Quote from Duref Mudgins:
Thanks for explaining. Now that question about Pure Price Action. Is anything on your chart other than price? Like volume? MA's? MACD? Trend lines? Any home grown studies?
No there is nothing, just candles and only because they are more aesthetically pleasing to my eye
Take the drop yesterday seeing as it was the trade de jour.. and lets use my favourite little bang for buck ER2 as an example
For an hour prior to the drop it was bouncing off 743.. then in one minute it blows down to 742.. I knew 8 seconds into that candle we had to be short, a minute later I knew it was going to be large
How would we know that? Well ffs you'd have to be blind not to see it and feel it, the suddeness and commitment from the sellers was self evident.. it was even well behaved, there was at least 5 pit stops that allowed you to take a few off and lock in some bucks or even re-enter if you had missed the initial stage
No indicators, no volume, no MA's, I barely even watch the Dom.. just your brain and your eyes.. because when you are looking at all that other shit you are not in tune with the market, the charts will not speak to you, you are not dancing with price.. and if you are not dancing with price you are a wallflower
Trading is simple.. too simple for most traders to ever become profitable