Attachments: The One: Price Action and Reaction

The One: Price Action and Reaction

#1,421
Sep 30, 2016 8:11am Sep 30, 2016 8:11am

Winston Reed
Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts

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#1,422
Sep 30, 2016 6:46pm Sep 30, 2016 6:46pm

Dr.Octagon
| Joined Jul 2016 | Status: Trader | 86 Posts

Nice spot Winston, I took that one too!

If you're not in the 5% yet it's because you have to try 95% harder.

#1,423
Sep 30, 2016 7:02pm Sep 30, 2016 7:02pm

Dr.Octagon
| Joined Jul 2016 | Status: Trader | 86 Posts

Quoting eaglestar

Disliked

Thanks for sharing. Your charts are really good. Feel free to post away. Many people can learn from your longer timeframe charts. I started trading 30min lately because I saw more opportunities more often, but really good to see you posting here. don't worry, you are welcome here, as well as anyone who wants to learn and share ideas. I started reading Morge and watching Market Geometry webinars in 2009, as I was already hand charting, and came across his website by searching Market Geometry (!!!!) I wanted to figure out a way to preduct the markets...

Ignored

Thanks eagle. People don't understand what they're getting themselves into trading, it's a long hard uncomfortable unpleasant road culminating in some life altering perspective. I've got a big pile of books and articles that I like to revisit from time to time. Picked up '7 Habits of a Highly Successful Trader' by Mark Crisp again today. This is brilliant from Crisp:

"This is where the majority of traders go wrong. They have no idea which style of trading suites them. They keep buying into the latest software,or listening to the new guru, hoping this will change their trading results. Most never get to know what successful trading is all about as the average trader lasts SIX months.

I believe any trader who can last over TWO years in the market will probably go on to become one of those rare breeds:A Stock Market Winner. Why? Because after two years they start to develop a set of rules that fits them. They start trading a way they are comfortable with. Unfortunately, in their haste to make a ton of money, most traders will never get two years experience before they lose their money and/or their interest."

If you're not in the 5% yet it's because you have to try 95% harder.

#1,424
Sep 30, 2016 8:14pm Sep 30, 2016 8:14pm

AlexC
Joined Jan 2010 | Status: Primary Technical Trader | 8,593 Posts

Quoting Dr.Octagon

Disliked

{quote} Thanks eagle. People don't understand what they're getting themselves into trading, it's a long hard uncomfortable unpleasant road culminating in some life altering perspective. I've got a big pile of books and articles that I like to revisit from time to time. Picked up '7 Habits of a Highly Successful Trader' by Mark Crisp again today. This is brilliant from Crisp: "This is where the majority of traders go wrong. They have no idea which style of trading suites them. They keep buying into the latest software,or listening to the new guru,...

Ignored

Well said

#1,425
Sep 30, 2016 8:20pm Sep 30, 2016 8:20pm

AlexC
Joined Jan 2010 | Status: Primary Technical Trader | 8,593 Posts

GbpUsd 4hr

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#1,426
Sep 30, 2016 10:40pm Sep 30, 2016 10:40pm

eaglestar
Joined Mar 2008 | Status: He who believes has eternal life. | 3,764 Posts

Quoting kapital

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{quote} I've never done hand-charting before. How did it benefit you? Do you still do it?

Ignored

I am a kinesthetic visual learner, and I did not know what that was until about 2 years ago, but for me I learn best by physically doing something. So for example if I want to do well on an exam I would have to handwrite a lot of notes. If I would like to do well in learning how to draw or paint, I would have to watch that person do it, then do the same thing on my own. I have pictures of charts in my head, I can start to see the forks now without drawing them, and yes if I had more time i would probably still hand chart. Keep in mind what I am posting here I do everyday, so for example, I get up and redraw seven charts every day at the computer unless I have a position on, which was taught by Tim Morge in his advanced seminar i went to last year. People don't understand the art and understanding involved in this strategy, as well as the potential profit to be had. For me, hand charting led me to more advanced line drawing, and Action Reaction, Andrews Pitchfork, and understanding market structure are the holy grail, if there is such a thing.

The things that we love tell us what we are Thanks Redsword11 and Tim Morge

#1,427
Sep 30, 2016 10:42pm Sep 30, 2016 10:42pm

eaglestar
Joined Mar 2008 | Status: He who believes has eternal life. | 3,764 Posts

Quoting Winston Reed

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{image}

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The simplest chart I have seen of yours in a while. Congrats on a good trade if you took it.

The things that we love tell us what we are Thanks Redsword11 and Tim Morge

#1,428
Sep 30, 2016 10:44pm Sep 30, 2016 10:44pm

eaglestar
Joined Mar 2008 | Status: He who believes has eternal life. | 3,764 Posts

Quoting Dr.Octagon

Disliked

{quote} Thanks eagle. People don't understand what they're getting themselves into trading, it's a long hard uncomfortable unpleasant road culminating in some life altering perspective. I've got a big pile of books and articles that I like to revisit from time to time. Picked up '7 Habits of a Highly Successful Trader' by Mark Crisp again today. This is brilliant from Crisp: "This is where the majority of traders go wrong. They have no idea which style of trading suites them. They keep buying into the latest software,or listening to the new guru,...

Ignored

I have been trading the markets for at least 15 years at this point. I started reading the Wall Street Journal when I was 14, going straight to the list of stocks that I could buy with as little amount of money as possible. This was back when Priceline was $5 Netflix was $4 etc. I understand completely what you are saying.

The things that we love tell us what we are Thanks Redsword11 and Tim Morge

#1,429
Sep 30, 2016 10:45pm Sep 30, 2016 10:45pm

eaglestar
Joined Mar 2008 | Status: He who believes has eternal life. | 3,764 Posts

Quoting AlexC

Disliked

GbpUsd 4hr {image}

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Pay attention to this guy... he is going places! LOL Another great one from a master trader AlexC.

The things that we love tell us what we are Thanks Redsword11 and Tim Morge

#1,430
Oct 1, 2016 3:24am Oct 1, 2016 3:24am

kapital
Joined Jan 2009 | Status: Trader | 1,617 Posts

Quoting eaglestar

Disliked

{quote} I am a kinesthetic visual learner, and I did not know what that was until about 2 years ago, but for me I learn best by physically doing something. So for example if I want to do well on an exam I would have to handwrite a lot of notes. If I would like to do well in learning how to draw or paint, I would have to watch that person do it, then do the same thing on my own. I have pictures of charts in my head, I can start to see the forks now without drawing them, and yes if I had more time i would probably still hand chart. Keep in mind what...

Ignored

I agree...wiping your chart clean and starting over from scratch helps in becoming better at drawing these wonderful lines.

What was the title of the seminar? The last one I'm aware of he did is titled "Advanced Position Sizing and Money Management".

"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."

#1,431
Oct 1, 2016 3:53am Oct 1, 2016 3:53am

kapital
Joined Jan 2009 | Status: Trader | 1,617 Posts

Price was spot-on in hitting a couple of diamond verticies (arrows).

If price can break above the upward sloped line it's would give a bullish sign. The bulls have already cleared a hurdle by breaking the downward sloping line and breaking the high of the recent consolidation.

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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."

#1,432
Oct 1, 2016 9:30am Oct 1, 2016 9:30am

Winston Reed
Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts

I re-listened to all of Shane Blankenship's videos. His grasp on market dynamics is exceptional. This time around more things clicked. Interestingly enough Shane's analysis is not so much about the fork itself but more about understanding what the market is telling you and when it's time to enter a trade. In his last video blog he mentioned some things about "stops" and having an idea where these are located. This is something I now actively think about in my chart analysis. Contraction and expansion in conjunction with swings is another critical concept. Shane often analyzes the market and knows where the trade will occur before drawing the fork. The fork is a frame for price action but it really isn't a signal for entries although I know some probably use it this way. This is my challenge. Shane's blog posts for non-members are infrequent so I am joining the premium membership on marketgeometry. (Disclaimer to admin: Not promoting that site)

#1,433
Oct 3, 2016 8:56am Oct 3, 2016 8:56am