The no BS, obfuscation-free price action thread

[1a2b3cppp]

Quote from Lord.Maushi:

Perhaps due to your rather dull chart setting.

Use things that other traders are monitoring not obscure settings in noisy settings.

A more helpful post would've been to say:

"Perhaps due to your rather dull chart setting. The following things make it dull:

1)
2)
3)

Use things that other traders are monitoring, including:

1)
2)
3)

Here is how each of those things is helpful and relevant:

1)
a)
b)
c)

2)
a)
b)
c)

3)
a)
b)
c)

Do not use obscure settings in noisy settings. Since noise is relative, here is how you could've told ahead of time that a 5,000 constant volume chart was going to be noisy:

1)
2)
3)"

 

[1a2b3cppp]

Quote from STOCKKBROKER:

Support and resistance level is just a reference point. You still have to confirm from the tape if the real buyer or seller is at that level. If you are just using a chart, you can never tell.

How does one confirm from the tape if the real buyer or seller is at that level?

 

[toolazy]

Quote from 1a2b3cppp:

How does one confirm from the tape if the real buyer or seller is at that level?

real buyer or seller will hire the best in industry to execute order. You stand no chance

 

[baggerlord]

I'm not sure why you felt the need to start another thread on this. There have been several massive threads with tons of analysis on this sort of thing. Anyways, here is where 10+ years of trading anywhere from full time daytrading to the swing to long term trading I do now has led me.

My goal is to figure out what the big money is doing. That is based on what is happening in the global and national economy. Becoming an employed person instead of a full time trader really opened my eyes in this regard. I started looking to buy assets with my savings that would get me a decent return. I eventually realized this is what most market participants are doing, or at least what most of the money is doing. TA people tend to forget that the markets exists to find a place for normal people and businesses to invest their savings. Now I look for what I think will be the next shift in assets, and looks for charts to confirm. I don't bother with patterns or anything like that. Simple support, resistance, and pullback buying opportunities are all I look at. I use ACD to measure some things. There is a massive thread on that if you are interested.

Big money is what moves the markets, not patterns. These sophisticated funds and firms use computers etc to attempt to hide their actions but it will eventually show up with strength and weakness. I don't think patterns are especially useful unless they are based on highs/lows and or support/resistance being taken out or holding.

BTW if you are looking to get charting on futures etc you can open an account with thinkorswim. You can deposit a small amount and get free charting on pretty much everything out there.

 

[wrbtrader]

There are traders out there that see patterns within s/r areas and others that see s/r areas within patterns.

Regardless, both are TA and both are price action trading. My point, most are using different names and terminology about their approach to trading but its really the same thing.

Yeah, too many of us TA folks tend to forget what really moves the markets (global and national economies). Yet, the type of trader one is (scalper, day trader, swing trader, position trader) will ultimately determine how important it is to the trader about what is occurring in the global and national economies.

 

[1a2b3cppp]

Today's chart:

 

[galvinlee888]

Buyers in again and market up on Monday

 

[1a2b3cppp]

Quote from galvinlee888:

Buyers in again and market up on Monday

What did you look at to come to this conclusion?

 

[Lojanica]

Quote from galvinlee888:

Buyers in again and market up on Monday

Couple problems with your assertion.

Monday is a market holiday in the USA so perhaps you are referring to Asia or Europe or perhaps Tuesday.

Global markets are correcting. We are bouncing yes but resistance to establish new highs are substantial unless we go for a climactic blow-off top (which is possible given the strange set of macroeconomic conditions and central banking activities).

Is that what you are proposing?

 

[galvinlee888]

Quote from Lojanica:

Couple problems with your assertion.

Monday is a market holiday in the USA so perhaps you are referring to Asia or Europe or perhaps Tuesday.

Global markets are correcting. We are bouncing yes but resistance to establish new highs are substantial unless we go for a climactic blow-off top (which is possible given the strange set of macroeconomic conditions and central banking activities).

Is that what you are proposing?

I trade ES. Monday - The market may tank and hit my SL, or it will gap up and hit my PT.

I have some indicator (not those out of box chart indicator from your broker) to show there is a high probability that the market will go up, but I may be wrong.

I assume Monday is not my day off ?