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Price Action in Day Trading by Dadas

  • #1,261
  • Apr 22, 2013 5:41am Apr 22, 2013 5:41am
People, why do you refuse to do it the right way?
Is your chart, really that different?

One look at GBPUSD D1 and you see a long Bearish Candle
and PTECZ just after it. Candle_Index = 3.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusddaily.png Size: 64 KB


You must know if the Bearish Trend is ending or not, to make a decision.
Otherwise, you are just assuming, risking a lot!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-h1-fxsalt-ltd.png Size: 75 KB
Trade the facts, not opinions.
  • #1,262
  • Apr 22, 2013 5:49am Apr 22, 2013 5:49am
Quoting forexing2008
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.
Welcome forexing2008!

To put you on the right rails, this is just your opinion!
You have the right to your opinions, just as everybody else.

This thread is not about opinions.

Show me a situation that you state your opinion about on your chart,
and I will show you that Price Action and PTECZ is all you need!

This is the way it works!

You give the challange - the chart with your opinion,
I stand up to the challange with my chart!

"I think" means nothing!

Opinions mean nothing, no matter how experienced you may be!

Show me your evidence, I will show you mine.

You are welcome to post your charts, as long as they comply with the rules.
Trade the facts, not opinions.
  • #1,263
  • Apr 22, 2013 5:53am Apr 22, 2013 5:53am
[quote=Dadas;6625737]{quote} Tf = 1440, Index = 2[/quo


Thanks Dadas
  • #1,264
  • Apr 22, 2013 6:07am Apr 22, 2013 6:07am
Quoting Dadas
{quote} Welcome forexing2008! To put you on the right rails, this is just your opinion! You have the right to your opinions, just as everybody else. This thread is not about opinions. Show me a situation that you state your opinion about on your chart, and I will show you that Price Action and PTECZ is all you need! This is the way it works! You give the challange - the chart with your opinion, I stand up to the challange with my chart! "I think" means nothing! Opinions mean nothing, no matter how experienced you may be! Show me your evidence,...

OK. I'm in

Where price is heading on this chart?
What do PA say about its future

http://my.jetscreenshot.com/demo/20130422-xvfw-113kb
  • #1,265
  • Apr 22, 2013 6:40am Apr 22, 2013 6:40am
Quoting markup
{quote} OK. I'm in Where price is heading on this chart? What do PA say about its future http://my.jetscreenshot.com/demo/20130422-xvfw-113kb
markup,

You have got the idea wrong, I think.
I am not predicting the future from charts!

I am watching PA and deciding on the Market Entry/Exit upon PA signals.

You show me a chart.
I do not know what you are showing me.
I do not know if I have this instrument on my platform.

I do not predict the future.

If I can make the full analysis, I will.

How far into the future are you asking?
What Term strategy? DT, Intraday? Long Term? How long?

Just by showing me some chart is not the way!

I can not tell you anything by just looking at what you show me!
I am not The Holy Ghost, nor a Fairy God Father!

If I can have it on my MT4, I will do my best.
Trade the facts, not opinions.
  • #1,266
  • Apr 22, 2013 6:42am Apr 22, 2013 6:42am
Quoting Dadas
{quote} markup, You have got the idea wrong, I think. I am not predicting the future from charts! I am watching PA and deciding on the Market Entry/Exit upon PA signals. You show me a chart. I do not know what you are showing me. I do not know if I have this instrument on my platform. I do not predict the future. If I can make the full analysis, I will. How far into the future are you asking? What Term strategy? DT, Intraday? Long Term? How long? Just by showing me some chart is not the way! I can not tell you anything by just looking at what you...
One hint only

This chart shows i believe the best opportunity on long term play this year. Not only on PA but mainly on fundamental front.
Basically one of the biggest players in the market went ballistic here and still is
One could play it out even without looking at this chart.
  • #1,267
  • Apr 22, 2013 6:54am Apr 22, 2013 6:54am
Quoting Dadas
{quote} 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.
got it,thank you dadas!
Money is made by sitting, not trading. Jesse L. Livermore
  • #1,268
  • Apr 22, 2013 7:07am Apr 22, 2013 7:07am
Quoting markup
{quote} One hint only This chart shows i believe the best opportunity on long term play this year. Not only on PA but mainly on fundamental front. Basically one of the biggest players in the market went ballistic here and still is One could play it out even without looking at this chart.
Attached Image (click to enlarge)
Click to Enlarge Name: [jp225]monthly.png Size: 84 KB

Attached Image (click to enlarge)
Click to Enlarge Name: [jp225]monthly_01.png Size: 84 KB
Trade the facts, not opinions.
  • #1,269
  • Apr 22, 2013 7:20am Apr 22, 2013 7:20am
Quoting stevepatt
{quote} Hi Sam, Yes you can and also the PTECZs from higher TFs, {image} {image} {image} {image}
yes stevepatt and thank you for your response!
Money is made by sitting, not trading. Jesse L. Livermore
  • #1,270
  • Apr 22, 2013 7:26am Apr 22, 2013 7:26am
Quoting Dadas
{quote} {image} {image}
I was hoping you would do that on my chart
Anywat thats what happens when BOJ announces bold & open QE program.
  • #1,271
  • Apr 22, 2013 8:00am Apr 22, 2013 8:00am
Quoting markup
{quote} I was hoping you would do that on my chart Anywat thats what happens when BOJ announces bold & open QE program.
How, in PhotoShop?
I do not like PhotoShop, I need MT4 or MT5.
And, I need to look 10 times closer at Bars.
I am the Candlestick man!

W1 shows interesting:
Attached Image (click to enlarge)
Click to Enlarge Name: [jp225]weekly.png Size: 88 KB

Attached Image (click to enlarge)
Click to Enlarge Name: [jp225]weekly01.png Size: 90 KB
Trade the facts, not opinions.
  • #1,272
  • Apr 22, 2013 8:23am Apr 22, 2013 8:23am
Quoting Dadas
{quote} zarach, You know that Price Action is always first. Do not try to assume, read Price Action. What does PA tell you on D1? {image} Strong, Bearish! Now, you have a twisted idea to trade inside another D1 PTECZ, so you know it is Bearish, you find another PTECZ. {image} Now, you switch to M30. {image} 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!
It seem we had different candle on D1 as in my chart it show PTECZ candle in bull but in your chart it is not PTECZ as the candle is still bear
and I look at Mr. Stevepatt chart it show bear candle too

anyway luckily there is no sign for long when price retraced back to H4 PTECZ in my chart so I didn't take any trade today better much careful next time,,

Mr. Dadas the basic for PTECZ is flipped engulfing right?how about engulfing candle itself can I consider it PTECZ too?since I watch there are engulfing candle which marked as PTECZ by Mr. Stevepatt
  • #1,273
  • Apr 22, 2013 8:35am Apr 22, 2013 8:35am
Quoting markup
{quote} I was hoping you would do that on my chart .
In order to properly read the chart, I need to see
also the direction of each Candlestick or Bar.

From your Black only Bars, there is too much room for interpretation,
if one can not see which is Open, which is Close Level?
I know, there are those little side lines on left - Open, on right - Close.
I do not know this "language", it is too little for me and not visual, enough without colors.

Anyway, from you portion of the chart I certainly would not say that it is Long already.

It may be Long, but must watch PA!
Trade the facts, not opinions.
  • #1,274
  • Apr 22, 2013 8:53am Apr 22, 2013 8:53am
Quoting Dadas
{quote} In order to properly read the chart, I need to see also the direction of each Candlestick or Bar. From your Black only Bars, there is too much room for interpretation, if one can not see which is Open, which is Close Level? I know, there are those little side lines on left - Open, on right - Close. I do not know this "language", it is too little for me and not visual, enough without colors. Anyway, from you portion of the chart I certainly would not say that it is Long already. It may be Long, but must watch PA!
Bars / candles - same information but as you say colours make them sometimes more pronunce

Last arrow shows a nobrainer entry on touch of the broken level. One has PA as a prove of the broken resistance and strong fundamental reasons to have bigger expectations from this "bounce".
Entry is subjective thing depending on how much confirmation one needs. Buy limit order hanging on the level or entry after D1 bar is closed.

D1

http://my.jetscreenshot.com/demo/20130422-6lfm-125kb
  • #1,275
  • Apr 22, 2013 9:58am Apr 22, 2013 9:58am
Dear Dadas

Thank you for your effort to make us understand what should we try to understand.

I need to know what the following actually means:

We remember the rule:
1. Go Short at the top.
2. Go Long at the bottom.

Opening a trade...buy or sell ? What is the top? Top of candle and the associated price? What will be SL and TP according to your example using top and bottom? Please clear at this point!
  • #1,276
  • Apr 22, 2013 10:27am Apr 22, 2013 10:27am
Quoting Red Herring
Dear Dadas Thank you for your effort to make us understand what should we try to understand. I need to know what the following actually means: We remember the rule: 1. Go Short at the top. 2. Go Long at the bottom. Opening a trade...buy or sell ? What is the top? Top of candle and the associated price? What will be SL and TP according to your example using top and bottom? Please clear at this point!
I leave the answer for Dadas but I need to appreciate him and still show my gratitude to him for changing my trade by showing you what sell at the top means
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpym1522.png Size: 78 KB
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #1,277
  • Apr 22, 2013 10:53am Apr 22, 2013 10:53am
Quoting zarach
{quote} It seem we had different candle on D1 as in my chart it show PTECZ candle in bull but in your chart it is not PTECZ as the candle is still bear and I look at Mr. Stevepatt chart it show bear candle too anyway luckily there is no sign for long when price retraced back to H4 PTECZ in my chart so I didn't take any trade today better much careful next time,, Mr. Dadas the basic for PTECZ is flipped engulfing right?how about engulfing candle itself can I consider it PTECZ too?since I watch there are engulfing candle which marked as PTECZ...
When you want to do it like by Engulfing Candle, then you use TBCZ,
the short Candle before the Engulfing Candle.

Often, when there is no PTECZ, only Engulfing or Trend Candle, this is good signal,
but then it is often only strong retrace without retrace back, so not really Trend, only Local Trend.

There are many situations you must see by experience.
Nobody can make a list of every situation.

About charts, it is sometimes good to look at other charts, like NY or London quotations.

You can trade from other charts, make analysis.
On your broker's chart, only Enter/Exit.

But, generally, it is PA first on bigger Tfs.
Daytrading - know W1, D1, then look for PA on H4, H1 and smaller.
Trade the facts, not opinions.
  • #1,278
  • Edited 11:50am Apr 22, 2013 11:08am | Edited 11:50am
Quoting Red Herring
Dear Dadas Thank you for your effort to make us understand what should we try to understand. I need to know what the following actually means: We remember the rule: 1. Go Short at the top. 2. Go Long at the bottom. Opening a trade...buy or sell ? What is the top? Top of candle and the associated price? What will be SL and TP according to your example using top and bottom? Please clear at this point!
In my trade, today on GBPJPY Long, I entered at Bottom of H4 PTECZ which was 56 Pips wide.
But, I was hoping for the Price to Break the PTECZ at the Top, then it would go higher, much higher.
The Price did not want to Break the Top of H4 PTECZ, was always slowed down, pushed back
when near the Top of the PTECZ. Then there was a M30 Doji PTECZ and Price Broke Down,
so I waited for retrace Up to Close my Long at the Top of PTECZ.

I could go Short at Top of PTECZ, but Price was slow, so I did not.

More clear:
If Candle is going Up strong, Bulish Candle, do not Enter Long at the Top of that Candle!
Wait for PTECZ, then Enter Long on retrace to PTECZ after Price Breaks UP.
It is simple - just think!
If the Price (Train) is already running you must wait for it to Stop.
Forget the Trade, do not think you are missing something!

And, also think in contexts!
You can Trade inside the PTECZ if Pips are enough, or outside the PTECZ.

I wrote about this so many times!

And, if you still do not know:

Long = Buy
Short = Sell

ejiexe is showing a beautiful example!

PS.
Support becomes Resitance, Resistance becomes Support
Bottom becomes Top, Top becomes Bottom
Trade the facts, not opinions.
  • #1,279
  • Apr 22, 2013 11:19am Apr 22, 2013 11:19am
Guys,

I will give you one indicator for you to study.

You must download MT5 demo platform.

This indicator is for education only.

It does not predict the future.

It shows ideal Entries in history.

If you study it you will see, the PTECZ too.
Attached File(s)
File Type: mq5 i_Sampler.mq5   7 KB | 309 downloads
File Type: ex5 i_Sampler.ex5   11 KB | 310 downloads
Trade the facts, not opinions.
  • #1,280
  • Apr 22, 2013 11:30am Apr 22, 2013 11:30am
When there is no weekly then 4hr do the job.

I do it all around PTECZ.

I still show my trade to appreciate my Master.

PTECZ is the KEY guys


Edit: PTECZ on 4HRS and not 1hr as stated on the chart
Attached Image(s) (click to enlarge)
Click to Enlarge Name: xauusdh422.png Size: 81 KB
Click to Enlarge Name: xauusdm1522.png Size: 90 KB
Click to Enlarge Name: xauusdm152202.png Size: 66 KB
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
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