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
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
4. Candles-most important candles (color or not),reversal bars, close of the bar, micro trend lines, horizontal lines, trend channels, divergences.
8. Multiple Time Frames
9. Moving Averages as support
10. What other traders are thinking – how to outsmart other traders-it’s 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,
The following 8 users say Thank You to GarryM for this post:
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 04:32 PM.
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.
The following 5 users say Thank You to wh for this post:
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.
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.