Day Trading Stocks & Futures

pannet1

Well-Known Member
@primitivetrader
read a little about it...not everyone's cup of tea..

as you are using it on your 5 min charts seems it's success rate is pretty high...
his micro trendline break scalping was a peak of price action trading. i stopped reading it where he said, failure of failure breakout will always workout. o_O
 

travi

Well-Known Member
I just bought 1 share as capital is very much limited.
Somehow not able to find right exit strategy,couple of times after I exited, the stock zoomed 5-10% next session.

Still holding on to HUL which was bought when it had gone below 2000, looking for target of 2200
exits are also tricky, but we just have to re-enter on the rise if you exit early. When you see momentum is strong then find an hourly pivot and get it bcos if you wait for "your" price then we will miss the bus.

There is a saying:
" Limit orders work on the Trades that are going to Fail, and Fail on the Trades that are going to work":DD
 

siddhant4u

Well-Unknown Member

sridhga

Well-Known Member
ya, it seems like the bible of PA trading. but definitely not for the beginner. but worth putting an effort to learn it. I did not his books difficult. maybe due to good day trading exp.


“If a High 2 long pullback fails, smart traders will assume that the market will likely have two more legs down. If you are an institutional trader, and you bought that High 2, you do not want it to fail, and you will buy more all the way down.”

On page 5 of "Reading Price Charts Bar by Bar"



The author was really referring to failure of long at High 2 and not failure of the pullback.

There are many such confusing lines in the book. The list of such statements is so big. One needs to read his book many times over and make ones' own summary like we did in college. But it takes a lot of time, since, there are too many things discussed, and, some of them are just vague observations which may not have much value in practice. He keeps repeating some things again and again over. For example" You need to follow every tick" "You cannot dismiss any bars as unimportant."
Actually, one needs to write a guide to understand this text book.
I believe his books have great insights but the language/editing part sucks big time for which Wiley charges us lot of money.
 
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