Price action with Candlestick Analysis(No indicators)

[piyushonline]

Exciting way to backtest the strategy in discretionary way.

 

[niftytaurus]

Simulated trading in this website will help in practicing: http://www.chartgame.com
Only S&P 500 scrips are offered in this site (no Nifty etc) but still good for practice.

Quote from chartgame website:
"How the game works
When playing Chartgame, the computer will present you with a random historical stock chart of an actual large cap (S&P 500) security, without telling you which company and time period the chart represents.

You are then given the opportunity to reveal the stock chart one day at a time, selecting to "buy" or "sell" the stock at various times. After a maximum of one year is played for the security, the actual name of the company, and what time period the graph was for is revealed, and you move on to another stock chart for an unknown company and time period.

You are rated on how much profit you made over the days you were invested.

The computer compares you to a strategy of "buy and hold" on the stocks played. Your goal is to beat that."

Thanks raghuveer bhai
its an intresting site....i will start practising it for swing positions....
if you know any site where can i get intraday charts of historical period for 1 year,please let me know
thanks

 

[vsaran]

niftytauras,
You can refer http://www.traderji.com/intraday/72869-historic-intraday-data-nifty-banknifty-futures.html

 

[bapu4]

I am not understanding the entry level concept(confirmed/sure entry level) !! plz help me out !!

See i am describing what i understand , plz correct it !!

1) the entry should be taken only when the support / resistance is retested !
2) If support/ resistance is retested, then long/short from there respectively !!
3) At the retesting in daily or weekly there should a reversal candle pattern formed in daily or weekly like hammer/doji/hanging man/bullish/bearish peiercing/dark cloud cover etc !!

4 ) After retesting we should take the entry by looking at the lower time frames !! If there is a reversal pattern formed in that lower TF at that the retesting level than we should take an entry then and there !!

Now this is what i understood !!

**Also plz tell me what is an insider bar ??

-Vinay

 

[Salam Nameste]

Hi,

Im new to Traderji, Im also doing trade based on Price Action. I saw this below method in net, I want to share with you people. Most people know about this, just Recall.

Simple Price Action Trading Strategies
In this Simple Price Action Trading principles allow to find "Levels of interest" that offer up what will potentially be the start of the next significant movement.

This logic can be used on any time frame and on any instrument to help to identify high probability trading locations based purely on price action.

I use this on a higher time frame to identify a potential starting location for the next potential price action movement as well as to see if there is a larger than normal volatility based target available to me.

The routine to identify these price action location is simple;
1. Identify the last significant move in price action
2. Find the high/low range of the bar at the start and end of the movement
3. Take that high/low range across to the right hand side of the chart
4. When/if price gets back to these price action based levels "deploy your strategy.

In the chart below
1. The blue arrow highlights the last significant move down.
2. The high/low range of the bar at the start of the move down is used to identify the level of interest.
3. Take the high/low level of interest across to the right hand side of the chart
4. wait for price to get back to that location

The start of the move down has been highlighted and price has retraced back to that location of interest and it is now time to "deploy the strategy"

As price moves up the end of the move down can now be identified and used as the lower location of interest both to re-evaluate new trading opportunities and to use as a suitable targeting location

Price moves away from the upper location of interest and reacting off the lower location of interest. Trade options can now be reassessed.

As price pushed away from the lower location of interest in the chart below it is currently "between levels of interest" and effectively signalling a wait situation for any new trading opportunities.

Price Action eventually moves back to the upper location of interest where trading options can be reassessed and the strategy in use can be "deployed" once again.

As price moves down to the lower price action level of interest again. Trade options assessed and strategy deployed

Price action once again moves away from the previous lower level of interest but this time runs through the upper level of interest. The upper location can be assessed for new opportunities and deploying the strategy in this case continuation through the upper level of interest.

As price has now moved past the highlighted levels of interest the procedure can be started again to "identify levels of interest" near the current levels of price action activity and evaluate new trading opportunities.

Regards,

Salam Nameste

 

[niftytaurus]

Hi,

Im new to Traderji, Im also doing trade based on Price Action. I saw this below method in net, I want to share with you people. Most people know about this, just Recall.

Hi Salam Namaste
how long are u doing trading on price action? are u using any indicator or just price action?can u suggest some book or site where we can learn & get more in depth knowledge?
sorry for so many questions..I just want to learn price action in depth..so I ask everybody question who is a price action trader..so share with me the knowledge about price action
thanks

 

[poortrader]

Hi,

Im new to Traderji, Im also doing trade based on Price Action. I saw this below method in net, I want to share with you people. Most people know about this, just Recall.

Hi Salam Namaste
how long are u doing trading on price action? are u using any indicator or just price action?can u suggest some book or site where we can learn & get more in depth knowledge?
sorry for so many questions..I just want to learn price action in depth..so I ask everybody question who is a price action trader..so share with me the knowledge about price action
thanks

pm me

 

[Pradipjee]

plz suggest books on price action trading for us TJ members.

 

[niftytaurus]

plz suggest books on price action trading for us TJ members.

YTC price action trader..its an e book

 

[bapu4]

There is a structure in it, i follow it step by step:-
1. Supply and Demand zones in higher timeframe.
2. Supply and demand zones in trading timeframe(swing high, low, congestion zones).
3. Trend in the trading timeframe.
4. Analysis of strength (momentum, projection, depth and trader's expectation).
5. Expected price movement on the basis of above analysis.
6. Analysis of each candle and what it means for future.

Learned this approach from book by lance Beggs - "Your trading coach". Everything is well structured, well covered and easy to understand.
If you want to learn about supply and demand then Sam's articles in "Online trading academy" would be a good choice.
and do 'perfect' practice for everything you learn.

Regards

Dear Vertigo,
from where will i get the book by lance Beggs - "Your trading coach" and sam's articles ??

-vivek