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Price Action in Day Trading by Dadas

  • #1,201
  • Apr 20, 2013 2:30pm Apr 20, 2013 2:30pm
Quoting priceaction1
{image} just my first set up on gbp/usd with help of this one I will go short after any 30m candle is open and close out side of 1.5216 area. with stop loss above 1.5216 depend on lot size.or will go long after any 30M candle open and close out side above 1.5234 area with stop loss bellow 1.5234 still depend on lot size. why I am not sour that it is long trade after green M-30 PTECZ, simply bcz we don't know what price want to do. is it consolidation phase, revers up ward or contained down side. what we know that this is the area where a trade set...
Yes, that is correct, we do not know which way the Price will go.
We use the PTECZ to help us to see PA inside.

It is good that you are practising!
Trade the facts, not opinions.
  • #1,202
  • Apr 20, 2013 2:34pm Apr 20, 2013 2:34pm
IMPORTANT
The new members who have only started to post and have just a few posts,
please remember that your posts appear delayed in time, because the moderators
check them first. This thread moves fast, and your posts are on the previous page.
Or even two pages back. I may not be able to read them and then, I will not comment.

If you want me to comment on your post, please send me a PM, so that I do not miss
your new post!
Trade the facts, not opinions.
  • #1,203
  • Apr 21, 2013 3:39am Apr 21, 2013 3:39am
Quoting phi1ipp
Steve, please don't feel offended, but I still don't understand your logic. If you are a long term trader who is playing on weekly and taking positions off a daily chart then you should align your position with a prevailing trend, shouldn't you? If you thought that weekly was downtrending why didn't you look for a possibility to go short? Or did you think (as I very often can't understand what a trend is at the moment) the trend was bullish?

Hi Phi1ipp,

No I'm not offended, I've got thick skin .

Check post 1116 page 75 where I first posted the trade, the weekly chart shows a pull back from the longer term down trend. There was a daily inside candle formed on the 18th April, at short term resistance, this is why I took the trade long.

I was looking to enter on the break of the inside daily candle but this would make my SL too big so I dropped down to the H4 chart for my entry. I should have set my SL and TP using the H4 PTECZ I had marked on my chart, it would then have been a winning trade.

There wasn't enough liquidity to break the short term resistance so the market was pushed up to the weekly PTECZ where much more supply was waiting to push it down again.

The important thing is on where you place your PTECZs, the way I have my PTECZs set up in the following chart are much better, in my opinion, because they show long term swing points which act as long term supply and demand levels. Which ever TF you choose to trade from look for PTECZs that occur at swing points and see how price has reacted around these levels.
Attached Image (click to enlarge)
Click to Enlarge Name: 21st Apr 13 GBP:USD D1 Chart.png Size: 124 KB
  • #1,204
  • Apr 21, 2013 3:53am Apr 21, 2013 3:53am
Quoting stevepatt
Hi Phi1ipp, No I'm not offended, I've got thick skin . Check post 1116 page 75 where I first posted the trade, the weekly chart shows a pull back from the longer term down trend. There was a daily inside candle formed on the 18th April, at short term resistance, this is why I took the trade long. I was looking to enter on the break of the inside daily candle but this would make my SL too big so I dropped down to the H4 chart for my entry. I should have set my SL and TP using the H4 PTECZ I had marked on my chart, it would then have been a winning...
Steve,
Index No: 1155 - look right along this PTECZ to the first short PTECZ at the bottom,
(two Bullish Candles and short D1 PTECZ). Just, keep this PTECZ in mind!
Trade the facts, not opinions.
  • #1,205
  • Apr 21, 2013 4:11am Apr 21, 2013 4:11am
You know what?
Thinking in Long Terms, stevepatt might just have been right about the Long
that is discussed above. He only had the SL too tight for a Long Term Long.
The Long Term Long could be about 500 Pips, so SL between 100 - 250 Pips.

I did the analysis from MN to D1:
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-d1-fxsalt-ltd.png Size: 78 KB


So, depending how Long Term is the thinking, we have:
700 Pip Potential Short from W1 context , post #1189
500 Pip Potential Long from a wider perspective.
Trade the facts, not opinions.
  • #1,206
  • Apr 21, 2013 4:35am Apr 21, 2013 4:35am
GBPUSD
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-h4-fxsalt-ltd.png Size: 82 KB

I must say, this makes sence to me.
Just, watch PA if that is where Price wants to go.
Trade the facts, not opinions.
  • #1,207
  • Apr 21, 2013 4:49am Apr 21, 2013 4:49am
The other direction makes sence, too:
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-h4-fxsalt-ltd-2.png Size: 82 KB
Trade the facts, not opinions.
  • #1,208
  • Apr 21, 2013 5:10am Apr 21, 2013 5:10am
Quoting Dadas
Steve, Index No: 1155 - look right along this PTECZ to the first short PTECZ at the bottom, (two Bullish Candles and short D1 PTECZ). Just, keep this PTECZ in mind!
Dadas, could you give me the candle index please, too make sure I've got the correct PTECZ.
  • #1,209
  • Apr 21, 2013 5:23am Apr 21, 2013 5:23am
Now, let's upgrade ourselves a level higher.
Let's use the full juice!

GBPJPY MN with Yearly Zone Candle:
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-mn1-fxsalt-ltd.png Size: 71 KB

Green and Crimson are the MN PTECZs

GBPJPY W1:
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-w1-fxsalt-ltd-2.png Size: 78 KB

Upper Orange W1 PTECZ on Candle Index = 1.
Goldenrod W1 TBCZ on Candle Index = 10.

GBPJPY D1:
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-d1-fxsalt-ltd.png Size: 63 KB


GBPJPY H4:
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-h4-fxsalt-ltd.png Size: 68 KB


Now, this is the Art!
Trade the facts, not opinions.
  • #1,210
  • Apr 21, 2013 5:28am Apr 21, 2013 5:28am
Quoting stevepatt
Dadas, could you give me the candle index please, too make sure I've got the correct PTECZ.
Looks like it is GBPUSD D1 Index = 59 now.
Trade the facts, not opinions.
  • #1,211
  • Apr 21, 2013 5:40am Apr 21, 2013 5:40am
http://charts.mql5.com/1/380/eurusd-...g-point-of.png

is it correct
don't predict direction, but dance with flow of water
  • #1,212
  • Apr 21, 2013 5:41am Apr 21, 2013 5:41am
How would you have liked this picture on Friday for the Early Short Entry?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-m5-fxsalt-ltd.png Size: 62 KB
Trade the facts, not opinions.
  • #1,213
  • Apr 21, 2013 5:45am Apr 21, 2013 5:45am
on above pic of eur/usd two trades are possible, short when 30m candle open and close bellow 1.3045 I will go short on next 30m candle target 1.2975. or long at present rate with stop loss bellow 1.3026 with target 1.3105
don't predict direction, but dance with flow of water
  • #1,214
  • Apr 21, 2013 6:04am Apr 21, 2013 6:04am
http://charts.mql5.com/1/380/gbpjpy-...point-of-2.png

I got this one on 4H
don't predict direction, but dance with flow of water
  • #1,215
  • Apr 21, 2013 6:06am Apr 21, 2013 6:06am
Quoting priceaction1
{image} is it correct
1. I understand you must get used to posting.
You can edit your post in 24 hours from posting it.
Commenting in a different post may introduce confusion.

2. In chart Properties please click Show OHLC.
I have to use my detective skills to figure out the instrument
and Timeframe. I can do that. Someone else may not.

3. Charts from different brokers are not identical.
The general picture will be very similar, but the Candles will be different.
This is because of different quotations and the difference in time zones.
I do not see your W1 chart, so the D1 picture that you show is what it is.
If you want to check if the W1 Zone Candle is showing the correct levels,
switch for a moment to W1 and check.

Quoting priceaction1
on above pic of eur/usd two trades are possible, short when 30m candle open and close bellow 1.3045 I will go short on next 30m candle target 1.2975. or long at present rate with stop loss bellow 1.3026 with target 1.3105
I think you mean the picture from your first post, here?
If there is no picture to stand for your words, we can not see what you mean.
Trade the facts, not opinions.
  • #1,216
  • Apr 21, 2013 6:09am Apr 21, 2013 6:09am
Quoting priceaction1
{image} I got this one on 4H
priceaction1,
Great, but what does it bring?
What is your message?

If you become a spammer posting useless pictures, I will have to report and clean up.

Please, post messages with some information, your analysis.

We can all see our charts!
Trade the facts, not opinions.
  • #1,217
  • Apr 21, 2013 6:21am Apr 21, 2013 6:21am
Quoting Dadas
1. I understand you must get used to posting. You can edit your post in 24 hours from posting it. Commenting in a different post may introduce confusion. 2. In chart Properties please click Show OHLC. I have to use my detective skills to figure out the instrument and Timeframe. I can do that. Someone else may not. 3. Charts from different brokers are not identical. The general picture will be very similar, but the Candles will be different. This is because of different quotations and the difference in time zones. I do not see your W1 chart, so the...
ay yes it take time to go through with posting.
yes you are right I means the picture of my first post( actually it was 4th other three were in back pages due to moderation process!)
don't predict direction, but dance with flow of water
  • #1,218
  • Apr 21, 2013 6:24am Apr 21, 2013 6:24am
Quoting priceaction1
ay yes it take time to go through with posting. yes you are right I means the picture of my first post( actually it was 4th other three were in back pages due to moderation process!)
And, you see, there are sometimes 2-3 new pages in 1 day.
So, I can not reread and reread and reread.
Trade the facts, not opinions.
  • #1,219
  • Apr 21, 2013 6:28am Apr 21, 2013 6:28am
Quoting Dadas
priceaction1, Great, but what does it bring? What is your message? If you become a spammer posting useless pictures, I will have to report and clean up. Please, post messages with some information, your analysis. We can all see our charts!
opss I just want to says that multi zoon candle is grate tool for day trading as we can see on gbp/jpy
don't predict direction, but dance with flow of water
  • #1,220
  • Apr 21, 2013 6:35am Apr 21, 2013 6:35am
Quoting priceaction1
opss I just want to says that multi zoon candle is grate tool for day trading as we can see on gbp/jpy
Good!

1. Upload or attach your image.
2. Insert it into the post (there is Insert by the attachment).
3. Write your full, precise message under or above the Inserted chart.
Trade the facts, not opinions.
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