Price Action in Day Trading by Dadas

Hello Dadas, my new profitable trading

Bull Shit and pure luck associated with some news or regulatory action on GBP by BOE.
You had no reason to go long there on GBPJPY.

You had very good reason to go Long on GBPUSD.


On GBPJPY it was only short, and nothing other, until trend swing confirmed:

Hi Dadas

I have been following you thread and I just joined on the forum so I can say THANK YOU For sharing all you knowledge, im new to FOREX and trading in general and I still have a lot to learn and Im learning everyday from you slowly but surely "Thank You"

Hello, Dadas
How are you?

I see you are still practising the bad habits.
This is not a good thing to do, for you.
I told you:
Long at the Bottom
Short at the Top

Yet, you enter Short at the very bottom!!!

Not Short Teacher, I've entered LONG

If the dark zone is our support zone, then Candle #1 is the BreakOut Candle.

It tells us that some bigger market participant has pushed some more serious Lots into the market.
Candle #2 is where this same guy(s) realised their profits.
The PinBar is one signal. Candle #3 is the Break Out confirmation Candle.
You have got to Enter Long in the green zone.

There is no room for quessing in this Market.
If you are quessing, you are losing.
If you are reading the Market, you are going along with it.

If, having this worked out, you go to M5, you will see how precise you can get.

You know what?
They tell you that each person is individual, and each person must have their own strategy.
They tell you that there isn't just one good strategy, and everyone should use the one which works for them.
Either they are lying to you deliberately, or they don't really know what they are talking about.
There is only one chart per instrument, one market per instrument.
Those have nothing in common with anyone's individuality or personality.
The only way to trade those instruments is their way, the way those markets work.
Thus, there is only one single strategy that can work.
It is the strategy of trading the chart, the market, not the strategy of trading one's individuality.
This strategy requires the trader to understand the workings of the given market, and
the ability to read this market directly from the charts.
This strategy requires the trader to understand and apply Risk management, also by the market rules,
not by any thought up individual rules.

It is the "individual" factor that causes bias and ideas which have nothing in common with the market.

And, it is only then, when the trader fully grasps this idea and implements it to their daily trading,
that he or she can start getting the results we all deserve to get.

I was trading the DAX30 market, today:

I closed the first trade, because it wasn't right, it wasn't by the market.
The second trade was entered precisely by the market.
It was taken out on trail by EA, because of quick price movements and too quick BE trail.
Obviously, the EA knows nothing about trading the market, it only executes commands.
The third trade was entered according to the market, and it was trailed manually according to the market.
The fourth trade was, again, entered by the market and it reached the target.
The fifth trade was a bit too hasty, and I trailed to minimise Risk.
The sixth trade was entered correctly, but since the market is waiting for the news, and
it is refusing to take any action, I closed when compensated for the small loss on the previous trade.

Hi Dadas

GBPUSD Long Trade

Background candle time frame: 10080
Index 296

M1, W1 price is at a historical resistance level and might be rejected
Using Week candle 296 for my Global posistioning
Only targeting 35-40 Pips on this one

I hope im getting the concept correct Im still re-reading from the begining after stopping on page 50, and im very dertemind to get this correct

i hope im not braking any forum rules

Regards

Mzakes, no sweat, everything is cool.
You must understand that I am lightyears away from the begining.
At this point I don't really care what you use other than my method.

Your trade is fine, mainly because the pair is trending and you did the right things.

I am using more advanced scripts, now.
My picture looks like this:

Mzakes, regarding the labels which are hiding to the right of the chart,
this started to happen when MT4 build 646 was introduced, and there
is no way to get that right, only one way works:
Use corner 0 or corner 2.
Offset the labels XDistance from the left border of the chart.
Then, everything will stay in place.

Does anybody still remember "Follow the PTECZ!" ?

Well, what is the best moment to Enter a Trade?
It is the swing, isn't it?

And what is the PTECZ?
It is the Potential Trend Ending Consolidation Zone.

I have, finally figured out how to write a real Follow the PTECZ indicator.

What it does is, it searches for PTECZ patterns on the given Master Timeframe.
Then, it plots 3 Zones: Entry Zone and 2 opposite Trend Target Zones.
It also plots a simple Pivot Line with the S1, S2, S3, R1, R2, and R3 Lines.

You can Enter directly from the Master Timeframe chart:

Or, you could look at a lower Timeframe:

Hi Dadas long time no see. I like the look of your latest indi - thank you fx factory for updating me - and as I have just had both computers content destroyed by a human virus (not me but a cam artist) I would be very happy if you could post a copy on your site. keep up the good work.cheers

Well, real time testing showed that which I already knew.
The indi is too good and plots too many setups.
IOW, it finds a setup and plots the zones, like this:

But, a couple of hours later another setup is valid by conditions:

And, there were 3 other valid setups along the way.

If anybody tried to use this without the ability to read the Market,
they would only say that this doesn't work.

So, there is the neccessity of some kind of filter.
I have never heard of any indicator which could read the Market.
Thus, I am the only filter, the Trader is the only filter.

So, there was only one solution: I rewrote the indi only to alert me on a setup.
And, today I got a DAX30 H1 PTECZ setup Alert.
I dropped the Dadas_Secret_Weapon_Script on the Candle, and I saw a good setup:

I switched to M5 and watched the PA.
I Entered upon Double BO from Pivot.

You can see the result.