What exactly do you mean by "reading price action"

whoa.. where did you get the ten year bond chart!

and do they have a say... 10 year bond chart for canadian bonds or australian bonds or the like?
 
By looking at the actual price of the security you are trading and asking yourself the question of what is happening now you will begin to understand how to trade using price action.

GL
 
Quote from enkidu:

whoa.. where did you get the ten year bond chart!

and do they have a say... 10 year bond chart for canadian bonds or australian bonds or the like?
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They have all of the major futures (ala carte and kind of expensive, but I think they're worth it).
 
ok, this is pretty much what I thought it was, just couldnt figure it out since most times I saw it mentioned in some kind of short, cryptic fashion. I guess thats because theres not much to be said once your clear on whats being referred to.

Thx
 
I think what "reading price action" really means is having a feel for the market thats above and beyond most peoples understanding. When your sitting there at your computer and your looking at a breakout about to happen for example, sometimes you can predect a breakout from just seeing the closing price of the candle or the one before and have a strong feeling about what will happen next, take the trade and maket money before others realize what just happened.
 
Quote from stevegee58:

Here's my $0.02 for what it's worth. Reading price action refers to watching price itself, rather than its derivatives.

This means no oscillators, indicators, moving averages etc.

Price action readers would annotate charts with support/resistance lines and trendlines.
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aren't trendlines / supports / resistances ALSO derivatives of past price action?

You can determine a high or low only <i>after</i> it has occured.
 
It is about watching price alone and how price changes AFFECT the thinking, emotions, actions of the other players. Thus the keyword about price change is what are you ANTICIPATING next.

Everyone can debate what has already happened all they want.........that is only relative if you can translate that into action when price does what price will do NEXT.

Trading futures is about trading what is coming........NOT what is histroy.

Translating prior price into anticipating what might, could, should come next is key to making money. I have said this before and will say it again...........your job is to take money from the other guy, your job is to use his/her emotions, reactions, etc to your advantage. Winning traders make money from the losers mistakes. new fools are the life blood, mothers milk of trading.

You watch price to get inside the heads of the other players........anticipation is key baby, anticipation.

http://www.youtube.com/watch?v=ParXhiLwMWI&feature=related


http://www.youtube.com/watch?v=EeOqD3uMIRs&feature=related

PS: the song "You're So vain" by Carly Simon has never been revealed by her who the vain guy in the song is. Well way back we all knew it was James Taylor after he dumped her.


http://www.youtube.com/watch?v=DWQREs4f_oE&feature=related
 
Quote from c.chugani:

aren't trendlines / supports / resistances ALSO derivatives of past price action?

You can determine a high or low only <i>after</i> it has occured.
More...

Strictly speaking, yes. The main difference is that trendlines and support/resistance levels aren't lagging. They aren't smoothed or averaged. They capture places where price changed direction and the market *does* have a memory.

I suddenly have to urge to play "I Wanna Kill James Taylor" by Ivan and the Executioners. :cool:
 
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