Price Action only Trading

Quote from ElectricSavant:

Isn't support and resistance zones marking where a lot of trades went long or short?
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Depending upon the type of support/resistance being used. Thus, Yes and No.

For example, it's not uncommon for a swing point or reaction point to occur via very few market participants. Yet, they are still recognized as a key change in supply/demand.

Mark
 
Why talking about s&r only? TA users are losers, everybody who has some real market trading experience knows that. Of course it is a nice subject to teach. Ther are also major loser organizations that issue certification for market technicians. The edge TA provides is so small that it cannot cover expenses, slippage, commissions, etc.

Price action trading is tape reading, I believe this is what professionals mean by it. It is trading based on order flow or book depth. No technical levels, TA, indicators or any of that crap for losers only.
 
There's a great difference between "chart analysis" and "tape analysis".

Someone can use or not use technical tools for either. I myself have personally seen institutional traders use both chart analysis and tape analysis with or without technical tools.

Mark
 
Quote from wrbtrader:

Depending upon the type of support/resistance being used. Thus, Yes and No.

For example, it's not uncommon for a swing point or reaction point to occur via very few market participants. Yet, they are still recognized as a key change in supply/demand.

Mark
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I find my S/R levels by swing points. I think MOST people use swing points as there S/R levels, at least in fx trading. That and fibs.
 
GetBusy...

Could you explain why Fib's work? Sorry I do not mean to put you on the spot...but how does drawing magic lines on a chart identify a significant trading zone?...maybe because others use it?

ES


Quote from GetBusyLiving:

I find my S/R levels by swing points. I think MOST people use swing points as there S/R levels, at least in fx trading. That and fibs.
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Quote from ElectricSavant:

GetBusy...

Could you explain why Fib's work? Sorry I do not mean to put you on the spot...but how does drawing magic lines on a chart identify a significant trading zone?...maybe because others use it?

ES
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I don't use fibs, but you are exactly right. They work because other people use them. Just like a price bounces of moving averages sometimes because other people use them.
 
So swing points are like exhaustion zones?....no more buyers to hold it up or sellers to hold it down....Do I have this correct?

Are pin candles more accurate swing point zones?

ES


Quote from GetBusyLiving:

I find my S/R levels by swing points. I think MOST people use swing points as there S/R levels, at least in fx trading. That and fibs.
More...
 
Quote from ElectricSavant:

So swing points are like exhaustion zones?....no more buyers to hold it up or sellers to hold it down....Do I have this correct?

Are pin candles more accurate swing point zones?

ES
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More buyers than sellers, or more sellers than buyers. Doesn't have to be a pin bar. The swing point on a 4 hour chart might be a pin bar but that same swing point on a 1 hour chart might look like a reversal bar.
 
When you go back in history to identify swing points do you also notate your charts with the corresponding date and time of the news events, reports...etc?

So how does one rely upon swing points?

ES


Quote from GetBusyLiving:

More buyers than sellers, or more sellers than buyers. Doesn't have to be a pin bar. The swing point on a 4 hour chart might be a pin bar but that same swing point on a 1 hour chart might look like a reversal bar.
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