Search results

Hammers and inverted hammers on a 1min chart are best faded in the direction opposite their "meaning" :D

We are in total agreement here :cool: Thank goodness value is subjective!

From that company (whose name I shall not mention) you're a stealth vendor for, lol!

I agree that the behavior of a bunch of little retail traders has little effect on running price, except in very low volume periods such as NY lunch hour. However, a bullish hedge fund manager isn't going to slap on major size all at once and even if s/he was inebriated and decided to do so...

I've only played early entry on this setup a few times, BUT it's a very low risk trade because your stop loss is a few ticks. I see two reasons for the trade based on James' chart: 1) A potential support zone (a Fib level?) 2) On the 1-min chart, price appeared to have printed a failed...

Sweet! :cool:

I believe there are so many speculators involved (big ones, like hedge funds, JPM, Goldman, etc) that a lot of what happens is more technical than fundamental. News events trigger overshoots of price because the algos of the big players force momentum and actual supply/demand seems to mean...

The reason I didn't take any other trades before the one I did is because I was away from my trading platform until just before that point in time and when I looked at the NQ, price was already moving up off the 1-2-3 at that point and rather close to the R levels, so I prepared for a short off...

My scalping system isn't automated at this time. I check S/R levels as soon as the price action behaves in such a way that a trade will signaled if price does "X". That way if the signal occurs I know right away if I can enter at a price where the R:R is acceptable to me.

Interesting. I note my S/R lines and use those levels as places price is likely to visit if X occurs. I refer to that as "airspace" from the entry price to the next level. Before putting on a signaled trade I always calculate the airspace to the nearest level that is likely to be defended and...

Every individual trade is a guess, but the results of a series of trades should not be a guess. Trading the extremes of a range (in this case a range with similar resistance and slightly higher lows) is an anticipatory tactic (you're anticipating that a key level will hold) which means a tight...

Holy cow, Austin, you held for over an hour! That's like a long term investment to us scalpers! :D :D

Yes, that's it! The patience to wait for price to set up at key levels and a set of rules for entry and trade management. The trades don't all work but the rules you come up with create the positive expectancy (hopefully!) :)

Here's a chart with the triangle drawn:

I remember so many traders posting along the lines of "I just trade support and resistance" and I had no idea what they meant by that. Now that I know what is meant by that. :cool:

It's all about the S and the R :D

I guess I was being too generous when I posted this comment on another thread:

Because if someone picks up some price action concepts from my post (and these concepts are all over the internet for free) and "gets it", they might just be able to develop a trading plan of their own. All it is is trading inside a framework of basic support and resistance. It's textbook...

You'll just have to trust that I trade this way, because I'm not on display, I'm trading for a living. Pull up a 5-min and 1-min chart of CL and annotate these trades. You'll see how intraday scalpers use S/R and pure price action to extract bits of moves from the active little instruments...

The only input I use for my trade entries and trade management is price action: The action of price signals a potential trade. The action of price following the signal either fills my order or fails to do so. The action of price following a filled order either causes price to hit my...