Price action with Candlestick Analysis(No indicators)

[winnertrader]

Yes iam fine. Im busy these days since im taking care of my business(forex).
Also Not able to access internet for most of the time. It will take one more week before i settle some issues and start posting.
The reversal entries are working very good. But there is some problem with retest entries due to gaps in stocks!!.Im thinking of using an indicator as a confluence that lets me enter the trend multiple times and profit from it,But Since i have decided no indicators in this thread , we will keep this thread clean. The particular indicator when used with support/resistance on a daily chart is giving perfect entries . And we already know about exits. I cannot reveal the name of indicator yet because it takes lot of forward and backtesting. Instead of entering the reversal trades on weekly charts with very huge stoploss , we can enter by using the indicator on daily chart. The reason why iam not dicusing the indicator is that the same history will be repeated by traders again . Forgetting key levels and following indicator blindly. I will do a forward test of 50-100 days and backtest of 1 year using that indicator as a confluence to support and resistance. It needs a whole new thread and lot of time.
However the candle stick patterns and support/resistances are still the building blocks of any trader . We will continue this thread as it is.
The retest and reversal are doing great in forex , due to flexible position sizes it is possible to trade those. But in futures the positon sizes demand huge stoploss with these methods.However I stand on my initial position that for an investor who wants to hold 2-3 months and swing trader who wants to hold 1-10days these entries still work well .
Some of the principles mentioned in this thread can be used by amatuers/professional traders in deciding the future trend of the most of the stocks. Those principles will eliminate most of the mistakes done by traders.
Please keep posting and learning them .I will do the same

Hik,

Glad to hear back from you and thanks for updating us regarding what you are planning to do with the methods posted in this thread.
Hope your backtesting turns out to be fruitful and helps you earn loads more.

Have you been trading forex for very long? Have always been interested in forex but never could get into it.

Another question I have been wondering about is regarding filters. Are we going to use filter for our SL and entry?

Thank you again for this thread and it's great that you are posting so clearly and concisely here.

regards,

 

[winnertrader]

I think this is what you meant

free image hosting

Yes HIk...this is what i meant

 

[hik]

SBI UPDATE ...

Dont know why there is no retest in some companies these days, A direct sell from the break of support is also working like a charm. a break of 2250 and we are looking at 2065 and a break of 2065 , a target of 1825 .thts y book profit at those areas coz price might come back to retest sometimes.

follow up....sbi breaking all supports...2050 on card..?

Sbi going down.

 

[hik]

Hik,

Glad to hear back from you and thanks for updating us regarding what you are planning to do with the methods posted in this thread.
Hope your backtesting turns out to be fruitful and helps you earn loads more.

Have you been trading forex for very long? Have always been interested in forex but never could get into it.

Another question I have been wondering about is regarding filters. Are we going to use filter for our SL and entry?

Thank you again for this thread and it's great that you are posting so clearly and concisely here.

regards,

filter is nothing but a rule. the rule keeps us out from bad entries , we dont trade if there is no attractive R:R ,Huge SL, lots of ugly swings (chop to the left) Etc .

 

[cellclinic]

just an observation sorry for indicators ...

 

[winnertrader]

 

[winnertrader]

guys, below is hourly for same scrip i posted last night.
There is a shooting star but way below our resistance level of 238. Do we wait for a another significant candle near the resistance level or can we take this SS?

 

[winnertrader]

 

[winnertrader]

 

[Margery575]

The god of all the indicator is price action.... You have chosen perfect topic for discussion...