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

Quote from IronFist:

I thought trendlines were a legit component of PA. Maybe I was mistaken.

Many of the "PA" charts posted on ET contain trendlines.

Should I stop using them if I'm trying to learn PA?
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Trendlines certainly may be used when reading price action. I just think there are better ways to interpret price action. I believe you will soon find that the use of trendlines is not nearly as easy as those posting pretty pictures after the fact makes it seem.

If trendlines work for some, that's great. But, if you are struggling with them and not sure about entry, exit, direction, etc., then perhaps you should be looking for something else.

Excuse me if I'm not following along closely enough here, but at what point on a trendline are you taking a trade?
 
I think it was stated that some are entering on pull backs and others are entering on a touch of the trendline while others are using "Traders Trick Entry" It's discussed w/a link on about the 2nd page I think.


Quote from BSAM:

Trendlines certainly may be used when reading price action. I just think there are better ways to interpret price action. I believe you will soon find that the use of trendlines is not nearly as easy as those posting pretty pictures after the fact makes it seem.

If trendlines work for some, that's great. But, if you are struggling with them and not sure about entry, exit, direction, etc., then perhaps you should be looking for something else.

Excuse me if I'm not following along closely enough here, but at what point on a trendline are you taking a trade?
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Quote from BSAM:

Excuse me if I'm not following along closely enough here, but at what point on a trendline are you taking a trade?
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Well by definition it's only possible to take a trade the third time price touches a trendline. The first two times it touches, you didn't have enough information to know there was a trendline there at that point yet.

So I've been trying to take trades the 3rd time they hit a trendline, which doesn't happen much... so I think I'm gonna stop drawing them on my charts.

Now it's going to be only candles, volume, and Pivot Points study.
 
Id really suggest you look at suri's site and get his book. Not really that expensive, a lot better than chasing your tail like you are doing here.
 
Quote from cashmoney69:

how will volume assist you in trading?...do you plan on trading bullish and bearish divergences?
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It probably won't. I'm leaving volume on the chart just in case my subconscious mind suddenly figures out how to make it useful. I've never seen any use for volume, however, but so many people absolutely swear by it, I figure maybe I'm missing something.
 
iron,your charts should be 30 minutes in my opinion for supp and res,watch these for entry and exits,once you put on a trade you can use the 5 min for supp,res and reversals and for your exits,and the volume spikes when a market turns,not always a turn nor a spike,but often enough to make a profit,if every one is slowly buying and its slowly going up and the volume is inching up and you get a spike or jump in volume,then the buyers have met the sell stop orders or the sellers en masse and there are more orders being executed,thus a spike in volume,the market often turns here,go back and look at he volume spikes in relation to market bottoms and tops or turns in your trend
 
Quote from Trader273:

Id really suggest you look at suri's site and get his book. Not really that expensive, a lot better than chasing your tail like you are doing here.
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I've been talking to him. I'm most likely going to buy his book in a bit. I have some large expenses (medical) coming my way and I want to see how much insurance is going to cover before I start spending money on other things.
 
Quote from ammo:

iron,your charts should be 30 minutes in my opinion for supp and res,watch these for entry and exits,once you put on a trade you can use the 5 min for supp,res and reversals for your exits
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are you saying base entries on 30 min charts, and 5 min for exits?
 
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