Price Action Trading Method.
- Thread starter TraderDude
- Start date
Shrigsm, in trading price action, there is no concern with if a swing high or low will be broken. The only thing you are concerned with is to make the trade once it is broken. You are not trying to anticipate anything. You are simply going with the flow and making the trade accordingly.
With regards to the other question about taking a long position, there were no signals for it. You're waiting on the swing high to be broken before initiating the long.
With regards to the other question about taking a long position, there were no signals for it. You're waiting on the swing high to be broken before initiating the long.
Complicated? What do you mean?
If it is the Fibos that I mentioned that you are talking about, then it is just a conservative realism as far as what to expect. All you need to do is draw your Fibo from the swing high to the swing low. Make sure it plots the 161.8% extension, and that is your conservative TP. It will will usually hit 100%.
Let me add something if you don't mind, and it's only some constructive input.
You mentioned in the other post that if the 1700 contains, then the 1800 will surely be hit on gold.
If the 1800 is hit, then it will go up much further, because it is the circa 1800 that is the swing high. It only needs to be broken by a couple of points, and then it is off to the races again.
For now, just to make a long story short, that is the favorable scenario for gold.
If it is the Fibos that I mentioned that you are talking about, then it is just a conservative realism as far as what to expect. All you need to do is draw your Fibo from the swing high to the swing low. Make sure it plots the 161.8% extension, and that is your conservative TP. It will will usually hit 100%.
Let me add something if you don't mind, and it's only some constructive input.
You mentioned in the other post that if the 1700 contains, then the 1800 will surely be hit on gold.
If the 1800 is hit, then it will go up much further, because it is the circa 1800 that is the swing high. It only needs to be broken by a couple of points, and then it is off to the races again.
For now, just to make a long story short, that is the favorable scenario for gold.
Okay then, don't make it complicated. First I don't trade using Fibs, except with some minor exceptions.
As far as my original post is concerned, anytime a peak or a dip is broken, draw the Fibs with the 161.8 only. That extension will be hit almost everytime. Nothing subjective. Do it on a few of them, and you will know why in this instance I speak so confidently of them.
I always believe in backing my claims with action, which is why I'm asking you to test what I am saying.
The other time I use Fibs is in conjunction with my S&R's. Subjective? No! Name a market for me to plot my personal S&R's on, and then I'll apply the Fibs to them, and then tell me it is subjective.
BTW, as far as price action is concerned, the market will usually equal the point of the swing low>swing high>extension. The 61.8% figure is just a conservative amount.
You seem to be a good trader, but that information is mainly for people learning to trade price action and wanting a handle on the TP's.
Also according this statement, "everyone is has their own way of doing it." That is exactly what trading is all about. Everyone has their own way of doing it. You have your own way of trading price action, and I do to. My actual methodology is completely diverse from yours. Success comes in the usage of the product to yield consistent gains. Many people use Fibs for their personal success. I use them completely unique from everyone else.
Bottom line? We are all different. This is why we come to your thread. We are hoping you can teach us a new trick or 2 in trading price action.
As far as my original post is concerned, anytime a peak or a dip is broken, draw the Fibs with the 161.8 only. That extension will be hit almost everytime. Nothing subjective. Do it on a few of them, and you will know why in this instance I speak so confidently of them.
I always believe in backing my claims with action, which is why I'm asking you to test what I am saying.
The other time I use Fibs is in conjunction with my S&R's. Subjective? No! Name a market for me to plot my personal S&R's on, and then I'll apply the Fibs to them, and then tell me it is subjective.
BTW, as far as price action is concerned, the market will usually equal the point of the swing low>swing high>extension. The 61.8% figure is just a conservative amount.
You seem to be a good trader, but that information is mainly for people learning to trade price action and wanting a handle on the TP's.
Also according this statement, "everyone is has their own way of doing it." That is exactly what trading is all about. Everyone has their own way of doing it. You have your own way of trading price action, and I do to. My actual methodology is completely diverse from yours. Success comes in the usage of the product to yield consistent gains. Many people use Fibs for their personal success. I use them completely unique from everyone else.
Bottom line? We are all different. This is why we come to your thread. We are hoping you can teach us a new trick or 2 in trading price action.
Hey, TD good to see you back! Nice trades!
You asked if someone is in this trade. I've been working with some people locally, and one guy noticed the break of the swing low on the weekly, then took my Weekly Forecast to task where it said the daily kijun at 1.0033 would be R. He jumped in there with a 15-pip pullback and is still in, to the best of my knowledge.
Any rate, I've been short the EUR/JPY and waiting for another strong break south.
BTW, keep in mind, we have a lot of learners in the forum. Most probably don't have that "big account" you're talking about.
You asked if someone is in this trade. I've been working with some people locally, and one guy noticed the break of the swing low on the weekly, then took my Weekly Forecast to task where it said the daily kijun at 1.0033 would be R. He jumped in there with a 15-pip pullback and is still in, to the best of my knowledge.
Any rate, I've been short the EUR/JPY and waiting for another strong break south.
BTW, keep in mind, we have a lot of learners in the forum. Most probably don't have that "big account" you're talking about.
Have been busy this week...
you only need couple of these kind of trades on a big account...and you don't have ever have to work again in your life...
you only need couple of these kind of trades on a big account...and you don't have ever have to work again in your life...
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