Price Action Trading Method.

[EagleOne]

Well said, TD. The smaller TFs are OK as long as they are in line with the higher ones, especially EOD - and also in sync with the market mood in general.

I hope your real-life trading setups and prudent position sizing will help many traders see the light to go for sensible, less stressful, way to trade instead of being yee-haa! kind of cowboys, dreaming of doubling the money every second day

Good luck for the working week. Take care.

 

[dhootankur]

So overall summary for your words TD are that look for Daily TF to determine overall trend and try to lookout for trades accordingly and entry and exit should be taken on smaller frame like 30 or 60 min...
And should should be from smaller tf but should be trailed and managed from EOD charts??
Am I correct...??

 

[TraderDude]

So overall summary for your words TD are that look for Daily TF to determine overall trend and try to lookout for trades accordingly and entry and exit should be taken on smaller frame like 30 or 60 min...
And should should be from smaller tf but should be trailed and managed from EOD charts??
Am I correct...??

dhootankur,

we must look for S/R on daily TF first. We know the trend is down.
once we idenitfy the S/R on daily , then we know where our entry and stop should be.

will post more charts later today.

 

[TraderDude]

Today i picked HeroMotors.

Not much action today. Pretty much flat all day..

 

[saivenkat]

Dollar hitting 55? And nifty holding its last breath before dropping like a thud..Any views... Eagle bro and Sudoku?

 

[TraderDude]

today it was Maruti's turn.

I exited @ first target. I m working on my discipline.

 

[prabhsingh]

Dude,

Which AFL are you using for placing SL and TSL?

 

[TraderDude]

Dude,

Which AFL are you using for placing SL and TSL?

prabhsingh,

I do not know what an AFL is. Kindly enlighten me. I hope it has nothing to do with indicators.

 

[EagleOne]

prabhsingh,

I do not know what an AFL is. Kindly enlighten me. I hope it has nothing to do with indicators.

Ah, TD! Your reputation just got enhanced in my eyes by several degrees!

Bless you for not knowing AFL! I call it Aaltoo Faaltoo Lafdaa. Single handedly it can distroy any potential a trader might have to become an above-average trader.

Think it in this way. The difference between an intelligent PA based trader like yourself and AFL dependent trader is exactly what differs an MBBS from a road-side quack selling 'saande ka tel' . :lol:

On serious note, AFL stands for Amibroker Formula Language, can only be used on Amibroker charting software to automate buying-selling decisions by computing different price action parameters . It is not bad for a marginal kind of a trader, to be honest. The only plus point is: it can make you feel a very professional sort of trader by making your charts very attractive and complex to look at, with lots of lines and colors and arrows and numbers etc...but if you look at it a little bit closely, you would find, like most beauties, it is dumb.

 

[TraderDude]

Ah, TD! Your reputation just got enhanced in my eyes by several degrees!

Bless you for not knowing AFL! I call it Aaltoo Faaltoo Lafdaa. Single handedly it can distroy any potential a trader might have to become an above-average trader.

Think it in this way. The difference between an intelligent PA based trader like yourself and AFL dependent trader is exactly what differs an MBBS from a road-side quack selling 'saande ka tel' . :lol:

On serious note, AFL stands for Amibroker Formula Language, can only be used on Amibroker charting software to automate buying-selling decisions by computing different price action parameters . It is not bad for a marginal kind of a trader, to be honest. The only plus point is: it can make you feel a very professional sort of trader by making your charts very attractive and complex to look at, with lots of lines and colors and arrows and numbers etc...but if you look at it a little bit closely, you would find, like most beauties, it is dumb.

Ah...yes..the trading automation business. I see plenty of this in MT4 also. the famous MQL programming language.

After years of studying the markets , i have found that automated trading for retail(aka us) does not work and will simply kill you in the markets.

This idea of automation comes from trading a mechanical strategy. People fool themselves that some mechanical trading strategy will work , only to find out later and wonder why things went wrong. People fail to understand that a market is exactly like a human with emotions and these so called Robots cannot understand emotions, hence they fail at trading.

May these traders come to their senses , before they bet it all on skynet.....

and also indicators, Please for the love of god don't use them if you don't know how they work or how to use them in right conditions..

A simple horizontal line is all you need for trading...........