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Price Action in Day Trading by Dadas

  • #3,301
  • Oct 14, 2013 10:07am Oct 14, 2013 10:07am
usdchf

http://charts.mql5.com/2/760/usdchf-...t4-powered.png


havent really gotten used to the functionalities of mt4... just know buy/sell buttons....

pretty much similar setup to my gold trade.. i like to trade the extremes.. as you say dadas.. sell on top buy bottoms... when the chart indicates this obviously..

usdchf recent has been trading sideways...with downward bias..

h1 on weekly and daily rectangles...

as we can see the candles towards the top of the range have long wicks.. indicating supply on top. it has rejected a few times... a h1 ptecz formed late friday inside the green h4 ptecz .. it gapped lower this morning and prices filled the gap. using the hilo indicator i had a sell stop 0.9107ish... my target would be the ptecz lower 0.9070 region.

was at dinner when i checked prices and closed out at 0.9069.
  • #3,302
  • Oct 14, 2013 11:43am Oct 14, 2013 11:43am
Quoting tonyxc
usdchf {image} havent really gotten used to the functionalities of mt4... just know buy/sell buttons.... pretty much similar setup to my gold trade.. i like to trade the extremes.. as you say dadas.. sell on top buy bottoms... when the chart indicates this obviously.. usdchf recent has been trading sideways...with downward bias.. h1 on weekly and daily rectangles... as we can see the candles towards the top of the range have long wicks.. indicating supply on top. it has rejected a few times... a h1 ptecz formed late friday inside the green h4 ptecz...
Tony, please, I want to ask you a Big Favour!

Just do this and don't go any more complicated!

You are doing the right thing, you don't need to get more complicated.
Trade the facts, not opinions.
  • #3,303
  • Oct 14, 2013 12:16pm Oct 14, 2013 12:16pm
thx dadas.......

tomorrows a new day.

good luck all
  • #3,304
  • Oct 15, 2013 6:28pm Oct 15, 2013 6:28pm
Two more successful trades using the latest technique.
I suppose, the tp could have been better, but I have found that being too ambitious can result in large drawdowns.
Prefer to set a small tp and walkaway instead of babysitting the trade.
Thus, getting the direction correct is more important.
Then its only a matter increasing lot size to manage risk:reward.
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  • #3,305
  • Oct 16, 2013 6:22am Oct 16, 2013 6:22am
Quoting EaglePip
Two more successful trades using the latest technique. I suppose, the tp could have been better, but I have found that being too ambitious can result in large drawdowns. Prefer to set a small tp and walkaway instead of babysitting the trade. Thus, getting the direction correct is more important. Then its only a matter increasing lot size to manage risk:reward. {image} {image}
Good thinking EaglePip!
The rest will come with time and experience, thus with more confidence.

However, I must criticise the second Entry.

From the left:
After Strong Bear Candle you have a PTECZ on M15.
Then another PTECZ after PTECZ.
Then, a BreakOut from the PTECZ in Up direction.
This is a Long_On_Retrace signal!

Your only excuse would be that you were deliberately going just for that many Pips,
knowing your Pip Potential not larger than to the border of that Green PTECZ.
It looks that way on your chart...
Trade the facts, not opinions.
  • #3,306
  • Oct 16, 2013 11:35am Oct 16, 2013 11:35am
Dadas,

thanks for sharing your way. It's impressive .. i have been trading 1 year+ in forex. My trading went good in the first 3 months, I was planning to quit my current boring job with my resignation letter ready typed and saved ( just edit the date and print it out) but the trades somehow not bringing consistent profits to me.. I tried from 2 indicators to even combo 6-8 indicators, and come back to blank chart, back to chart full of indicators.. trade fundamental, trade technical, buy books, surfing info/forum from web .. It was about 1 year+, the resignation letter was still with me ...
your thread really interesting, i have come to page 8 since last week. I wish your thread could really help me to deliver my resignation letter to my boss right the year of 2014 !

regards,
Andy

PS: I used forexfactory to check for news release 1 year+ ago, but last week just to decide to sign up to leave you a msg =)
  • #3,307
  • Oct 16, 2013 1:33pm Oct 16, 2013 1:33pm
Quoting nkweng
Dadas, thanks for sharing your way. It's impressive .. i have been trading 1 year+ in forex. My trading went good in the first 3 months, I was planning to quit my current boring job with my resignation letter ready typed and saved ( just edit the date and print it out) but the trades somehow not bringing consistent profits to me.. I tried from 2 indicators to even combo 6-8 indicators, and come back to blank chart, back to chart full of indicators.. trade fundamental, trade technical, buy books, surfing info/forum from web .. It was about 1 year+,...
Nice to have you join us!

However, please keep the copy in a safe place.

It doesn't come so fast, you need to keep your source of income.
First, you must learn to make Profit over Loss.
Then, you must build your capital.
Then, you need to be able to pay your bills from Fx.

Still, long after then, you can make enough money to quit your job.

Please, be realistic.
Count this process not in months, but years.

Just like University or College, very few can complete the course in a year or two.
Trading is like graduating a very tough University.
You, simply can not learn it in a year or two.
Trade the facts, not opinions.
  • #3,308
  • Oct 16, 2013 4:12pm Oct 16, 2013 4:12pm
Quoting Dadas
{quote} ...... This is a Long_On_Retrace signal! ........
Thanks for the feedback, Dadas,
At the time I was focussed more on the decreasing size of the 15M candles and the PA turning back from the 15M Trend BO.
As you noted, I was also just looking for a quick trade to the edge of the band.
Here is another example where even a 2 pip Tp can result in prolonged drawdown.
I just do not have the patience to wait for good entry.

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  • #3,309
  • Oct 17, 2013 1:45am Oct 17, 2013 1:45am
Quoting EaglePip
{quote} Thanks for the feedback, Dadas, At the time I was focussed more on the decreasing size of the 15M candles and the PA turning back from the 15M Trend BO. As you noted, I was also just looking for a quick trade to the edge of the band. Here is another example where even a 2 pip Tp can result in prolonged drawdown. I just do not have the patience to wait for good entry. {image}
This way of trading will, ultimately get you only Loss over Profit on real account.
This is how newbies get excited about winning and want to quit their jobs!

You don't Enter Short at the Bottom when there is Up Trend!
It doesn't matter if you see a PTECZ nearby, or have any other of your imaginations!
The Long worked, however stupid the Entry was!
If a bad Entry works, it means Price is trending in that direction.

If you wanted to go Short from the Green Zone,
you should have waited for Price to go into the Zone
and then looked for Trend Reverse Signals!

As there weren't any Reverse Signals in that Zone,
obviously this wasn't the Resistance, so you should have
started looking for the next Potential Resistance.

It may sound bad, but if you do not have the patience, trading is not a job for you.
You can play demos, c/z it doesn't cost anything!
Trade the facts, not opinions.
  • #3,310
  • Oct 17, 2013 1:56am Oct 17, 2013 1:56am
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Trade the facts, not opinions.
  • #3,311
  • Oct 17, 2013 2:27am Oct 17, 2013 2:27am
Quoting Dadas
{quote} ...... You can play demos, c/z it doesn't cost anything!
Yes, the entry was a bit reckless and would have been different if it was a live account.
I see the ideal Long Entry, but that was about 2.5 hours after my bedtime!
Really need to go live to get the pschology right.
  • #3,312
  • Oct 17, 2013 2:44am Oct 17, 2013 2:44am
So, once you've got your Zones right,
it realy is easy to find the Entry on M1.
You, just have to make your decision quick, on M1.
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Trade the facts, not opinions.
  • #3,313
  • Oct 17, 2013 7:27am Oct 17, 2013 7:27am
Even running on afterburners can generate some nice Pips.
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Trade the facts, not opinions.
  • #3,314
  • Oct 18, 2013 2:45am Oct 18, 2013 2:45am
Common sense dictates looking for longs. I usually try not to trade on Friday, especially if situation is not clear and I’m already in nice profit through the week. There is few places to join the trend and I mainly will look for three scenarios when ti comes to EURUSD. 1st – break out to the upside and retracement to 1.3680, then uptrend continuation. 2nd – correction to 1.3645 and from there move up. 3rd – weekness after break out to the upside and start of correction.
GBPUSD - after 1.6172 is broken I will look for a long position at this level , otherwhise short on tops around 1.6260-1.6265
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Price Action + KISS + PIE = Forex-Entourage
  • #3,315
  • Oct 18, 2013 4:50am Oct 18, 2013 4:50am
Quoting pipsane
Common sense dictates looking for longs. I usually try not to trade on Friday, especially if situation is not clear and I’m already in nice profit through the week. There is few places to join the trend and I mainly will look for three scenarios when ti comes to EURUSD. 1st – break out to the upside and retracement to 1.3680, then uptrend continuation. 2nd – correction to 1.3645 and from there move up. 3rd – weekness after break out to the upside and start of correction. GBPUSD - after 1.6172 is broken I will look for a long position at this level...
Welcome pipsane!

It's a great thing that you have your potential scenarios ready for next week.

Could I ask you to post 2-3 trade examples that you took?
Put them on a chart where we can see the Entry-Exit more clearly in relation to PA.
Trade the facts, not opinions.
  • #3,316
  • Oct 18, 2013 11:12am Oct 18, 2013 11:12am
For some time, now I have been working on a new indi.
This new indi is based on TBCZ+BreakOut & PTECZ+BreakOut patterns
with the combination of Average Range Target suggestions.
It also contains some other usefull functions, like Auto_Trend Line plotting.

My new indi also has a Trade Hint option.
It will suggest a Trade according to TBCZ+BreakOut & PTECZ+BreakOut patterns,
Average Range Target, and Risk_Reward_Ratio, plotting the Trade Arrows in MT4 style.

After a couple of weeks testing, I decided to make some Trades according to the hints
following only D1 chart and the suggestions on it.

Thus, about an hour before D1 Close, I sat down and looked over my portfolio.
I found 5 reasonable Trade suggestions.
I opened those Trades by Market Price at D1 Close.
I set the TP and SL as suggested.

Here are the results:

1. The first to Close @ TP was USDJPY.
The suggested Target was 49 Pips, I set TP @ 45 Pips.
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2. Second to Close @ TP was GBPUSD.
The suggested Target was 78 Pips, I set TP @ 75 Pips,
but during the day I noticed a very important BO Resistance, so I lowered TP to 60 Pips.
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The other 3 have a story.
They were all at good Profit, but still away from TP, even though I could see no obstacles.
Later they moved further away from TP.
I decided to Close them manually, because of time and small volatility.
USDCAD @ 15 Pips,
USDCHF @ 15 Pips,
EURUSD @ 25 Pips.
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Trade the facts, not opinions.
  • #3,317
  • Oct 19, 2013 6:25pm Oct 19, 2013 6:25pm
To whomever might be concerned.

I said I am willng to help anyone who is willing to learn and
commit their time to learning my methods of trading in Forex and similar markets.
And, I still keep my word.

However, if you are looking for evidence or looking for faith,
Iwill say it here, for everyone to see:
I can not give you faith!
I am not trying to prove anything to anybody.

Thus, if anybody does not believe in making money at Forex or other related markets,
please don't waste my time and, what is more important, don't waste your time and money!

If anyone is looking for confirmation of anything, again, I can not help you!

I can only help you see the charts, to learn to read the charts.
I can only help you to learn to read Price Action.
I can only help you to open your eyes and see the truth about trading.

The rest you must do yourself.

Those who I am addressing this message to, will know it is mainly for them.

Others will smile, still others will laugh or even do other things I won't mention.

I can only say that just as you must live your life, you must do your own Trading.

Wish you all the Best, both in Life and Trading.
Trade the facts, not opinions.
  • #3,318
  • Oct 19, 2013 9:39pm Oct 19, 2013 9:39pm
Quoting Dadas
For some time, now I have been working on a new indi. This new indi is based on TBCZ+BreakOut & PTECZ+BreakOut patterns with the combination of Average Range Target suggestions. It also contains some other usefull functions, like Auto_Trend Line plotting. My new indi also has a Trade Hint option. It will suggest a Trade according to TBCZ+BreakOut & PTECZ+BreakOut patterns, Average Range Target, and Risk_Reward_Ratio, plotting the Trade Arrows in MT4 style. After a couple of weeks testing, I decided to make some Trades according to the hints following...
Brilliant trades, Dadas! And also very simple! I liked all of them. I wish I were so confident to go for such a trades.
  • #3,319
  • Oct 20, 2013 4:39am Oct 20, 2013 4:39am
Quoting phi1ipp
Brilliant trades, Dadas! And also very simple! I liked all of them. I wish I were so confident to go for such a trades.
Thanks for your words, Philipp.
Your great contribution is very much appreciated.

However, speaking of confidence, nobody has enough confidence.
Confidence isn't really what this is about.
When someone bungy-jumps, they don't have confidence, they have the guts to risk their life.
Or, otherwise, they are reckless, stupid, ignorant, unimanigative...

We risk something every time we do something.
Driving your car is already a big risk.

You are here, I am here, all these people are here, on Earth.
We are all winner.
Every one of us had to kill millions in order to be the one to get there.
Every one of us had that something to be accepted by the ovum who also was the successfull one of many!
So, the deadly risk is there, from the begining, until the end - though, there is no begining and no end, really.

"Ships are safe inside the harbour, but is that what ships are for?"

Again, that's just a metaphore, because in reality there are times when ships are better of at sea then in the harbour.
Trade the facts, not opinions.
  • #3,320
  • Oct 20, 2013 8:40am Oct 20, 2013 8:40am
Hi Dadas,
Love what you are doing and have downloaded the pdf and would love your FX-NVATC_PTECZ_Trader.ex4,r indi please.
I have started watching Sam Seiden on Supply and Demand too.
I have always wanted to know how to work all this out rather than try to trade between Support and Resistance.
This is having a hugh impact on my understanding of trading.
I have been trying to tarde Price Action but now I have a chance of actually understanding PA.
Thank You
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