalt-ltd-3.png Size: 60 KB


Why is it important?

Because it ended the Local Bearish Retracement Trend and price never Broke down from this PTECZ.
Trade the facts, not opinions.
  • #319
  • Apr 1, 2013 12:45pm Apr 1, 2013 12:45pm
Thank you for the guide and the clue. It is really helping me as newbies to see the market in a different way.

However, when I check the 30min in realtime and not aftermath, I discovered there was no breakup, so I went to lowertime frame. 15min is usually my favorite for entry though. So I waited and waited until I see the breakup. The trend is bullish and what I was looking for is a breakup. In fact, the first thing for me is to look for a breakup if I want to long before I even identify the PTECZ. Once I see the breakup, I will identify the PTECZ and work out the retracement back to few pips away from PTECZ for entry while my stop loss will be below the recent low. I will also ensure that there is no close CSCZ that can challenge the price on the way.

On the 30min chart you shown, it might be difficult to know which PTECZ will work before the trade develop.
The moving average on my chart is just there on the chart. I did'nt use it to make any decision.

I know how easy it is to analyse the chart aftermath as we cannot say for sure what the price will do.

we the same method, I was able to get 40pips on EJ and 40pips on GJ as well. Far above my target as an intraday trader.

Like you said, there are local trend within the global trend.

This is the way I see the price. I will really appreciate it if you can guide me more if I am doing the wrong thing.
Thank you.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdm30.png Size: 71 KB
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #320
  • Apr 1, 2013 12:47pm Apr 1, 2013 12:47pm
I'm really enjoying what you are showing here Dadas.

I only have time, these days, to trade EOD so I use the monthly zone candle and look for PTECZ on the daily and weekly charts and trade from the daily or if i can the H4 charts.

Looking at GBP/USD I see the weekly candle from 11th Mar. to 15th Mar. still having influence today, as you have already said it's important to look for the potential trend ending stand out candles.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1st Apr 13 GBP:USD W1 Chart.png Size: 71 KB
Click to Enlarge Name: 1st Apr 13 GBP:USD M30 Chart.png Size: 101 KB
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