Price Action in Day Trading by Dadas | Page 156 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Price Will Tell - Supply/Demand Price Action Trading 1,858 replies

The Price is Right: Trading Price Action 219 replies

Price action at the core / tma intra day 5,016 replies

2 day price action 8 replies

Attachments: Price Action in Day Trading by Dadas
Exit Attachments

Price Action in Day Trading by Dadas

  • #3,101
  • Sep 20, 2013 6:46am Sep 20, 2013 6:46am
At this moment this Trade got Closed at SL.
It was at +16 Pips, and I am still looking for repeating the Short,
only now from H4 if Price retraces to my previous Entry level.
Attached Image (click to enlarge)
Click to Enlarge Name: audchfh4.png Size: 37 KB

And a very quick one on EURUSD:
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdh1.png Size: 31 KB

I saw the situation, Shorted, Body_ATR showed 8 Pips, I closed at +7 Pips.
Trade the facts, not opinions.
  • #3,102
  • Sep 20, 2013 7:17am Sep 20, 2013 7:17am
This is a follow up on the previous EURUSD Trade.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdh1.png Size: 31 KB

I was planning to Long @ Open, but missed it, so Shorted at Top.
Took a quick +4 Pips.
Yes, this is scalping, but you don't need to go lower than H1!
Trade the facts, not opinions.
  • #3,103
  • Sep 20, 2013 7:51am Sep 20, 2013 7:51am
Quoting Dadas
{quote} .......So, as you see, the Volatility was very low for your time of Trading, thus you should expect only that many Pips! So, your Entry was wrong! You went Long when the Volatility was already exhausted! ......
Yes, I understand. Would have preferred to enter near the edges of the band. One reason is my time-zone, the other is not having the patience to wait.
Will look at yen pairs for the Asian session and will begin using pending orders.
While waiting for my trade to close, noticed a very interesting phenomenon on the 5M, See attached. Looks like 2 powerful forces pushing in opp directions.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd5m.png Size: 45 KB
  • #3,104
  • Sep 20, 2013 8:46am Sep 20, 2013 8:46am
Quoting EaglePip
{quote} Yes, I understand. Would have preferred to enter near the edges of the band. One reason is my time-zone, the other is not having the patience to wait. Will look at yen pairs for the Asian session and will begin using pending orders. While waiting for my trade to close, noticed a very interesting phenomenon on the 5M, See attached. Looks like 2 powerful forces pushing in opp directions. {image}
As for your obvious timezone related issues,
I would suggest that for DT you ought to Trade the Tokyo session.
That's when something happens, at least enough to Trade.
And, sometimes the math is in favour of Tokyo, so there is more to get.

On the other hand, you see, it's just the matter of shifting the context!
I often envy you, cause I want to make my my decisions like 1-2 hours into Tokyo session,
which is 2-3 a.m. my time, so even if I last that long, I'm too tired to think properly.

So, it's the issue of what you see on your charts.
When the chart Day starts.

As for the "Pip Wars", guess the Big Guys are trying to figure out what the Dark Pools are going to do.
Otherwise it looks like a "bubble" soon to burst!
Trade the facts, not opinions.
  • #3,105
  • Sep 20, 2013 9:10am Sep 20, 2013 9:10am
I got engaged into scalping today.
Oh, well, so didn't see the great Trade that was there on GOLD.
Anyway, +5 Pips on EURUSD added.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdh1.png Size: 31 KB


The Trade on GOLD worth 90 Pips was a classic setup!
Attached Image (click to enlarge)
Click to Enlarge Name: golddaily.png Size: 38 KB

Attached Image (click to enlarge)
Click to Enlarge Name: goldh1.png Size: 32 KB
Trade the facts, not opinions.
  • #3,106
  • Edited 10:04am Sep 20, 2013 9:50am | Edited 10:04am
i am agree with your atr logic. and i use that logic.


for example i opened these orders for 10 minute and all of them close at theair tp level ATM. my target were small because of 10 minutes.


Attached Image (click to enlarge)
Click to Enlarge Name: Ashampoo_Snap_2013.09.20_17h39m52s_001_.jpg Size: 404 KB


İdeal result is here

Attached Image (click to enlarge)
Click to Enlarge Name: Ashampoo_Snap_2013.09.20_18h02m33s_003_.jpg Size: 329 KB
  • #3,107
  • Sep 20, 2013 10:29am Sep 20, 2013 10:29am
New one. ideal TP for small peiod.

Attached Image (click to enlarge)
Click to Enlarge Name: Ashampoo_Snap_2013.09.20_18h27m43s_005_.jpg Size: 123 KB
  • #3,108
  • Sep 20, 2013 12:02pm Sep 20, 2013 12:02pm
So, I got my piece of pie on GOLD, after all +33.3 Pips!
Attached Image (click to enlarge)
Click to Enlarge Name: goldh1.png Size: 33 KB

When H4 Closed, I figured out the Trend was strong, so
I waited for Price to retrace up a bit and placed Sell Stop @ H4 Open.
It worked just great!
I figured that if Price was to go further down, smth like this would happen.
Trade the facts, not opinions.
  • #3,109
  • Sep 20, 2013 12:19pm Sep 20, 2013 12:19pm
I just looked and realised that I have just more than doubled this account since exactly 4th Sept.
Trade the facts, not opinions.
  • #3,110
  • Sep 20, 2013 1:25pm Sep 20, 2013 1:25pm
Repeated the same trick with Sell Stop @ H1 Close and +16 Pips.
Attached Image (click to enlarge)
Click to Enlarge Name: goldh1.png Size: 33 KB
Trade the facts, not opinions.
  • #3,111
  • Sep 21, 2013 5:26am Sep 21, 2013 5:26am
BUY STOP / SELL STOP
I want to encourage all of you to really, really start thinking and using Stop Pending Orders!
We all know and realise from our own experience how important psychology is in Trading.
Just think about it..., you open a Market Order and you see your account melting down.
You see Loss, so you get doubts, more doubts, fear, uncertainty, because Price is moving the other way.
After some time Price goes in our direction, but often not far enough to give Profit.
Sometimes, Price returns back in our direction and we quickly close at any Profit, just to
exit this uncertain Trade and be free from our doubts, be able to relax a bit and think.

Now, consider another way:
When a Trend Candle Closes, relax, note the Trend and watch as the Price Retraces back.
When Price has Retraced to a safe distance, place a Stop Pending Order at Close of the Trend Candle.

Simple, isn't it?

How does that help?
You don't see any Loss because you have not Entered the Market, yet!
Your mind is psychologically free!
Your account is not being stressed!
If the Price never comes back in your direction, you Lose nothing!
If the Trend continues, you can most of the times get a nice Reward!

Obviously, you have to be aware of Potential S/R Levels and Ranges.
You should not expect more than the Market is able to Provide (Volatility).

You see, the Trader never knows when the Top or Bottom is!
Some Traders get lucky because they have the intuition and they can Enter at
the very peeks of High or Low Levels, but that requires a tremendous ammount of concentration,
attentiveness and a whole lot of luck, as well.
Sooner or later your psycho won't be able to take it any more. It's just too much!

So, again, instead of chasing the Price, chasing the Market, why not let the Market take us along?
When the tools have been provided and are there for us to use, Buy Stop and Sell Stop,
all we need to do is learn to use them properly, learn to use them to our advantage!

I hope that you all agree with me that we are not here to fight or conquer anything!
The image of a Trader battleing the Market is a false one!
It is the image of the Loser!

The image of a winner is never shown to us on the media!

Yet, it is so simple!
Let the Market take you where it's going!
Submit, relax, place Buy Stop or Sell Stop and just sit back and see what happens!

When you, finally, open your eyes to reality, you will be surprised what had been hidden from you all that time!
Trade the facts, not opinions.
  • #3,112
  • Edited 6:41am Sep 21, 2013 6:27am | Edited 6:41am
Trend and Trend Lines

Trend and Trend Lines is an issue that seems to cause a lot of problems with newbies,
but I have a strong susspicion that many experienced Traders are not confident, either.

I think that I can help in this matter.
I have created a simple and effective way to mark Trend Lines that helps to see the Global Situation.

Here is how I do it:
1. I use the Daily chart with Custom_Period_Separators.mq4 set at 10080 (Weekly) for most instruments.
Attached Image (click to enlarge)
Click to Enlarge Name: audcaddaily_with_w1_separators.png Size: 42 KB

2. I look at This Week, Last Week, The Week Before Last, The Week Before the Week Before Last.
This means 3 Closed Weeks and the Current Week.
The Candle on the Weekly Separator Line is the first day of the week.
The Trend Line from Last Week to This Week is plotted when the situation becomes clear,
so we can see the Lowest or Highest of This Week.

Example#1:
Attached Image (click to enlarge)
Click to Enlarge Name: audcaddaily.png Size: 44 KB

Example#2:
Attached Image (click to enlarge)
Click to Enlarge Name: cadchfdaily.png Size: 40 KB

Example#3:
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpydaily.png Size: 45 KB

Example#4:
Attached Image (click to enlarge)
Click to Enlarge Name: usdcaddaily.png Size: 43 KB

Of course, if the farthest away Trend becomes insignificant, we can remove the Trend Line.
These Trend Lines will be a great referrance on smaller Tf's.
They can really prevent you from making a lot of mistakes!
Trade the facts, not opinions.
  • #3,113
  • Sep 21, 2013 7:06am Sep 21, 2013 7:06am
Quoting Dadas
BUY STOP / SELL STOP I want to encourage all of you to really, really start thinking and using Stop Pending Orders! We all know and realise from our own experience how important psychology is in Trading. Just think about it..., you open a Market Order and you see your account melting down. You see Loss, so you get doubts, more doubts, fear, uncertainty, because Price is moving the other way. After some time Price goes in our direction, but often not far enough to give Profit. Sometimes, Price returns back in our direction and we quickly close at...
Good article MR.Dadas.


i think it will be more useful if we do this method lively.
  • #3,114
  • Sep 21, 2013 7:50am Sep 21, 2013 7:50am
Quoting Dadas
Trend and Trend Lines Trend and Trend Lines is an issue that seems to cause a lot of problems with newbies, but I have a strong susspicion that many experienced Traders are not confident, either. I think that I can help in this matter. I have created a simple and effective way to mark Trend Lines that helps to see the Global Situation. Here is how I do it: 1. I use the Daily chart with Custom_Period_Separators.mq4 set at 10080 (Weekly) for most instruments. {image} 2. I look at This Week, Last Week, The Week Before Last, The Week Before the Week...

i draw AUDCAD for example. is that suitable this method or not?

Attached Image (click to enlarge)
Click to Enlarge Name: Ashampoo_Snap_2013.09.21_15h34m19s_011_.jpg Size: 146 KB


Attached Image (click to enlarge)
Click to Enlarge Name: Ashampoo_Snap_2013.09.21_15h42m19s_012_.jpg Size: 253 KB
  • #3,115
  • Sep 21, 2013 7:59am Sep 21, 2013 7:59am
Quoting P.Action
{quote} Good article MR.Dadas. i think it will be more useful if we do this method lively.
Of course that it must be applied to Live Trading!

I also encourage you to study the charts now, as you have some free time!

Consider the Body_ATR(5) - it is simple to calculate using crosshair: (Pips from Highest Body Level to Lowest Body Level)/2.
Study the concept historically and see how many times it would have worked if TP was not more than Body_ATR.
​Take Engulfing Candles and other Trend Candles.
Choose the moments you have the most doubts that this would work!

If you have a very strong Trend without visible retrace, forget it!

Generally, concentrate on consistent Profit - don't bother with the Big Moves!
Treat them as extra Bonus in case you are lucky to be it the direction.

You want to create a working money machine, not a gambling wheel of fortune!
Trade the facts, not opinions.
  • #3,116
  • Sep 21, 2013 8:07am Sep 21, 2013 8:07am
Quoting P.Action
{quote} i draw AUDCAD for example. is that suitable this method or not? {image} {image}
I speak about Body_ATR.
How can you use ATR if you can't Enter at High or Low of any Candle?

The best you can do is Enter at Close or Open.

And, be reasonable, don't aim for 100% ATR!
Trade the facts, not opinions.
  • #3,117
  • Sep 21, 2013 8:18am Sep 21, 2013 8:18am
Quoting P.Action
{quote} i draw AUDCAD for example. is that suitable this method or not? {image} {image}
Attached Image (click to enlarge)
Click to Enlarge Name: audcaddaily.png Size: 37 KB

Attached Image (click to enlarge)
Click to Enlarge Name: audcaddaily_ex.png Size: 37 KB
Trade the facts, not opinions.
  • #3,118
  • Sep 21, 2013 8:35am Sep 21, 2013 8:35am
Quoting P.Action
{quote} i draw AUDCAD for example. is that suitable this method or not? {image} {image}
Attached Image (click to enlarge)
Click to Enlarge Name: audcadh4_ex.png Size: 30 KB

THINK P.Action, THINK MAN - THINK!
Trade the facts, not opinions.
  • #3,119
  • Sep 21, 2013 8:58am Sep 21, 2013 8:58am
Attached Image (click to enlarge)
Click to Enlarge Name: audcadh4_ex2.png Size: 23 KB
Trade the facts, not opinions.
  • #3,120
  • Sep 21, 2013 9:21am Sep 21, 2013 9:21am
Besides, who places any Buy Order just under the Resistance Trend Line,
when logicaly, the probability of going further Up is very small?

P.Action, you answer this question for yourself!
Attached Image (click to enlarge)
Click to Enlarge Name: audcadh4_ex2a.png Size: 35 KB
Trade the facts, not opinions.
11 traders viewing now