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Price Action in Day Trading by Dadas

  • #941
  • Apr 15, 2013 8:52am Apr 15, 2013 8:52am
Quoting markup
Lets say you know that BOJ central Bank will continue weakning JPY........
I can see that, however its interesting that the trades are all taken just after 0.00 (Tokyo Open).
Is there something else we are missing?
  • #942
  • Apr 15, 2013 9:13am Apr 15, 2013 9:13am
Quoting EaglePip
Is there something else we are missing?
Here is M30 Yen chart with PTECZ.
Attached Image (click to enlarge)
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  • #943
  • Edited 10:32am Apr 15, 2013 10:11am | Edited 10:32am
Quoting markup
Lets say you know that BOJ central Bank will continue weakning JPY currency for long time period. Now, you clearly want to be short JPY currency and the best way to do that is to buy all currencies against the JPY. LONG 1 LOT EJPY LONG 1 LOT GJPY LONG 1 LOT AJPY LONG 1 LOT UJPY This way your exposure is: SHORT 4 JPY (50% of portfolio) LONG 1 EUR (12.5% of portfolio) LONG 1 AUD (12.5% of portfolio) LONG 1 USD (12.5% of portfolio) LONG 1 GBP (12.5% of portfolio) This way you are basically playing on JPY index. Thats a lot better & safer way to...
Yes, very correct.

But, not for the way these Guys are trading.

Jumping in for a moment to scalp some Pips, even 20.

What you present is right, for Long Term investments.

Does not make any difference for the H4 or H1 trader.

Not to mention scalpers.
Trade the facts, not opinions.
  • #944
  • Apr 15, 2013 10:54am Apr 15, 2013 10:54am
Quoting Dadas
OK, OK, Thank You! Now, tell me something. Are you trading real, or demo? Why I ask: You are doing a very strange thing. 6 x 0.5 Lot = 3 Lots OK, I can understand that your strategy assumes you are ready to risk 3 Lots and that is a certain % of your Balance which you are ready to risk. Now, you are distributing the 3 Lots over 6 instruments. Why? What is the reason? Is it because you read that when you distribute your maximum Lot over more than 1 instrument, you lower the risk? That is true, but, as always, it requires thinking! You are trading...
Hi Dadas,
Thanks for your concern,I appreciate it!Yes,I'm trading live.I started the account with $10,000 and i was able to double it about two months with a good strategy before i came across yours which is better because it has less indicators and pretty straight forward when its mastered.I'm a very "selfish"trader,meaning i look for when to take the small number of pips and run away,it worked for me even before knowing your system.So,after go through your idea i found out that its more flexible for me,i decided to increase my lot size.If you look deeply into my charts,you 'll notice i took those trades as early as possible at asia session open,of course there is always analysis before the open of a new trading day. Also I have back-tested heavily on those pairs with your plan and they had never gone against the strategy,in the sense that whatever happens to lets say USD/JPY directly affects every other JPY pairs in the same direction.Above all,I make sure my total trades in a day dosent exceed 5% of my PL.Those trades cost about $720 with a 1:500 leverage level and they all returned about $1,750 from which I can take part to trade at the beginning of tomorrow. To close Dadas,I have been following threads over my 5yrs of trading, no one like yours.Its so simple,flexible,profitable,inviting, I always write my last page on my pad until i was able to catch up.Blessed is that name,DADAS!

PS:Hope I was able to answer your questions in a way?
If you dont stand for something,you 'll fall for anything.
  • #945
  • Apr 15, 2013 11:02am Apr 15, 2013 11:02am
Quoting finaclefx
Hi Dadas, Thanks for your concern,I appreciate it!Yes,I'm trading live.I started the account with $10,000 and i was able to double it about two months with a good strategy before i came across yours which is better because it has less indicators and pretty straight forward when its mastered.I'm a very "selfish"trader,meaning i look for when to take the small number of pips and run away,it worked for me even before knowing your system.So,after go through your idea i found out that its more flexible for me,i decided to increase my lot size.If you...
Well, I see you getting richer and richer.
So, I thought, maybe you would share your strategy with others in more detail.

Like, in points?
Trade the facts, not opinions.
  • #946
  • Apr 15, 2013 12:25pm Apr 15, 2013 12:25pm
Todays scalping results, PTECZ to PETCZ on 30 min only......
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  • #947
  • Apr 15, 2013 1:54pm Apr 15, 2013 1:54pm
Hi all,
my one trade today on 30M
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  • #948
  • Apr 15, 2013 2:02pm Apr 15, 2013 2:02pm
GJ Trade?

The first entry was stopout at BE

I move myy stop a little bit up and yet they hurt me and move my way.

I am on -ve for the day.

Great work for those who make green pips today. Scalper reign well today.

I hope I will be more stable tomorrow.
Attached Image(s) (click to enlarge)
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THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #949
  • Apr 15, 2013 2:08pm Apr 15, 2013 2:08pm
Quoting ejiexe
GJ Trade? The first entry was stopout at BE I move myy stop a little bit up and yet they hurt me and move my way. I am on -ve for the day. Great work for those who make green pips today. Scalper reign well today. I hope I will be more stable tomorrow. {image} {image} {image}
Why you didn't use PTECZ to see potential retrace?
That could have avoided you SL!
Look to left, green PTECZ between the 2 Bearish Red Candles!

You are not thinking!
You are trying to overdo it!

And, why you did not repeat the third time?
Trade the facts, not opinions.
  • #950
  • Apr 15, 2013 3:07pm Apr 15, 2013 3:07pm
Quoting markup
strong breakout on W1 and some big players might loss their shirts sending it even lower If it closes back above the support i will changhe my mind but at current moment there is fear and panic in the air, giving nice trade opportunity with low risk entry just watch next week.
And Gold bulls are losing their shirts. Emotions rule all markets
I dont think will see 1500 in next couple of weeks.
  • #951
  • Apr 15, 2013 3:12pm Apr 15, 2013 3:12pm
Dadas,

thank you again for the very interesting idea which you presented in this thread. I read it couple times unless I got the idea. Or at least I think that I got it. I'm in the business for almost 2 years while still searching for a profitable strategy. I'm interested in D1 trading so my TF to analyze are MN, W, D and H4.

As of your request to all newbies I prepared my humble graphic analysis of the AU pair which I'd like to share. Now I'm waiting for a H4-PTECZ to form and then watch for a further PA.

Below the price lies a W-PTECZ zone which could stop the price and after that the preferable direction will be long. I'm still a little bit confused about the significance of higher TF zones.

Your comments are highly appreciated!

Regards,
Philipp
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  • #952
  • Apr 15, 2013 3:27pm Apr 15, 2013 3:27pm
Dynamic Zones Day Trading Strategy

As Day Taders we are trading the Current D1 Candle.
How the Candlestick is formed, we already know.
Shadow - Body - Shadow.
Sometimes, there is no Shadow.

There are only 3 types of Candlesticks:
1. Bullish,
2. Bearish,
3. Consolidation
(by Consolidation D1 Candlestick I mean any relatively short Candle, or inside Previous Trend Candle)

So, there are, in short, 3 D1 Candlestick scenarios:
1. On strong Bullish Trend:
a. first, the Lower Shadow is formed,
b. second, Price goes UP until some resistance,
c. third, the Upper Shadow is formed.

2. On strong Bearish Trend:
a. first, the Upper Shadow is formed,
b. second, Price goes DOWN until some support,
c. third, the Lower Shadow is formed.

3. On Consolidation Candle:
Price can go UP-DOWN-UP-DOWN pushing Resistance and Support apart many times,
or form a Doji, which is just Resistance and Support Zones.

Following this concept, we can use the Custom_Zone_Candle_with_Index.mq4 like this:

Custom_Zone_Candle_Tf = 1440 for D1 (Day Trading),
Custom_Zone_Candle_Index = 0 for current day D1.

This setting can be used with any chart Timeframe.
We can help ourselves with the PTECZ, or not.
We can zoom in or out as we like.
We can, even use the M1 chart, if someone can see the situation.

This method is a little tricky and you must first learn it by observation.

You must, either run it on Strategy Tester and look how it works,
or watch for a week or two, how this dynamic Zones Strategy
can help you trade within the current D1.

As always, the important aspect is to recognise the dominating Trend.

Going against the dominating trend is always a great risk!
Trade the facts, not opinions.
  • #953
  • Apr 15, 2013 3:35pm Apr 15, 2013 3:35pm
Quoting markup
And Gold bulls are losing their shirts. Emotions rule all markets I dont think will see 1500 in next couple of weeks.
I think they have already lost their shirts!

Think what Paulson is feeling, now, having lost another couple of hundred million bucks!

Or, maybe everybody is selling out before they really drown in Big S.

But, such big moves must be generated by National Tresuries.

Anyway, GOLD is such a wild animal, we can as well expect a return
some time in future, maybe even not so long.
Trade the facts, not opinions.
  • #954
  • Apr 15, 2013 3:46pm Apr 15, 2013 3:46pm
Quoting Dadas
Why you didn't use PTECZ to see potential retrace? That could have avoided you SL! Look to left, green PTECZ between the 2 Bearish Red Candles! You are not thinking! You are trying to overdo it! And, why you did not repeat the third time?
Noted. I will correct that in future. Thanks

What about this?

So the day is not gone afterall
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THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #955
  • Edited 4:10pm Apr 15, 2013 3:54pm | Edited 4:10pm
Quoting phi1ipp
As of your request to all newbies I prepared my humble graphic analysis of the AU pair which I'd like to share. Now I'm waiting for a H4-PTECZ to form and then watch for a further PA. Below the price lies a W-PTECZ zone which could stop the price and after that the preferable direction will be long. I'm still a little bit confused about the significance of higher TF zones.
Well, you see, how significant a Zone will be, only the Price will tell.

It is important to know your Global and Local situation, so you must look from top, down.
Sometimes the MN Zone is the significant one, sometimes the W1, or D1, or H4, or H1, or M30.
Sometimes even the smaller Zones are significant.
That is why we must always look, search, check other Tfs.

From your charts I can see that you have understood what the PTECZ is.

You can also see how the Price went right through one D1 PTECZ on Bearish retrace.
But, on H4 you can see how the Price reacted at this level with a PTECZ and then continued.

Inside this PTECZ, on M30, M15, or M5 you could see Price Action and Enter Short.

So, you see, you are making the basic mistake of assuming what the Price will do at W1 Zone.

There is nothing to expect. You can be right, or you can be wrong! You do not know!
Nobody knows. That is what the PTECZ is for.
Wait for the PTECZ, look at Price Action inside the PTECZ, Enter, but rather with Trend, not against.

Of course, you should know, by now what other elements you should consider, too.

Attached Image (click to enlarge)
Click to Enlarge Name: audusd-h4-fxsalt-ltd.png Size: 79 KB
Trade the facts, not opinions.
  • #956
  • Apr 15, 2013 3:57pm Apr 15, 2013 3:57pm
Quoting ejiexe
Noted. I will correct that in future. Thanks What about this? So the day is not gone afterall {image}
So, what is it you need?

A kick in your behind from the "Master"?
Trade the facts, not opinions.
  • #957
  • Apr 15, 2013 4:13pm Apr 15, 2013 4:13pm
Quoting Dadas
So, what is it you need? A kick in your behind from the "Master"?
That is why you are the MASTER
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #958
  • Edited 10:02pm Apr 15, 2013 9:37pm | Edited 10:02pm
how off am i?

i think the zones are fine because that price shows resistance on many TF, but it can also break easily...

edit: was wrong chart
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  • #959
  • Apr 15, 2013 9:59pm Apr 15, 2013 9:59pm
Quoting Dadas
So, what is it you need? A kick in your behind from the "Master"?
Hi
I av just started following U on this thread so i hadto read thru most of Ur quote i really appreciate it but i want to ask a question " If am using price action on daily H4,H1 wen its retracing aw will one no?'
Expecting Your reply soon
  • #960
  • Apr 15, 2013 11:02pm Apr 15, 2013 11:02pm
Quoting msetai
how off am i? i think the zones are fine because that price shows resistance on many TF, but it can also break easily... edit: was wrong chart {image}
well in hindsight a long would have been nice for a scalp so far...
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