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Price Action in Day Trading by Dadas

  • #4,261
  • Dec 18, 2015 6:40am Dec 18, 2015 6:40am
I guess it comes down to personal preference but I agree with sajidkust. S/R in my book can be supply/demand, trend-lines, highs/lows, traps etc. It comes down to the context the market is in as to what will more likely act as S/R. Confluence of different forms of "S/R" can be great too.
I will agree with Dadas that the traditional understanding of S/R is flawed. .. (IMHO)
  • #4,262
  • Dec 18, 2015 7:21am Dec 18, 2015 7:21am
I was in the process of creating this article: http://www.forexfactory.com/showthre...24#post8652624
It took me a while, so maybe some of you missed the whole thing.

PS. I am not interested in anybody's opinion on trading.
I have got my way, and I know it is the best way.
Not only the best way, but the real way to make money on trading.
Trade the facts, not opinions.
  • #4,263
  • Dec 18, 2015 7:43am Dec 18, 2015 7:43am
Quoting cedsobey
I guess it comes down to personal preference but I agree with sajidkust. S/R in my book can be supply/demand, trend-lines, highs/lows, traps etc. It comes down to the context the market is in as to what will more likely act as S/R. Confluence of different forms of "S/R" can be great too. I will agree with Dadas that the traditional understanding of S/R is flawed. .. (IMHO)
There is no "personal preference".
The things you're talking about are the result of vivid imagination of traders looking at time-related charts.
Price does not obey any of these things.
One can build a trading system based on them, but it is not these things which decide, only the MM.
IOW, price does not obey any rules, other than Buyers > Sellers, Sellers > Buyers, Buyers = Sellers.
And, that is not the question of opinion - it is what actually happens.
Trade the facts, not opinions.
  • #4,264
  • Dec 18, 2015 8:31am Dec 18, 2015 8:31am
Identifying where buyers/sellers are coming into the market is what trading is all about. This is a forum, I believe I am entitled to my opinion. I think supply/demand is one of the most powerful "turning points" but that's not to say other methods don't have merit.
Is it my imagination or did price really react to this channel? This chart btw is time based.
Attached Image (click to enlarge)
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  • #4,265
  • Edited 9:02am Dec 18, 2015 8:46am | Edited 9:02am
Quoting cedsobey
Identifying where buyers/sellers are coming into the market is what trading is all about. This is a forum, I believe I am entitled to my opinion. I think supply/demand is one of the most powerful "turning points" but that's not to say other methods don't have merit. Is it my imagination or did price really react to this channel? This chart btw is time based. {image}
It's your imagination.
You never knew it before you were able to see it.

Everybody is entitled to their opinion.
However, the Market doesn't give a shit about our opinions.

Notice that the only real thing here is that the price grew by a certain number of Pips.
So, if the trend was strong upwards, and it made say X Pips per week, you had
a great chance that it would make another X Pips the next week or two.

So, all you had to do, knowing the typical movements of price, was to Buy at a relatively cheap price.

Anyway, the Daily charts are not for traders, but for longterm investors.
Forex is not for longterm investments, but for shortterm speculations.

When I talk about "making money", I mean Making Money, not playing games.
Trade the facts, not opinions.
  • #4,266
  • Dec 21, 2015 7:54am Dec 21, 2015 7:54am
Quoting Dadas
{quote} It's your imagination. You never knew it before you were able to see it. Everybody is entitled to their opinion. However, the Market doesn't give a shit about our opinions. Notice that the only real thing here is that the price grew by a certain number of Pips. So, if the trend was strong upwards, and it made say X Pips per week, you had a great chance that it would make another X Pips the next week or two. So, all you had to do, knowing the typical movements of price, was to Buy at a relatively cheap price. Anyway, the Daily charts are...

I agree with you that forex is for short term speculations trading. Trading forex on a long term is hard. At least I find it that way. I make more money on short term trading forex than long term. I'm sure there are other traders out there that make more money trading forex long term. I guess it depends what you are comfortable with, and also what makes you more money too.
  • #4,267
  • Dec 21, 2015 8:10am Dec 21, 2015 8:10am
Quoting Techanalyst
{quote} I agree with you that forex is for short term speculations trading. Trading forex on a long term is hard. At least I find it that way. I make more money on short term trading forex than long term. I'm sure there are other traders out there that make more money trading forex long term. I guess it depends what you are comfortable with, and also what makes you more money too.
It all depends what trading is for the given person.
If it is a chance to make some extra money, or is it a steady business one lives from.
If it is just a chance to make some extra money, then it's more like gambling or playing the lottery.
If it is a business, then there is no room for gambling or lottery.

Stocks, Metals are for longterm.
Forex, CFD's for Indices - those are for speculations, for making money every workday.

Some guys think in the Exchange Counter style.
Like, maybe buy some currency c/z it looks cheap, and sell it in a few months when it gets more expensive.
They don't need brokers for that.
They don't need a trading platform like MT4.
All they need is a bank.
Trade the facts, not opinions.
  • #4,268
  • Dec 21, 2015 8:24am Dec 21, 2015 8:24am
I was just using that chart as an example, I trade 4 hour charts now only but I used to use the same principles for smaller tick charts. Anyways.. I did not mean any offence and wish you all the best in your trading!
  • #4,269
  • Dec 21, 2015 8:36am Dec 21, 2015 8:36am
Quoting cedsobey
I was just using that chart as an example, I trade 4 hour charts now only but I used to use the same principles for smaller tick charts. Anyways.. I did not mean any offence and wish you all the best in your trading!
Well, you're right - a chart is just a chart.
If there were no labels about timeframes or pairs, it could have been just any chart.
You see, we always see everything clearly on history.
And, we can plot lines, or other shapes and formations, even animals.
But, all that is just an illusion, c/z we need a sctrict method to make money from these imaginary things.
We are not supposed to be smarter than the market.
Reality is that price can go in any direction no matter what we think it is "supposed to do".
So, in the end it's all about proper Money Management and strict Entry/Exit scenarios.
Trade the facts, not opinions.
  • #4,270
  • Dec 21, 2015 8:41am Dec 21, 2015 8:41am
For sure, we must only trade what we know. If we don't have rules etc. in place then we gambling. I have rules for my imaginary lines
  • #4,271
  • Dec 21, 2015 11:37am Dec 21, 2015 11:37am
Some of the previous trades:
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  • #4,272
  • Dec 21, 2015 12:39pm Dec 21, 2015 12:39pm
Quoting Dadas
{quote} ????????????????????????????????????????????????????? You've got a lot to learn!!! There is no such thing as Support or Resistance!!! Those are just false myths created by various people. It's not our role to decide anything other than what I have written in the above post. {quote}
Do u honestly dont see Support or resistance?
  • #4,273
  • Dec 21, 2015 12:44pm Dec 21, 2015 12:44pm
Quoting Dadas
PS. I am not interested in anybody's opinion on trading. I have got my way, and I know it is the best way. Not only the best way, but the real way to make money on trading.

  • #4,274
  • Dec 21, 2015 1:09pm Dec 21, 2015 1:09pm
Quoting priceaction9
{quote} Do u honestly dont see Support or resistance?
I don't need them for anything.
I don't need to predict anything.
I only need to make money = follow my system.
Trade the facts, not opinions.
  • #4,275
  • Dec 21, 2015 1:14pm Dec 21, 2015 1:14pm
Quoting Dadas
{quote} I don't need them for anything. I don't need to predict anything. I only need to make money = follow my system.
.
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Attached Images
  • #4,276
  • Dec 21, 2015 1:18pm Dec 21, 2015 1:18pm
Nice job Techanalyst!
Trade the facts, not opinions.
  • #4,277
  • Dec 21, 2015 1:27pm Dec 21, 2015 1:27pm
Quoting Dadas
Nice job Techanalyst!
Thanks. Every trader sees different patterns in technical trading. Every trader trades the patterns that brings profit for them. I am still learning your strategy system and so far it does bring good results. Some traders will not find your strategy that it works for them, but they will use support/resistance/supply/demand strategy and it will work for them and bring them good profit. I have few of the strategies that I use and it does bring me a good profit. I guess it is what you learn the best way and what brings you the profit in trading. Sometimes I trade supply/demand strategy and it does bring me good results. I find it the best way to trade for me is day trading with price action. I'm comfortable with it and it works for me.

Also to mention, I still have a lot to learn about your strategy. I'm just saying that so far it has provided me with good results, but still have a lot to learn.
  • #4,278
  • Dec 21, 2015 2:43pm Dec 21, 2015 2:43pm
Quoting Techanalyst
{quote} Thanks. Every trader sees different patterns in technical trading. Every trader trades the patterns that brings profit for them. I am still learning your strategy system and so far it does bring good results. Some traders will not find your strategy that it works for them, but they will use support/resistance/supply/demand strategy and it will work for them and bring them good profit. I have few of the strategies that I use and it does bring me a good profit. I guess it is what you learn the best way and what brings you the profit in trading....
The road to success in trading is very bumpy.
That's why people try to make it smoother, more average, put it into frames.
Generally, it's the right course of action.
It takes a while to realise, that price change is the only single thing which matters in making money.
Trade the facts, not opinions.
  • #4,279
  • Dec 22, 2015 2:04am Dec 22, 2015 2:04am
Quoting Techanalyst
{quote} . {image} {image} {image} {image} {image}
All these still come down to predicting the market. If you show me 10 support that holds I can equally show you 10 support that failed. Their probabilities is just 10% winning ratio. It is just as easy as ABC to see it in history than when it is happening. Like Dadas has said so long you are making money with it stick to it and go on with it. All the best. But if you have not been making money the time base chart will and shall continue to deceive you. It is purely illusion.
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #4,280
  • Dec 22, 2015 10:11am Dec 22, 2015 10:11am
Quoting ejiexe
{quote} All these still come down to predicting the market. If you show me 10 support that holds I can equally show you 10 support that failed. Their probabilities is just 10% winning ratio. It is just as easy as ABC to see it in history than when it is happening. Like Dadas has said so long you are making money with it stick to it and go on with it. All the best. But if you have not been making money the time base chart will and shall continue to deceive you. It is purely illusion.
I agree. I was just showing the support/resistance levels. It does work but I guess it depends how you apply it to trading. But like Dadas said, price change is the only single thing which matters in making money. That is the strategy I practice now and it gave me good results. Also like you said, if it is making you money good if not than you should find strategy that makes you money.
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