Price Action in Day Trading by Dadas

So, to sum up:

GBPUSD:
1. Monthly-wise, in Range after Bearish Trend,
2. Daily-wise, at the Top part of retrace towards Resistance.

EURGBP:
1. Monthly-wise, in Range after Bullish Trend,
2. Daily-wise, on the way down to Support, not yet there.

EURUSD:
1. Monthly-wise, right after PTECZ, now in decision on direction,
2. Daily-wise, exactly in the middle between Resistance and Support.

P.Action, WhereTheF*ck do you get your predictions from???

i dont predict it is for information. daily closes will tell us PA.

Why price has CSCZ? why candles cant close above or below of them (or can)? and when we pend order? my purpose is find one regular way


i know that you dont like to combine other strategies. Anyway i try to use your great zones(PTECZ,TBCZ and especially CSCZ) which are acting S&R levels. and i add 200-365EMAs. (yeah you dont like it. ) but if we look at the graphs that EMAs behave great S&R effect.

i share my graphs to obtain your messages.

Instead of making your life tough and trying to solve a mystery,
why don't you do it the easy way?

1. Take the D1 chart,

2. Have your Daily Average and Weekly Average Levels plotted,
3. Have your Trading Platform plotted,
4. Trade what you want, DT or Longer.

For DT your goal is near the DR extremes.
For Weekly Term, your goal is near the WR extremes.



You can do the same with any combination of Average Ranges:
MN/W1, W1/D1, D1/H4, D1/H1, M30/M5

Experiment and have fun!

Of course, you will get best results if you only Enter on Swings,
like PTECZ or Range Bars, not in the middle.

So, how did my Cable Trade go?

I watched PA and saw suspicious reaction, so I hedged it.

Got SL on Short, Closed Profit on Long.
PipTracker shows the final result.

I did that on the D1 chart only.
The H1 is only to better show you the Trades.

Hi Dadas
TQ for your comments on my chart ; i still learning to draw the candle zone and need read your thread 1 more time ; can i skype you if you dont mind ..tq

Yup! You can SKYPE.

USDSEK

EURUSD

EURCAD

Someone asked me to explain, here, why I am taking those trades.
I can't explain every case, that would take me too much time amd hassle.
But, I can show you one example of a Trade I took yesterday and why.

SILVER

The day before yesterday was smth like a PTECZ or Range Candle, or Churn Candle.
Thus, a trading platform got plotted when that day closed.

The week before Price reached Resistance, as you can see by PA and the Wick,
and you could find a historical PTECZ on W1, obviously the High Candle was a PTECZ.

What else was there to do but to set up a Sell Stop?
And the TP was set where the Average Daily Range Line suggested.
That was the plan - plain, simple, no mystery to be solved.

So, for Day Traders, all you need is scan the charts for a favorable situation and set up the Stop Orders.

Week Traders or Long Term Traders can do the same, by using MN and W1 and searching the Swings.

It took me ca. 30 mins to scan the whole MT4 portfolio, and mine is pretty big.

USDJPY

This one I just closed manually, cause it was obviously unwilling to go up.
It oscilated up and down all day, being in Loss and Profit a number of times.
So, I guess it must wait until Day Close and then I will check what's cooking, here.

compare yesterday and today situation. E-U and E-G profiles are in my office pc. so i couldnt add.

Yesterday G-U

Attached Image (click to enlarge)

Today G-U-----Touch 2 side of CSCZ zones

Attached Image (click to enlarge)

Yesterday E-G

Attached Image (click to enlarge)

Today E-G------More down

Attached Image (click to enlarge)

Yesterday E-U

Attached Image (click to enlarge)

Today E-U------went route "3"

Attached Image (click to enlarge)

P.Action, please stick to thread rules, or be kind to leave!

I don't want to use more harsh words!

okey. it will be my own theory. i delete my post

EMA = Exponential Moving Average

Of course price "respects" it, cause it is the avarage of the price from a certain period.


It does not mean that someone can tell the trend or future price movement by looking at

another set of the same chart, only plotted in a different way.

And, it does not mean it can help anyone to Trade Profitably!

EURAUD

It's hard to find a good setup today.
Probably the Friday news will get the Market moving.
This Trade was taken from an H4 Trading Platform.

PS. Actually, the CAD pairs were a good opportunity, but I didn't see.

hi .. Thanks for this great thread, Dadas . I follow this thread for a while and this is my first post .
I try to learn and plotted the zone on EU
Please correct me if I'm doing wrong

Weekly



Daily



H4



H1

Hi ErickFx!

I see you are doing a very nice job.
You've got the PTECZ-TBCZ concept very good.

Now, concentrate more on Trend and find the ones which ended the Local Trend.
Like, on your Daily chart you plotted an ucertain PTECZ at the Top,
when you had one just to the left which was the first Potentially Ending the Bullish Trend.

The indi will show many PTECZs, but you've got to see the ones just after the Big Trend.

Time has come to take our Trading a level up.

I have realised a very important issue.
Concentrating only on 1 - 5 instruments is a mistake.

Why, you ask?

Because we are, then, trying to find a Trade limited only to those instruments,
and psychologically we often can't give up when there is no good Entry situation,
we look for any Trade, just to be in the Market, and we are, thus, much more vulnerable to mistakes.

Once we have the structure of our strategy ready, it is a good idea to translate it to the charts.
Create your own indicator which will show you the Best Potential Entry Platforms, according to your strategy.

Here is the tricky part!
In order to find good Potential Entries not being limited to only a few instruments,
we want to use the most potential our trading platform, ie. MT4, gives us.
So, we want to scan all or almost all of the instruments provided by our Broker.

Theoretically, someone may say, it's easy,
you just drag the instrument from the Market Watch window
and drop it onto your opened chart window.
However, that is a very shallow point of view, because there is no Indicator which will work universally for every symbol!!!

Thus, we must create individual templates with diffrent input settings for each instrument we want to scan.

I have done that for every instrument available from my Broker, excluding Stocks, which I am not interested in at the moment.

Further, I have divided the symbols into groups and created Profiles, one for every group.

Now, I've got all my charts readily set up to scan for Trade Platforms based on PTECZ and individually defined Range Candles.

My scans search out D1 and H4 PTECZ and Range Candles.

Here, an example starting from A:

AUDCAD


I have my Entry Levels and TP Targets already predefined in my indicator and individual templates.
I have the Daily and Weekly Ranges already plotted by my indicator.
My role is only to decide upon the direction of the Trade based on Price Action, Daily Ranges and Weekly Ranges.
And, take the Trade!