I was gonna say the market has changed tremendously from the 70's. Seriously doubt if it was the algo's that made his PA reading skill obsolete. And besides algo's are still created by us humans.
Price Action doesn't work anymore due to Algos
- Thread starter Darc
- Start date
I was gonna say the market has changed tremendously from the 70's. Seriously doubt if it was the algo's that made his PA reading skill obsolete. And besides algo's are still created by us humans.
30% over 30 years? Only 1% each year??!!!
My term deposit earns more than that. LOL It's definitely not the algo's.
When someone says price action, it can mean many things from the perspective of the methodology. I am lazy to search his methodology, if any being exposed by him.
From the perspective of pure chart trading, excluding any combination with DOM, it has not changed on longer timeframe (>= daily). I cannot comment on lower timeframe because the most I have backtested for my current methodology is 5 years and it works in multiple futures instrument on different exchange/country (just need minor adjustment).
The only thing that I am aware being obsolete (hard) is DOM trading for thin order book instruments excluding low market capitalization stocks because I know 2 people (retired proprietary traders) still trading for living purely scalping DOM since ~1990.
From the perspective of pure chart trading, excluding any combination with DOM, it has not changed on longer timeframe (>= daily). I cannot comment on lower timeframe because the most I have backtested for my current methodology is 5 years and it works in multiple futures instrument on different exchange/country (just need minor adjustment).
The only thing that I am aware being obsolete (hard) is DOM trading for thin order book instruments excluding low market capitalization stocks because I know 2 people (retired proprietary traders) still trading for living purely scalping DOM since ~1990.
Interesting. The 70s are a long time ago, though. I'm sure 'price action' changed even since I started day trading around 2010.
I believe Marty Schwartz said something to the same effect, i.e., he wasn't able to make money day trading index futures in today's markets. And that's a guy who allegedly killed it in his prime during the 80s.
Michael Marcus in Market Wizards also said that during the 70s (I think) literally everyone was making tons of money as markets were breaking out with strong trends, but went on to say how that no longer worked (as well) in the 80s and later on.
I believe Marty Schwartz said something to the same effect, i.e., he wasn't able to make money day trading index futures in today's markets. And that's a guy who allegedly killed it in his prime during the 80s.
Michael Marcus in Market Wizards also said that during the 70s (I think) literally everyone was making tons of money as markets were breaking out with strong trends, but went on to say how that no longer worked (as well) in the 80s and later on.
It’s working for me.
Guessing trading is working fine for me.
No idea on earth what is price action trading.
If price action trading works so good, why are we here as members at ET forum, and not have mansions and millions in the bank already? Why stress clicking day to day, if price action trading works so well?
No idea on earth what is price action trading.
If price action trading works so good, why are we here as members at ET forum, and not have mansions and millions in the bank already? Why stress clicking day to day, if price action trading works so well?