price action trading

[saakk]

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[saakk]

To learn WHAT NOT TO DO will save me loads of money

 

[saakk]

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[saakk]

https://soundcloud.com/super8tab/supertab-radio-038

 

[saakk]

 

[saakk]

inverted scale

 

[saakk]

https://soundcloud.com/djandymoor/moor-music-episode-102

 

[saakk]

The best entries and setups come near EMA and trend lines in trending market, Some entries may work far away form them but in the end i am trading probabilities and it increases near pull back to EMA and trend lines, only market EMA setups and entries wont work is sideways.

 

[saakk]

22nd july: (1)The biggest mistake was paying too much attention on vol., counting vol. on every bar, though market was slow but still price action was valid.
(2) Opening bar high/low is very imp. through out the day, it works as a support and resistance until it is broken, sideways market, look to go long at support and short at resistance.

23rd july: (1) 1st trade was valid but it just didn't work and when entry bar closed as doji get out break even or at tick or 2 lesson.
(2) 3rd trade was rit in expectation but low on probability, price was far away from EMA and trend line.

24th july: (1)Opening of 22nd and 24th is gap down wit opening bar closing bull but on 22nd low held through out but on 24th it broke around 10 o'clock which i significant enough to show weakness in price.(Not a rule but can be use as a price strength indicator)
(2) 1st trade was a price trying to pull back into range that's why i got my scalp on it but 2nd trade was a pullback failure, very low probability trade for long even wit a good signal bar.
(3) Around 12 o clock price tried again to go back into its opening range and failed, best indicator of price weakness.

25th july: (1) Gap up open, bar close a doji wit big upper tail still price managed to break the opening bar high but the breakout bar closed in the middle and following bars were doji's show loss of interest or weakness in price, still to bullish for me to go short here but when price broke the low of the opening range bar and pullback (not visible on 5 mins but it is on lower time-frame) failed to take price back into its opening range was the indicator of price weakness.
(2) Most difficult part for me is to judge when price's are changing its trend, simplest thing is a trend line break but still i get confuse because there is always a retest.
(3) Even if the down move was missed there was ample opportunity when price traded up, Usually i have read and seen spike up and then price go into channel of spike direction but here it was spike down and channel up (No idea if this is valid).

 

[saakk]

Hi saakk,

I trade with Price chart with Bollinger Bands and I am not considering even volume in my trading setup.

I am also using Depth of Market data (NOW) to book profits(exits).

Dear jj.veeramuthu,

I did try to do that, taking indication from DOM but it has just increased my confusion, vol. may be important but mastering one thing at a time will keep things easy for me atleast. So many times i saw a big buying or selling order at some particular price and suddenly it just vanished, if market is falling you will see a massive selling in a big bear bar but then after that market will turn and go other way. So i thought its better to stick to price chart, ema, trend lines and remove every thing else of it.

regards