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Price Action in Day Trading by Dadas

  • #1,681
  • May 7, 2013 4:45am May 7, 2013 4:45am
hi Dadas, yes i failed drawing that PETCZ ...
I put my TP about the next ZC in daily. Must be RR 1:2.
any advice to calculate the TP?
at the moment i´m using Pa about two days, then my results are not consistents.
Thanks for the help Dadas.
  • #1,682
  • May 7, 2013 5:35am May 7, 2013 5:35am
Quoting arkan1976
... I put my TP about the next ZC in daily. Must be RR 1:2. any advice to calculate the TP?
There are tons of examples in the thread!
Man, you have got to do your homework!
It is all about having your PTECZs right!

Daily Range plus PTECZs and you have it all!

But, no matter how much there is to read, you read it first!

And, you do not calculate your TP.
You have got your R/R and knowing the Pip Potential the trick is to Enter where your R/R is right.
If the Price is at the Level where your R/R does not fit, you do not Enter!

Short at Top.
Long at Bottom.

Middle - no Trade.
Trade the facts, not opinions.
  • #1,683
  • Edited 6:10am May 7, 2013 5:52am | Edited 6:10am
Guys, I know this is hard stuff, it gives you a headache, doesn't it?!

If you are Trading the D1 Candle and your Trend is Bullish,
you have got to Enter Long at the Bottom of the D1 Candle.
SL a couple of Pips below the Low of this Candle.
TP according to R/R or according to Pip Potential.

If you are Trading the D1 Candle and your Trend is Bearish,
you have got to Enter Short at the Top of the D1 Candle.
SL a couple of Pips above the High of this Candle.
TP according to R/R or according to Pip Potential.

Same for any other Candle you may be Trading!

Your role is only to recognise the Low or High!

Gosh, it really hurts when you're thinking!

That is what all my Visual Tools are for!
So that I can have my contexts within each other on 1 chart!

My latest examples show that:
PTECZs for Support and Resistance Levels,
Current H4 Candle High/Low Levels (you can use the Zone Candle Tf 240, Index 0 for that),
M30 Candles to see the current situation better (Trend, PTECZs, Break Outs),
Everything on the M1 chart for precision Entry (your choice if Line, Bars, or Candlesticks).
Trade the facts, not opinions.
  • #1,684
  • May 7, 2013 6:23am May 7, 2013 6:23am
Just Closed two more Trades on GOLD.

Again, the higher Entry was bad, because it was in the middle.
The Lower Entry was where it should be.
So that SL would be just below the H4 Low (or CSCZ).
Attached Image (click to enlarge)
Click to Enlarge Name: xauusdm1_trades.png Size: 76 KB
Trade the facts, not opinions.
  • #1,685
  • May 7, 2013 6:24am May 7, 2013 6:24am
Quoting Dadas
@arkan1976 {image} The H4 chart shows a clear Bullish Trend since April 24. April 29 the Trend is still Bullish. The retrace on April 30 reached the Support H4 PTECZ almost exactly to the Pip. And the Level was strongly rejected - the Shadow. This rejection Shadow is the CSCZ Support to look for Long Entry. Going against Trend is a difficult and very risky game.
Fuuny your´re talking about trend right now, because I´ve got a question abotu trend as well. So Dadas when something like in the above image occurs, oftentimes I´m struggling what to do. I see the bullish trend there but then there is this massive bearish breadown candle May 2nd around 8am which clearly turn the trend bearish on the 4h. But you´d be entering long here on the retrace to the PTECZ and the shadow zone.

Now, I want to clarify why that´s the case here. Is it because you are deciding on trend off of the daily chart for day trading only, right? And as long if the trend is bullish there you don´t care about trend on other time frames, right?

Also, am I right that at least on the lower time frames (shorter than Daily) you are using PTECZ´s as reference points? For example, in the image above there is a bearish breakdown candle however, the retraced closed higher than the PTECZ. Therefore, entry long as long as trend is bullsih on the daily?

Thanks
  • #1,686
  • May 7, 2013 6:25am May 7, 2013 6:25am
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdh4.png Size: 70 KB


sorry here the chart I´m talking about
  • #1,687
  • May 7, 2013 7:44am May 7, 2013 7:44am
Quoting Christianfx
{quote} Fuuny your´re talking about trend right now, because I´ve got a question abotu trend as well. So Dadas when something like in the above image occurs, oftentimes I´m struggling what to do. I see the bullish trend there but then there is this massive bearish breadown candle May 2nd around 8am which clearly turn the trend bearish on the 4h. But you´d be entering long here on the retrace to the PTECZ and the shadow zone. Now, I want to clarify why that´s the case here. Is it because you are deciding on trend off of the...
You are partly right.

I do care about the Bigger Trend.

As GOLD shows right now.

I have My PTECZs, so it is Long at the Bottom, Short at the Top.
I am watching Price Action.

I see that the Price is bouncing off the Resistance PTECZ, that is why I close manually.
I see the Resistance watching current Price Action on the M1!

I did not go Short, because I was talking on the phone and missed the Entry!
Look at the PA on the M1 on the last H1 Candle of the H4.
I have H1 Candles on GOLD.
This was a beautiful Short at Top Entry!
Attached Image (click to enlarge)
Click to Enlarge Name: xauusdm1.png Size: 70 KB
Trade the facts, not opinions.
  • #1,688
  • May 7, 2013 7:51am May 7, 2013 7:51am
Quoting Christianfx
{image} sorry here the chart I´m talking about
Oh, you meant EURUSD!

This pair is in constant Consolidation!
You have got to take what's going that day.
One day it's Long, the next day it's Short, or both!

PTECZs, Pip Potential, PA, best on M1.

Put it together, add R/R and MM, you have got all you need!

And, watch the symmetry! What has been taken must be given back!

Study this "symmetry" in history.
Trade the facts, not opinions.
  • #1,689
  • May 7, 2013 7:58am May 7, 2013 7:58am
Sam Seiden's words, not mine, but I agree 100%!

"Just know your Support and Resistance!"
Trade the facts, not opinions.
  • #1,690
  • May 7, 2013 8:54am May 7, 2013 8:54am
Quoting Christianfx
{image} sorry here the chart I´m talking about
Christianfx,

Look at it this way,

The Bullish Candle where I started the Trend Line,
isn't that the clear Floor where the Price was rejected from the bottom?

And, isn't that the Demand Zone?

The Bearish Candle you talk about, did it make a new Low?
No, it didn't! So, what's the Trend? Bullish! Demand Zone.

You have doubts when you do not understand!

Read the definition of Trend somewhere on the net!
Trade the facts, not opinions.
  • #1,691
  • May 7, 2013 9:38am May 7, 2013 9:38am
One more time, let's take it from the Top GOLD/XAUUSD.

1. Identify the nearest to current Price Levels MN PTECZs for Resistance & Support:
Attached Image (click to enlarge)
Click to Enlarge Name: xauusdmonthly.png Size: 55 KB

2. Identify the nearest to current Price Levels W1 PTECZs for Resistance & Support:
Attached Image (click to enlarge)
Click to Enlarge Name: xauusdweekly.png Size: 62 KB

3. Identify the nearest to current Price Levels D1 PTECZs for Resistance & Support:
Attached Image (click to enlarge)
Click to Enlarge Name: xauusddaily.png Size: 59 KB

4. Identify the nearest to current Price Levels H4 PTECZs for Resistance & Support:
Attached Image (click to enlarge)
Click to Enlarge Name: xauusdh4.png Size: 60 KB

Notice that I did not move the Support PTECZ, because it fits levels very nicely!
I would look for any other nearer Support PTECZ according to the current situation, as Price moves.
Attached Image (click to enlarge)
Click to Enlarge Name: xauusdh4_1.png Size: 60 KB

And that is my context for Day Trading the H4 Candles.
Attached Image (click to enlarge)
Click to Enlarge Name: xauusdm1_01.png Size: 66 KB


If I fail to do that first thing, I am lost or not very well oriented,
thus, vulnerable to mistakes!

Or, the least, the Big Reward goes by!
Trade the facts, not opinions.
  • #1,692
  • May 7, 2013 10:09am May 7, 2013 10:09am
So, you see, Guys, Forex is actually pretty simple, once you get all the details together.

Ultimately, it is the I in Me, the Ego or Self that is the biggest obsticle!

Forex is mechanical execution of daily procedures for the Day Trader.

Once you have your Daily Procedures written down, memorised and practised
until they have become your other Self, there is no other way than Success!

A great dancer does not think or meditate on the next body action they take.
The dance becomes the rythm of the body, the movements become natural.
A bad dancer struggles, looks awkward and fails!

It is the same with every proffession, Forex Trading alike!

You can be the poor Amateur, the skilled Proffessional, or the Artist!

The choice is Yours.

Which do you want to become?
Trade the facts, not opinions.
  • #1,693
  • May 7, 2013 11:45am May 7, 2013 11:45am
Quoting Dadas
{quote} There are tons of examples in the thread! Man, you have got to do your homework! It is all about having your PTECZs right! Daily Range plus PTECZs and you have it all! But, no matter how much there is to read, you read it first! And, you do not calculate your TP. You have got your R/R and knowing the Pip Potential the trick is to Enter where your R/R is right. If the Price is at the Level where your R/R does not fit, you do not Enter! Short at Top. Long at Bottom. Middle - no Trade.
yes i have try to do this type of trading. if there is opposite direction movement of your order, there is generally close chance at retracement.(if you dont use SL, or no need to use)

example today

i short e-j 130.32 yesterday's high was 130.39, i only see green pips. my psychology was wonderful and gained good profit. (todays high is 130.35)
at middle zones you see negative pips and you tight your TP level. and escape good movements. etc.

i agree dadas with these opinions.
  • #1,694
  • May 7, 2013 12:18pm May 7, 2013 12:18pm
Quoting P.Action
{quote} yes i have try to do this type of trading. if there is opposite direction movement of your order, there is generally close chance at retracement.(if you dont use SL, or no need to use) example today i short e-j 130.32 yesterday's high was 130.39, i only see green pips. my psychology was wonderful and gained good profit. (todays high is 130.35) at middle zones you see negative pips and you tight your TP level. and escape good movements. etc. i agree dadas with these opinions.
Ultimately, I think it is better to use SL.
Only, learn to Enter in best positions, so SL will only trigger in very unfortunate occasions.

The idea is to have SL very tight, 7-15, maybe 20 Pips.
But, in order to do that, you must Enter Short at Tops, Long at Bottoms.
That is also when you get the chance to earn the right Pips.

Otherwise your SL must be 100 or 300 Pips!
Which makes no sence for Day Trading.

Lose little, win a lot - That is the idea!
Trade the facts, not opinions.
  • #1,695
  • May 7, 2013 12:43pm May 7, 2013 12:43pm
Quoting Dadas
{quote} Ultimately, I think it is better to use SL. Only, learn to Enter in best positions, so SL will only trigger in very unfortunate occasions. The idea is to have SL very tight, 7-15, maybe 20 Pips. But, in order to do that, you must Enter Short at Tops, Long at Bottoms. That is also when you get the chance to earn the right Pips. Otherwise your SL must be 100 or 300 Pips! Which makes no sence for Day Trading. Lose little, win a lot - That is the idea!

i generally use SL and sometimes use hedging. tight i don use tight SL (generally between 10-20 pips). my SL can be bigger according to consolidation length, comes from your idea.

i try top bottom method. it is worth to try.
  • #1,696
  • May 7, 2013 2:04pm May 7, 2013 2:04pm
Quoting Dadas
{quote} Meta Trader is your very basic tool, it is your Trading Platform. Unless you are using a different one! Learn to use your Tool first, then come back and start learning a Trading Method.
Hi Dada
Sorry for my ignorance
I am a long term Ninjatrader user , I still use it when trading futures , I just happen to learn forex and trade it separately on Metatrader
I am not an inidcator fan , I rely mostly on trendlines and pivots, that's why I have not been able to use your zones indicator
I know how to install them on the platform , but for this specific one , Ican't seem to find a way how to use the rectangle tool and your indicator
Any advice would be greatly appreciated .
Thanks
  • #1,697
  • May 7, 2013 2:34pm May 7, 2013 2:34pm
Quoting numoon
{quote} Hi Dada Sorry for my ignorance I am a long term Ninjatrader user , I still use it when trading futures , I just happen to learn forex and trade it separately on Metatrader I am not an inidcator fan , I rely mostly on trendlines and pivots, that's why I have not been able to use your zones indicator I know how to install them on the platform , but for this specific one , Ican't seem to find a way how to use the rectangle tool and your indicator Any advice would be greatly appreciated . Thanks
I understand, but you are asking me to repeat myself!
Everything has been explained earlier in the thread.

This is not an indicator by technical sence.
It is a tool. Indicator as of programing, tool as of usage.

It plots the chosen Candle of the chosen Tf in
Zone Candle style or PTECZ style, or CSCZ style,
depending how you manipulate the colors.

Custom_Zone_Candle_Tf is the Tf from which you want the Candle.
Custom_Zone_Candle_Index is the Index number of the Candle you want to plot.
You have the Candle_Index function, the dot under each Candle so you can read the Index number.
You have the PTECZ_Candle function so that you get indications of diamond under PTECZ Candle.

But, I have explained in many details somewhere in the thread, before.

Look for the posts, do not ask me to repeat it all again!

Experiment, it won't hurt you!
Trade the facts, not opinions.
  • #1,698
  • May 7, 2013 3:47pm May 7, 2013 3:47pm
Hello, some trades for today ....

all trades are the same, identify d1 ZC , then draw PTECZ in 30 min and wait a breakout.
Dadas, do you think that i´m doing well or i´m lucky today ....? ( sorry my english is a little poor)

Daily ZC and 30 min PTECZ USDJPY
http://img546.imageshack.us/img546/2562/55324751.png
Drop to 5 min
http://img94.imageshack.us/img94/1433/50560480.png

Daily ZC and 30 min PTECZ EURUSD
http://img132.imageshack.us/img132/1401/98578724.png
Drop to 5min
http://img526.imageshack.us/img526/715/97590652.png
  • #1,699
  • May 7, 2013 3:47pm May 7, 2013 3:47pm
Daily ZC and 30 min PTECZ GBPUSD
http://img818.imageshack.us/img818/4350/56443750.png
Drop to 5min
http://img534.imageshack.us/img534/8696/96935689.png
  • #1,700
  • May 7, 2013 4:03pm May 7, 2013 4:03pm
Quoting arkan1976
Hello, some trades for today .... all trades are the same, identify d1 ZC , then draw PTECZ in 30 min and wait a breakout. Dadas, do you think that i´m doing well or i´m lucky today ....? ( sorry my english is a little poor) Daily ZC and 30 min PTECZ USDJPY {image} Drop to 5 min {image} Daily ZC and 30 min PTECZ EURUSD {image} Drop...
Well, you are doing it! This counts!
The rest will come with practise!

Follow the PTECZ! Do not give up too quickly!
Attached Image (click to enlarge)
Click to Enlarge Name: arkan1976_1.gif Size: 46 KB


All your Entries too early.
Retrace must end so that you know it is the Trend.
You were lucky, but if Trend was this way, then it was OK.
Trade the facts, not opinions.
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