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Everyone has different definitions of what "price action" is. For me, I would say that it is understanding market patterns and how they relate to the speed and size of trades, how the bid/ask acts in relation to the last traded price, how things occur on Level 2, and how far an instrument tends to move under various market conditions. I suppose you could throw in candlestick patterns and market geometry (trendlines), etc. as well. Here is a post I just made with a brief description of how I might use different indicators in conjunction with what I would call price action:
Technically, no indicator is really "false" or "true" at any point in time... it's just a calculation of price movement. Certain types of indicators are designed to capture certain types of price movement. For example, a moving average …
There are lots more details you could get into with this type of discussion, but it's just a rough idea of how you might use different types of indicators in conjunction with some knowledge of how a particular market moves...
Thank you.
I heard Ross is great, but he wrote a lot of books, so I don't know from which to start and which contains just simple "old school" rules.
If you can give insight on that it would be just great.
I've read that he wrote one book for his family which then decided to publish, think it could be really interesting, have you read that one ?
Thank you.
I already looked on that, from first look seems that is very interesting info, will study that more deeply. I really like a lot VWAP and especially cumulative VWAP, which once I had, but now can not find again
C VWAP together with with previous day 2 standard deviations calculated on daily basis shows "nice things"
I finished trading the ross hook and now I'm reading trading by the book. IMO "old school" is the best way to trade. They didn't have super fast computers, tick data feeds, and thousands of indicators to distract them.
You can find the ross hook and by the book on eMule network.
Exactly !!!
That's why I'm trying to find as much as possible on "old school" as well as on pit trading.
BTW have you seen in Fredy's thread what I've wrote you about idea of a few simple "raw" volume indicators ?
I must have missed it, can you post a link? I had computer problems, CPU was > 90C and I had to take everything apart and clean it and put it back together.