Nothing Beats Price Action, Everything Else is Derivative

MandelbrotSet · May 19, 2008

Quote from truedat:

Well it's gotta be better than you berating the toppers then watching it plummet

Nope.

If the charter of the thread is to trade primarily according to the dictates of price action, and that price action is going up, I would have to recommend against taking the trade.

I am happy that it turned into a profitable trade or them (and anticipated that it would when st made his post after mine).

I personally caught the NQ on its retrace, trading according to the downwards moving price action and profited from that move, and I'm now Long ZN from 115'115 and am waiting to see how this trade pans out.

Edit: Just checked my executions log, the fill was 115'075, and I was out at 115'115.

MandelbrotSet · May 19, 2008

Quote from MandelbrotSet:

I personally caught the NQ on its retrace, trading according to the downwards moving price action and profited from that move, and I'm now Long ZN from 115'115 and am waiting to see how this trade pans out.

Happy conclusions all around.

MandelbrotSet · May 19, 2008

Quote from truedat:

This thread is probably a derivative of a decent discussion.

You really aren't going to get much better than this, no matter what your style of trading is:

Quote from Stealth Trader:

But nonetheless, just showing those in doubt that watching price build in real time is not a myth IF you break it down into small bits. Note many small trades turn into longer term trades. The object is prevervation of cash, not home runs.

st

Stealth Trader · May 19, 2008

Quote from Stealth Trader:

Loaded for bear on the short side again. Shoulda, coulda, woulda on the last trade. That was a simple washing of the weak hands, which I fell victim to.

Just a heads up as to why I fade into strong resistence areas and that ammo wasn't necessarily wrong. I allowed the pressure of being monitored move my stops too soon. But nonetheless, just showing those in doubt that watching price build in real time is not a myth IF you break it down into small bits. Note many small trades turn into longer term trades. The object is prevervation of cash, not home runs.

st

Edit Flat. +6.25 (ES)

Taking a ES small position long here 1327.75. stop below 27

adding to position @ 1329.00

stop raised BE+1 (2:41PM)

covered half @ 1330.50

Flat 1331.00 (3:01PM)

...............................
Edit: (3:10PM)
Sorry for hijacking the thread. That's as close to real time I am able to do. I am a hunt and peck typist, and watching the trade while trying to post is difficult for me. (remember, I'm merely a caveman). I made mistakes today because my focus was on ET and trading, but you should get the idea. If not, well, I simply don't care if you believe me or not.

IOW, those who think they have a clue are real annoying to us who actually do!!!!

st

edit..................(3:20PM)

Oh crap.........I left 4 ticks on the table. Fodder for the naysayers!!!! I'm sure those indicators would have gotten it all!!! LOL!!!

Stealth Trader · May 19, 2008

Quote from JSSPMK:

"Nothing beats price action", actually insider info does

LOL!!!! You are correct, however, I'll take a few hits now and then to stay out of the cross bar hotel.

You were on fire the last time I noticed one of your posts........are you still taking everyones money? Still on ES or back to DAX (?)....

st

JSSPMK · May 19, 2008

Quote from Stealth Trader:

LOL!!!! You are correct, however, I'll take a few hits now and then to stay out of the cross bar hotel.

You were on fire the last time I noticed one of your posts........are you still taking everyones money? Still on ES or back to DAX (?)....

st

It's been a funny period, sometimes I take quite a beating to finally equalise EOD. I guess my style is better suited to faster pace markets, so last 3 months have been a tad shitty over here, maybe I drink too much tea

Whilst DAX gone into some crazy p/a mode I made a switch to ES, I think I have to start moving back into DAX now. I guess OK sums it up pretty well, TY!

austinp · May 19, 2008

<i>"I guess my style is better suited to faster pace markets..."</i>

If your style is better suited for straighter markets, consider the NQ. It offers the nicest directional swings of all eminis. Lets you hold stops without too much chop against, takes off directionally when committed, moves nicely most days even when ES chops sideways.

They all have their moments and there is no free money in this profession. However, NQ is the most user-friendly symbol by far. QQQQ and Qs options are identical for the equity players, too. Can trade any of the three right off same NQ charts if desired, no changes necessary.

Stealth Trader · May 19, 2008

OK folks, I took a couple more quick trades for lunch money. Shorted at the break of 1327 area and long at the bounce off 1322.

Note one of the winners was a BE+1, entries were between 4 and 20 contracts on the ES, scaling in and out. I typically scale in and go all out, but wanted to try and get as much as possible while moving up the safety net a bit due to live posting and naysayers ready to pounce. I overtraded today as I wasn't focused as I should have been. However, I am not going to shoulda-woulda after the fact, just saying that a typical day looking at the action in hindsight would probably have been a 3 trade day. Nonetheless, I'll take what I got and leave you all to whatever it is you do.

Again, my apologies for hijacking the thread. I'll post a chart after the close showing the last two trades.

st

edit:

Here's the chart.

http://i28.tinypic.com/2cp2p9z.jpg

jack hershey · May 19, 2008

Quote from MandelbrotSet:

If it's going up, why are you shorting?
***
This is the second part of the equation, and what we do over and over and over and over and over and over again ... until we learn not to.

It's going up, like you said, with no pullbacks. So stay LONG until further notice.

You are very consistent in the mistakes you are making.

There are some good posts here that point these out in examples on the main topic. Try to review this thread and get straight on about three major things.

chowking · May 19, 2008

ST,

I'm a novice trader and I enter trades on the NQ the same way you do, with the appearance of a 3BR on a retracement of a trend. I trade with PA only on a sim account. I place my limits around the half-way point of the 3rd bar. Most of the time though, the markets move too fast for the limit to be hit. Looking back, once the subsequent bars print, if I had gotten in the trade, I would have made money on the trade. You have any suggestions on improving my entries?