Can you trade by price action alone?
- Thread starter slipchamber
- Start date
You will never make money trading Brownian motion. He is selling hopes and dreams.
All the same, had the 1min been what you used, you're late short, and entirely too late long. The text being eliminated to confirm placement we can only assume sleight-of-hand. I'ld hate that coming from a moderator, but everyone here at one time or another has used NinjaTrader. So this is familiar territory.
In any case, resistance stops when the market hits them and has decided on an accumulation rotation notes instances of weakness and tests them all at the same time when and only when they're good and ready. The opposite is less true short. The tendency is to immediately put in a better print and test the validity of the short.
Too, that last pull-back in CL lasted a better-part of 90min. A price action reader would've benefited pulling up a 90min chart to validate single-bar resistance push-ups and pull-backs.
Here again, what's left for the gander whilst gandering, can be confirmed by an momentum indicator or volume but definitely giving a side using both.
The point, and it's irrefutable: you can't swing or position profitably and replicable reading price action alone in the long-term.
Trade your money that way. Not mine.
In any case, resistance stops when the market hits them and has decided on an accumulation rotation notes instances of weakness and tests them all at the same time when and only when they're good and ready. The opposite is less true short. The tendency is to immediately put in a better print and test the validity of the short.
Too, that last pull-back in CL lasted a better-part of 90min. A price action reader would've benefited pulling up a 90min chart to validate single-bar resistance push-ups and pull-backs.
Here again, what's left for the gander whilst gandering, can be confirmed by an momentum indicator or volume but definitely giving a side using both.
The point, and it's irrefutable: you can't swing or position profitably and replicable reading price action alone in the long-term.
Trade your money that way. Not mine.
Something I read in another location
"Price action, the most elegant way to describe the past in charts"
"Price action, the most elegant way to describe the past in charts"
It's no good just looking at PA without having a little bit of knowledge of what's causing it. Session starts, session ends, who are the main players involved and what do they want.
Maybe the question should be can you really use much more than an EMA and price action without obscuring what is really happening in a market in the moment.
I'm not pretending to be a highly successful PA trader -- I am still learning what is a very nuanced methodology -- but it is head and shoulders above anything else I have ever seen.
As others have in this thread I recommend you read Al Brooks' books and articles and watch his webinars. Dense stuff to be sure but worth the effort.
I'm not pretending to be a highly successful PA trader -- I am still learning what is a very nuanced methodology -- but it is head and shoulders above anything else I have ever seen.
As others have in this thread I recommend you read Al Brooks' books and articles and watch his webinars. Dense stuff to be sure but worth the effort.