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Reading Price Action
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Created: by GarryM Attachments:16

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Reading Price Action

  #21 (permalink)
Administrator: Retired Backtester
Rennes France
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sam028's Avatar
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max-td View Post
hey garryM,
maybe its useful to have a definition of your understanding of what you call "reading price action" right at the begining here :

for me priceaction is the stuff i see on a chart -- the pure price bars + maybe volume.

another thing for me is the so called "tape-reading" -- these are guy that have nothing else than a dome / T&S and pure running numbers in front of themself while trading- mostly no chart at all.

Good idea, a clear definition is needed.
Maybe it's because english is not my native language, but for me like for max, "price-action" was only basic chart reading, no tape reading...

  #22 (permalink)
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Hi garryM

Not when I first started, there might be now I dont know. One important point is you have to let the data collect, so worth refreshing when the market closes and reopens at 4.30pm ET. When a zero appears on the sell side the price column tick will turn red, and green when for a buy.

I use 5min time stamp on a rolling basis, there are lotsof other features, like histogram, and daily etc etc, I dont need all that so have it set to false.

I know the areas I want to trade I just glance across at the price and use it for a secondary confirmation, otherwise you will get glued to watching it LOL

I'll post some screen shots next week.


  #23 (permalink)
Elite Member
Tucson AZ
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I did not mean to offend you, I'm sorry if I did. It was my reading in haste.


  #24 (permalink)
Elite Member
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You are exactly correct that was forthcoming next week in greater detail.
However, I will make some comments now. I don't trade off a price ladder. One of my trading buddies, who helped me along the way, makes 5 digit profits every day off the ladder, that is just not my way. (remember there are thousands of ways to trade the market, find what works for you)

Below are some of the areas of my definition of reading price action, where I would like to share my comments. It would be great if others would cover topics in their definition of Reading Price Action. All the money is in the story (which is the tape) and the momentum.

1. Trend lines
2. S &R
3. Patterns
4. Candles-most important candles (color or not),reversal bars, close of the bar, micro trend lines, horizontal lines, trend channels, divergences.
5. Fibs
6. Pivots
7. Gaps
8. Multiple Time Frames
9. Moving Averages as support
10. What other traders are thinking Ė how to outsmart other traders-itís the only way to make money. You have to take someones money, to make money in this game. (Its a joke, but we really do prey on those that aren't paying attention or don't know what they are doing.)
11.The market tells a story,LISTEN. There is a reason that is in large type.
12.Path of least resistance (prove it, prove it, prove it or its reversal time)

Have a great weekend,


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Reading Price Action-es-09-09-7_1999-8_2009-monthly-rpa-basics.jpg  
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  #25 (permalink)
Elite Member
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Thanks for the pointers, I need all I can get. If I had this mastered I'd have a 30 million dollar home. This forum for me is learning as much as I can from others and sharing some thoughts from my observations.


READ A LITTLE JESSE LIVERMORE (this is intended for everyone not you)

Last edited by GarryM; August 29th, 2009 at 05:32 PM.
  #26 (permalink)
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Price Action

I'm very happy to see this thread taking off. Your topics are spot on !! (as they say)

It's funny..... I was making a list of topics and yes...... many on my list are the same as your list. I'm looking forward to this weeks posts.


  #27 (permalink)
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wh's Avatar
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Here a nice pdf from karthnik about vsa/vpa --> include price action // tapereading ...

i believe all terms a mandatory i mean price action on chart with LL, HH, LH and HL ... also 123 pattern ... and the volume aspect ... you will go better i will go with the big boys and not against they.


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Reading Price Action-vsa-basics.pdf  
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  #28 (permalink)
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Out of time,


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Reading Price Action-es-09-09-08_28_2009-4-range-rpa082909.jpg  
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  #29 (permalink)
Elite Member
Tucson AZ
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Thanks for this pdf. I have studied Wyckoff off and on, in fact last December I spent a day at Golden Gate Univ at the BOW (Best of Wyckoff) conference. Hank Pruden and his protege, Bruce, are very willing to help others. Both of them teach courses on this and people fly in from all over the country. George Soros sent a few from his group.


  #30 (permalink)
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How useful is the "RealStats_SharkyPkg" (which is Sharky's version of the "jtRealStats" indy) to read Price Action and volume ? Although I've always had it as part of Sharky's setup on my chart, I've just been closely studying it since morning (GMT + 1) today; and it looks interesting.


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