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Basic price action trading - NO INDICATORS
Updated September 1, 2010
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Basic price action trading - NO INDICATORS
September 20th, 2009, 11:49 AM
Tucson, AZ
Posts: 413 since Aug 2009
Eric j
" We trade based on very flimsy evidence " - Thats the part that meant the most to me in this article , It means ( to me ) that its a waste of time to spend a lot of time deciding on the best course of action because price will either go up or dowm - not trying to steal your mantra TRO .
Yes TRO , you're correct - price action trading or as it pertains exclusively to trading .
1) A trader thinks they have found a "pattern" or "edge" they can exploit and build an indicator
2) A trader enter the trade based on the indicator
3) The trade will either be a winner or a loser
4) The indicator will not indicate if the trade will be a winner or a loser - all it indicates is that the pattern is now present.
So what are the reasons 95% of traders lose?
1) They do not stick with the indicator long enough
2) They do not trade in a manner to take advantage of their indicator
3) They do not let PRICE ACTION make them a winner
When you trade, do you usually see at least one opportunity to "make a killing" almost every day?
What is the reason you are not making a killing almost every day?
Can you describe what a killing looks like in SENSORY SPECIFIC TERMS?
Can you help answer these questions from other members on NexusFi?
Best Threads (Most Thanked) in the last 7 days on NexusFi
September 20th, 2009, 12:13 PM
NY
Experience: Advanced
Platform: Esignal, MBT navigator
Trading: Currencies
Posts: 2,507 since Jun 2009
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TheRumpledOne
1)
1) They do not stick with the indicator long enough
2) They do not trade in a manner to take advantage of their indicator
3) They do not let
PRICE ACTION make them a winner
When you trade, do you usually see at least one opportunity to "make a killing" almost every day?
What is the reason you are not making a killing almost every day?
Can you describe what a killing looks like in SENSORY SPECIFIC TERMS?
Answers - yes ( almost every day ) , not sure , and no . I want to answer yes to the 3rd question but just cant .
September 1st, 2010, 06:56 AM
France
Posts: 10 since Apr 2010
Thanks Given: 7
Thanks Received: 0
Hi Eric j
In one of yours screenshots ("3 opportunities")of the first page of this post , you have HH, HL, ... and others highs for example with this information :
" not a lower high , no bars closed below last bar low"
Can you give me more informations about it? How do you determine if an high is a lower high or not ...?
thank you
Nuno
September 1st, 2010, 06:58 AM
Manta, Ecuador
Site Administrator Developer Swing Trader
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,471 since Jun 2009
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Moderator Notice
I am closing this thread, it is quite old and there is another
price action thread that is active, we don't need to split them. -- Big Mike
Mike
Last Updated on September 1, 2010