Price Action in Day Trading by Dadas | Page 24 | 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

  • #461
  • Apr 5, 2013 4:47am Apr 5, 2013 4:47am
USDJPY
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy-h1-fxsalt-ltd.png Size: 60 KB

The refference is MN (43200) Zone_Candle_Index = 1.
Price danced around MN Candle Body Middle Line (the Green Dash Line).
Price bounced up of MN Support Zone.
Price Broke Out MN Candle Body Middle Line then W1 Candle Body Middle Line
Price Broke Out MN Resistance Zone.
PTECZ ended the Bullish Trend for now.

M5 with just the H1 PTECZs as they were.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy-m5-fxsalt-ltd.png Size: 63 KB
Trade the facts, not opinions.
  • #462
  • Apr 5, 2013 4:54am Apr 5, 2013 4:54am
Dadas,
Sorry I made you angry the other day. I am still on vacation. The right click of my laptop's mouse went defective. I did not know how to manipulate the chart with this. Sorry again. Anyway, I am not trading yet. I will be back next week.

4x4x

Quoting Dadas
Guys, I am a patient person, but when I get ANGRY, you had better get out if my way! "Sorry about the yellow line. Please ignore it." The yellow line, blue with others, stands out in foreground, covers the Candles, makes it impossible to read Price Action, and You say "ignore it" - both of you!? The least you could do is tick the "Chart on foreground" option in chart Properties. Or, the MA in background. The best thing to do is get rid of it, completely. It is like saying: "I can see it is blue, but tell me is it blue?" Wake up now, wake...
  • #463
  • Apr 5, 2013 4:55am Apr 5, 2013 4:55am
GBPJPY
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-h1-fxsalt-ltd-2.png Size: 56 KB

The refference is MN (43200) Zone_Candle_Index = 2.
Price danced around MN Candle Body Middle Line (the Green Dash Line).
Price bounced up of MN Support Zone.
Price Broke Out MN Candle Body Middle Line then W1 Candle Body Middle Line
Price stopped in MN Resistance Zone.
PTECZ ended the Bullish Trend for now.

M5 - here the H1 PTECZ moved to where it started on M5:
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-m5-fxsalt-ltd.png Size: 62 KB
Trade the facts, not opinions.
  • #464
  • Apr 5, 2013 5:02am Apr 5, 2013 5:02am
GBPUSD
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-h1-fxsalt-ltd-2.png Size: 70 KB

The refference is MN (43200) Zone_Candle_Index = 1.
Price bounced up of MN Support Zone.
Price Broke Out MN Candle Body Middle Line.
Price stopped at W1 Candle Body Middle Line in Resistance Zone.
PTECZ ended the Bullish Trend for now.

There was ca. 30 Pips - but nothing certain here.
Trade the facts, not opinions.
  • #465
  • Apr 5, 2013 5:08am Apr 5, 2013 5:08am
You can also notice in The reference is MN (43200) Zone_Candle_Index = 3 that we are at the High 3 months ago. So, I guess the market is testing this level.

4x4x

Quoting Dadas
GBPJPY {image} The refference is MN (43200) Zone_Candle_Index = 2. Price danced around MN Candle Body Middle Line (the Green Dash Line). Price bounced up of MN Support Zone. Price Broke Out MN Candle Body Middle Line then W1 Candle Body Middle Line Price stopped in MN Resistance Zone. PTECZ ended the Bullish Trend for now. M5 - here the H1 PTECZ moved to where it started on M5: {image}
  • #466
  • Apr 5, 2013 5:08am Apr 5, 2013 5:08am
EURGBP
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp-h1-fxsalt-ltd.png Size: 68 KB

The refference is D1 (1440) Zone_Candle_Index = 1.
Yesterday was almost a Consolidation Day, here.
Price is struggling around W1 Candle Body Middle Line.
Trade the facts, not opinions.
  • #467
  • Apr 5, 2013 5:14am Apr 5, 2013 5:14am
AUDUSD
Attached Image (click to enlarge)
Click to Enlarge Name: audusd-h1-fxsalt-ltd-2.png Size: 80 KB

The refference is MN (43200) Zone_Candle_Index = 1.
Price bouced down of MN Resistance ceiling, but is still inside the Zone.
Seems like W1 Candle Body Middle Line is also important, here.
Trade the facts, not opinions.
  • #468
  • Apr 5, 2013 5:22am Apr 5, 2013 5:22am
EURAUD
Attached Image (click to enlarge)
Click to Enlarge Name: euraud-h1-fxsalt-ltd.png Size: 60 KB

The refference is D1 (1440) Zone_Candle_Index = 1.
This pair seems like it is moving up.
W1 Candle Body Middle Line is now Support.
MN Candle Body Middle Line is Resistance, and it it high up there, ca. 160 Pips.
Maybe, a good idea would be to wait for Break Out from D1 Resistance and retrace.
Trade the facts, not opinions.
  • #469
  • Apr 5, 2013 5:26am Apr 5, 2013 5:26am
Quoting Dadas
This post shows your are still fighting against, figuring out, predicting, trying... Instead, just follow my steps from examples. Yes, the shift of trend is often seen on lower Tfs first, but you can not know if it is really a shift, until you see it on higher Tfs. For JPY pairs, I recommend H4, sometimes H1.
Thanks for pointing out my weaknesses. I really appreciate it. I will have to go through the thread again. May be I have lost along the line. I really wanted to follow your step to be able to achieve the best. Thanking for showing us the newbies the way to be a trader.

I think I will be asking much questions now than posting charts. My charts seems not to be irrelevant for now as I am not follow your steps.

What is the real use of CSCZ?

Can it be used this way?
Attached Image (click to enlarge)
Click to Enlarge Name: eurcadh10501.png Size: 81 KB
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #470
  • Apr 5, 2013 5:37am Apr 5, 2013 5:37am
Dadas,

I am watching here since last week, somehow your explanation still has same direction with my knowledge, especially at beginning

Than I begin confuse
- to pick which one is the right PTEZ,
- to chose Global candle
- Local Trend
- etc

So I just reading posts in here with blank mind, just read it.. hahaha, I feel so far behind, there is a huge gap. I am lost.
I have to draw and try by myself as you suggest.
I am starting over to page 1.

See you in future page
  • #471
  • Apr 5, 2013 5:42am Apr 5, 2013 5:42am
Quoting georgez
... their gold spread is 50, very wild ...
Well, no, actually, you must understand the scale.
The common standard Pip is understood as the 4th Digit on EURUSD.
But, the MT4 uses the Point instead of Pip (or both).

For programming there is Point not Pip.
Point is the last Digit on every instrument.

So, there has been a lot of misunderstanding, because even the MT4 is inconsistent
in text description/labelling, and brokers are, too.

50 GOLD Points = 5 standard Pips.

This is not so wild, at all, I have seen more "wild" brokers.

This is why traders have problems with GOLD, when they do not understand this fact.

GOLD is 10 x the EURUSD scale, and the charts looks like that, too.

Plus, Average Ranges of GOLD are large, sometimes very large!
Trade the facts, not opinions.
  • #472
  • Edited 6:00am Apr 5, 2013 5:50am | Edited 6:00am
Quoting ejiexe
What is the real use of CSCZ? Can it be used this way? {image}
It is used exactly in this way to create the Zone Candle!
Attached Image (click to enlarge)
Click to Enlarge Name: eurcadh1.png Size: 35 KB


You took just a part of the idea, which fitted you the most at that time.

Now, you see the application, but did not understand the basics.

No problem, everything is in this thread, just read carefully from the begining.

Sometimes, even if you have been around for a long time, it is still worth
looking back to the basics! Take a step back, so you can jump 3-6 steps forward!
Trade the facts, not opinions.
  • #473
  • Apr 5, 2013 6:56am Apr 5, 2013 6:56am
Quoting georgez
... one of the problems I am facing is that how to set up SL and TP. The SL often times set it too close and TP is either too close or too far away.
There is no Golden Rule for TP & SL which works every time.

Sometimes, the price may miss your TP by 1 Pip or 0.1 Pip,
and then trigger your SL, if you were not there to see the situation.

Sometimes, the price will trigger your SL by 1 Pip or 0.1 Pip,
and then return to where your TP had been.

These moments frustrate us the most!

Traders have invented the TP & SL strategy in combination with R/R and
something that is called Efficiency. In order for this strategy to work, you must first
keep a good Risk to Reward ratio, minimum 1/2, better 1/3 and up.

So, this means that if your TP = 20 Pips, SL must be 10 Pips or less.
This is a very difficult job, you must enter very precisely, mostly impossible!

TP = 30 Pips / SL = 10 Pips - Still very, very hard.
TP = 90 Pips / SL = 30 Pips - This is reasonable.
But, then where can we get 90 Pips in Day Trading on 1 trade?

Not easy, not often. Yesterday, yes. Otherwise, very difficult.

The next problem is Efficiency which should be at 70% Profit trades to 30% Loss trades.

Plus the 1% - 3% Balance you want to risk.

Do you understand why you must lose your money if you do not understand PA,
if you can not read charts, if you can not enter good?

This is how it is all set up - you must lose your money, there is no other way!

In order to use TP & SL in a profitable way, keeping the above rules,
you must be a near perfect machine!

However, if you understand Price Action, if you can read the charts,
if you know what the Market is about, if you know the traps, if you know your Trade,
that is when you can start using the whole knowledge to your advantage!

Forex is like a Landmine Field - the Trader is like the Sapper.

If you do not know what you are doing, you get blown up!
Trade the facts, not opinions.
  • #474
  • Apr 5, 2013 7:13am Apr 5, 2013 7:13am
Quoting ejiexe
Thanks for pointing out my weaknesses. I really appreciate it. I will have to go through the thread again. May be I have lost along the line. I really wanted to follow your step to be able to achieve the best. Thanking for showing us the newbies the way to be a trader. I think I will be asking much questions now than posting charts. My charts seems not to be irrelevant for now as I am not follow your steps. What is the real use of CSCZ? Can it be used this way? {image}
EURCAD update.
Attached Image (click to enlarge)
Click to Enlarge Name: eurcadh10502.png Size: 107 KB
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #475
  • Apr 5, 2013 7:17am Apr 5, 2013 7:17am
Thanks so much for clarify that, yes, I see it now. This is important issue to know indeed.

Quoting Dadas
Well, no, actually, you must understand the scale. The common standard Pip is understood as the 4th Digit on EURUSD. But, the MT4 uses the Point instead of Pip (or both). For programming there is Point not Pip. Point is the last Digit on every instrument. So, there has been a lot of misunderstanding, because even the MT4 is inconsistent in text description/labelling, and brokers are, too. 50 GOLD Points = 5 standard Pips. This is not so wild, at all, I have seen more "wild" brokers. This is why traders have problems with GOLD, when they do not...
  • #476
  • Apr 5, 2013 7:20am Apr 5, 2013 7:20am
I need to go back and start re reading this thread so I can understand the basis. I need to think like my master.

All the same I need to say a VERY BIG THANK YOU for teaching me how to read the chart. I hope one day I will have 1/10 of your wisdom.
Attached Image
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #477
  • Apr 5, 2013 7:23am Apr 5, 2013 7:23am
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad-h4-fxsalt-ltd.png Size: 66 KB


Attached Image (click to enlarge)
Click to Enlarge Name: eurcad-m30-fxsalt-ltd.png Size: 67 KB


The train is running.
Look at Daily Range.
Trade the facts, not opinions.
  • #478
  • Apr 5, 2013 7:36am Apr 5, 2013 7:36am
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurcadh40501.png Size: 28 KB
Click to Enlarge Name: gu.gif Size: 9 KB
Attached Image
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #479
  • Apr 5, 2013 7:36am Apr 5, 2013 7:36am
digu, thank you for your post!
There are, probably, more people with the same problem.
But someone must share, so I can clarify.

Quoting digu
Than I begin confuse - to pick which one is the right PTEZ,
There is no right or wrong PTECZ!
The PTECZ is just what it is - The Potential Trend Ending Consolidation Zone.
It is always the Trend Ending Consolidation Zone.
One trend ends, another one begins.
The other one can be Reverse Trend or Continuation Trend.
We must, only perfect our ability to trade from PTECZ to PTECZ.

Quoting digu
- to chose Global candle - Local Trend - etc
That has also been covered and shown in many examples, and I still do it.

Yes, read, but most of all, practise, draw on your charts to see it for yourself!
Trade the facts, not opinions.
  • #480
  • Edited 7:48am Apr 5, 2013 7:37am | Edited 7:48am
I totally agree with you, in fact, by reading what you said in this very important topic, I came to understand more about the SL and TP.

1, everybody makes mistakes, there is no perfection in this business, plus more, in forex, the system designed the way if you make a small mistake, you loss big, then comes frustratioin, and then impact your trade and emotion, then make mistake again, this goes circle...

2, the important is trader's attitude, how to deal with mistakes, how to make the mistakes as small as possible, and as fewer as possible.

3, for Dadas' PA strategy, at current understanding, for me, the SL should be small, and also, the TL should be in next PTEZ zone.

4, all these are not easy, SL and TP are like skills, they are also need to be practised and trainning a lot to be able to use them more effectively.

above, IMO, and my two cents,


Quoting Dadas
There is no Golden Rule for TP & SL which works every time. Sometimes, the price may miss your TP by 1 Pip or 0.1 Pip, and then trigger your SL, if you were not there to see the situation. Sometimes, the price will trigger your SL by 1 Pip or 0.1 Pip, and then return to where your TP had been. These moments frustrate us the most! Traders have invented the TP & SL strategy in combination with R/R and something that is called Efficiency. In order for this strategy to work, you must first keep a good Risk to Reward ratio, minimum 1/2, better 1/3 and...
4 traders viewing now