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Pure Price Action Trading

  • #501
  • Aug 8, 2015 6:17am Aug 8, 2015 6:17am
Initiated a short positions on gbpjpy...but remember we still have a long position from 177.90, we have locked profits by moving trailing SL to 190.90, locking in 1300 pips. WHY have we taken a short position whilst we have a long position? Reason being that price has been struggling around the 195 zone..looks like market might reverse, so we dont want to miss a good down move because we have a long position...we take advantage of both...ITS not hedging? There will be 2 scenarios..either price continues up and breaks 195, so we still stay long or price reverses and drops, we still take advantage of that. I have an article on this concept https://joetradingplace.wordpress.co...same-currency/
https://joetradingplace.wordpress.co...same-currency/

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  • #502
  • Aug 9, 2015 7:05am Aug 9, 2015 7:05am
Pure Price Action...plus engulfing EA plus soon another.... Hmm....

From my own experience engulfing indicator is subjective because it doesn't consider market structure AND what engulfes in one timeframe it doesn't in another. It is like wearing orange glasses. You won't see more or betrer. You will see less. What point?
Pure Price Action Trading
  • #503
  • Aug 9, 2015 7:22am Aug 9, 2015 7:22am
Quoting Monterson
Pure Price Action...plus engulfing EA plus soon another.... Hmm.... From my own experience engulfing indicator is subjective because it doesn't consider market structure AND what engulfes in one timeframe it doesn't in another. It is like wearing orange glasses. You won't see more or betrer. You will see less. What point?
Its not an EA...its an indicator that shows an engulfing day...engulfing bar is price action. If a days high is broken, and price fail to follow through, then the price continues down to break the low of the previous day, you have trapped traders, and trapped traders drives the market. Open a daily chart and see where price turns...you are more likely to see an engulfing bar. Play these with market structure and see how profitable they are.
  • #504
  • Aug 9, 2015 7:34am Aug 9, 2015 7:34am
Quoting Tradingplace
{quote} Its not an EA...its an indicator that shows an engulfing day...engulfing bar is price action. If a days high is broken, and price fail to follow through, then the price continues down to break the low of the previous day, you have trapped traders, and trapped traders drives the market. Open a daily chart and see where price turns...you are more likely to see an engulfing bar. Play these with market structure and see how profitable they are.
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  • #505
  • Aug 9, 2015 3:59pm Aug 9, 2015 3:59pm
If you believe in engulfing pattern my question (that suddenly destroy your belief system) is "what is next market move after engulfing pattern?".
Another question is why build sophisticated tools to detect elephants from 10 yards if we can see them from a mile? Can't you spot engulfing pattern?
There is a guy on youtube that for last few long years trades engulfing pattern. Every single week he tells where the market will go, and for long months I observed only marginal percentage of his predictions. This is where I came from. Your ideas are all about "the market structure". Pure price action without any bells and whistles. Engulfing is just a delusion but maybe you will be good on this. Never know.
Pure Price Action Trading
  • #506
  • Aug 9, 2015 4:27pm Aug 9, 2015 4:27pm
Quoting Monterson
If you believe in engulfing pattern my question (that suddenly destroy your belief system) is "what is next market move after engulfing pattern?". Another question is why build sophisticated tools to detect elephants from 10 yards if we can see them from a mile? Can't you spot engulfing pattern? There is a guy on youtube that for last few long years trades engulfing pattern. Every single week he tells where the market will go, and for long months I observed only marginal percentage of his predictions. This is where I came from. Your ideas are all...
Will keep it pure price action, market structure, momentum, etc. Sorry for deviating, just wanted the indicator for a project i am working on, I wont discuss it on here again.
  • #507
  • Aug 10, 2015 7:25am Aug 10, 2015 7:25am
You know Joe? You are running this thread for a long time and there are only 26 pages already just because it is all about price action, market structure, momentum and human nature. For 95% of traders it's extremally boring. If you start thread about alien civilisation runs forex or big bad illuminati takes our money on every corner then you would have 10k pages already. The reason behind this is as well human nature. Mistic theories, brokers wars againt traders, secret patterns and London Fix. Few years ago I started trading and gym training. On both I was sure that I need special indicators and special proteins, BCAA, creatine and diet from the gurus. On forex I found your thread and on gym I build my own simpliest on earth exercise system and this really works. Here all you do is read price. You dont moan, criticise banks and brokers. You dont say what others or tv news said. You are focused on price action and it works. Simple and effective but boring for most. But most are losing their money.
Pure Price Action Trading
  • #508
  • Aug 10, 2015 8:29am Aug 10, 2015 8:29am
Quoting Monterson
You know Joe? You are running this thread for a long time and there are only 26 pages already just because it is all about price action, market structure, momentum and human nature. For 95% of traders it's extremally boring. If you start thread about alien civilisation runs forex or big bad illuminati takes our money on every corner then you would have 10k pages already. The reason behind this is as well human nature. Mistic theories, brokers wars againt traders, secret patterns and London Fix. Few years ago I started trading and gym training. On...
You are right, this type of trading is boring but profitable, talking about the gym I have done the same as well, keep it simple. Now lets talk price action....on gbpjpy, if sellers manage to keep prices below the 194 zone, we might see more downwards move towards the 191 support zone. If we break through this support, there is a lot of room to move further down. My short position from 193 is still valid and I will keep it as long as price is trading below the 194 resistance zone. If price breaks the resistance zone, my trade will have been invalidated and I look to cut my loss.

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  • #509
  • Aug 10, 2015 9:16am Aug 10, 2015 9:16am
I ordered first 3 books last week and they sent them today. Amazon sellers are so slow.

Are last 2 about Livermores strategies that I may learn from and build trading plan or just stories about him?
Pure Price Action Trading
  • #510
  • Aug 10, 2015 2:34pm Aug 10, 2015 2:34pm
Some pairs I am looking at this week, might have some trades from these pairs


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  • #511
  • Aug 10, 2015 2:42pm Aug 10, 2015 2:42pm
Quoting Monterson
I ordered first 3 books last week and they sent them today. Amazon sellers are so slow. Are last 2 about Livermores strategies that I may learn from and build trading plan or just stories about him?
How to trade in stocks is really good, you can learn some price action traded by Livermore...He talks about the pivotal points (turning points) he used, and how to spot them, he talks about the Line of least resistance, as where the trend is going. He talks a lot about money management and emotional control. There are some good charts as well. The other book is more on his life and some trading psychology, but I found it useful as well
Let me know what you think about the other books when you finish reading them.
  • #512
  • Aug 11, 2015 6:37pm Aug 11, 2015 6:37pm
Am I right that your first position size is 2 Lots and the others are 1 Lot only and your risk few per cent is for all 6 trades together or for only one of them?
Pure Price Action Trading
  • #513
  • Aug 23, 2015 5:43pm Aug 23, 2015 5:43pm
Quoting Monterson
Am I right that your first position size is 2 Lots and the others are 1 Lot only and your risk few per cent is for all 6 trades together or for only one of them?
I trade in multiples of 6, I enter all at once and stagger my profit targets accordingly.
  • #514
  • Aug 23, 2015 5:50pm Aug 23, 2015 5:50pm
Check out a few articles I posted to learn how I read price inorder to predict that these markets were ready to drop.

https://joetradingplace.wordpress.co...ready-to-drop/

https://joetradingplace.wordpress.co...ady-to-drop-2/

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  • #515
  • Aug 28, 2015 1:36pm Aug 28, 2015 1:36pm
How are you getting on GBPJPY?
I opened 6 positions and all targets were hit. Only last one hit BE (fifth target). Now I stay away from this pair until get into another ranging or show M or W signal. On W1 it looks like it was drop before continuing uptrend soon.
Anyway first target 0.02 Lot. The rest 5 0.01 Lot. Targets on support zones.

I wonder Joe if you move SL to previous target exactly where target price was or a bit further from it so you give a price a breath?
Pure Price Action Trading
  • #516
  • Aug 28, 2015 2:55pm Aug 28, 2015 2:55pm
Quoting Monterson
How are you getting on GBPJPY? I opened 6 positions and all targets were hit. Only last one hit BE (fifth target). Now I stay away from this pair until get into another ranging or show M or W signal. On W1 it looks like it was drop before continuing uptrend soon. Anyway first target 0.02 Lot. The rest 5 0.01 Lot. Targets on support zones. I wonder Joe if you move SL to previous target exactly where target price was or a bit further from it so you give a price a breath?
I did very well on the Gbpjpy pair, my long was stopped out on the last position with a good profit, i went short from 193 zone and all my targets were reached, now i am on the side lines waiting for more price action outside the current range. The way i move my SL is as follows, when 1st target is reached i move all the 5 remaining positions to BE, and when the second target is reached, i move 1 position to where the first target was and leave the other two at BE...now i have three positions left and run them until the market shows that it wants to reverse.
Well done on the Gbpjpy trade now rinse and repeat, thats how you become a consistent trader.
  • #517
  • Aug 31, 2015 11:57am Aug 31, 2015 11:57am
Thanks for good words Joe. I nearly finished "SR Simplified" and started "How to trade in stocks" and I'll tell you straight away that this is book for me. Amazing person and I already found many things you told me before that I see in the book. Thank again Joe.

Now. Am I right that upside move here is more possible here? I also found CADJPY near drop. Do you agree?


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Pure Price Action Trading
  • #518
  • Aug 31, 2015 12:34pm Aug 31, 2015 12:34pm
Quoting Monterson
Thanks for good words Joe. I nearly finished "SR Simplified" and started "How to trade in stocks" and I'll tell you straight away that this is book for me. Amazing person and I already found many things you told me before that I see in the book. Thank again Joe. Now. Am I right that upside move here is more possible here? I also found CADJPY near drop. Do you agree? {image}
I am glad you found the books useful, in my own opinion, I think there the only books that changed my trading. I have more than 20 books on trading, but all of them are rubbish, most trading books are rubbish, but these few I showed are the best in my opinion. You can see the way I trade from these books...now train your eyes to see patterns and market structure you will be good to go. Good thing about trading with price action is that you can trade any market on the planet....Market is moved by humans (emotions, greed, fear and hope) and humans will never change.

I agree with you on the Euraud, if buyers keep price above 5750 zone, it might push up, but I think its more likely to stay in a range as bears and bulls fight for direction....especially after those big moves from few weeks ago. On Cadjpy, watch the range 92.20 and 90.80, I will only be interested in trading when it gets out of that range. I am glad you are finding the books useful, tell me what you think about the other books when you finish reading them...
  • #519
  • Aug 31, 2015 2:46pm Aug 31, 2015 2:46pm
Thanks Joe. Have you had a good teacher before you became professional trader?

About you SL technique. How did you practice the way you move SL? Moving all SLs to previous target didn't work?
Pure Price Action Trading
  • #520
  • Aug 31, 2015 3:04pm Aug 31, 2015 3:04pm
Quoting Monterson
Thanks Joe. Have you had a good teacher before you became professional trader? About you SL technique. How did you practice the way you move SL? Moving all SLs to previous target didn't work?
I heard the BEST teacher in the world...THE MARKET. She can teach you the hard way, you lose, lose again and lose more, you blow accounts, smash the keyboard, hold your head and cry...and you lose more, you wonder if trading is for you......then with hardwork and dedication, you start to breakeven, win small and then start to win consistently...that is if you stick to it and you still have capital to trade. That's why I always tell people not to trade with their whole capital, coz you want to live to trade another day.

With trailing SL, it will come with experience, as your skills for reading price increases, you know when to hold and fold.
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