hmm.no edges in the markets

[nakachalet]

completely agreed....

characteristics of consistently profitable traders indeed.

may you trade that way happily, profitably, consistently and always.

my utmost admiration indeed.

Quote from NoDoji:

That's a good feeling, when the plan is complete, thoroughly tested and it works.

I believe stress comes from confusion. If you're not absolutely sure what you should be doing (buying, selling, or waiting) at any given moment, and if you aren't absolutely sure how to manage a position once it's on, you'll have to think while trading (TWT) and may experience stress.

Then this confusion often leads to poor decision-making, which often leads to frustration or possibly even anger, which can then lead to gambling (trading outside the plan), which generally leads to losses, which create additional stress.

Many traders can trade by the seat of their pants, but I never had that talent. I had to grind out a plan with rules so specific there's no confusion at any point.

 

[trilogic]

Quote from nakachalet:

completely agreed....

characteristics of consistently profitable traders indeed.

may you trade that way happily, profitably, consistently and always.

my utmost admiration indeed.

I agree so much with this thread BUT, I don't believe TA patterns exist, you mean to tell me that there are certain patterns that come up weekly or daily over and over- they would be exploited to the point that they would not work ?

5 minute 15 minute hourly ? All just some ?

 

[Redneck]

Quote from trilogic:

BUT, I don't believe TA patterns exist, you mean to tell me that there are certain patterns that come up weekly or daily over and over- they would be exploited to the point that they would not work ?

5 minute 15 minute hourly ? All just some ?

They certainly do…

But let’s be clear – PA patterns described in books - No F’n WAY

PA patterns created by price (aka buyers/ sellers) – most certainly


There is a language spoken in the mkt – learn it… you unlock all

btw, these same patterns have worked since the advent of trading

I'm not shittin you one bit
RN

 

[NoDoji]

Quote from trilogic:

I agree so much with this thread BUT, I don't believe TA patterns exist, you mean to tell me that there are certain patterns that come up weekly or daily over and over- they would be exploited to the point that they would not work ?

5 minute 15 minute hourly ? All just some ?

Price can only move up or down (sideways is not movement). Buyers want a good price and look for signs of price support at a key level; sellers want a good price and look for signs of price resistance at a key level. A certain pattern indicates possible support or resistance has been established that will result in significant follow through in a given direction. Short term traders look to extract a profit out of such a move.

The pattern is this: http://www.dacharts.com/123.htm

This pattern is described as indicating a possible trend reversal, but it occurs at any key level such as a pullback in a trend to a trend line or moving average, or a push to a parallel channel for a possible counter-trend scalp.

The thing is, is doesn't always look identical to the diagram. Sometimes it's a double top or bottom; sometimes is a weak breakout of the previous high/low. The core concept is always the same: The market tried to do something twice and failed, so it's more likely to then do the opposite.

Helpful hint: On a time-based chart using the bar interval you trade from (5-min, hourly, daily, weekly), look for this pattern in a smaller chart (1-min, 5-min, hourly, daily) as a guide to developing an entry plan once you get a signal in your main trading chart.

 

[trilogic]

Quote from Redneck:

They certainly do…

But let’s be clear – PA patterns described in books - No F’n WAY

PA patterns created by price (aka buyers/ sellers) – most certainly


There is a language spoken in the mkt – learn it… you unlock all

btw, these same patterns have worked since the advent of trading

I'm not shittin you one bit
RN

so if its not in the book, where/how to discern ?

 

[NoDoji]

Quote from Redneck:

btw, these same patterns have worked since the advent of trading

I'm not shittin you one bit
RN

I've yet to see a historical chart anywhere where these price action patterns don't occur and produce a tradable result more often than not.

 

[NoDoji]

Quote from trilogic:

so if its not in the book, where/how to discern ?

The patterns are in front of you on any chart, and in books, but you have to learn to recognize them at the hard right edge in real time and you have to have a plan for taking advantage of favorable odds based on the pattern.

 

[Redneck]

Quote from trilogic:

so if its not in the book, where/how to discern ?

Open up a chart - with just price

Watch, take notes, learn to listen

it will become clear - maybe not at first... but it will

RN

 

[Redneck]

Trilogic

NOD and I are not dog piling you... its simply we're on the same page


Join us - please



RN

 

[Lucrum]

Quote from Redneck:

...PA patterns created by price (aka buyers/ sellers) – most certainly


There is a language spoken in the mkt – learn it… you unlock all

btw, these same patterns have worked since the advent of trading

I'm not shittin you one bit
RN

BINGO!