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

Quote from MandelbrotSet:

Your thread has been the ususal dumping ground for everything but the kitchen sink by traders voicing their opinion one what you should and should not do, all the while you stumble around like a drunk in the dark trying to figure-out a successfull trading technique.

Someone (I believe it was RedDuke - if not I apologize, I don't have the time to read through this thread again) mentioned the name Daniel Gramza, you would do well to start looking him up, finding his videos and studying his teachings.

Try Google.
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Ah Mandel, I thought it was going well for a while.

We were going well for a while then you get people telling him he is way off and it will be years etc... etc... when I was hoping discussion of PA would continue.

I don't think trading true PA is something that can be diluted. Everyone worries about someone learning something and causing the markets not to work a certain way. I personally don't believe in this at least not in trading index's. There will always be someone to to take the other side.
 
Quote from cipher4d:

Any trades today today IronFist? Chart?

Thanks
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no trades today. just watched.

I'll post a chart in a bit with my "analysis" so people can tell me if i'm thinking the right things or not
 
Quote from IronFist:

omg i almost posted teh h0ly grail but then I didn't!!! *WHEW* I'm so lucky.


Seriously. wtf is this drama? This thread is for 3 things:

1. Me learning price action

2. Discussing price action

3. Making fun of my terrible trades that I post because I don't care how poorly I do while I'm learning


If you want to contribute, please feel free. But if not, don't post about how you almost did or something.
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Ignore the useless fucking trolls. They'll sidetrack any decent thread they can. Pathetic fuckin losers with deep issues.

Keep pluggin Ironfist............

Here's an exercise while your watching.

Take one high volume stock or ETF (10 million shares daily or better).

Open the 15, 5, and 1 minute.

Before the bell, draw a horizontal on the previous close and any strong resistance or support from the previous day on the 15. Strong means multiple hits or sharp revearsals.

Transpose all onto the 5 and the close on the 1.

Watch the first 15 minutes for any tests of the horizontals from the previous day.

Watch how the stock behaves when it nears those lines. Notice the volume as well.

Watch for setups on the 15 and 5, and paper trade on the 1 for entries and exits.

Do this...................and nothing else until you begin to see the bahavior around the lines.

When you begin to notice behavioral signs, PM me again and we'll add the next step.
 
Quote from MandelbrotSet:

Actually the quote is from dandxg.

But what I said before stillholds.

You aren't going to learn how to trade from a thread, you need a live person to show you what you're doing wrong.

Lacking that, seeing a pro in action will help trememendously to get you right-side up.
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Any recommendations on that front. Not videos or threads, but pros that would actually let you observe?

What about prop firms? Is that a way to watch pros or is that a way to lose money more quickly than you could lose it on your own?!
 
Quote from Trvlwanderer:

Ignore the useless fucking trolls. They'll sidetrack any decent thread they can. Pathetic fuckin losers with deep issues.

Keep pluggin Ironfist............

Here's an exercise while your watching.

Take one high volume stock or ETF (10 million shares daily or better).

Open the 15, 5, and 1 minute.

Before the bell, draw a horizontal on the previous close and any strong resistance or support from the previous day on the 15. Strong means multiple hits or sharp revearsals.

Transpose all onto the 5 and the close on the 1.

Watch the first 15 minutes for any tests of the horizontals from the previous day.

Watch how the stock behaves when it nears those lines. Notice the volume as well.

Watch for setups on the 15 and 5, and paper trade on the 1 for entries and exits.

Do this...................and nothing else until you begin to see the bahavior around the lines.

When you begin to notice behavioral signs, PM me again and we'll add the next step.
More...

Nice post. This is why ET has some value, Iron.

I don't know this guy, but he just posted something that you can implement and something that you can build on.

Any other gold nuggets, wanderer? Also, do you have a suggestion or comment on using CV bars vs time bars?
 
Seriously. wtf is this drama? This thread is for 3 things:

1. Me learning price action

2. Discussing price action

3. Making fun of my terrible trades that I post because I don't care how poorly I do while I'm learning
--------------------------------------------------------------------------------

Ironfist..

I like your honesty.. let me help you start ..
First you have to realise that if you want to do all the learning by yourself it will take a considerable amount of time (can you afford it?)
How long depends on 1.)how quickly you can find a good learning source, 2.)your ability to combat trading and learning frustrations
(failure, losses..etc) and 3.)how well do you learn from your mistakes.
Someone said you will need 2yrs before you start to understand tradable chart formations .. I would agree with that.

1.) To learn the basics of PA (HH,HL.., supp,res, trendlines, patterns) I would suggest you start (If i limit to ET)
with PA basic journal Yes I know AHG.. But forget about
the thread starter.. look for substance. Anek and the participating bunch really didn't have much experience
at the beginning.. but they progressed nicely as the thread grew. You can expect the same.. but you have to take
the time and read it page by page.Do not read "cliffnotes" provided in the thread.. you will learn nothing.. take the time..
look at every chart.. save it, print it.. learn from it. Thread is sooo long that it will
take a couple of months to go through ....but you need a bit of handholding right now and this thread will provide that.


2.) Examine yourself from the psychological standpoint. If you can't pinpoint problems (how you deal with fear,greed,anger,
revenge,mistakes,loses, lack of concentration..) right now, thats ok.. don't force it.. But know what you will have to deal with
when your trading method stops being the only problem. Go, read a book or two about trading mentality in your spare time
to prepare yourself...

3.) Keep a trading journal. This is something you NEED to do if you want to advance. Make it simple. After the trading-day is over,
take a screenshot of your chart and annotate it.. Write down your entries,exits,reasons,thoughts,observations,emotional status..
etc.. Review this charts ... learn from the mistakes you made. You will also clearly see (important) that you are
progressing in your trading. Of course you will also see where you struggle...
After 15yrs trading I still do this everyday..


This is all you need for now...


Good luck,


Rossi
 
Quote from Rossi:

Seriously. wtf is this drama? This thread is for 3 things:

1. Me learning price action

2. Discussing price action

3. Making fun of my terrible trades that I post because I don't care how poorly I do while I'm learning
--------------------------------------------------------------------------------

Ironfist..

I like your honesty.. let me help you start ..
First you have to realise that if you want to do all the learning by yourself it will take a considerable amount of time (can you afford it?)
How long depends on 1.)how quickly you can find a good learning source, 2.)your ability to combat trading and learning frustrations
(failure, losses..etc) and 3.)how well do you learn from your mistakes.
Someone said you will need 2yrs before you start to understand tradable chart formations .. I would agree with that.

1.) To learn the basics of PA (HH,HL.., supp,res, trendlines, patterns) I would suggest you start (If i limit to ET)
with PA basic journal Yes I know AHG.. But forget about
the thread starter.. look for substance. Anek and the participating bunch really didn't have much experience
at the beginning.. but they progressed nicely as the thread grew. You can expect the same.. but you have to take
the time and read it page by page.Do not read "cliffnotes" provided in the thread.. you will learn nothing.. take the time..
look at every chart.. save it, print it.. learn from it. Thread is sooo long that it will
take a couple of months to go through ....but you need a bit of handholding right now and this thread will provide that.


2.) Examine yourself from the psychological standpoint. If you can't pinpoint problems (how you deal with fear,greed,anger,
revenge,mistakes,loses, lack of concentration..) right now, thats ok.. don't force it.. But know what you will have to deal with
when your trading method stops being the only problem. Go, read a book or two about trading mentality in your spare time
to prepare yourself...

3.) Keep a trading journal. This is something you NEED to do if you want to advance. Make it simple. After the trading-day is over,
take a screenshot of your chart and annotate it.. Write down your entries,exits,reasons,thoughts,observations,emotional status..
etc.. Review this charts ... learn from the mistakes you made. You will also clearly see (important) that you are
progressing in your trading. Of course you will also see where you struggle...
After 15yrs trading I still do this everyday..


This is all you need for now...


Good luck,


Rossi
More...

Star this post.
 
Quote from IronFist:


Seriously. wtf is this drama? This thread is for 3 things:

1. Me learning price action

2. Discussing price action

3. Making fun of my terrible trades that I post because I don't care how poorly I do while I'm learning
More...


Iron, I'm in. LOVE to make fun of my own trades! ;-)

Several of the guys helpin' you out KNOW what they're talkin' about, you know who they are...
 
Iron,

I'm one of the guys who read the entire AHG thread. I have mixed feelings about it, especially after you learn what Anek is doing now as a trader.

BUT it is valuable, just not as valuable as some say.

The main positive. If you know nothing, you will learn a lot quickly.

The main negative is that the thread analyzes charts after they're complete. That is useless if you are already educated about chart reading.

That is why the fastest way to gain experience is to watch charts unfold live... with someone who trades for a living. That will speed up the process. BUT, I have found it's very hard to find that someone. Some traders that you may know, won't even admit they're traders!

Anyway, that's why you see people say it takes time. It does. But you can get down on that time by learning directly from others.
 
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