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Price Action in Day Trading by Dadas

  • #1,141
  • Apr 19, 2013 10:04am Apr 19, 2013 10:04am
Quoting limprobable
Thanks Dada's, I used your indicator at 1D (1440) 4H (240) and 1H on 3 differents graphs. I cant put 3 indicator's on the same graph. It's me or you can't have more than 1 indicator on 1 chart. If yes, is it possible to have more than 1 ?
Well, actually, this version works for only one Zone Candle or PTECZ on one chart.
I have been waiting when someone starts needing more than one!
It means you are working and you are getting the hang of it!

I use 6 different instances of the indicator on one chart.

I do not have time to work out how to make it possible to have many
instances of the same indicator on one chart.

Thus, for the time being, attached:

Custom_Zone_Candle_01.mq4
Custom_Zone_Candle_02.mq4
Custom_Zone_Candle_03.mq4
Custom_Zone_Candle_04.mq4
Custom_Zone_Candle_05.mq4

These are simplified versions without Candle_Index and PTECZ_Candle.
Together with Custom_Zone_Candle_with_Index.mq4
you can plot 6 different Zone Candles and/or PTECZs on 1 chart!

By modifying the colors, you can change the style for PTECZ:
Custom_Zone_Candle_HL_Color = None
Custom_Zone_Candle_HH_Color = None
Custom_Zone_Candle_Color = YourFavouriteColor
Attached File(s)
File Type: mq4 Custom_Zone_Candle_01.mq4   5 KB | 373 downloads
File Type: mq4 Custom_Zone_Candle_02.mq4   5 KB | 366 downloads
File Type: mq4 Custom_Zone_Candle_03.mq4   5 KB | 373 downloads
File Type: mq4 Custom_Zone_Candle_04.mq4   5 KB | 390 downloads
File Type: mq4 Custom_Zone_Candle_05.mq4   5 KB | 372 downloads
Trade the facts, not opinions.
  • #1,142
  • Apr 19, 2013 10:12am Apr 19, 2013 10:12am
Wonderfull!

Thanks a lot Dadas.
Bottomless wonders spring from simple rules, which are repeated without end
  • #1,143
  • Edited 10:45am Apr 19, 2013 10:17am | Edited 10:45am
Quoting Bookman
I don't understand why you entered where you did. I see it looks like price bounced off the gray PTECZ, but then you entered smack dap in the center of another PTECZ on weak looking candles. How did you know price was going to continue going up????
Hi Bookman,

Like Dadas says I don't know, with any certainty, what the market is going to do. I was looking at PA around the H4 PTECZ when the market broke up into the PTECZ I was looking for PA to go long, if it had bounced from the H4 PTECZ I would be looking for PA to go short as long as I have enough room to make at least 1:1 RR before hitting another major PTECZ.

The trade I entered I was looking to exit at the Weekly PTECZ but the H4 PTECZ was too strong and the market reversed, there was a nice inside candle to go short after the bounce from this PTECZ but I wasn't around to take it.
Attached Image (click to enlarge)
Click to Enlarge Name: 19th Apr 13 GBP:USD H4 Chart.png Size: 171 KB
  • #1,144
  • Edited 10:37am Apr 19, 2013 10:19am | Edited 10:37am
Quoting Bookman
So in this example you do not enter on the close of any of these hourly candles? You go to the shorter time frame to figure out where to enter? I'm still confused as to what exactly you're looking for on the shorter time frame to actually enter the trade. It seems we're so focused on patience we're forgetting the fact that eventually patience turns in to a missed opportunity if you don't act fast enough. http://charts.mql5.com/1/175/eurusd-...rkets-as-2.png
I can see you have a problem with yourself!
Take a deep breath and relax - it always helps!

Nope, we are not concentrating on patience!
We are concentrating on knowing what you are doing!
Patience is one of the basic requirements in Forex Trading!
Knowing what you are doing is the key to success!

Let go of the example, that is the tutorial about the CSCZ idea, not an actual trade!

Look up the other examples!
Nobody says you must be perfect!
The actual trades will seldom be pinpointed entries.

You are looking for the same signals on every Timeframe - the Breakout Candles!
Signals for trend. How often will you get lucky to be at the very start of a bigger trend?
Most of the time you are trading the continuation of a trend!

So, you need to identify the Potential Stops - PTECZ.

Watch PA inside PTECZ and decide on the most probable direction.

When you are going to Enter the Market is up to you!

How much confirmation do you need?
You must find your own anwers to this question!

This comes with practise, not from reading and asking questions!

All understanding comes with practise.

Questions answered give you just hints.
Without practise they will stay that way, just hints.

Start demo practising the idea. Start looking for PTECZs in real time and do it!

The answer is DO IT!

Stop asking so many questions!

Just DO IT!
Trade the facts, not opinions.
  • #1,145
  • Apr 19, 2013 10:27am Apr 19, 2013 10:27am
Quoting stevepatt
Hi Bookmark, Like Dadas says I don't know, with any certainty, what the market is going to do. I was looking at PA around the H4 PTECZ when the market broke up into the PTECZ I was looking for PA to go long, if it had bounced from the H4 PTECZ I would be looking for PA to go short as long as I have enough room to make at least 1:1 RR. The trade I entered I was looking to exit at the Weekly PTECZ but the H4 PTECZ was to strong and the market reversed, there was a nice inside candle to go short after the bounce from this PTECZ but I wasn't around...
I think, stevepatt, that your context was still for Day Trading.
Thus, the H4 PTECZ was the Stop and your TP should have been below this PTECZ.

So, if you want to trade, like, overnight, this is still the Day Trading context.
H4 seems to be more relevant for Day Trading.

This is the factor you have got to work out for your favourite pair or instrument.

In conclusion, you had the Stops on your chart.

You wanted more than was possible!
Trade the facts, not opinions.
  • #1,146
  • Apr 19, 2013 10:57am Apr 19, 2013 10:57am
Quoting Dadas
I think, stevepatt, that your context was still for Day Trading. Thus, the H4 PTECZ was the Stop and your TP should have been below this PTECZ. So, if you want to trade, like, overnight, this is still the Day Trading context. H4 seems to be more relevant for Day Trading. This is the factor you have got to work out for your favourite pair or instrument. In conclusion, you had the Stops on your chart. You wanted more than was possible!
You are correct I'm still getting to grips with the method but I like it.
  • #1,147
  • Apr 19, 2013 10:59am Apr 19, 2013 10:59am
Quoting Dadas
I can see you have a problem with yourself! Take a deep breath and relax - it always helps! Nope, we are not concentrating on patience! We are concentrating on knowing what you are doing! Patience is one of the basic requirements in Forex Trading! Knowing what you are doing is the key to success! Let go of the example, that is the tutorial about the CSCZ idea, not an actual trade! Look up the other examples! Nobody says you must be perfect! The actual trades will seldom be pinpointed entries. You are looking for the same signals on every Timeframe...

I am doing it! I've already been stopped out today on a EURUSD sell today. I am currently about to get stopped out an AUDCAD sell, AUDNZD buy, another EURUSD sell. AUDNZD was 1 pip from the TP and now it's going to get stopped out at a loss. This is a typical day for me. I haven't any idea how anyone achieves consistency with trading. I look for the PTECZ, set up good risk reward, use very conservative money management, but I'm getting stopped out such an overwhelming amount it's like death by 1000 paper cuts! I'm obviously not understanding what you're saying about your system and the only way to get to the bottom of it is to ask a shitload of questions.
  • #1,148
  • Apr 19, 2013 11:06am Apr 19, 2013 11:06am
Hi Dadas and all,

Yesterday/today I had my two trades, and first looser with Dadas PTECZs.
I was aiming to go long on 30m PTECZ in middle green up to Blue 1 HR PTECZ, after 1HR break up candle.
I did and I was SLd(bad MM and did not see 4hr PTECZ) but did not give up, after couple of hours price came down to lower 30M PTECZ in green, so I thought that I can make it in two trains rather than one all the way to the Blue. I went long up to the middle green PTECZ. I recouped my loss and bit more, but today I missed the second train to Blue PTECZ. Never mind though, I had 4 trades this week (posted here somewhere) 3 winners, 1 looser. Good MM and Bob's your uncle.
I can say PTECZ is helpful to see the picture in more visually simplified way. I spent past two weeks just observing the price around PTECZ and generally, it does take a lot of time, but it must be done. I agree with Dadas, you must know the instrument to trade it. I only trade EURUSD.
Have a good weekend all
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 13 KB
  • #1,149
  • Apr 19, 2013 11:18am Apr 19, 2013 11:18am
Quoting Pipanje
Hi Dadas and all, Yesterday/today I had my two trades, and first looser with Dadas PTECZs. I was aiming to go long on 30m PTECZ in middle green up to Blue 1 HR PTECZ, after 1HR break up candle. I did and I was SLd(bad MM and did not see 4hr PTECZ) but did not give up, after couple of hours price came down to lower 30M PTECZ in green, so I thought that I can make it in two trains rather than one all the way to the Blue. I went long up to the middle green PTECZ. I recouped my loss and bit more, but today I missed the second train to Blue PTECZ. Never...
For the second trade why didn't you take as a TP level a PTECZ bullish-stop zone which was where you first took a long? You didn't mark that zone though on your chart. I marked it with orange.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 24 KB
  • #1,150
  • Apr 19, 2013 12:08pm Apr 19, 2013 12:08pm
Quoting phi1ipp
For the second trade why didn't you take as a TP level a PTECZ bullish-stop zone which was where you first took a long? You didn't mark that zone though on your chart. I marked it with orange. {image}
I did. You need to look at 1h chart and draw PTECZ , my TP is where it starts.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 14 KB
  • #1,151
  • Apr 19, 2013 12:14pm Apr 19, 2013 12:14pm
Quoting Pipanje
I did. You need to look at 1h chart and draw PTECZ , my TP is where it starts. {image}
Oh, my bad, I'm sorry
  • #1,152
  • Apr 19, 2013 12:28pm Apr 19, 2013 12:28pm
Quoting Bookman
I am doing it! I've already been stopped out today on a EURUSD sell today. I am currently about to get stopped out an AUDCAD sell, AUDNZD buy, another EURUSD sell. AUDNZD was 1 pip from the TP and now it's going to get stopped out at a loss. I haven't any idea how anyone achieves consistency with trading.
Why didn't you close it?
Post your trades! Charts with your trades.
Do you know how to do that?

I will show you how you were supposed to do it.
Then, you will learn.
Nobody is going to laugh, here!

You have a one in your lifetime opportunity that some stupid guy Dadas
wants to help you for free! Take the opportunity!

Quoting Bookman
I look for the PTECZ, set up good risk reward, use very conservative money management, but I'm getting stopped out such an overwhelming amount it's like death by 1000 paper cuts!
MM and R/R are just ideas if you can not enter right, if you do not know what you are doing!

Example 1:
Take R/R 1:100
SL = 100 Pips (your risk)
TP 10000 Pips (your reward)
You have got 100 shots blindfolded - you do not know what you are doing.
What is that worth? You will get SL 100 out of 100 times.

Example 2:
Take R/R 1:100
SL = 10 Pips (your risk)
TP 1000 Pips (your reward)
You have got 100 shots blindfolded - you do not know what you are doing.
What is that worth? You will get SL 100 out of 100 times.

Example 3:
Take R/R 1:10
SL = 20 Pips (your risk)
TP 200 Pips (your reward)
You have got 10 shots blindfolded - you do not know what you are doing.
What is that worth? You will get SL 10 out of 10 times.
Maybe, you get lucky occasionally.

Example 4:
Take R/R 1:2
SL = 20 Pips (your risk)
TP 40 Pips (your reward)
You have got 2 shots blindfolded - you do not know what you are doing.
What is that worth? You will get SL 2 out of 2 times.
Maybe, you get lucky occasionally, but I doubt that.

Example 5:
Take R/R 1:2
SL = 10 Pips (your risk)
TP 20 Pips (your reward)
You have got 2 shots blindfolded - you do not know what you are doing.
What is that worth? You will get SL 2 out of 2 times.
Still no good.

Example 6:
Take R/R 1:5
SL = 6 Pips (your risk)
TP 30 Pips (your reward)
You have got 5 shots blindfolded - you do not know what you are doing.
What is that worth? You will get SL 5 out of 5 times.
Still no good.

This is a system. It is built for you to lose your money!
You can not beat the system until you know what you are doing!
Until you can enter trades properly!

R/R is applicable when you can win 70% of the trades, at least.

Otherwise it is BS!

Quoting Bookman
I'm obviously not understanding what you're saying about your system and the only way to get to the bottom of it is to ask a shitload of questions.
No, the way to do it is to post your charts and trades, so I can comment and show you the way.
That is what others are doing, have you noticed?

Come on, and start doing it!
Trade the facts, not opinions.
  • #1,153
  • Apr 19, 2013 12:40pm Apr 19, 2013 12:40pm
Quoting Pipanje
Hi Dadas and all, Yesterday/today I had my two trades, and first looser with Dadas PTECZs. I was aiming to go long on 30m PTECZ in middle green up to Blue 1 HR PTECZ, after 1HR break up candle. I did and I was SLd(bad MM and did not see 4hr PTECZ) but did not give up, after couple of hours price came down to lower 30M PTECZ in green, so I thought that I can make it in two trains rather than one all the way to the Blue. I went long up to the middle green PTECZ. I recouped my loss and bit more, but today I missed the second train to Blue PTECZ. Never...
But, you know what?

The first loss trade wasn't the PTECZ, it was you!
Just one Candle before was the PTECZ for ending the Bulls!
If you had plotted that one first, you would have never Entered Long there!

And you were in Profit when another PTECZ appeared on the Bullish Candle.
BE was the way here.

You, actually did not follow any PTECZ rules on the first trade!

You entered Long when Price was at its local top! ZONK!
You did not plot the Bullish PTECZ when Price was at the local top! ZONK!
You did not plot the next PTECZ when Price was at the new local top! ZONK!

ZONK! ZONK! ZONK! - You are out!
Trade the facts, not opinions.
  • #1,154
  • Apr 19, 2013 12:56pm Apr 19, 2013 12:56pm
@Pipanje and everybody else

Is it really that difficult, people?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m30-fxsalt-ltd.png Size: 61 KB

How can you go Long at the top?
Trade the facts, not opinions.
  • #1,155
  • Apr 19, 2013 1:10pm Apr 19, 2013 1:10pm
Quoting Dadas
You, actually did not follow any PTECZ rules on the first trade!
there are no rules in fx dadas, you know that.
zonk to you too!
  • #1,156
  • Apr 19, 2013 1:22pm Apr 19, 2013 1:22pm
Quoting Pipanje
there are no rules in fx dadas, you know that. zonk to you too!
No, I don't know.
I only know that the PTECZ never failed me as long as it wasn't me who got my own idea!

I know, that everytime I used to Enter Long at the top, I got a ZONK!
I know, that everytime I used to Enter Short at the bottom, I got a ZONK!
I know, that everytime I used to have my own idea despite what the price was doing, I got a ZONK!

I know, that the PTECZ knows the answer, because it shows me the important area to watch PA.
I know how to read the Price Action from Candles themselves.

Other than that, I do not know!

The PTECZ was there early enough for you to see.
It did not appear after the fact, but before the fact.

So, it was only you, not any issue with the PTECZ!

You wanted the price to go up.

It did go up, only not at that moment.
Trade the facts, not opinions.
  • #1,157
  • Apr 19, 2013 2:13pm Apr 19, 2013 2:13pm
OK, so it is past 21:00 my local time (London+1).
Time to look into my EURJPY D1 strategy trade:
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-h1-fxsalt-ltd.png Size: 67 KB

Now, if I had not looked earlier, I would not have the stress.
But, you know, I looked many times today.
It gave me some hard patience drill!

I had to keep my cool, because I had set the rules!
I decide between 21:00 and 22:00.
In this situation, I am still waiting until the end!
Trade the facts, not opinions.
  • #1,158
  • Apr 19, 2013 2:17pm Apr 19, 2013 2:17pm
Quoting Pipanje
there are no rules in fx dadas, you know that. zonk to you too!



What is zonk?

You have to be patience man. I have received series of hard knock from the Master when the student is not doing the right thing.

Are you also temperament? Try and learn for freeeeeeeeeeeeeeeeeee.
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #1,159
  • Apr 19, 2013 2:25pm Apr 19, 2013 2:25pm
Quoting ejiexe
What is zonk?
There was this TV game, once, Let's Make a Deal.
It was simple, the contestant had to choose a box or a stage curtain behind which there were prizes.
Then, the game host would deal with the contestant.
Like, let's make a deal, I will give you 1000 bucks instead.
And so on.
Sometimes people won great prizes.
Sometimes they got a Zonk with this sound.

Zonk = You lose!
Trade the facts, not opinions.
  • #1,160
  • Apr 19, 2013 2:31pm Apr 19, 2013 2:31pm
Quoting Dadas
There was this TV game, once, Let's Make a Deal. It was simple, the contestant had to choose a box or a stage curtain behind which there were prizes. Then, the game host would deal with the contestant. Like, let's make a deal, I will give you 1000 bucks instead. And so on. Sometimes people won great prizes. Sometimes they got a Zonk with this sound. Zonk = You lose!
Interesting! That is the truth anyway. Everyone gets zonk one way or the other.

Zonk to you too

If we make it simple we shall zonk less of the time
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
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