Understanding and applying price action recommendations please

H

hwkaiser

I am a long term investor and desire to increase my exposure with intermediate term position and swing trading. I have studied various technical analysis techniques, crossovers, MACD, stochastics, candles etc...and realize the limited capabilities of these indicators due to their lagging nature. I have read some very interesting threads regarding using only price action and am intrigued in this simple but apparent extremely logical approach.

I have been unsuccessful in identifying appropriate learning materials which focus on pure price action to determine proper entry, exit and risk management procedures. I would appreciate any comments or recommendations on how to get a better understanding of price action and it's application.

Thank you kindly.
 
Go read the ES Journal, in its entirety.

Then study all the other posts of B1S2.

I'm not saying he's a guru, just that he has a lot of good things to say.

Also study austinp and ProfLogic while you're at it.

Spend every weekend reviewing some of the really old threads (2 or 3 years), I mean the whole weekend, BTW.

Chart everything that everyone is saying, until things start to "click" for you ... then continue working at it, because they're going to have to "click" a long time before you start to conistently get it right.

Also read the PnL thread, everyday, it's just to see who's figured it out, and who hasn't.

... this is all just for starters, and I'm dead serious.

Good trading,

Jimmy Jam
 
Quote from hwkaiser:

I am a long term investor and desire to increase my exposure with intermediate term position and swing trading. I have studied various technical analysis techniques, crossovers, MACD, stochastics, candles etc...and realize the limited capabilities of these indicators due to their lagging nature. I have read some very interesting threads regarding using only price action and am intrigued in this simple but apparent extremely logical approach.

I have been unsuccessful in identifying appropriate learning materials which focus on pure price action to determine proper entry, exit and risk management procedures. I would appreciate any comments or recommendations on how to get a better understanding of price action and it's application.

Thank you kindly.
More...

Learn to use proper market timing techniques. You can explore my journal for example.
 
Quote from hwkaiser:

I am a long term investor and desire to increase my exposure with intermediate term position and swing trading. I have studied various technical analysis techniques, crossovers, MACD, stochastics, candles etc...and realize the limited capabilities of these indicators due to their lagging nature. I have read some very interesting threads regarding using only price action and am intrigued in this simple but apparent extremely logical approach.

I have been unsuccessful in identifying appropriate learning materials which focus on pure price action to determine proper entry, exit and risk management procedures. I would appreciate any comments or recommendations on how to get a better understanding of price action and it's application.

Thank you kindly.
More...

An honest appraisal of some central TA tenets. That is what many former TA addicts finally realize. There is only so many ways you can keep trying different TA things, before you realize they really don't work. But beliefs for others die hard...
 
Quote from hwkaiser:

I am a long term investor and desire to increase my exposure with intermediate term position and swing trading. I have studied various technical analysis techniques, crossovers, MACD, stochastics, candles etc...and realize the limited capabilities of these indicators due to their lagging nature. I have read some very interesting threads regarding using only price action and am intrigued in this simple but apparent extremely logical approach.

I have been unsuccessful in identifying appropriate learning materials which focus on pure price action to determine proper entry, exit and risk management procedures. I would appreciate any comments or recommendations on how to get a better understanding of price action and it's application.

Thank you kindly.
More...

First of all, to prevent debates or getting confused...

Many aspects of pure price action only trading is technical analysis.

Simply, technical analysis is a very big playing field that goes well beyond typical indicators.

With that said, as you have already notice, there are many areas of technical analysis involving price action only trading that's not normally discussed.

Such makes it difficult to learn any methodologies associated with price action only trading.

This recent post should help you get started in one direction even though there are other directions you can take to apply price action only TA trading.

Read the posts I made in the below thread to help get going in one particular direction to further your research.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=101830

I enjoy the study and application of technical analysis involving price action only trading.

Acknowledging and understanding that your trading instrument is impacted by other key markets and key market events is very important along with providing a solid foundation to further your research into price action only trading.

Once again, technical analysis is a big field and a lot of the stuff isn't talked about or ignored except for the typical indicator stuff.

As for rcanfiel, he's only talking about one specific area of TA involving indicators.

Thus, don't get confused when he makes his typical generalistic TA doesn't work statements because he saids that due to the fact he's only studied and tested one particular area of TA involving indicators.

As I said before, technical analysis of price is just a few chapters in the book of price action only trading and understanding the price action of your trading instrument.

Thus, it goes far beyond indicators.

Here's an academic analogy...

Indicators is like taking class 101 among other 101 market classes.

Price Action Only trading or Understanding the Price Action is like class 401.

Once you've taken class 101 regardless if you like it or not, your academic studies are still work in progress (not complete).

Therefore, don't dwell on the past as others are obviously doing because its time to move forward.

Mark
 
You must log in or register to reply here.
Back
Top