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

Ironfist, I said it before about OHLC bars. They're the way to go as I explained earlier. But having said that no one is talking about how to enter and exit. No one is giving real advice in this thread anymore. Buying a book is not advice. I bought the book. Would someone who bought book like to summarize for Ironfist, the three or four nuggets in there? I can't because it's become part of my trading, but I do remember reading the book and thinking this is good stuff, but nothing to write home about. It's all stuff you pick up by reading and reading everything you can get your hands on.

Other than getting in after the second or third HH or LL (depending on trend,) how else can Ironfist refine his method?

(Ironfist, I'm assuming this is what you're trying to do. If you remember, I commented on your charts a while ago and showed you the entries that were correct and those that weren't. ?
 
Quote from nkhoi:

one word, action.
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How so? Like in the way they are formed? I'm comparing the same chart, one with OHLC and one with candles, and they convey exactly the same information.
 
Quote from Bingoking:

Another way to say it would be when the market gets into overbought or oversold areas.
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The only context in which I've heard "over bought" and "over sold" is when people are using stochastics or some other sort of indicator. Is that what you mean?

IME when stochs get to "overbought" that's usually a good time to start buying, and vice versa.

And don't stochastics really only measure price relative to price x periods ago? So shorting overbought stochastics would be roughly equivalent to shorting a new swing high.

Stochastics will stay in "overbought" territory for long periods of time during long up trends, which is why I think it makes more sense to buy overbought stochs.

Unless you're not talking about stochs, in which case, please explain :D
 
ok ironfist,

You do 500 hours of community servivce. and show me proof that you did it. I will be with you on msn or phone(whichever you prefer) and trade the YM with you. I will teach u entry exit and stop blah blah blah.

but i want to see 500 hours of community service with solid proof that you did it.
 
Quote from IronFist:


Unless you're not talking about stochs, in which case, please explain :D
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Not stochs. but based on the four steps of market action from Steidlmayer (paraphrased):
1. Movement of price in one direction.
2. Move to a price to stop the market.
3. Develop around that stopping price.
4. Reversion to mean.

I'm not a chart or indicator guy so I will stop posting. I do not use MP per se but trade short term "gut" off the DOM based on the 4 steps above. You can either look for reversals or continuations.
 
Quote from IronFist:

How so? Like in the way they are formed? I'm comparing the same chart, one with OHLC and one with candles, and they convey exactly the same information.
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you use 500t chart, what do you see at 100t, 200t, 300t, 400t for a candle?
 
Quote from ggoyal:

ok ironfist,

You do 500 hours of community servivce. and show me proof that you did it. I will be with you on msn or phone(whichever you prefer) and trade the YM with you. I will teach u entry exit and stop blah blah blah.

but i want to see 500 hours of community service with solid proof that you did it.
More...

K I'll get back to you in 12.5 weeks :D
 
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