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Price Action in Day Trading by Dadas

  • #2,361
  • May 27, 2013 1:12pm May 27, 2013 1:12pm
And, on the other hand, if you can read Price Action,
you can Trade every system anyone has ever invented!

That is, if that system is worth anything in the first place!
Trade the facts, not opinions.
  • #2,362
  • May 27, 2013 1:48pm May 27, 2013 1:48pm
Quoting Dadas
And, on the other hand, if you can read Price Action,you can Trade every system anyone has ever invented! That is, if that system is worth anything in the first place!
Can you direct me to some where I can study breakout candlestick patterns? I think this is where I am going wrong with my entry and exits.
  • #2,363
  • May 27, 2013 1:58pm May 27, 2013 1:58pm
Quoting Tok
{quote} Can you direct me to some where I can study breakout candlestick patterns? I think this is where I am going wrong with my entry and exits.
And this is just the ability to read P A strefie PTECZ
my dream Australia.....
  • #2,364
  • May 27, 2013 2:01pm May 27, 2013 2:01pm
Quoting Tok
{quote} Can you direct me to some where I can study breakout candlestick patterns? I think this is where I am going wrong with my entry and exits.
Please Tok, let me help you.

Post your chart with your Trades.
I will show you the Break Outs.

The Break Out Pattern is only one:
Attached Image (click to enlarge)
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You are probably going wrong in many places, not only Break Out.
But, if you won't post your charts, you will never know.


And, do you see how Price finds each Level from history?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m15-fxsalt-ltd.png Size: 59 KB
Trade the facts, not opinions.
  • #2,365
  • May 27, 2013 2:03pm May 27, 2013 2:03pm
Hi Dadas, Been trading your PA strategy. The one on the very first page of this forum with real money based on my initial backtest. I don't like using a demo accounts. Just wanted to check in with you and say hi and confirm I am doing this right?

The first thing I do is on a 30 minute chart look for a dodji or similar small opposite colored candle after a long candle. I then draw a rectangular box from the high and low of that candle into the future and move down to the 5 minute time frame.
There I look for a break and then retrace into that rectangle and then for a continuation pattern (normally an engulfing candle) in the direction of the previous break from that rectangle.

I place my stop at the high of the rectangle (for a short) and and then place my profit at 2 x my risk.

Does that all sound right or am I missing something. I am still working my way through your thread which I find very informative.

Thank you for your time and for putting in the effort to help other people understand your concepts
  • #2,366
  • May 27, 2013 2:15pm May 27, 2013 2:15pm
Here is what I did in pictures
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ScreenHunter_20 May. 28 05.09.jpg Size: 43 KB
Click to Enlarge Name: ScreenHunter_20 May. 28 05.12.jpg Size: 68 KB
  • #2,367
  • May 27, 2013 2:17pm May 27, 2013 2:17pm
Quoting puppypippy
Hi Dadas, Been trading your PA strategy. The one on the very first page of this forum with real money based on my initial backtest. I don't like using a demo accounts. Just wanted to check in with you and say hi and confirm I am doing this right? The first thing I do is on a 30 minute chart look for a dodji or similar small opposite colored candle after a long candle. I then draw a rectangular box from the high and low of that candle into the future and move down to the 5 minute time frame.There I look for a break and then retrace into that rectangle...
Well, as for the basics, yes!
It sounds very sound!

The idea does not change, it is the same all the way through.
There are new tools.
Even if you think that the most recent Trades are based on something else, they are not.
They are just on the "more advanced level".

Show your charts, you seem to miss the Pip Potential and the Potential Stop.
Just setting TP to 2xSL might not be just the right thing for the given situation.

Nothing is as simple as that!
The analysis is important, knowing the Global and Local Position!
Knowing where the Price is most likely to go, the next Stop-PTECZ.
Knowing if you are at the Top or the Bottom.
Then, estimating Pip Potential and checking if that fits your R/R.

There is a lot to learn!
Trade the facts, not opinions.
  • #2,368
  • May 27, 2013 2:23pm May 27, 2013 2:23pm
Quoting puppypippy
Here is what I did in pictures {image} {image}
You did simple, you did right!
Attached Image (click to enlarge)
Click to Enlarge Name: pippy.png Size: 176 KB

You, just did not know where the Price was going, but that was still enough!
Trade the facts, not opinions.
  • #2,369
  • May 27, 2013 2:30pm May 27, 2013 2:30pm
@Tok,

You see Tok, you were surprised in one of your early posts
that Price Consolidates so much!

If Price did not Consolidate, the Trend would be a straight line!
The Trend is a series of Down-Up-Down-Up-Down-Up movements.
Or, Up-Down-Up-Down-Up-Down movements.
Every Stop is some Consolidation Level!
Strong almost straight Trends occur very rarely.
And even those are not so straight on lower Tfs.

If Price did not Consolidate, the Candle would be plotted just from Open to Close,
without any Shadows/Wicks.

This you must understand to continue.
Trade the facts, not opinions.
  • #2,370
  • May 27, 2013 4:42pm May 27, 2013 4:42pm
Quoting xixi
I've just taken this trade (demo) as I see a PTECZ on M15. Is that correct, Dadas?Thanks! {image}
xixi,
Forgive me that I forgot about you!
Yes, that is a very nice Trade.
Yes, your Trade is very good example that if someone takes the effort, they will get there!
You Entered very save, on the second retrace!
You could have even Entered earlier!
The Local Trend was clear, so the Entry was according to the PTECZ rules!
Trade the facts, not opinions.
  • #2,371
  • May 27, 2013 5:28pm May 27, 2013 5:28pm
Quoting Dadas
{quote}Correct! How are your Pips?

Sorry for late response,they closed at BE!
If you dont stand for something,you 'll fall for anything.
  • #2,372
  • May 27, 2013 6:02pm May 27, 2013 6:02pm
My Trade today in the Euro
http://www.mql5.com/en/charts/327749/eurusd-m15-fbs-inc
  • #2,373
  • May 27, 2013 8:57pm May 27, 2013 8:57pm
Before go to work, quick analyze, looking for PTECZ on the chart, SET and GO to work

sell on GU +15 pips
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 114 KB


sell on UJ -10 pips --> little bit push my luck here, entry at TOP because not sure...
Attached Image (click to enlarge)
Click to Enlarge Name: Image2.png Size: 96 KB


Dadas, please help to correct my decision... as always thanks.

* screen capture was taken from free web chart
** still need learn alot
  • #2,374
  • May 27, 2013 9:16pm May 27, 2013 9:16pm
abianfx,

you didn't wait till the price retraced back to your zone after initial disctancing.
  • #2,375
  • May 27, 2013 9:26pm May 27, 2013 9:26pm
Quoting phi1ipp
abianfx,
you didn't wait till the price retraced back to your zone after initial disctancing.
yes phi1ipp, I have very little time to wait till the price retrace, I should go to work... and unfortunately I don't have MT4 at work, so I am still figuring out how to trade SET and GO.. I know I should be patient to wait signal confirmation..
  • #2,376
  • May 27, 2013 10:02pm May 27, 2013 10:02pm
thank you dadas, for the indi,still experimenting with cleanup function on/off,here my ej chart,price broke daily ptecz up,but no retrace to yet,broke down from 5m ptecz and retrace back to top and i sold there,looking for down move to day-ptecz
Attached Image (click to enlarge)
Click to Enlarge Name: ej.png Size: 33 KB
Money is made by sitting, not trading. Jesse L. Livermore
  • #2,377
  • May 27, 2013 10:09pm May 27, 2013 10:09pm
Quoting abianfx
Before go to work, quick analyze, looking for PTECZ on the chart, SET and GO to work sell on GU +15 pips{image} sell on UJ -10 pips --> little bit push my luck here, entry at TOP because not sure... {image} Dadas, please help to correct my decision... as always thanks. * screen capture was taken from free web chart** still need learn alot
And for the second chart I didn't see the price closed below the zone to go for a short. There was a decline and a retrace but then price just stuck in the zone and go up. That's definetely not a signal for short.
  • #2,378
  • May 27, 2013 10:34pm May 27, 2013 10:34pm
Quoting phi1ipp
And for the second chart I didn't see the price closed below the zone to go for a short. There was a decline and a retrace but then price just stuck in the zone and go up. That's definetely not a signal for short.
Yes, I was make a wrong decision at that time...

I broke the lesson : "We are not supposed to assume anything! We are not supposed to predict!
The price can always do 3 things, remember?!"

keep learning :nerd:
  • #2,379
  • May 27, 2013 10:38pm May 27, 2013 10:38pm
So how am I supposed to know when to enter this trade? If I enter on a breakout candle, it'll just retrace and hit my SL, so PA doesn't work for this. You can't use PA to predict which way the price will go. Price will do what it wants. So I don't understand your method at all.

Attached Image (click to enlarge)
Click to Enlarge Name: dot.png Size: 38 KB
  • #2,380
  • May 27, 2013 11:36pm May 27, 2013 11:36pm
Quoting Dadas
{quote}You did simple, you did right!{image}You, just did not know where the Price was going, but that was still enough!
OK I will continue reading your thread. In the mean time is there a PDF or something that could help me with my profit and loss targets and any other techniques I seem to be missing? I will post some charts when I next trade.
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