Price action with Candlestick Analysis(No indicators)

hik

Well-Known Member
#1
(If you are like any other trader who watches a guy post a fancy system on any internet form , repeatedely trade it and getting continues losses , then this is for you). This is your Foundation. With this knowledge you can trade any chart with price candles on it.Futures/options/stocks/forex. Iam here to share NOT to Sell you any product , All the seniors i request you to post some charts We share some and then earn some)

Hello everyone, I am new to this forum and I like to trade futures by using Price action.
I see a lot of posts and trading systems here with fancy indicators , Scalpers,Day traders etc.All the indicators are lagging in nature , no use in trading with them.
I use a method which is very productive , and it has been working fine for me:thumb:.It is trading the pure price action along with candlestick analysis and support/resistance.Many traders trade like this but i am posting here becoz i see very little information about price action trading any where on web(i was referring to Indian FUT only).
This thread is meant to be for sharing our Views on a particular futures,using candle stick analysis and price action,All the senior traders who are expericed with this kind of trading are welcomed to post.:)
Lets learn and share our charts and make Some money.
Only one rule is there for this Thread "NO INDICATORS".Not even a Simple moving average. Just pure Support/resistance and candle stick analysis.:):)
I will be posting some trades i took last week here.

Rules for setting up charts :
(1.)Plain Charts with Raw Price on it.Make the price clearly visible.
(2.)Place horizontal support/resistance lines on Weekly/daily chart.
If you dont know about support /resistance. if you want to spot them read post#10

http://www.traderji.com/technical-a...estick-analysis-no-indicators.html#post758355
Some photos to get familiar with.

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hik

Well-Known Member
#2
If you are new , then you will find diffuculty understading the entries.Read post 10,11,12 then come back.
Iam still practising in demo in futures, i live trade foreign exchange.
here are the trades i took in Renuka . I marked my support level and resistance level on the daily chart and watch for certain types of candlesticks to form there in 1hr or 2 hour charts.

Reason:price is hitting daily resistance at the level , Price might come down or up . Watched the Shooting star candle rejecting the resistance , i placed an pending to sell below the low of that 1hour candle , The targets are placed on the daily chart.
 

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hik

Well-Known Member
#4
Here are the trades im looking forward to take next week ,
Relcap .....price broke the resistance and went up , the old resistance is now support , if the support holds then going long with target around 500 level
I need to see some kind of bullish engulfing bar or 2 bar piercing or hammer in either 1 hour/3hour chart.if nothing comes then wait till the day completion and watch the daily candle.
If the support does not hold and price go below the level then sell directly or wait for the retest of resistnce and sell.
Same story on PNB.....


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hik

Well-Known Member
#7
The following Trades are high probability, Because the resistance Overhead and the rejection of resistance by candles is clearly visible.
shooting star or if u may prefer pinnochio bar.Dotted lines are targets (1st target,2nd target,3rd target)
Short over SAIL -shooting star, Relinfra-shooting star
IOC ,SBIN and many more charts hit major resistance are on way down.
My hopes are on Reliance : a Nice bearish engulfing bar on weekly charts
These trades can be sold on 1M ,2M , 3M futures charts. Every time price hits the first target close the 1M contract and breakeven the 2M and 3M contracts. I dont think there is much price difference in 1M or 2M contracts

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anup

Well-Known Member
#8
The god of all the indicator is price action.... You have chosen perfect topic for discussion.... Its a very powerful ways of TA.... Hope, We can learn price action..... please take consideration of the novice trader and explain it step by step always.... Hoping for great learning exposure.... :)
 

hik

Well-Known Member
#9
kindly tell method how u find price action.any formula.what scripts u trading in that price action method.
Hello Mew,
There is no particular formula for finding these kind of trades, If you are a beginner then start by Learning terms "Support" and "resistance " in investopedia . And just use a plain chart to mark horizontal support and resistance. I will tell you about the rest. Candle stick analysis is very easy and rewarding.
 

hik

Well-Known Member
#10
Hello Anup,
Thanks for the comment, If you want to learn form beginning then i will teach you.

(1.)But first post an empty daily chart of any company without any indicators.
Zoom out a little bit. Place a Horizontal line above the price,closest possible resistance and then place a support line closest to the price
(2.)Support and resistances are nothing but special zones on the chart where price has reacted to that particular price level .
For example in the below " Bharti " we can clearly see, price rallied to the top and stoppped at a particular place near the first tick mark and went down , that place is where price found resistance , Bears came in to the scene and pushed the market down.
The second time (thumbs down mark) when price rallied it failed to pass through the old resistance set by the price ,there we look for certain reversal signals using candle stick analysis and go short


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