Price action chart lessons by PATsTrading (priceactiontradingsystem.com)
There are interesting videos and lessons on price action without indicators at this youtube URL: clickme
I found this site by accident looking for something else but i wanted to share the link as i consider the information presented about P.A. valuable and it's all presented in a video format. The other reason i posted the link is because it's a good example of how subjective drawing oblique trendlines can be from one person to the next. I consider one way to gauge our skill in that department is by comparing our drawing to other traders and here you have a free source where you can do this. As Lance Begg nicely put it in his controversial article, i have come to realise that trendlines are seducing as they create the illusion of support or resistance but still if you can identify areas of previously proven supply/demand imbalance then it's even better. Anyway, if this info can inspire you then that's what counts.
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ya someone had posted this on the forum a couple weeks ago.. i cant remember exactly where, but i have since been subscribed to the channel and occasionally go to watch them.. he has some nice tips you can pick up..
dont believe anything you hear and only half of what you see
One of the first educational things about trading I started out with was Robert Miner's "High Probability Trading Strategies". then later his book Dynamic Trading. I even wasted 2k on DT5. Now there's a DT6. (Dynamic Traders - Home ; I don't know why it's called "dynamic". The most rigid set of fib and wave rules I've ever seen. ) I lost money trying to trade stock options with fib and wave setups on DT5. Later on having read Al Brook's book and other opinions that 3 wave and 5 wave only work about 20% of the time in today's market. And in general in a strong trend, the retracement may go as far as only 38% , while in general a retracement tends to go from 68% to often dipping to 76% before resuming. And in general those two "rules" are all that may work. Or maybe I never learned the right way to place the fibs. Which time frame, where to place the basis point of the retracement or the projections, etc.
Last edited by Cloudy; February 20th, 2012 at 06:19 AM.
Uh, Tiyf, no you're right. Sorry, I have no idea why I posted about dynamic traders on this thread! I don't even know which thread I was trying to respond to. Sometimes I have these neurotic outbursts from being scammed by some vendor in the past.
As for your thread topic. I took a look at some of the videos. They look good, nice and simple. He seemed to mention an Al Brooks setup or two using similar terminology. And the MA used looks similar to Brook's use of a single 20 EMA. Maybe this is a simpler alternative for someone looking to learn price action.
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I have given my opinion in another thread, so it is logical that I repeat here.
I personally think that PATs Trading is serious.
In my view, he is not really a "vendor". It is right that he proposes a PDF book for $99, but he rarely mentions its existence in his numerous free videos (175 videos at the time I am writing this message). After having watched a few free videos, all the setups are clear, and I think that he knows it very well. He has apparently even tried to discourage a futures.io (formerly BMT) member to buy the book (reference).
I have bought the book. Not because I felt a need to better understand the methods after having watched the videos. But more to thank him for what I have learnt while watching the free videos. The book is well presented and is a convenient reference material and "package" for the method. It also goes deeper in the rationale behind the setups.
What I appreciate with him is that he shows the implementation of his method every day (for free).
I have often been frustrated with some other "masters" (not necessarily vendors) when they do not show the implementation of their methods on, let's say, a whole week. Showing on a whole week (even with hindsight) allows a much better understanding of the method. How many setups per day in average? In which market conditions? Is it possible to have a full day with no setup? etc. PATs is not afraid to do so. Once more, for free.
I would recommend the watching of his free videos to a beginner in price action. Or to some one who has finished to read Al Brooks and does not manage to implement it. It was my case. After having worked a lot on Al Brooks' book, I was disappointed to see that the current charts were not looking as in the book. PATs method seems derived from Brooks, but it is simpler, it is clear, and he implements it every day on ES.
Would you be profitable with this method? As for all methods, nobody can tell.
But the Youtube videos are worth having a look imo. At least for education on price action (if needed).
Last edited by Nicolas11; August 21st, 2012 at 07:41 AM.
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