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Price Action in Day Trading by Dadas

  • #361
  • Apr 3, 2013 7:33am Apr 3, 2013 7:33am
OK, just closed the second Long on EURUSD,
because there seems to be some resitance in this area.

The price is bouncing back.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m5-fxsalt-ltd.png Size: 74 KB


And, I have got to get smth to eat!
Trade the facts, not opinions.
  • #362
  • Apr 3, 2013 7:50am Apr 3, 2013 7:50am
Dadas
Previous to draw the three lines Divergence and only the latter was trading.
Thank you for the comments and tips. I'm at the beginning of your thread.I read your posts and am looking to understand price action.

Quoting Dadas
parsfx I do not mean to abuse you in any way, but I want to comment on what I see on your chart. Yes, this is some kind of PA trading, but I see that, maybe, you do not understand Price Action in the way I present in this thread. In your chart, there are 4 trades shown. You deleted the arrows. You forgot to delete the lines. Those 3 trades are terrible! The 4th trade is OK, but you opened somewhere and closed somewhere. Please, read this thread carefully, it will help you trade better.
Persian Gulf forever
  • #363
  • Apr 3, 2013 8:08am Apr 3, 2013 8:08am
EURJPY
Looks like the important Candle is yesterday's D1, so I plot:
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-d1-fxsalt-ltd.png Size: 57 KB

Also, we can see where we are historically.
And, the price is consolidating at D1.

Looking down:
H4
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-h4-fxsalt-ltd.png Size: 61 KB

Looks like a Bullish Trend is building.

H1
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-h1-fxsalt-ltd.png Size: 67 KB

Still looks more like Bullish.
However, price is not Breaking Up.

M30
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-m30-fxsalt-ltd.png Size: 73 KB

We see very clear PTECZs.

M5
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-m5-fxsalt-ltd.png Size: 73 KB

Shows the rest of the story.
Trade the facts, not opinions.
  • #364
  • Apr 3, 2013 8:47am Apr 3, 2013 8:47am
Quoting Dadas
Shows the rest of the story.
Yes! Deeper understanding after read through this thread. Especially this post.

Thank You Dadas.
Pursue the best and share to others!
  • #365
  • Apr 3, 2013 9:01am Apr 3, 2013 9:01am
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m5-fxsalt-ltd-3.png Size: 73 KB

Now, some comments on why?
As you can see, I set a TP twice at the same level.

However, I closed both trades on Price Action.

I have been thinking about this a lot.

TP & SL vs. Price Action
TP is, really, hoping that the Price reaches that level.
SL is hoping that the Price does not reach that level.

Price Action is trading upon the action of the Price.
Price Action trading is taking what the Market is giving,
according to the Action of the Price.

We are trying to eliminate the "hoping" and "guessing" to as little as we can!
We are trying to introduce Price Awareness into Trading.
We do not want to be shooting blindfolded, we want open eyes.

Maybe, I will make a few Pips less.
I must eat and do some other things, sometimes.

But, I can say to myself: "Enough for today!"

Or, I can trade some more!

As long as I know what I am doing!
As long as You know what You are doing!

Price has reached my TP level.
Trade the facts, not opinions.
  • #366
  • Apr 3, 2013 9:17am Apr 3, 2013 9:17am
Now, for those who are learning!

Tell me by looking at this image,
how do we see that Bullish is stronger than Bearish?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m30-fxsalt-ltd.png Size: 73 KB
Trade the facts, not opinions.
  • #367
  • Apr 3, 2013 9:37am Apr 3, 2013 9:37am
Quoting Dadas
Now, for those who are learning! Tell me by looking at this image, how do we see that Bullish is stronger than Bearish? {image}
Higher high and higher low?
  • #368
  • Apr 3, 2013 9:47am Apr 3, 2013 9:47am
I am at work and cant post image.

The bodies of the green candle are bigger than the bodies of the red candle since about 8.30
Bottomless wonders spring from simple rules, which are repeated without end
  • #369
  • Apr 3, 2013 9:54am Apr 3, 2013 9:54am
Price is rising fast and then falls away slowly and then rises fast again.......
  • #370
  • Apr 3, 2013 10:03am Apr 3, 2013 10:03am
Quoting fxblinkers
Price is rising fast and then falls away slowly and then rises fast again.......
Yes, the best answer.

The Bullish Candles are long and go up fast.
The Bearish Candles are distributed over a longer time.

Bullish slope is steep.
Bearish slope is mild.

You can see that on the M1 chart if you are able to stand the jumps.
Observing the Price Action as it takes place.
Some people can not watch this, because they get anxious, nervous!

But, the more you watch this, the more you will get used, and finally,
you will be able to control your emotions.

Caution:
Some people can not do that at all!
Trade the facts, not opinions.
  • #371
  • Apr 3, 2013 10:25am Apr 3, 2013 10:25am
Quoting Dadas
{image} Now, some comments on why? As you can see, I set a TP twice at the same level. However, I closed both trades on Price Action. I have been thinking about this a lot. TP & SL vs. Price Action TP is, really, hoping that the Price reaches that level. SL is hoping that the Price does not reach that level. Price Action is trading upon the action of the Price. Price Action trading is taking what the Market is giving, according to the Action of the Price. We are trying to eliminate the "hoping" and "guessing" to as little as we can! We are trying...
Well said. I am really learning day by day. WE TAKE WHAT THE MARKET GIVES US. WE SHOULD NOT BE SO HOPE OR GUESS. HUMMMMMM.


Unfortunately I was away. So we could just long right from the previous month close. Hummmmmm. PRICE ACTION IS THE KING.

Thank you Dadas for showing we newbies this approach.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpym15035.png Size: 101 KB
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #372
  • Apr 3, 2013 10:35am Apr 3, 2013 10:35am
GU update.

I am not looking for short but this is what the market is ready to give for now.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdm15032.png Size: 72 KB
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #373
  • Apr 3, 2013 11:18am Apr 3, 2013 11:18am
Yeah!

And you know what?
I have just had, what I will call:

"The Ultimate Realization"

Remember what I always said? Balance = 0

What has been taken, must be given back.
What has been given, must be taken back.

Sooner or later, one time or another.

Do you know why my TP from today had to be realized?
Why there was no other way?

This is why:
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-d1-fxsalt-ltd.png Size: 63 KB


If someone still does not know WTF is the Zone Candle for,
please reread the thread, copy to your charts, practise until you understand!
Trade the facts, not opinions.
  • #374
  • Apr 3, 2013 11:39am Apr 3, 2013 11:39am
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-d1-fxsalt-ltd.png Size: 57 KB


It doesn'it get any better than this!
Trade the facts, not opinions.
  • #375
  • Apr 3, 2013 11:50am Apr 3, 2013 11:50am
Taking as refference the actual Consolidation Candle from this level, there is no doubt.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-d1-fxsalt-ltd.png Size: 56 KB

The rest, above is extra bonus.
Trade the facts, not opinions.
  • #376
  • Apr 3, 2013 12:33pm Apr 3, 2013 12:33pm
And, in case anybody has not yet understood how Candles work, how they
are built from Price Action, please read Understandig the chart, again,
and study this image with D1 Candles on the M30 chart.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m30-fxsalt-ltd.png Size: 80 KB
Trade the facts, not opinions.
  • #377
  • Apr 3, 2013 1:17pm Apr 3, 2013 1:17pm
Quoting ejiexe
Thank you Dadas for showing we newbies this approach. {image}
ejiexe
Can you explain just one issue?

You are FF member since 2007 and you have 9 vouchers, 557 posts.

How is it you are calling yourself "newbie"?

I like your approach, and I am happy to see you can benefit from my method.

But, this one little issue keeps bothering my mind?
Trade the facts, not opinions.
  • #378
  • Apr 3, 2013 1:37pm Apr 3, 2013 1:37pm
BTW ejiexe,

You were wondring where GBPJPY is going next?
This image may give you some insight:
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-m15-fxsalt-ltd.png Size: 68 KB


And this one:
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-d1-fxsalt-ltd.png Size: 64 KB
Trade the facts, not opinions.
  • #379
  • Apr 3, 2013 1:55pm Apr 3, 2013 1:55pm
And, one more view of the GBPJPY:
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-d1-fxsalt-ltd-3.png Size: 63 KB


If you were asking wheather there is space down - yes, a lot of space down.
Trade the facts, not opinions.
  • #380
  • Apr 3, 2013 3:16pm Apr 3, 2013 3:16pm
Attached Image (click to enlarge)
Click to Enlarge Name: 3avril.gif Size: 25 KB


My work since friday. I send you a private message.
Bottomless wonders spring from simple rules, which are repeated without end
3 traders viewing now