Price Action Trading ... Art and The Science

I'm eyeing GU, GA and GN for this strategy as all the three can move 1000+ pips in coming weeks ....
As far as I'm concerned ...
TRADING IS ALL ABOUT "WHAT DO I SEE ... WHAT DOES IT MEAN ... WHAT DO I DO" ...
Its for nothing that I capitalize few words / sentences ...

Talking about price action,I feel this is the mother of all indicators. Body and wicks go a long way in technical analysis and I particularly like the doji candles as they would tell you when to expect a new trend or the present trend to continue.

This is my last post summarising everything I know and have learnt ... Theoretically and Practically, Psychologically, Risk profiling ...

"Market cannot be beaten. Its to be followed"

"Trend is your friend if you allow your positions to grow on it"

"I admit that I cannot predict which way the market will go but I can follow it and still profit"

"Following the flow is simply; entering sell if price is coming down from .00 or entering buy when price is going up from .00"

"To stay with trend; only buy above the open price of the day and only sell below the open price of the day"

"I ALSO aim for infinity yield on my positions"

"I enter both buy and sell on same pair of currency cause I dont know what is happening today, tomorrow, next week, next month"

"I enter at every low risk opportunity given by the market. Risk is at entering, profit is allowing it to grow"

"I do not pre-define my entries, exit in anyway. R:R is calculated at the end of the trade"

"Entries are at your own personal discretion. Find out what works for you literally and psychologically"

"You should know your entry method so well you can vouch it with your life"

"You only need 1 or 2 entry methods but your participation in over 10+ pairs of currency. You will be very busy"

"Some positions last years, some positions last few minutes. We keep the ones that last years and we let the positions that die in few minutes rest in peace"

"Some of the most valuable insights I have is earned through practice not learnt by reading"

"20 x3 take profit exercise was my teacher and Im here cause of its related discoveries"

"You do not need to know 200 things in forex to make money. You only need to master just 1 thing"

"Most traders fail cause they dont have this 1 thing. Some think they do but whether they really have it or not is questionable"

"From last 2 years of live entries I can sensibly claim that 80% of my entries on 5min timeframe will at least have SL moved to BE by using momentum. This is my 1 thing ... THAT IS MY EDGE"

"I piggyback on other traders when I enter. If there is no participation from other traders then I got no one to piggyback on"

"From my stats, I have placed over 4000+ entries over the last 2 years. Thats about 40 positions per week, 8 positions per day. My participation in the market is almost 15 pairs"

"From my stats, 1.7 positions per week have survived for long term growth. Most closed on BE and some closed to capture short/medium term growth through the numerous diversification"

"Diversification keeps my equity curve growing and smooth. It is traders’ best interest to stay away from zigzag edged equity curves"

"Diversification settles any losses encountered while trying to establish the current group of legs. After diversification the scoreboard is wiped clean to zero"

"Diversification replaces trade balance to before building the current group of legs + adds realized pips/profits into your trade balance + gets it off your mind"

"I have never went below -8% on my initial starting capital in realized loss"

"I will never increase my lot size (2 standard lot). Instead I will increase my exposure in the markets by having more positions in every pair of currency"

"Bundles of positions on every major trend on every possible pair of currency. That is your goal ... THAT IS MY GOAL"

"I prefer to work less as the time goes not more or the same"

"If I lose 9 times in a row on entry I know I’m getting closer"

"You need to be selective on entries and not take every opportunity. All you need to do is space out your entries by hours/days. You miss few golden opportunities but you also avoid all/most of ranging periods. Profit will be similar"

"I’m an investor-trader ... EVERY TRADER SHOULD BE"

"Forums are more chaotic than markets. At least market does nt purposely mislead for its own personal agenda"

"You cannot profit greatly if you dont maximize the profit taking in a given golden opportunity"

"Losers log onto forum, winners take the prom queen home. Most important learning is done by yourself through practice on demo a bit and MOST ON LIVE ACCOUNT"

"Dont stay on demo too long. There are things to that can only be learnt on live"

"Emotional hurdle is when you cant sleep"

"Glass half empty: Anguish over position closing on breakeven. Glass half full: You had chance for infinity growth but unfortunately it closed on breakeven due to controllable market fluctuation. Engineers: Trying to close the position when its only little bit in profit"

"Never use the word 'expect.' Thats a lie. Life and market will never follow to your expectation. Expect the unexpected"

"Your mind only chooses ... what you wish to believe. Keep an open mind to everything. Never have a biased opinion about anything in the market"

"Market is a generic ever-changing dynamic energy. You cannot use indicators to pre-define something that has limitless boundaries"

"It takes tens of thousands of rounds to define an entry system's edge in hard percentage. Some thread openers claim 60% success rate with 1:2 from 4 months of entries. Such claim would make staticians rolling on the floor laughing"

"Thread openers success in the last few months was due to a trend. Watch their posts when market ranges"

"Most traders have set static growth rate. Some aim at 2% capital increase per week. So for a $5000 USD that is $100. If market moved 300 pips in a given week and you only added 2% then you are not reaching your profit potential. Period"

"Some traders quit the week after reaching a certain percentage of profit. Market doesnt know each individual traders set percentage growth rate for the week and market certainly dont care"

"Dont trade Fridays? Yes, if there are no low risk opportunities. Trade, if there are low risk opportunity"

"Accept what the market gives"

"Market always moves first then indicators. Always move with/after the market moves not after what indicator shows"

"Before indicators is candles. Before candles is wicks"

"Wicks is the earliest warning"

"Biggest surprise that awaits position builders is that at the end of the day there will be more on the table and you would nt be bothered wondering why"

I do not have anything else to post on my own ... If someone needs my help ... Want to piggyback on me ... If someone wants to be a better trader, I’m more than willing to help ...
Stay in Green ALWAYS ... ALL WAYS ...

WHAT HAPPENS IN THE MARKET 24/7 REPEATEDLY 24/7 ... AGAIN AND AGAIN ...
2 guys approach each other.

Mr Buy: Hey, today I want to go my way
Mr Sell: Yesterday, you went your way so today im going my way
Mr Buy: Nooooo. Im pushing it my way and you cant stop me
Mr Sell: Pfft. As if I care if you push or not

Mr Buy: Come on boys lets show these pansies
Mr Buy2: Oorah!
Mr Buy3: Push Push Push
Mr Buy4: Come on they running!



Mr Buy4: My mama calling me. Gotta go
Mr Buy3: Meh.. I had my fun. Toodles
Mr Sell: I take you on all by myself. Where are my boys?
Mr Buy: Uggh... We not moving anymore
Mr Sell: They are not winning anymore but its not moving. I cant push them back! I need more on my side.


Mr Buy: Im surprised to see we have more here but we are not moving much. Only tiny steps. Where is jimbo the big bone zumbo?
Mr Sell: I will hold on until my guys get here
Mr Buy2: Well we not moving much and its already dark outside. If we dont move quickly forward I gotta go home.
Mr Buy: Bah... Jimbo didnt come..
Mr Buy3: I have a confession to make.. Sometimes I wear Mrs Sell's underwear. Im really a Mr Sell.
Mr Buy: How could you change sides now?
Mr Buy4: Yeh, me too im shifting cause look Mr Sell2 and Mr Sell3 is coming.
Mr Sell: Heh Heh. My turn.. PUSH!


Mr Sell: HAHA. Where is your buys now? We going down down down. No retrace just smooth sail down.
Mr Buy: Nooooooo. Stop running away you pansies and help me push again
Mr Buy3: (now wearing Mrs sell's underwear) I dont care as long as Im on the winning side. So im pushing sell now.

I ... NOW ... Jump into the scene

I : Hello. Mr Buy your struggling by yourself there. Good luck. Mr Buy you made it to 1.35000 metres but couldn't push it further anymore. Infact not even 33% retrace back and everyone on your side left.

I jump on Mr Sell's back and chuckle

I: Hmm.. Why we not moving again?? Oh well I dont care, I just move my stop loss and move on. See you around boys

Mr Buy: Im going to get you Mr Sell
Mr Sell: No.

Once again they are not moving and then Jimbo the zumbo arrived wearing 'i love Mr Sell' t-shirt.

Mr Sell: hahaha. Down Down Down

THIS IS WHAT HAPPENS IN THE MARKET ... AND THIS WHAT I DO IN THE MARKET ... HOPE SOMEONE GETS WHAT I’M TRYING TO EXPLAIN ...
STAY IN GREEN GUYS ...

All my personal focal interpretation is done on fly. This is from a lot of practice.

If I were to set golden rules about fibs

When price retraces:

33% of previous candle - stronger move that will most likely continue
50% of previous candle - evenly matched buying/selling power
66% of previous candle - stronger opposition power

If you look across any pair, any time frame, you will notice:

Strongest trend will have less than 33% retrace
Stronger trends will have 33% to 50%
Weaker trends will have 50% to 66% retrace

Basically you are gouging/prodding the selling/buying power to gain a hindsight to what might happen next.

Does nt happen all the time but most/enough times.

Fibs are not about buying/selling opportunities as most traders believe but it is an indication of buying/selling power. Is the power slowing down or is the opposite power increasing? That is purpose of fibs.

If trend is downwards and price retraces to 50% and then close at 33% of previous candle. That is a stall and the trending momentum has halted. Alarm bells should be ringing and you should be preparing to phase out your positions.

Learners will enter what they believe is mechanical trading and will 'just' enter at the sight of 50%. They will close if they think its not working. Wrong.

I prefer to watch the 50% get tested which in my interpretation is:

Struggle to pierce 50% with momentum

and this applies to all areas of s/r (including .00)

When price drops, I must see other traders (momentum) also acknowledging what I believe as well for a much higher chance of moving my SL to BE at the very least. This is where pros and learners get divided.

Learners will enter cause its at 50%
Pros will enter after looking at what happens at 50% or any other valued s/r areas.

Traders must interpret price action properly to be successful. Price action is basically gouging/prodding the selling/buying power that is happening in the market on the screen.

There are lots of strategies that are need to be considered in Forex Trading to become successful, you cannot rely on any one strategy.

Always remember what great Bruce Lee said - "I'm not worried about an opponent who has 100 different kicks, but I always worry about an opponent who has practiced one kick, 100 times".
Strategy is always same ... How we adopt THAT STRATEGY under different circumstances is what matters, not having 100 strategies ...
My 2 cents though ...

Ok nice thread subscribed

Do you have afl for amibroker for this bar type?

Nope. I'm sorry