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Price Action in Day Trading by Dadas

  • #881
  • Apr 14, 2013 12:05pm Apr 14, 2013 12:05pm
One more note:
I am showing the MT4 way.
MT4 is, probably the most commonly used trading platform.
There are other trading platforms and trading mechanisms.

My concept works anywhere there is a chart representing Price Action in Time.
It requires only either the Bar Chart or the Candlestick chart.

You can not see High and Low values on the Line chart.
The Line chart is useless for indentifying Consolidation Zones like the PTECZ.

My choice is the Candlestick chart, because I see Price Action more clearly
on the Candlestick chart than on the Bar chart.

And, the purpose of this thread is not to widen the traders' horizon as of
the variety of trading methods, but to present Price Action in Day Trading by Dadas.
Trade the facts, not opinions.
  • #882
  • Apr 14, 2013 12:42pm Apr 14, 2013 12:42pm
Quoting Dadas
One more note: I am showing the MT4 way. MT4 is, probably the most commonly used trading platform. There are other trading platforms and trading mechanisms. My concept works anywhere there is a chart representing Price Action in Time. It requires only either the Bar Chart or the Candlestick chart. You can not see High and Low values on the Line chart. The Line chart is useless for indentifying Consolidation Zones like the PTECZ. My choice is the Candlestick chart, because I see Price Action more clearly on the Candlestick chart than on the Bar chart....
Well done Dadas for investing so much time in training we newbies. Most of the problem of we newbies is that we are very lazy to read. We want to have the juice in just 2 weeks and start making money. Like you said it takes 3 - 7 years to be a professional traders and I quite agree with you.

I follow this thread everyday thinking you are going to introduce new concept but to my surprise it is still the same thing you are repeating over and over again. Why because we don't want to study. Study this thread and not just reading guys.

Guy study and STOP asking same questions. Don't be in a hurry. Don't think the thread is moving fast and if you are reading you will not catchup with the thread.

I don't know if Dadas can update the first page and state something like NO QUESTIONS FROM NEW MEMBER UNTIL HE/SHE READ ATLEAST THE FIRST 20 - 30 PAGES OF THE THREAD.

I am sorry if my opinion is wrong.
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #883
  • Apr 14, 2013 1:20pm Apr 14, 2013 1:20pm
Quoting Dadas
Yes, tell that to the newbie, who has no idea what you are talking about. I assume, you did not read the Understanding the chart post#3 and #4? This is not anything an experienced trader would want to read, is it? PS, It took you 6 years to be where you are now. Some people are still toddling after 6 years in Forex. I know one trader who is trading for 3 years, and does not know how to install a custom indicator in MT4. People come in all sorts of different types! And, it is true. The guy who invented the Candlestick idea had a good reason for this....

I dont know Dadas. You might call me simple but all i care about is price and time and some fundamentals. Trading might be not easy but i like to keep it extremely simple. During my journey i've made big circle only to come to conclusion that there is nothing to invent here and the simplest route is the best route

All the best :=)
  • #884
  • Apr 14, 2013 1:36pm Apr 14, 2013 1:36pm
Quoting markup
I dont know Dadas. You might call me simple but all i care about is price and time and some fundamentals. Trading might be not easy but i like to keep it extremely simple. During my journey i've made big circle only to come to conclusion that there is nothing to invent here and the simplest route is the best route All the best :=)
Right, Price & Time, exactly.

The Candle shows Price Action in Time.

One Candle shows Price Action in 1 minute time, in 5 minutes time, in 15 minutes time,
in 30 minutes time, in 60 minutes time, in 240 minutes time, in 1440 minutes time,
in 10080 minutes time, and in 43200 minutes time. That is what MT4 offers as standard.
MT5 offers more Timeframes.

Reading this Price Action is the way to success.
Simple? Yes.
There is really nothing complicated about reading Price Action from the Candle.
It just takes time and practise, just like you did not learn to talk in a few days.
Just like you did not learn to read and write in a couple of days.

But, now it is simple, you do not even need to think about it for an hour, to say something.

It just depends on what you are after.

I struggled hard with Forex until I discovered and invented the PTECZ.
Now, I do not need to struggle any more.

I thought I might help others save them some struggle and loss.

Somebody helped me on the way, didn't ask a penny for it.

And, yes, that is how we, humans evolve.
Not really circles, but spirals.
Every time we come back to the same point, only a notch higher.

Thanks for your support!
Trade the facts, not opinions.
  • #885
  • Apr 14, 2013 1:52pm Apr 14, 2013 1:52pm
Quoting ejiexe
Most of the problem of we newbies is that we are very lazy to read. We want to have the juice in just 2 weeks and start making money. Like you said it takes 3 - 7 years to be a professional traders and I quite agree with you.
I was hoping you would support me more by showing your trades.
I do not mind if you post them every day!

Quoting ejiexe
I follow this thread everyday thinking you are going to introduce new concept but to my surprise it is still the same thing you are repeating over and over again. Why because we don't want to study. Study this thread and not just reading guys. Guy study and STOP asking same questions. Don't be in a hurry. Don't think the thread is moving fast and if you are reading you will not catchup with the thread.
What else do you need?
What new concept?
Do you change wives every week?
What is the reason to change something which works?
I do not know what will happen in a year, two or three?
For the moment, the PTECZ & Price Action is all I need.
It is all you need, too.

Quoting ejiexe
I don't know if Dadas can update the first page and state something like NO QUESTIONS FROM NEW MEMBER UNTIL HE/SHE READ ATLEAST THE FIRST 20 - 30 PAGES OF THE THREAD. I am sorry if my opinion is wrong.
Your opinion is your opinion.
I do not see any need for something like that.
I have already set this message in the signature below each post.
.||......................................................................................||
V.....................................................................................V
Trade the facts, not opinions.
  • #886
  • Apr 14, 2013 1:53pm Apr 14, 2013 1:53pm
Dadas

THANK YOU

This is the best desciption of pa & The best teaching thread on forexfactory.
A good trader follows his rules, but great trader knows when to break them
  • #887
  • Apr 14, 2013 2:01pm Apr 14, 2013 2:01pm
Quoting ill_be_back
Dadas THANK YOU This is the best desciption of pa & The best teaching thread on forexfactory.
Thank You!
Trade the facts, not opinions.
  • #888
  • Apr 14, 2013 2:06pm Apr 14, 2013 2:06pm
Quoting Dadas
Right, Price & Time, exactly. The Candle shows Price Action in Time. One Candle shows Price Action in 1 minute time, in 5 minutes time, in 15 minutes time, in 30 minutes time, in 60 minutes time, in 240 minutes time, in 1440 minutes time, in 10080 minutes time, and in 43200 minutes time. That is what MT4 offers as standard. MT5 offers more Timeframes. Reading this Price Action is the way to success. Simple? Yes. There is really nothing complicated about reading Price Action from the Candle. It just takes time and practise, just like you did not...
To each his own

This is all i have on my intraday chart. I find it easier to make decision by seeing pure price dynamics at important areas.

http://screencast.com/t/DPJHYMyqVw
  • #889
  • Apr 14, 2013 3:16pm Apr 14, 2013 3:16pm
With my new knowledge of PA now I feel like not leaving my system/trading Room for anything else. I can't wait for the opening of the Market. Thank you Dadas
Time always comes before price
  • #890
  • Apr 14, 2013 3:50pm Apr 14, 2013 3:50pm
Hi Dadas,
regarding the discussion about False Break Outs earlier, I have an example, or rather think I do:
EURUSD from 9th of April
H4
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 12 KB

H1
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 11 KB

M30
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot4.png Size: 11 KB

Waiting for a signal to short from upper 30M PTECZ to lower 30M PTECZ
M5
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot6.png Size: 13 KB

but then this FBO, before price eventually does reach lower PTECZ
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot7.png Size: 16 KB

I agree with you Dadas, that this FBO turned out to be part of Daily PTECZ. Nevertheless, how is this situation avoidable?
Don't trade counter trend, and watch all TF's.
This is great Dadas, I am writing and learning at the same time.
Fruitful week to all of you people
  • #891
  • Apr 14, 2013 5:03pm Apr 14, 2013 5:03pm
Quoting Pipanje
Hi Dadas, regarding the discussion about False Break Outs earlier, I have an example, or rather think I do: EURUSD from 9th of April H4 {image} H1 {image} M30 {image} Waiting for a signal to short from upper 30M PTECZ to lower 30M PTECZ M5 {image} but then this FBO, before price eventually does reach lower PTECZ {image} I agree with you Dadas, that this FBO turned out to be part of Daily PTECZ. Nevertheless, how is this situation avoidable? Don't trade counter trend, and watch all TF's. This is great Dadas, I am writing and learning at the same...
At first glance at your chart I though it was something difficult,
but when I opened my chart, I saw that this is very easy.
Look at the PTECZ!
I always say, follow the PTECZ.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m30-fxsalt-ltd.png Size: 69 KB

You had the Zone Candle, you found two PTECZs, but you did not notice the next one.
The Bullish Candle Broke Up from the lower PTECZ, but it was countered by a new PTECZ,
so we have a new PTECZ, because the Bulls trend continued and the higher PTECZ was before the retrace!
Follow the PTECZ, do not stick to one, look if there is another one!
Trade the facts, not opinions.
  • #892
  • Apr 14, 2013 5:05pm Apr 14, 2013 5:05pm
Quoting fxrabbi
With my new knowledge of PA now I feel like not leaving my system/trading Room for anything else. I can't wait for the opening of the Market. Thank you Dadas
Yes, it gets pretty adictive!
Trade the facts, not opinions.
  • #893
  • Apr 14, 2013 5:15pm Apr 14, 2013 5:15pm
Quoting markup
To each his own This is all i have on my intraday chart. I find it easier to make decision by seeing pure price dynamics at important areas. http://screencast.com/t/DPJHYMyqVw
Really, great thanks for the idea!
I have been thinking for some time, how to make use of M1 for earliest entries.
I think you have just given me an idea to combine the PTECZ with your M1 chart style!
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m1-fxsalt-ltd.png Size: 75 KB

It is very late now, at my place, so I will study more in the morning.
Trade the facts, not opinions.
  • #894
  • Edited 10:03pm Apr 14, 2013 9:52pm | Edited 10:03pm
Yes it is very addictive this morning I watch EU here is the chart:
Daily
Attached Image (click to enlarge)
Click to Enlarge Name: eurusddaily.png Size: 33 KB


Red horizontal line, as I can see this zone is historic PTECZ too in the past

M30
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdm30.png Size: 31 KB


Green horizontal line is the important PTECZ from my assumption I plan to sell as MAYBE price will go down here (since I don't know where price would like to go) so I wait for confirmation on M5

M5
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdm5.png Size: 31 KB

and there is the important PTECZ on M5 with orange horizontal line,,
so the strategy is sell as close possible to M5 or M30 PTECZ TP 1 around 1.30800
then I leave the computer for a while and what happened later on m5, price when trying to get in M30 PTECZ seller get in or there is buyer who closed their order so those create new PTECZ
one word AWESOME

PS: Mr. Dadas please correct me for the PTECZ since I want to know from your point of view
Thanks in advance sir
  • #895
  • Apr 14, 2013 10:08pm Apr 14, 2013 10:08pm
yes sir, I shall continue to read >.< Thanks for your input.!
  • #896
  • Apr 14, 2013 11:18pm Apr 14, 2013 11:18pm
@zarach so according to your chart and levels you are short from 3080? which line do you use for your stop usually?
  • #897
  • Apr 14, 2013 11:36pm Apr 14, 2013 11:36pm
no sir..1.30800 is the take profit point IF I sell from the TPECZ but unfortunately I was away from the computer when that PTECZ formed
  • #898
  • Apr 15, 2013 12:41am Apr 15, 2013 12:41am
Quoting zarach
Yes it is very addictive this morning I watch EU here is the chart: Daily {image} Red horizontal line, as I can see this zone is historic PTECZ too in the past M30 {image} Green horizontal line is the important PTECZ from my assumption I plan to sell as MAYBE price will go down here (since I don't know where price would like to go) so I wait for confirmation on M5 M5 {image} and there is the important PTECZ on M5 with orange horizontal line,, so the strategy is sell as close possible to M5 or M30 PTECZ TP 1 around 1.30800 then I leave the computer...
zarach,
Probably a good idea, but, do you know why I invented the Zone style, the rectangle?
Because I hate lines!
I do not see anything with lines.

I, personally, do not see anything on your chart, because of lines.

I don't know?
Maybe it is good vision for you?

But, try putting rectangles from line to line where the PTECZ is, can you?

I showed you lines on your picture for you to see how I find the PTECZ.
From High to Low of the PTECZ Candlestick.
Trade the facts, not opinions.
  • #899
  • Edited 1:33am Apr 15, 2013 1:21am | Edited 1:33am
I'm sorry sir here is the chart :
Daily magenta rectangle
Attached Image (click to enlarge)
Click to Enlarge Name: eurusddaily.png Size: 30 KB

M30 green rectangle
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdm30.png Size: 33 KB

M5 blue rectangle
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdm5.png Size: 28 KB


and this is EJ H1 blue rectangle
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpyh1.png Size: 30 KB

EJ M5 green rectangle
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpym5.png Size: 27 KB
  • #900
  • Apr 15, 2013 1:24am Apr 15, 2013 1:24am
Quoting zarach
no sir..1.30800 is the take profit point IF I sell from the TPECZ but unfortunately I was away from the computer when that PTECZ formed
ty
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