Price Action in Day Trading by Dadas

Right, so that was pretty typical:

The Entry was simply bound to get SL'ed.

However, a new day, let's see what it brings.

@ Christianfx,

I must admit, you are right, my friend.
I really got mixed up recently...
Hopefully things will get better, now that I have realised it.

I apreciate that. You helped me a lot, so I can help you were I can. I just think you can simplify your approach.

Yes, simplify is the correct thing to do.

OK, so my first trade, entered yesterday:

One of the worst entries ever!
Mainly because I was messing with M5.
But, SL held, and backed by some fundamentals, I decided to wait out.
Basically, I am quite certain it will drop to around 1.6550, but I needed to free some lots.

The second trade:

If you look closely, you will wonder why TP didn't trigger?
Well, I didn't calculate the spread, and it was a few Pips lower.
It was inside the spread, but didn't touch Ask.
So, I moved it up a bit, and secured my minimum target 50 Pips by SL.
When Price started retracing, I took 60 Pips, better than 50!

PS. to the GBPUSD trade:

Actually, I closed this trade in the proper place.
If we take a look at M5 at the highlighted area,
we see a Pin Bar and a perfect Bullish Engulfing Candle (SBOC).
The following 2 Bear Candles are inside the SBOC.
That's the time to get out of the trade!

And, that's where I was supposed to go Long!

Well, next time...

I am also in another trade, on AUDJPY:

I know that here, too, there is a retrace, but as I already have BE set,
and I see another potential Short Zone, I am waiting.
I can't lose, yet I can potentially gain quite a lot of Pips.

OK, so this one only gave 4 Pips.

I will hunt a Short higher.

Today was a crazy day.
Still learning to keep my cool, no matter what!



I lost some, then I made it all back up!
Unfortunately, I had to leave my trading desk so I closed the GBPJPY early, very too early.
AUDJPY was the big one which made all the money back!

But, ultimately what saved me was the analysis.
After 4 Stop Losses I got a bit frustrated,
but then I cleaned up the charts and did the PTECZ's, again.

I hope you can see them, though this time no Zones, only lines.

Cleaned this one up to Break Even for the month.

For Christianfx and all of you Price Action readers,
here is my simple indicator to get your charts to look like this:

Here is the parameters input window:

NumberOfBar = how many candles you want to plot in this way.
bBarsCounted = if true, the indy will plot all the chart candles.
Color = the color of plotted candles.
(if you don't need to see the original MT4 candles, set the same color for all candles)
bRay = if false, you will see candles as in the image above.
if true, you will get an optional way of viewing the charts:

bBack = actually this doesn't change anything.
iWidth = the width of the plotted lines, by default 5.
By changing the Color and iWidth ( ie. Color=Snow; iWidth=3 ); you can get this view:


The .ex4 file is compiled in MT4 Version: 4 Build 610 !

Thanks, that looks interesting

Yes, look at the dynamics of the Price and the patterns it forms.
This is reading the charts!
OC don't matter any more!
Just HL and the recognition of patterns as they appear, in action,
and taking proper action!
Now, trading any Tf becomes just the same.
The rest is Spread and closing each of the individual moves, if you wish!

UPDATE!!!
Please, redownload this version of Dadas_HL_Bar_Candles.mq4 !!!
I have replaced the files in the first post: http://www.forexfactory.com/showthre...84#post7340684
I cleaned up the code and made the Candles unclickable.
This will make life easier.

Hi,

I just started forex and i came across your thread which i find it very interesting.. I was going through the concept and decided to tried it out on my own to see if i understand it correctly. Below is a screenshot of usd/jpy as of 17 mar 2014. Please advise if i got it right. Thank you

http://i638.photobucket.com/albums/u...8-03-02014.png

Very good, so far, gonz.

If I see +50 Pips, I take it!

Hi Dadas,

I have been reading the very first pages of your thread, I am very serious about trading full time and would like to go through the whole thread and learn your ideas and ways however I found that most of the pictures are now either not working or have been deleted, just wondering if there is anyway to get them so I can get a visual also.

Thanks

Michael