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Basic price action trading - NO INDICATORS
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Created: by Eric j Attachments:5

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Basic price action trading - NO INDICATORS

  #21 (permalink)
Membership Revoked
Tucson, AZ
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TheRumpledOne's Avatar
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Eric j View Post
" We trade based on very flimsy evidence " - Thats the part that meant the most to me in this article , It means ( to me ) that its a waste of time to spend a lot of time deciding on the best course of action because price will either go up or dowm - not trying to steal your mantra TRO .

Yes TRO , you're correct - price action trading or as it pertains exclusively to trading .

1) A trader thinks they have found a "pattern" or "edge" they can exploit and build an indicator

2) A trader enter the trade based on the indicator

3) The trade will either be a winner or a loser

4) The indicator will not indicate if the trade will be a winner or a loser - all it indicates is that the pattern is now present.

So what are the reasons 95% of traders lose?

1) They do not stick with the indicator long enough

2) They do not trade in a manner to take advantage of their indicator

3) They do not let PRICE ACTION make them a winner

When you trade, do you usually see at least one opportunity to "make a killing" almost every day?

What is the reason you are not making a killing almost every day?

Can you describe what a killing looks like in SENSORY SPECIFIC TERMS?

  #22 (permalink)
Big game hunter
Trading Experience: Advanced
Platform: Esignal, MBT navigator
Favorite Futures: Currencies
Posts: 2,526 since Jun 2009
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TheRumpledOne View Post
1) They do not stick with the indicator long enough

2) They do not trade in a manner to take advantage of their indicator

3) They do not let PRICE ACTION make them a winner

When you trade, do you usually see at least one opportunity to "make a killing" almost every day?

What is the reason you are not making a killing almost every day?

Can you describe what a killing looks like in SENSORY SPECIFIC TERMS?

Answers - yes ( almost every day ) , not sure , and no . I want to answer yes to the 3rd question but just cant .

  #23 (permalink)
Trading Apprentice
Trading Experience: Beginner
Platform: multicharts
Posts: 10 since Apr 2010
Thanks: 7 given, 0 received

Hi Eric j

In one of yours screenshots ("3 opportunities")of the first page of this post , you have HH, HL, ... and others highs for example with this information :
" not a lower high , no bars closed below last bar low"
Can you give me more informations about it? How do you determine if an high is a lower high or not ...?

thank you

  #24 (permalink)
Site Administrator
Manta, Ecuador
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Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
Big Mike's Avatar
Posts: 46,928 since Jun 2009
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Moderator Note
I am closing this thread, it is quite old and there is another price action thread that is active, we don't need to split them. -- Big Mike


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