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

I did make one small profitable trade today.

Overall

-19 ticks
+0 ticks
+5 ticks

I took the long trade in this pic because:

1) price was bouncing off trendline for 3rd time
2) price bounced off trendline at the bottom of a (almost) hammer, following ap pullback
3) when I entered, my entry candle was green
 

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Quote from osorico:

TTE should definately be in the toolbox! Good one!

And here is the "intro" if you will, to fully understand the concepts that are part of TTE...
http://www.trading-naked.com/library/Law_of_Charts.pdf

FWIW; Trading-naked has a decent library of free reading material, specific to trading. Even a few worth more than the cost, like TTE. :) Here's the direct link to the library...
http://www.trading-naked.com/Articles_and_Reprints.htm

Osorico
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go to the trrad naked,articles and reprints site mentioned above and scroll down to joe ross and read up on joe ross hooks,this is the style of trading you are doing and as a beginner it will keep you in business,i just want to warn you again that if you are using a short timeframe trendline,start out with a larger timeframe(30 or 60or daily,i use all 3),draw it on your page and then change time to 2 or 5 or whatever you use, When you get near a longer term timeframe supp/res you will see it and not get run over, back to the ant sees the crumb an inch away but not the boot 2 feet away coming towards him analogy A lot of times it will turn early when nearing a longer timeframe trendline since more people see it and are putting orders in above a supp or below a res to make sure they get a fill
 
Quote from IronFist:

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.
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Volume is just a tool. If you get a pullback on light volume prob. good. If you get a double bottom on light volume prob. will hold. Did you watch the video I recommended a few threads back by Dan Gramza, he talks about the same thing?
 
IF---


A few thoughts.....

Bro, for real, you're all over the map.

"Trader's Trick Entry"? I'd rather you go trick-or-treating. At least you'd get something out of it. Don't even waste your time with these gimmicks.

If trendline trading appeals to you and what you are doing isn't working, then what might be a logical conclusion? Either they don't work or they don't work for you. Then, if they work for others, they are apparently doing something that you are not doing/seeing. So, experiment a little. Do not always take the third touch "just 'cause".

Stay away from pivot points. You'll get zapped.

Look at that price action. Do you see anything about those candles that makes your eyes/ears perk up? Look again. Look again. (For a long time.) Are you impatient? You're not gonna make it if you are. Relax, but get real.

What kind of charts are you looking at? Is that right for you? Would it help if you looked at two or three types? Could that help open your eyes to something that might work in your favor? Answer these questions to yourself. You need to think/work outside the box.

On page 2 AustinP said he thought you are about 2 years away from a solid understanding of price action. Honestly, I think that is a very conservative opinion.

Stop trading.....You have no plan. You can only lose in the long run.

Be upset now.....you'll thank me later.
 
Quote from BSAM:

IF---


A few thoughts.....

Bro, for real, you're all over the map.

"Trader's Trick Entry"? I'd rather you go trick-or-treating. At least you'd get something out of it. Don't even waste your time with these gimmicks.

If trendline trading appeals to you and what you are doing isn't working, then what might be a logical conclusion? Either they don't work or they don't work for you. Then, if they work for others, they are apparently doing something that you are not doing/seeing. So, experiment a little. Do not always take the third touch "just 'cause".

Stay away from pivot points. You'll get zapped.

Look at that price action. Do you see anything about those candles that makes your eyes/ears perk up? Look again. Look again. (For a long time.) Are you impatient? You're not gonna make it if you are. Relax, but get real.

What kind of charts are you looking at? Is that right for you? Would it help if you looked at two or three types? Could that help open your eyes to something that might work in your favor? Answer these questions to yourself. You need to think/work outside the box.

On page 2 AustinP said he thought you are about 2 years away from a solid understanding of price action. Honestly, I think that is a very conservative opinion.

Stop trading.....You have no plan. You can only lose in the long run.

Be upset now.....you'll thank me later.
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ok. I'm demo account trading anyway. I wouldn't use real money until I'm profitable with demo money, especially with a new "system."
 
Quote from pclark:

Like OHLC S/R lines? Would you consider bar patterns as well? What else?
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Well I'm not the end all of PA, just a noob but I would look at a larger chart, determine MAJOR s/r levels on that chart and then mark them on your intraday. Then, if you have done it right, you can watch PA react to your s/r zone. It always will. I use trend lines a little bit as a guide, but I dont trade from them. Interestingly, today the TL happen to break just as I went long. It turned out to be a decent trade too.
 
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?
 

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