Price Action in Day Trading by Dadas

nie mogę się dodzwonić mój nich skype to Jarosław Targoński

Here is one way this works.
I looked at GBPUSD, M5 and really saw nothing in terms of trend.
What we are looking for are Trend Signals, BO's, SBOC's, so I took a look at the H1:

The last Red Signal wasn't there, yet.
I knew I should wait for it to close, but I decided to find another Bar to relate to.
As the Highs went Lower, I took the last High Resistance,
and dropped the Dadas_Lead_Zone_Script.mq4 onto the PTECZ following the Resistance Bar.
I got the following picture on the M5 chart:

There wasn't much to deliberate, only Enter a Short.
Now, I have already booked a half and trailed SL to Profit.
There is still a lot of room judging by the ADR and current D1 Range, but who knows what will happen?

And the result:

I got what I got.
Price is stil not decided on trend.
And, on the early Entry, I was the one "in control",
in the sense that I could decide if to close the whole trade at the trendline,
or wait for a bigger Profit risking to take less.

PTECZ Trading Update !!!

A very important evolution has arisen for the PTECZ Trading Method!!!
Instead of plotting the Entry Zone from High to Low of the PTECZ,
it is much better to plot the Entry Zone from High to Low of the Candle
preceding the PTECZ and plot the Pivot Line in the middle of the PTECZ (HL/2).



Of course, attached the handy plotting script.
Drop it onto the Trend Candle preceding the PTECZ Candle.

Here is a simple trade done with the use of the Dadas_PTECZ_Zone_Script.mq4
plotted on H1, and following the Close Half - BE - Trail SL procedure.

I can see price went up right to the pip on that daily or weekly fibo level. Amazing!

Nice trading

Weekly, I have decided that W1 works best.
Yes, it still amazes, doesn't it?

Just another example:

So, there is a myth going around that in Forex it's easy to lose but difficult to recover.
Let me assure you, that myth is completely false, and only true for those who don't understand how to trade!
These are my trades of today on DAX30:

Why didn't I take the first Bear run?
Because I was still in bed when that started.
I tried Short again, but got SL-ed.
I watched PA and saw it was going for Long, so I simply entered Long.
Short: -18 Pips;
Long: +65 Pips;

A nice quick one for +50 Pips, today:

Initial SL @ -18.6 Pips = 1.2% of the account.
TP near Fibo level considering ADR.
Then, aggressive trailing according to my rule:
When price is going in my direction, aggressive trailing will not take me out.
When Price is undecided, I'd rather make a small Profit than hope
or wish for Price to go my way and Lose in the end!
When you've got to Lose, just Lose and move on!

Example of a bad entry and a good one.

Enter Short at the Top.
Enter Long at the Bottom.

BTW:
I got a nice indicator from somebody, which shows the trades automatically
on the chart once they are closed.
Also, there is an option to show all the historical trades.
This indi really makes life easier!
Also, as you can see, it plots the Pips or Points.
This, too, makes life much easier.
Only the .ex4 file is available - not my fault!

Friday wasn't very good for me.
First, DAX30, I just couldn't find the good trade, so practically BE.

Then, I tried trading DJI30.
First, I started trading too early, and I got 2 wins out of 5.
That was still overall Loss.
Then, I made more mistakes, it was the urge to get even which drove me.
Finally, on the last two trades I was able to Enter 4 Lots, c/z I Risked not more than 3%.
Those trades got me almost even for that day.

Today, Monday, so far:

Overnight trade.

Well, guys, I've got to put it this way:
Am I 100% satisfied with my trading?
The answer is: "No, I am not".
I am still making a lot of Entries which don't make much sense.
And, I'm getting all those small SL's or BE's.
But, then comes the big one, and everything is working!


Still, I need to work more on the Entries, because they can be better.

Perhaps you should try defining basic mechanical rules that you always stick to. I know price action can be very hard to read objectively, but you could write down some ground rules that you would look for. E.g: Look at H1 trend and only trade in that direction. Look for pin point entry on M5 with price structures and price action patterns. Obviously something more precise, but I hope you get the idea.

I know it's hard to define one's feel for the market, so it is hard to set said mechanical rules, but going too subjective isn't ideal either IMHO. The aim is to read the market without a bias and for that to work, you have to know what you are looking for when you are reading. If you know what you are looking for, then when you see it, you will have a clear signal and you won't change your direction so often.

I am currently still trying to clarify what I am looking for on which TF. It is a work in progress, but I am getting there.

My friend, thank you for your advice!
Please believe me, what you are speaking about, here, is already far history for me.
I know exactly what I am looking for and on which instrument.

The problem with the Entries isn't anything you are talking about.
I am simply too impatient with Entering the market, that's all.

Not that it makes much difference for my results, because I am consistently profiting,
because I am sticking to the Risk Management rules.

Also, if you would notice, most of my loses are due to tight SL's, not because of wrong direction.
And, I make up for my losses and profit on the same day.
There are only a few days when my result is negative.

Also, I am Entering the Market when I shouldn't.
Like you can see on DAX30, I entered Long too high.
I was in profit half way to TP, thus my order SL went to BE.

The only thing about DAX30 is that I'm using minimum lot, so I can't close half.
And that is why I got BE = 0 Pips.

Otherwise, I am not a mechanical machine, and I will never be one!
My system is one of the best there is!
It is about trading!

Besides, changing direction is nothing bad.
The ability to change direction is one of the features of a good trader.
The poor trader sticks to one direction and can't let go of the Loss.
The good trader cuts Losses quickly, let's Profits run.

As you can see, 3% Risk is usually 30 Pips for me,
but I most often cut my Losses at 9-15 Pips on DAX30 and DJI30.

I am not satisfied because I know I can do better, and I will.