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Price Action in Day Trading by Dadas

  • #1,241
  • Apr 21, 2013 9:29pm Apr 21, 2013 9:29pm
thank you dadas,stevepatt and others,
so far i understand:
1. make a complete analysis,from monthly to 1m (or tp that tf where you want to make your entry's)
2.choose a tf where you want to trade,example 1h
3.go to lower tf you want to enter
4.follow the ptecz's on entry tf
if its the way to trade ptecz's my question is:
if one want to trade bigger tf's (lets say 4h) can he/she follow ptecz's on that tf?
thanks again!
Attached Image (click to enlarge)
Click to Enlarge Name: gu.png Size: 35 KB
Money is made by sitting, not trading. Jesse L. Livermore
  • #1,242
  • Apr 21, 2013 10:40pm Apr 21, 2013 10:40pm
Here you go PHi1ipp
Attached File(s)
File Type: ex4 CandleTime THV.ex4   2 KB | 309 downloads
  • #1,243
  • Edited Apr 22, 2013 12:04am Apr 21, 2013 11:46pm | Edited Apr 22, 2013 12:04am
Attached Image (click to enlarge)
Click to Enlarge Name: audusddaily.png Size: 35 KB

From this D1 chart I can see right now price inside PTECZ which happened at 18 April 2013
Attached Image (click to enlarge)
Click to Enlarge Name: audusdh4.png Size: 30 KB

After I zoom in to H4 I can see price couldn't break lower Daily PTECZ instead it break up so I plot the newest PTECZ low
Attached Image (click to enlarge)
Click to Enlarge Name: audusdh1.png Size: 27 KB

In this H1 chart I can see price already break up the H4 PTECZ so the scenario is if price retraced back to H4 PTECZ and didn't break the low or cannot break in the H4 PTECZ I would consider buy from there.

from this analysis I'm assuming again Mr. Dadas how to avoid assuming?seeing daily have big bearish candle a couple days ago, if I consider long is it CT? this is why I'm trying to open inside PTECZ only Mr. Dadas but still I'm assuming again please correct it from your POV
  • #1,244
  • Apr 22, 2013 1:14am Apr 22, 2013 1:14am
Quoting sam69
thank you dadas,stevepatt and others, so far i understand: 1. make a complete analysis,from monthly to 1m (or tp that tf where you want to make your entry's) 2.choose a tf where you want to trade,example 1h 3.go to lower tf you want to enter 4.follow the ptecz's on entry tf if its the way to trade ptecz's my question is: if one want to trade bigger tf's (lets say 4h) can he/she follow ptecz's on that tf? thanks again! {image}
Hi Sam,

Yes you can and also the PTECZs from higher TFs,
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 22nd Apr 13 GBP:USD M1 Chart.png Size: 111 KB
Click to Enlarge Name: 22nd Apr 13 GBP:USD W1 Chart.png Size: 121 KB
Click to Enlarge Name: 22hd Apr 13 GBP:USD D1 Chart.png Size: 101 KB
Click to Enlarge Name: 22nd Apr 13 GBP:USD H4 Chart.png Size: 125 KB
  • #1,245
  • Apr 22, 2013 1:27am Apr 22, 2013 1:27am
Quoting phi1ipp
I wonder where I can find an indi that shows the time till the next bar? Thank you!
If you have the right mind to filter out what is rubbish, practically everything is at one source. Search for "mql4 codebase".
Trade the facts, not opinions.
  • #1,246
  • Apr 22, 2013 1:30am Apr 22, 2013 1:30am
Quoting phi1ipp
Me early EURUSD scalp in progress within the previous D1 candle {image}
That is called "closing the gap".
D1 Candle Index = 1 on Monday is Sunday Candle.
Set your Candle_Index to 2 on Monday!
Trade the facts, not opinions.
  • #1,247
  • Apr 22, 2013 1:42am Apr 22, 2013 1:42am
Quoting EaglePip
{quote} 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
Great job!

Some Guys are really touchy, I guess?!

Can't take a joke?
Trade the facts, not opinions.
  • #1,248
  • Apr 22, 2013 1:48am Apr 22, 2013 1:48am
Quoting sam69
thank you dadas,stevepatt and others, so far i understand: 1. make a complete analysis,from monthly to 1m (or tp that tf where you want to make your entry's) 2.choose a tf where you want to trade,example 1h 3.go to lower tf you want to enter 4.follow the ptecz's on entry tf if its the way to trade ptecz's my question is: if one want to trade bigger tf's (lets say 4h) can he/she follow ptecz's on that tf? thanks again! {image}
Which Tf PTECZs you want to follow is up to your Trading Style and Strategy.
That is what you need to figure out for yourself based on the ammount of time you want to spend on analysis and Enetring/Exiting the Market.
I see you get the idea, well. You do not need to go below M30 in analysis unless you are scalping.
Trade the facts, not opinions.
  • #1,249
  • Apr 22, 2013 1:54am Apr 22, 2013 1:54am
Quoting zarach
{image} From this D1 chart I can see right now price inside PTECZ which happened at 18 April 2013 {image} After I zoom in to H4 I can see price couldn't break lower Daily PTECZ instead it break up so I plot the newest PTECZ low {image} In this H1 chart I can see price already break up the H4 PTECZ so the scenario is if price retraced back to H4 PTECZ and didn't break the low or cannot break in the H4 PTECZ I would consider buy from there. from this analysis I'm assuming again Mr. Dadas how to avoid assuming?seeing daily have big bearish candle a...
Just, read the PA!
Assuming is what you think. Reading PA is what Price is doing.
If Price, on retrace to H4 PTECZ closes with Higher Low, then it is Long, right?
This is not assuming, only acting upon PA.
Trade the facts, not opinions.
  • #1,250
  • Apr 22, 2013 2:04am Apr 22, 2013 2:04am
Quoting stevepatt
{quote} Hi Sam, Yes you can and also the PTECZs from higher TFs, {image} {image} {image} {image}
stevepatt,
I know some other platforms use M1 for monthly, but MT4 M1 = 1 minute chart
MN = Monthly chart (43200)
W1 = Weekly chart (10080)
D1 = Daily chart (1440)
H4 = 4-hourly chart (240)
H1 = Hourly chart (60)
M30 = 30-minute chart (30)
M15 = 15-minute chart (15)
M5 = 5-minute chart (5)
M1 = 1-minute chart (1)
Let's stick to this, not confuse anybody who has less experience!
Trade the facts, not opinions.
  • #1,251
  • Apr 22, 2013 2:20am Apr 22, 2013 2:20am
Hello.I from Russia. Bad know English. Thank you Dadas for trading method.Pound.

http://i.pixs.ru/storage/8/7/9/1gif_8257029_7779879.gif


http://i5.pixs.ru/storage/8/8/5/2gif...74_7779885.gif

http://i5.pixs.ru/storage/8/8/8/3gif...72_7779888.gif

http://i5.pixs.ru/storage/8/9/2/4gif...36_7779892.gif
  • #1,252
  • Apr 22, 2013 2:30am Apr 22, 2013 2:30am
Quoting zarach
{image} From this D1 chart I can see right now price inside PTECZ which happened at 18 April 2013 {image} After I zoom in to H4 I can see price couldn't break lower Daily PTECZ instead it break up so I plot the newest PTECZ low {image} In this H1 chart I can see price already break up the H4 PTECZ so the scenario is if price retraced back to H4 PTECZ and didn't break the low or cannot break in the H4 PTECZ I would consider buy from there. from this analysis I'm assuming again Mr. Dadas how to avoid assuming?seeing daily have big bearish candle a...
zarach,
You know that Price Action is always first.
Do not try to assume, read Price Action.
What does PA tell you on D1?
http://charts.mql5.com/1/384/audusd-d1-fxsalt-ltd.png
Strong, Bearish!
Now, you have a twisted idea to trade inside another D1 PTECZ, so you know it is Bearish, you find another PTECZ.
http://charts.mql5.com/1/384/audusd-d1-fxsalt-ltd-2.png
Now, you switch to M30.
http://charts.mql5.com/1/384/audusd-m30-fxsalt-ltd.png
I did that with 2 instances of Custom_Zone_Candle.mq4 - look how simple!
The effect is very the same like yours.
Now you can trade inside the Zone Candle which is also PTECZ, here, just colors changed!
Trade the facts, not opinions.
  • #1,253
  • Apr 22, 2013 2:49am Apr 22, 2013 2:49am
Short on AUD/USD analysis from top down
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 22nd Apr 13 AUD:USD MN Chart.png Size: 135 KB
Click to Enlarge Name: 22nd Apr 13 AUD:USD W1 Chart.png Size: 125 KB
Click to Enlarge Name: 22nd Apr 13 AUD:USD D1 Chart.png Size: 107 KB
Click to Enlarge Name: 22nd Apr 13 AUD:USD H4 Chart.png Size: 154 KB
  • #1,254
  • Apr 22, 2013 3:00am Apr 22, 2013 3:00am
Quoting stevepatt
Short on AUD/USD analysis from top down {image} {image} {image} {image}
Keep it coming man. You are getting it.
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #1,255
  • Apr 22, 2013 3:24am Apr 22, 2013 3:24am
Quoting Luba
Hello.I from Russia. Bad know English. Thank you Dadas for trading method.Pound. {image} {image} {image} {image}
Salut, Luba!

Menia eto nravitca! Posmotrim, uvidim!

I like what I see.
Trade the facts, not opinions.
  • #1,256
  • Apr 22, 2013 4:46am Apr 22, 2013 4:46am
GBPJPY

I got up earlier today, spring has come!
So, I saw a situation on GBPJPY.
I did the preparation analysis yesterday.
Today I found an H4 PTECZ where the Price was,
PTECZ is 56 Pips wide.
I looked at PA - Price does not want to Break Down,
General Trend is UP, there are 2 Bullish Break Candles,
so, I go Long at bottom of PTECZ.

Initially I had big appetite, TP 210 Pips, SL 30 Pips.
Then, I set Trailing Stop at 450 Points = 45 Pips.
But, I watch PA, Price has problems at top of PTECZ.
Does not want to Break, bounces off, so I look at my
Profit, ca. 40 Pips, OK, I Close the Trade. +42 Pips.

There is indecision during London, so, must wait.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-m30-fxsalt-ltd.png Size: 63 KB
Trade the facts, not opinions.
  • #1,257
  • Apr 22, 2013 5:16am Apr 22, 2013 5:16am
It is a pity Bookman did not want to go by our rules and left us.
I did not ignore him, I showed him the way, but he refused to see.

Bookman, and probably many other Traders, stick firmly to R/R.
They rather SL than give up their R/R!

This is a great big missunderstanding!

My appetite was SL 30/TP 210, thus R/R = 1/7 - a good one!

But, reality, the situations turned out different!
Then what? Was I supposed to SL or BE, because I must keep the rule???
That is just plain stupid!

And I moved my SL, first BE. Now my R/R is what? 0/210 - right?!
And, then I set my Trailng Stop, it followed and ended at +1.5 Pip.
Finally, I close the trade at +45 Pips Profit.

What is my R/R now?

I say, I repeat, WAKE UP Bookman!

WAKE UP Everybody - it is Spring!
Trade the facts, not opinions.
  • #1,258
  • Apr 22, 2013 5:16am Apr 22, 2013 5:16am
Quoting Luba
Hello.I from Russia. Bad know English. Thank you Dadas for trading method.Pound. {image} {image} {image} {image}
Hi Luba,
I can't have the same image as yours.
What is your "Custom_zone_candle_Tf=????
  • #1,259
  • Apr 22, 2013 5:24am Apr 22, 2013 5:24am
Quoting mosah
{quote} Hi Luba, I can't have the same image as yours. What is your "Custom_zone_candle_Tf=????
Tf = 1440, Index = 2
Trade the facts, not opinions.
  • #1,260
  • Apr 22, 2013 5:34am Apr 22, 2013 5:34am
Nice thread about price action. With my experience, if you are using this method, u have to be wary of news. Because high impact news might reverse the trend suddenly. If you are using this method, you have to be a fundamental trader side by side.
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