Price Action

[trade4life]

Whats the best time frame to see this happen on? hourly?

Best time frame for what?

[chaso]

Am a bit confused about that question myself trade4life...
However, awesome thread this is. Didn't read all of it in one sitting, but it is bookmarked.

[yogibear]

[QUOTE=trade4life;80201]Cool man. 3.3% over how long a time period? That's pretty good. What is your main trading strategy? I trade with price action. I think this is a good article that just came out on Nial's website today:

Sorry for the late reply. I took the last few months off from trading and posting.
The profit was over a 5 week trial period.
My main strategy is price action on the daily chart. however on the shorter time frames, i.e. an interday trader, i used price action, and bollinger bands exclusively.
I'm familiar with Nial, in my humble opinion, there's nothing new, it's just rehashed Martin Pring and J16.

Cheers. If you have any more questions, please ask.

[yogibear]

Whats the best time frame to see this happen on? hourly?

I'm confused as to what your question is, as are the other traders.
What are you looking to see happen??

[yogibear]

Whats the best time frame to see this happen on? hourly?

I'm slightly confused by your question.
Price action works best on the longer t/f.
It will work on the hourly chart, but it's 4 times more reliable on the 4hr chart.
The daily is 6 times more reliable than the 4 hr etc etc.

Hope this helps.

[yogibear]

There are quite a few decent price action setups.
I'm steering clear till aug 2nd,
We have to know if the USA is gonna default.
Be lucky, don't risk your money!
Having no position, is taking a position.
See you next month.
The charts will always be there.

[bear]

yea the markets are boring me lately, wait and see mode

[ChartWizQ]

Very very choppy week, even technical indicators I had problems with

[perfectuser]

yea the markets are boring me lately, wait and see mode

its been a long time since i yawned when trading but omg, not enough coffee in the world for me right now

this whole "everything hangs on the usa defaulting" is starting to wear thin. we'll find out soon enough though.

[trade4life]

Very very choppy week, even technical indicators I had problems with

That's because technical indicators suck and so you will always have problems with them, especially in choppy markets.

[trade4life]

its been a long time since i yawned when trading but omg, not enough coffee in the world for me right now

this whole "everything hangs on the usa defaulting" is starting to wear thin. we'll find out soon enough though.

Things have since picked up a bit. The price action has been pretty good...

[yogibear]

Things have since picked up a bit. The price action has been pretty good...

Yes, its really picked up.
I had my best ever trade on the dow. If you look at the charts, see how similar they are.
i sold at 12464, on the bearish engulfing closing below the 20ma, after the double top. The chart was uncannily similar to the others, it was obviously setting up for a fall. But you still need a slice of luck

Cant upload the 1929 chart for some reason, but its pretty much identical to the 1987 chart.

[trade4life]

Yes, its really picked up.
I had my best ever trade on the dow. If you look at the charts, see how similar they are.
i sold at 12464, on the bearish engulfing closing below the 20ma, after the double top. The chart was uncannily similar to the others, it was obviously setting up for a fall. But you still need a slice of luck

Cant upload the 1929 chart for some reason, but its pretty much identical to the 1987 chart.

Yes, I agree, those charts do look similar, fortunately, price action allows us to trade falling markets very easily, I actually prefer to trade falling markets, so I am loving these recent markets. It's when the quickest money can be made..

[Mike]

As with most things in Forex. this depends on understanding how an indicator works and how each trader's ability to apply this knowledge to interpret indicator movement to price action.

What does this mean to me? Again, it goes to the heart of the matter, what came first? The price action or the indicator that caused the price action.

[Mike]

I'd like to take a poll on those of you who are heavily in this method of trading, allow me to make a new thread which will simply have a up/down vote on the topic.

[sniper012]

You mean price action? I would think that not too many people are pure price action traders. I took me a while to get rid of my old bad trading habits even after I discovered price action. There are a few traders on the forum who love this method but I also find a lot of members who kinda fight the idea of not using indicators. Basically, we all learned to trade using indicators. I took a class years ago with a company called Better Trades. I won't say that it was a total waste of time and money (well over $1000 for a 2 day course) because it did give me the basics, but I could have learned the basics on my own. They never talked about take profit or stop loss levels. Never anything about price action. It was all about the indicators and divergences and so on. I really thought there was something wrong with me because I was doing everything that they told us to do and I was losing trade after trade. Then of course the offered dvd's that you could buy for $1,200 and you could re-take the class for $100. In fact, they recently called and emailed me to invite me to take the course over. Hey, in order for there to be winners, there have to be losers so I would say to better trades, "keep up the bad work." Sorry to drone on but Mike, you remember we had a conversation about starting some kind of forex class or training center. I already know I could do a much better job at teaching than anyone at better trades. I think their goal is to give you just a little bit of knowledge and then keep you coming back to buy cd's, dvd's and online classes. Believe me, those cats are making millions. When I took the course, there were at least 100 people there and the class cost at least $1,000..it might have even been $2,000. Then they get you with their trading platform that costs another $2,000 a year because it's a direct access broker. Point being, just for the class alone, they made at minimum, $100k. It was actually more like $400k because I know I went for some of the bells and whistles and i wasn't the only one. That doesn't even include the follow up online classes. They have one class that costs an arm and a leg and they claim to teach you how to trade the QQQ's. Well, don't you think that this should have been included in what I paid already?

I'd like to take a poll on those of you who are heavily in this method of trading, allow me to make a new thread which will simply have a up/down vote on the topic.

[Johnston]

Hi this is my 1st post.
Are they're any individuals here wanting to discuss trading using price action and candlesticks?
I use support and resistance and a few things such as MA's and T/L.
I've been researching and studying for about a year. I find that often i get a decent entry, but i exit too early.
A perfect example is on E/CHF last week. I entered on the 3 black crows, exited for triple pips( about 100). Today it's sitting 300 pips lower than entry.
I trade off the daily, with an eye on the weekly and monthly.
I'd be interested in swapping anaylsis if anyone's interested. Obviously market conditions at the moment are tough, but come september when the big boys roll back into town, the mkts will hopefully give some decent opportunities.

p.s i do not look at fundamentals.

Hi, id like to know more.

[sunny]

Hi, id like to know more.

Ditto.........

[yogibear]

I'd like to take a poll on those of you who are heavily in this method of trading, allow me to make a new thread which will simply have a up/down vote on the topic.

Hi Mike, i'm a bit confused by the question.
Is the poll to find out how many trade price action, or is it a poll to gauge opinion as to whether it works?

regards

[yogibear]

[QUOTE=sniper012;87344]You mean price action? I would think that not too many people are pure price action traders.

Hey Sniper, long time no speak, trust you're well.
Good points you made about the training providers. Personally i think most of them are bandits. The sad thing is, most people get suckered in thinking they're gonna get rich quick, just watching a few indicators and waiting for the signals. you and i know, it just doesn't happen. Its taken me years, and countless hours studying charts and books, to start to get a feel for the market.
I'm gonna start to try and post on the thread again, just haven't had the time for a while, but i think i can get back to it within the next couple of weeks.

Cheers