Price Action in Day Trading by Dadas | Page 198 | Forex Factory

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Price Action in Day Trading by Dadas

  • #3,941
  • Aug 2, 2014 6:38pm Aug 2, 2014 6:38pm
Hello Dadas
How are you?
I am finding good Trading Journal for free, have you idea?
Thanks
  • #3,942
  • Aug 3, 2014 1:58am Aug 3, 2014 1:58am
Quoting safrash
Hello Dadas How are you? I am finding good Trading Journal for free, have you idea? Thanks
Sorry safrash, but I don't understand what you are asking for?
Trade the facts, not opinions.
  • #3,943
  • Aug 3, 2014 8:44pm Aug 3, 2014 8:44pm
morning mr.dadas

Tank u for your advise yesterday sir ,and now I want ask to you how to distinguish where PTEZ and TBCZ sir,,becouse,I often wrong
  • #3,944
  • Aug 3, 2014 9:50pm Aug 3, 2014 9:50pm
Hi Dadas,

Could you post the new PTECZ indicator please or is it on one of the previous threads already? The indicatory i'm referring to is the one you used on your charts when you last replied to me. Thanks.
  • #3,945
  • Aug 3, 2014 10:34pm Aug 3, 2014 10:34pm
I've been reading up on price action recently and came across several interesting books. This might be useful in identifying false break outs.
Attached Image (click to enlarge)
Click to Enlarge Name: FBO.JPG Size: 73 KB
  • #3,946
  • Aug 4, 2014 3:35am Aug 4, 2014 3:35am
Quoting saquel
morning mr.dadas Tank u for your advise yesterday sir ,and now I want ask to you how to distinguish where PTEZ and TBCZ sir,,becouse,I often wrong
Please search for your answer in the historical posts.
It is there.
Trade the facts, not opinions.
  • #3,947
  • Aug 4, 2014 3:43am Aug 4, 2014 3:43am
Quoting ForexT1000
Hi Dadas, Could you post the new PTECZ indicator please or is it on one of the previous threads already? The indicatory i'm referring to is the one you used on your charts when you last replied to me. Thanks.
As far as I can remember, or by looking at my last reply to your enquiry,
I did not use any PTECZ Indicator but simply plotted the PTECZ manually using the rectangle tool in MT4.

The only PTECZ indicator that I posted was the Custom_Zone_Candle_with_Index.mq4
which contains the PTECZ indication function.

Attached File(s)
File Type: mq4 Custom_Zone_Candle_with_Index.mq4   45 KB | 783 downloads
Trade the facts, not opinions.
  • #3,948
  • Aug 4, 2014 3:51am Aug 4, 2014 3:51am
Quoting ForexT1000
I've been reading up on price action recently and came across several interesting books. This might be useful in identifying false break outs. {image}
Thank you for posting.
However, you must not take this information as the market truth!

It is not the truth, and only one of the possibilities!

The only market truth is that which you already see on the chart.
The future is always unknown.
You must understand the market.

If you took that book knowledge as the truth, you would go Long after the green candle on this chart:
Attached Image (click to enlarge)
Click to Enlarge Name: [DAX30]M5.png Size: 42 KB

Which would cause you to lose.

Whereas on this chart, you would be expecting the price to go Short, after the green Break Out:
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5.png Size: 38 KB

Book knowledge is worthless if you don't understand the market.


In other words, you shouldn't be learning Price Action from books presenting opinions.
You should be learning Price Action by reading the actual charts, candle by candle.
Trade the facts, not opinions.
  • #3,949
  • Aug 4, 2014 4:49am Aug 4, 2014 4:49am
I will add that the book shows you a small fragment of the chart taken out of a larger context.
I don't know the purpose of such teachings, but it is most unreasonable to learn patterns taken out of context.
Trade the facts, not opinions.
  • #3,950
  • Aug 4, 2014 9:43pm Aug 4, 2014 9:43pm
I see too much volatility in that chart to be trading PTECZ which I would use for a higher time frame. I see a lot of bullish/bearish momentum. The bears attacked once bullish momentum stopped and never slowed down to consider going long.

But yes you are right information from books are very circumstantial are never 100% correct but I would not completely throw them away.
  • #3,951
  • Aug 5, 2014 1:15am Aug 5, 2014 1:15am
Quoting ForexT1000
I see too much volatility in that chart to be trading PTECZ which I would use for a higher time frame. I see a lot of bullish/bearish momentum. The bears attacked once bullish momentum stopped and never slowed down to consider going long. But yes you are right information from books are very circumstantial are never 100% correct but I would not completely throw them away.
Well, everyone has to start learning somewhere.
The point is that most of the books found on the web are very old, outdated.
They were written tens of years ago, and they usually speak about the stock market charts.

There is a significant difference between the Gap Market (Stocks) and the Continuous Market (Forex).
Besides, the Forex so called Japanese Candlestick charts and especially MT4 charts are missing the Volume element.
The real Japanese Candlesticks contain one more feature, that is the Width of a Candlestick (Volume).

Anyone who wants to learn anything useful from such books should be aware of those factors.
They should also be aware, that many patterns were almost certain wins even 5-8 years ago,
and now they are simply no more than 50% chance.

I suggest people look up YT, because there you can find nice Candlestick Courses which are simply modern.
Trade the facts, not opinions.
  • #3,952
  • Aug 5, 2014 11:58am Aug 5, 2014 11:58am
Made a nice trade, today:
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH1.png Size: 47 KB

Thought I'd show you it is possible.
Trade the facts, not opinions.
  • #3,953
  • Aug 5, 2014 4:18pm Aug 5, 2014 4:18pm
Quoting Dadas
Made a nice trade, today: {image} Thought I'd show you it is possible.

Dear Dadas,

I have read your recent cools examples of trades, could you please explain why you are using as a key line of support/resistance, the line formed at 18:00 of the previous day [18:00 Price Set Prev]?

Is this importent pivot line placed in the middle of the candle preceding the PTECZ which was formed during the period 17 - 18 hours previous day? (at seems that not all examples have this line formed at PTECZ...)

What is the rule for the appearance of this line on the chart?

Thank You,
ioms
  • #3,954
  • Aug 5, 2014 4:43pm Aug 5, 2014 4:43pm
Quoting ioms
{quote} Dear Dadas, I have read your recent cools examples of trades, could you please explain why you are using as a key line of support/resistance, the line formed at 18:00 of the previous day [18:00 Price Set Prev]? Is this importent pivot line placed in the middle of the candle preceding the PTECZ which was formed during the period 17 - 18 hours previous day? (at seems that not all examples have this line formed at PTECZ...) What is the rule for the appearance of this line on the chart? Thank You, ioms
Well, you see ioms, knowing your business is essential in any business.
You can't read everything from the charts, because our charts are continuous, not gapped.
Obviously, you know that there are sessions in this market.
Some sessions produce small volatility, others produce great volatility.
Quite obviously, if I am trading DAX30, the Frankfurt session will be important.
For GBP pairs, probably the London sessions will be more important.

You ask, why this 18:00 hour is so important.
Well, it is 18:00 EEST time.
Thus, it is 16:00 London time.

By the way, the images are quite large, I mean, you click on them and they go full screen, you know.
So, you can see on which candle price the lines are plotted.

If you can't see that, man, go do something else.

I think I have given you enough clues.
Do the investigation on your own.

Oh, and if you have problems with calculating the time zones,
there is a nice site here: http://www.forexmarkethours.com/
Trade the facts, not opinions.
  • #3,955
  • Edited 5:11pm Aug 5, 2014 4:57pm | Edited 5:11pm
Quoting Dadas
{quote} Well, you see ioms, knowing your business is essential in any business. You can't read everything from the charts, because our charts are continuous, not gapped. Obviously, you know that there are sessions in this market. Some sessions produce small volatility, others produce great volatility. Quite obviously, if I am trading DAX30, the Frankfurt session will be important. For GBP pairs, probably the London sessions will be more important. You ask, why this 18:00 hour is so important. Well, it is 18:00 EEST time. Thus, it is 16:00 London...
You set a good examples, I want to understand them better, so sometimes I ask questions, that's all.

Thank you very much for the detailed answer and tips!

ioms
  • #3,956
  • Aug 6, 2014 1:50am Aug 6, 2014 1:50am
Quoting ioms
{quote} You set a good examples, I want to understand them better, so sometimes I ask questions, that's all. Thank you very much for the detailed answer and tips! ioms
And I, instead of giving you the fish, am trying to give you the fishing rod, so you can catch the fish yourself.
Trade the facts, not opinions.
  • #3,957
  • Aug 6, 2014 4:26am Aug 6, 2014 4:26am
Today, I made a quick trade and incorporated the script calculations into my new indicator.
I didn't have the exact picture as you see on the image, when trading, so I closed manually.
Attached Image (click to enlarge)
Click to Enlarge Name: [DAX30]M5.png Size: 39 KB
Trade the facts, not opinions.
  • #3,958
  • Edited 2:52am Aug 10, 2014 2:38am | Edited 2:52am
Technology is just, simply GREAT!
Many guys have scorned and complained about the new MT4 builds.
Some, even refuse to update their MT4's to the new builds.
I guess, some guys are simply difficult to accept change and adjust.

However, if one submits to the change and adjusts, believe me,
there are wonders awaiting, which I am just starting to touch the surface of.

There is the OnChartEvent() function, which when used in an Indi or EA
allows me to apply my favourite chart analysis tools at a click of the mouse button.

So, by default my chart looks like this, now:
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM30.png Size: 36 KB

I've got a couple of my latest indicators on the chart.
I can trade the PTECZ or the SBOC, or the BO, or all of them combined with PA.

I use my Dadas_Secret_Weapon_Script and another one I have recently re-discovered.
Only, now I don't need to Drag&Drop anything!
All I do is cklick on a given chart object.

For example, if I want to check out the PTECZ setup, I click on the corresponding square at the bottom or top of the chart:
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM30_PTECZ.png Size: 37 KB

When I want to precise my Entry, I click on the given Candlestick:
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM30_Entry.png Size: 37 KB

When I want to place an Order, I click on one of the 3 inside lines of the precise Entry Lines.
Depending if I want to Buy or Sell pending, or Buy or Sell market.
Though, I haven't yet had the opportunity to test the order placement functions.

Deleteing the plotted objects is just as easy, by clicking on a specified object.

Now, was this at all possible on the old builds of MT4?
Yes, it was, but it required a third party dll and it was far from reliable.
Plus, it wasn't supported by MetaQuotes.

People complain about the MT4.
They don't know what they are talking about.
They don't know their basic trading tool.

Give in and enjoy the possibilities!
Trade the facts, not opinions.
  • #3,959
  • Aug 11, 2014 8:18am Aug 11, 2014 8:18am

1,000,000 Views !!!

Trade the facts, not opinions.
  • #3,960
  • Aug 11, 2014 1:34pm Aug 11, 2014 1:34pm
Quoting Dadas
1,000,000 Views !!!

Congratulations dear Dadas!
I was also happy to be involved since 18.03.2013 in this result! I wish you and all of us the same amount of pips!

ioms
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