Price Action in Day Trading by Dadas | Page 62 | Forex Factory

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Price Action in Day Trading by Dadas

  • #1,221
  • Edited 7:27am Apr 21, 2013 7:05am | Edited 7:27am
Quoting priceaction1
there is some issue with week end daily candle. when Friday trading close the indicator did not up date because next trading day is still not start. so indicator shows one day back date in today case it is shown 18/4/13 and if any one use daily set up he/she must keep in mind that Friday date is not up date in indicator so it is batter to plan next week trading on monody when all issue resolved. though 4h.1h is ok. regards.
You are correct, but that is not anything strange.
It is normal, the D1 Candle is Closed when Market Opens.
Also, you have the Index function where you can input earlier Candle if you want.
Just read the index number from the Index dot under Candle.
Then, input this number in the Index in parameters.

You can have any Zone Candle you want!

PS.
It is never good to plan Day Trading on Friday or in the weekend!
We do not know how the Market will Open?

Maybe, there will be a BIG Gap?
Trade the facts, not opinions.
  • #1,222
  • Apr 21, 2013 7:27am Apr 21, 2013 7:27am
Quoting Dadas
You are correct, but that is not anything strange. It is normal, the D1 Candle is Closed when Market Opens. Also, you have the Index function where you can input earlier Candle if you want. Just read the index number from the Index dot under Candle. Then, input this number in the Index in parameters. You can have any Zone Candle you want!
thank you! so kind of you!
I try different combination on it and exploring new things. what I understand after long time that all indicators are drive by the price, not price drive by the indicators. so what we have is the candlestick. in the dark night of Forex candle are our tools.
don't predict direction, but dance with flow of water
  • #1,223
  • Edited 8:11am Apr 21, 2013 7:35am | Edited 8:11am
Quoting priceaction1
thank you! so kind of you! I try different combination on it and exploring new things. what I understand after long time that all indicators are drive by the price, not price drive by the indicators. so what we have is the candlestick. in the dark night of Forex candle are our tools.
This is good!

The Zone Candle sheds light upon the chart!

But, when the light gets too bright

We Trade in the Shadows of CZCS, TBCZ and PTECZ!
Trade the facts, not opinions.
  • #1,224
  • Apr 21, 2013 8:07am Apr 21, 2013 8:07am
Quoting Dadas
This is good! The Zone Candle sheds light upon the chart!
the original lines are. "candles Exhaust Themselves to give light to men"

from, Japanese Candlestick Charting Techniques. by steve nisson.
don't predict direction, but dance with flow of water
  • #1,225
  • Apr 21, 2013 8:12am Apr 21, 2013 8:12am
hi dadas,do you use past PTECZ's for targets?,see chart below,PTECZ drawn on 1H timeframe (why i choose particular one is not related to this strategy) and entry on 15M,target set next PTECZ?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu1h.png Size: 15 KB
Click to Enlarge Name: gu15m.png Size: 30 KB
Money is made by sitting, not trading. Jesse L. Livermore
  • #1,226
  • Apr 21, 2013 8:34am Apr 21, 2013 8:34am
Quoting sam69
hi dadas,do you use past PTECZ's for targets?,see chart below,PTECZ drawn on 1H timeframe (why i choose particular one is not related to this strategy) and entry on 15M,target set next PTECZ? {image} {image}
can we call it broke down at this level or it is at doji candle? bez at this level the stop loss my hit?
don't predict direction, but dance with flow of water
  • #1,227
  • Apr 21, 2013 8:35am Apr 21, 2013 8:35am
This was an exercise to test the value of using PTECZ at swing points from the top down... GBP/JPY
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 21st Apr 13 GBP:JPY M1 Chart.png Size: 120 KB
Click to Enlarge Name: 21st Apr 13 GBP:JPY W1 Chart.png Size: 99 KB
Click to Enlarge Name: 21st Apr 13 GBP:JPY D1 Chart.png Size: 117 KB
Click to Enlarge Name: 21st Apr 13 GBP:JPY H4 Chart.png Size: 102 KB
Click to Enlarge Name: 21st Apr 13 GBP:JPY M15 Chart.png Size: 119 KB
Click to Enlarge Name: 21st Apr 13 GBP:JPY M15 Chart 2.png Size: 96 KB
Click to Enlarge Name: 21st Apr 13 GBP:JPY M15 Chart 3.png Size: 107 KB
Click to Enlarge Name: 21st Apr 13 GBP:JPY M15 Chart 4.png Size: 94 KB
Click to Enlarge Name: 21st Apr 13 GBP:JPY M15 Chart 5.png Size: 88 KB
  • #1,228
  • Apr 21, 2013 8:46am Apr 21, 2013 8:46am
Quoting sam69
hi dadas,do you use past PTECZ's for targets?,see chart below,PTECZ drawn on 1H timeframe (why i choose particular one is not related to this strategy) and entry on 15M,target set next PTECZ? {image} {image}
Hi Sam,

If I'm wrong I'm sure Dadas will correct me.

You need to mark, on your charts, any other PTECZ from the higher TFs because the train is likely to stop at these stations and you don't know until the train gets there what it will do, see charts in the above post.

1, Continue it's journey Trend Continuation
2, Turn around and go back again Trend Reversal
3, Or just stay at the platform Consolidation
  • #1,229
  • Apr 21, 2013 9:28am Apr 21, 2013 9:28am
Quoting sam69
hi dadas,do you use past PTECZ's for targets?,see chart below,PTECZ drawn on 1H timeframe (why i choose particular one is not related to this strategy) and entry on 15M,target set next PTECZ? {image} {image}
Quoting stevepatt
You need to mark, on your charts, any other PTECZ from the higher TFs
because the train is likely to stop at these stations and you don't know
until the train gets there what it will do, see charts in the above post.
1. Continue it's journey Trend Continuation
2. Turn around and go back again Trend Reversal
3. Or just stay at the platform Consolidation
Yes sam69, that is the idea, know what your target is!
1. Know which way and when to Enter.
2. Know what your target is.

I show hundreds of examples in this thread, (650 attachments so far, mostly charts)
other people support me and show their examples.

stevepatt has done some answering for me, as above quoted.
Thank you stevepatt!

Of course, the strategy is up to you!
You can go by H1 PTECZs.

I tell everybody they should know their Global and Local Positioning.
Know your Stops, the Big ones and the Smaller ones.

And, the one you chose is very related to this strategy!
Trade the facts, not opinions.
  • #1,230
  • Edited 9:46am Apr 21, 2013 9:33am | Edited 9:46am
Quoting priceaction1
can we call it broke down at this level or it is at doji candle? bez at this level the stop loss my hit?
Break Down Candle is the Candle which Breaks Down from the Consolidation, the PTECZ.
Break Up Candle is the Candle which Breaks Up from the Consolidation, the PTECZ.

Doji Candle is one type of PTECZ.

And, yes, this is already late Break Down.
There was a M15 PTECZ, you see.
There was an earlier Break Down from M15 PTECZ.

H1 PTECZ is safer, because you already see some trend in the PTECZ.

Your level of Break Down, where the Doji is, is late!
Trade the facts, not opinions.
  • #1,231
  • Apr 21, 2013 9:59am Apr 21, 2013 9:59am
Quoting stevepatt
This was an exercise to test the value of using PTECZ at swing points from the top down... GBP/JPY {image} {image} {image} {image} {image} {image} {image} {image} {image}
Now, this is one man who is working hard!
Follow his example, you will get there!

stevepatt, I see you are plotting your PTECZs manually, so the levels do not come out corret.
MT4 interprets levels when plotting manually, and often jumps to where it thinks you wanted.
Like High of the Candle next to the one you wanted, or Close of the Candle you wanted.
That is the reason for semi-automatic plotting with the Custom_Zone_Candle_with_Index.mq4
and the simplified versions. You are the one who needs many PTECZs.
I have already 10 instances of the indicator, because I needed more than 6 PTECZs.
10 should be enough for anybody, I think.
Trade the facts, not opinions.
  • #1,232
  • Apr 21, 2013 10:23am Apr 21, 2013 10:23am
So, again, here attached 9 instances of simplified Custom_Zone_Candle.mq4.
You must put them all on the chart.
Then save as template, and you can quickly apply to other charts.
Attached File(s)
File Type: mq4 Custom_Zone_Candle_01.mq4   5 KB | 484 downloads
File Type: mq4 Custom_Zone_Candle_02.mq4   5 KB | 475 downloads
File Type: mq4 Custom_Zone_Candle_03.mq4   5 KB | 456 downloads
File Type: mq4 Custom_Zone_Candle_04.mq4   5 KB | 459 downloads
File Type: mq4 Custom_Zone_Candle_05.mq4   5 KB | 442 downloads
File Type: mq4 Custom_Zone_Candle_06.mq4   5 KB | 628 downloads
File Type: mq4 Custom_Zone_Candle_07.mq4   5 KB | 497 downloads
File Type: mq4 Custom_Zone_Candle_08.mq4   5 KB | 491 downloads
File Type: mq4 Custom_Zone_Candle_09.mq4   5 KB | 501 downloads
Trade the facts, not opinions.
  • #1,233
  • Apr 21, 2013 10:26am Apr 21, 2013 10:26am
For MAC users, 9 instances of simplified Custom_Zone_Candle.ex4
Attached File(s)
File Type: ex4 Custom_Zone_Candle_01.ex4   4 KB | 306 downloads
File Type: ex4 Custom_Zone_Candle_02.ex4   4 KB | 276 downloads
File Type: ex4 Custom_Zone_Candle_03.ex4   4 KB | 268 downloads
File Type: ex4 Custom_Zone_Candle_04.ex4   4 KB | 294 downloads
File Type: ex4 Custom_Zone_Candle_05.ex4   4 KB | 267 downloads
File Type: ex4 Custom_Zone_Candle_06.ex4   4 KB | 286 downloads
File Type: ex4 Custom_Zone_Candle_07.ex4   4 KB | 282 downloads
File Type: ex4 Custom_Zone_Candle_08.ex4   4 KB | 287 downloads
File Type: ex4 Custom_Zone_Candle_09.ex4   4 KB | 365 downloads
Trade the facts, not opinions.
  • #1,234
  • Apr 21, 2013 12:12pm Apr 21, 2013 12:12pm
Quoting Pipanje
......For others, I wrote all this to say that there are many ways to trade PTECZ which is a good tool (here that dadas) , but you have to find the one way that suits your personality. Dadas may not like it, but your account will speak for itself. have a good weekend
I love this part in red
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #1,235
  • Apr 21, 2013 12:19pm Apr 21, 2013 12:19pm
but you have to find the one way that suits your personality
Quoting ejiexe
I love this part in red
Personality - that is your main problem in trading Forex!

When you go trading, you should leave your personality in the other room!
Trade the facts, not opinions.
  • #1,236
  • Apr 21, 2013 4:24pm Apr 21, 2013 4:24pm
Quoting ejiexe
I love this part in red
LOL ejiexe, beware of quoting me, you almost got zonked!
  • #1,237
  • Apr 21, 2013 4:59pm Apr 21, 2013 4:59pm
Quoting Pipanje
{quote} LOL ejiexe, beware of quoting me, you almost got zonked!


Can't put more!
Trade the facts, not opinions.
  • #1,238
  • Apr 21, 2013 5:09pm Apr 21, 2013 5:09pm
Good night guyz

I wonder where I can find an indi that shows the time till the next bar?

Thank you!
  • #1,239
  • Apr 21, 2013 5:23pm Apr 21, 2013 5:23pm
Me early EURUSD scalp in progress within the previous D1 candle
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 5 KB
  • #1,240
  • Apr 21, 2013 6:30pm Apr 21, 2013 6:30pm
Quoting Dadas
.....quickly apply to other charts.
Dadas,
The multiple indicators are great.
I have the Indicator with index preset to daily and apply it first to the chart.
I then use it to select the candle index for the other tfs.
The CZC indicators I rename and preset with tf, and unique colours so they are easier to identify, if the candle index needs to be changed.
Here is example of W1. They are WU=Weekly Upper and WL= Weekly Lower.
This is only a suggestion that may help. Hope I dont get Zonked.LOL
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdweekly.png Size: 72 KB
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