The Day Trading Thread

[SimpleMeLike]

these range bound markets are what i hate to get wound up in. the price has spent a lot of time between yesterday and today in a very narrow price boundary. plus the dom action is so slow, i got chopped up pretty good last night. my first trade at session open was short and then flipped long to almost get back where i was yesterday.

this is exactly why i started this thread because yesterday was an outside day and typically the market consolidates. i was expecting to bottom to fall out but i have been wrong so far. meanwhile my hourly model is enjoying a huge short it has been in for 3 days which was the reason for my downward bias.

this is what happens when you manually trade, get bored and start looking for something to do, lol.

MarkBrown,

Question for you as you been trading for years.

1. Is price action trader on chart reader? Or can a price action trader use indicators as well? I could be wrong, but I thought price action traders was against using indicators as indicators are lagging behind price a bit.

2. Have you known price action day traders to use indicators with their chart reading and technical analysis?

Excuse my ignorance, but I was under the impression (guess from reading here on forum),that indicators are the enemy for price action traders.

Thanks,

 

[SimpleMeLike]

also the screen shots of his account that he shows, which look pretty damn legit.

Seaweed,

I am not attacking anyone, just wanted to provide you some input.

You gave me good advice before, so i am returning the favor buddy.

Be extremely careful with screenshots. Screenshots (web base) can be modified. Here is an example of million dollar trade I took in may below. See the proof below.

So that means I have million dollars right? WRONG it is fake. It took me 5 minutes to create a fake trade and post here.

See the real trade below buddy.

Be careful man. Make sure you can watch the trader trade in real time. Or get a 3rd party audit. I have friend who use to trade who was scammed out of about $88K with the whole fake account stuff.

 

[MarkBrown]

MarkBrown,

Question for you as you been trading for years.

1. Is price action trader on chart reader? Or can a price action trader use indicators as well? I could be wrong, but I thought price action traders was against using indicators as indicators are lagging behind price a bit.

2. Have you known price action day traders to use indicators with their chart reading and technical analysis?

Excuse my ignorance, but I was under the impression (guess from reading here on forum),that indicators are the enemy for price action traders.

Thanks,

1.) price action, dom action, tape reading all price action what about market profile what do you think that is? price action traders are no different than anyone else they will use whatever they have faith in no sin there.

2.) yes toby crable is a price action billionaire with an audited track record and he uses indicators as well. i also trade like that but i think we both would consider ourselves systems traders as it has testing validity.

3.) contrary to belief a price action only (such as pivots etc.) trader can build a system from that which can be tested. if you can define the rules well enough to trade manually you can also program it to backtest.

 

[SimpleMeLike]

1.) price action, dom action, tape reading all price action what about market profile what do you think that is? price action traders are no different than anyone else they will use whatever they have faith in no sin there.

2.) yes toby crable is a price action billionaire with an audited track record and he uses indicators as well. i also trade like that but i think we both would consider ourselves systems traders as it has testing validity.

3.) contrary to belief a price action only (such as pivots etc.) trader can build a system from that which can be tested. if you can define the rules well enough to trade manually you can also program it to backtest.

MarkBrown,

Thanks and very educating. I was ignorant thinking that price action chart should Not have indicators on it because, well...I don't know why. I just read people bashing it, so I took them off. But I may consider using price action and indicator(s).

 

[SimpleMeLike]

3.) contrary to belief a price action only (such as pivots etc.) trader can build a system from that which can be tested. if you can define the rules well enough to trade manually you can also program it to backtest.

MarkBrown,

If a trader is trading manually, do you believe the trader entry method should be very rule based with no vagueness, even if the trader is a price action trader and does not use any indicator?

For example, if trading price action only: Entry method----> If two bars close on high, enter market order.

In other words, should the entry method, trade management, and stop loss be very rule base? Does everything have to be rule base?

 

[MarkBrown]

MarkBrown,

If a trader is trading manually, do you believe the trader entry method should be very rule based with no vagueness, even if the trader is a price action trader and does not use any indicator?

For example, if trading price action only: Entry method----> If two bars close on high, enter market order.

In other words, should the entry method, trade management, and stop loss be very rule base? Does everything have to be rule base?

i use indicators for compression and expansion identification but i only use price action itself to enter.

yes if you don't have a solid rule (even if it needs tweaking) your screwed. you have to have a plan prior to the battle for what happens when it goes right and when it goes wrong. i have ever scenario in my head and mostly all programmed but you should at least have a solid plan in your head. then modify based on experience.

btw even if you think you are trading by instinct you are not you already have rules in your head that are rule based you just may not be aware of it.

 

[humbletrader2016]

Nice looking charts humbletrader2016,

I am not sure if this is the small timeframe chart or not, but I am curious why you not take this trade here? Double Top, nice bear bars, and your indicators was pointing downwards and seem to signal change in trend.

View attachment 204125

That TF is 60 minutes. Remember my trade that I added 2 more lots and out with 4 lots for $850 profits? Now, you see why I added 2 lots into this trade because 60-minute TF and other micro TFs line up perfectly.

 

[humbletrader2016]

MarkBrown,

Question for you as you been trading for years.

1. Is price action trader on chart reader? Or can a price action trader use indicators as well? I could be wrong, but I thought price action traders was against using indicators as indicators are lagging behind price a bit.

2. Have you known price action day traders to use indicators with their chart reading and technical analysis?

Excuse my ignorance, but I was under the impression (guess from reading here on forum),that indicators are the enemy for price action traders.

Thanks,

I can't address how important it's to use indicators along with your trading method. However, majority of people use those indicators in a wrong way. They can't just add a bunch of indicators like MACD, RSI, STO and others with the expectation that somehow these indicators will work in a way they want them to be. Also, they can't just jam their charts with bunch of these indicators because they are meaningless if they show exactly the same picture. I guess maybe this is the reason why only a very few traders become successful because they know how to think outside the box. That said, you won't find a book or any online resources that would teach you how to use indicator(s) properly to help you to find an edge. You have to imagine things outside a box. The same goes with time frames. I've been using TFs that nobody would ever heard of and they have no clue how important those TFs are. Think outside the box my friend.

Btw, please don't get frustrated about this. I remember those years where my friends and others were off to travel during long weekend or holidays during xmas seasons. During those moments while people were celebrating, I was sitting in the basement keeping playing and twisting around those indicators to see if I could come up with any edge to trade. I could hear the firework during new year eve through window, but nobody cares that I was lonely by myself in the basement. It took years for me to realize how to use indicators properly. So, please don't get upset or disturbed if you still haven't figure out your trading edge yet.

 

[humbletrader2016]

Regarding to trading rules, each setup has its own rules and you must obey. Otherwise, you will often find market conditions where they look quite similar to your setup, but they are not the same. In those cases, if you can't distinguish the difference between your setup and a fake one, you will get trapped in from time to time. This is why for each setup, I must identify the key alpha signal and two others which means there are 3 alpha signals. Once 3 alpha signals get confirmed, it's very rarely a fake one. Then, what's next is your entry and exit point. Entry point is very important because you don't want to sit there to wait for hours to see it moves to your direction. During those hours of waiting, you are exposed to all kind of dangers. You'll find a lot of time that when your alphas get confirmed, price will take off very soon. So, it won't take you a lot of time to figure out your entrance point. Regarding to exit point, it is different for everyone. You can either rely on S/R from macro TF or using MA from a TF such as 5-minute chart to get out and etc....

 

[Seaweed]

Be extremely careful with screenshots.

Destriero actually says this exact same thing. This is why he much prefers a shot with your phone. Its much harder to fake the picture of the screen, and even then he also suggests a timely post of entry and exit with a minute or two of the trade getting filled.

Now how much has MarkBrown shown? Honestly, I have no idea if he trades, and if he trades profitably or not. But he goes on and on about it, and nothing to back it up. I've seen people go on and on about Ichimoku, and it sure sounded good, but I also saw the results and they were crap. When it comes to trading, seeing results is the first item that needs to be addressed. Only when the results are acceptable should you waste any time on going deeper like finding out about the method, etc.