IN THIS THREAD: IronFist learns (the elusive) PRICE ACTION

[Trader273]

Quote from IronFist:

First trade of the day.

- 17 ticks

I thought my reasons for entering were sound. My stop was even past the previous pullback high

Criticism?

This one trade cost you more than getting suri's book. He outlines rules for the patterns that he discusses, which is quite obvious that you need. I know you expect someone to spill it out for you what to look for, how to trade it, etc. But its not going to happen.

I only suggest his book because of all the multitude of trading books I have this is the only one that truly helped my trading.

So make a decision, continue to bounce around from idea to idea, hoping someone will show you the way, or do some research yourself.

 

[Humpy]

Quote from Trader273:

This one trade cost you more than getting suri's book. He outlines rules for the patterns that he discusses, which is quite obvious that you need. I know you expect someone to spill it out for you what to look for, how to trade it, etc. But its not going to happen.

I only suggest his book because of all the multitude of trading books I have this is the only one that truly helped my trading.

So make a decision, continue to bounce around from idea to idea, hoping someone will show you the way, or do some research yourself.

Who is suri ?
and what's his book called ?

 

[cipher4d]

Quote from Trader273:

This one trade cost you more than getting suri's book. He outlines rules for the patterns that he discusses, which is quite obvious that you need. I know you expect someone to spill it out for you what to look for, how to trade it, etc. But its not going to happen.

I only suggest his book because of all the multitude of trading books I have this is the only one that truly helped my trading.

So make a decision, continue to bounce around from idea to idea, hoping someone will show you the way, or do some research yourself.

Fist has said multiple times that he is paper trading.... it costs him nothing

 

[brownsfan019]

Quote from Humpy:

Who is suri ?
and what's his book called ?

http://www.surinotes.com/

 

[Trader273]

Quote from Humpy:

Who is suri ?
and what's his book called ?

check out

surinotes.com

 

[Lucrum]

Quote from IronFist:

First trade of the day.

- 17 ticks

I thought my reasons for entering were sound. My stop was even past the previous pullback high

Criticism?

The "LH" you have marked at your entry.
At THAT point you only SUSPECT it's a LH.
You don't know it's a LH. It was too soon to tell. You do know the previous LH around 8845 is a LH and therefore THAT is the nearest and most recent POTENTIAL resistance.

 

[El OchoCinco]

Quote from IronFist:

First trade of the day.

- 17 ticks

I thought my reasons for entering were sound. My stop was even past the previous pullback high

Criticism?

No way you will ever learn much using 400 tick charts in my opinion with YM. 400 tick bars is a really random number. I think you need to look at 5m 15m and/or dailies. Many people trade off of 5min charts and it is the best place for you to start. Your chart here looks like random bars and so does the entry. Find the exact time you placed the trade here and then look at it on a 5min chart and see if you can find out why it was more a guess than anything.

P.S. Suri's book is a must but it has tons of price action patterns. Pick a few main ones to analyze and study.

 

[IronFist]

Quote from Lucrum:

The "LH" you have marked at your entry.
At THAT point you only SUSPECT it's a LH.
You don't know it's a LH. It was too soon to tell. You do know the previous LH around 8845 is a LH and therefore THAT is the nearest and most recent POTENTIAL resistance.

Price had made the LH, and then gone back down below the previous LL. By definition a new LL was being made, so the LH had to be a LH.

What happened was I entered at the *new* LL (1 tick below the previous LL), and that's where it reversed to make a new high, which technically was a HH since it was higher than the previous high.

lol that's not going to make any sense without looking at the chart at the same time.

 

[IronFist]

Quote from optioncoach:

No way you will ever learn much using 400 tick charts in my opinion with YM. 400 tick bars is a really random number. I think you need to look at 5m 15m and/or dailies. Many people trade off of 5min charts and it is the best place for you to start. Your chart here looks like random bars and so does the entry. Find the exact time you placed the trade here and then look at it on a 5min chart and see if you can find out why it was more a guess than anything.

P.S. Suri's book is a must but it has tons of price action patterns. Pick a few main ones to analyze and study.

How is 400 tick any more or less random than 5 min charts?

Are you saying that charts are not fractal in nature and some patterns/techniques/whatever work only on some charts but not on other charts?

 

[vingbel]

What does Suri say about chosing a time frame for your charts (or tick number/volume amount) if you are day trading? I found his article about it on Trader's Lab, but found it to be a bit rambling.