Jump to content

Price action trading


Guest oilfxpro

Recommended Posts

Guest oilfxpro

I recommend people not waste their money and time, until they have read the one star reviews on amazon.All these chart patterns are freely available on google , but rarely work on their own.

 

https://www.amazon.com/Encyclopedia-Chart-Patterns-Thomas-Bulkowski/product-reviews/0471668265/ref=cm_cr_dp_d_hist_1?ie=UTF8&filterByStar=one_star&reviewerType=all_reviews#reviews-filter-bar

 

free google images of chart patterns click here

 

teacher through books click

 

He is a successful investor and trader with over thirty years of experience trading stocks.Forex trading has a lot of noise from banking transactions , these patterns become random.

 

 

Old adage applies here 

 

 

 

Phyllis (1977) "Those who can do. And those who can't...teach!"

 

 

 

Link to comment
  • Replies 61
  • Created
  • Last Reply
Guest oilfxpro

I am busty listening to Psychology by I G for  lulz  if anything.:smileylol:

 

more i g videos here 

 

Trading Boot Camp with IG (session #10 - Psychology of trading)

 

 

Link to comment
Guest oilfxpro

I am still waiting for evidence, that these gurus make money from trading, the only evidence we see is they make about $ 80,000 a month from selling education.

 

https://www.forexfactory.com/showthread.php?t=254552

 

I also see more gurus have appeared at trade city to make money from "teaching the blind".So we have more blind traders who can't make money, because they were following the blind.

 

https://www.tradeciety.com/pricing/

 

If these people at trade city had a formula, they would be on their yachts, employing people to trade for them.They would be billionaires.

 

All I see is these gurus makes money from selling education and other services.

 

Where are the certified audited accounts to prove they don't lose money from this price action trading?

 

how to trade stocks.gif

 

This price action trading education is no different from the stock trading gurus.

 

 

Link to comment
Guest Judge125

Hi. 

I'm new here but I found this post interesting because I am a price action trader. I am curious as to  why the negative comments about price action trading not working? my understanding is that all indicators, follow a mathematical formula based on price movements which is  essentially  price action. my personal view is also that these indicators can be misleading  due to the fact of different candle opening and closing times based on you brokers time zone, eg; if IG is gmt and FXPRO are gmt -2 I get different candles on both platforms and who is to say which is the better feed and that this discrepancy is not happening all around the world across a lot of providers. another point I am curious about is  to the fundamental vs technical analysis argument personally I see technical analysis as a receipt for actual previous transactions  = real data across all providers and not some data provided by a source with the possibility of little bit of rule bending to make company or  economy look a little better than they really are. Just to note I don't think price action trading is the same as pattern trading as in support and resistance, triangles and whatever else. There is a lot more to it than that, and I do agree that the trading education business is probably making more money for a lot of company's than trading itself is. I think a lot of the issues come down to the individuals psychology, which can't really be packaged and thought in a course. I am reading Rande howell's book I see recommended here at the moment which is good and I also recommend Mark Douglas trading in the zone. I personally think the trick is to find what ever works for you and this will be different from the next guy. 

Link to comment
Guest oilfxpro

Judge 

 

Psychologists like Rande Howell , Mark Douglas , Dr Van tharp and Dr Andre Menaker  are the true gurus of the trading industry.These Doctors of psychology are kosher, I don't have one bad word to say about any of them.

 

They are all very helpful.I bought Rande Howell's book but never really read it.I followed his articles on Trader's laboratory forum and his youtube videos.

 

Here is a link to trading psychology site with gems of information.Once you master your own psyche ,all  trading becomes easy.

 

http://tradingpsychology1.blogspot.co.uk/2017/10/best-psychology-threads-youtube-videos.html

 

https://profitabletraders.wordpress.com/trading-psychology-is-more-important/

 

As regards price action gurus, I am still waiting for certified audited accounts to see their credibility.I can show you a dozen videos on youtube why it fails as a money maker.Price action is map of the market behavior, it is highly subjective ,there is no evidence it can be applied by everybody in the same basis.

 

All the gurus are showing price action charts in hindsight, after the event,  hindsight is everything and it everything works in hindsight.I can show you a past historical chart and thousands of historical charts, showing price action works.

 

Here James 16 is teaching after the event in this chart, very similar to all the hindsight gurus.Both these charts below  are after the event .Who is a clever boy after the event?

 

https://www.forexfactory.com/attachment.php?attachmentid=272&d=1119049199

 

https://www.forexfactory.com/attachment.php?attachmentid=275&d=1119055214

 

https://priceactionvolmanjames16.wordpress.com/free-education-images/

 

hindsight  captain.gifhindsight  missing captain.gif

 

 

Link to comment
Guest oilfxpro

Here is a live example of why price action does not work .Read the thread

 

Traders want to short the ftse based on indicators relying on price action.The short term price action reading  has cognitive biases.

 

https://community.ig.com/t5/General-Trading-Strategy/Technical-Analysis-101/m-p/18114#M935

 

Price action is subject to arouse psychological demons .

 

https://forexfactory2017.wordpress.com/

 

 

fffffffffffffffffff.jpg

 

 

 

 

Link to comment
Guest oilfxpro

 People have a choice to visit to do internet searches and verify these sites, they are no less credible than forexfactory or any other trading site/forum.People are intelligent and they can learn everything for free on the internet. Forexfactory has volume, but very little credibility in my books, it does not have a psychology section.

 

Simply type on google :youtube price action courses education

 

youtube price action courses education

 

price action pdf

 

 my 7 losing trades

 

Many traders should question themselves, after a sequence of 7 losing trades .

 

a)Will I carry on trading after 7 losses ?

 

b)Am I mentally prepared for losses?

 

c)Will I have confidence in my price action after 7 losses?

 

d)Will I behave rationally after 7 losses?Will I do revenge trades?Will I get stressed?

 

e)Will i get affected by any other psychological/mindset traps? 

 

If they can do this, there is no reason why they can not find a suitable profitable price action system and method.

My only reservation is that  our brains are not compatible with this price action information processing.

 

 

 

How You Handle Discomfort by Dr Andrew Menaker

 

 

Link to comment
Guest Judge125

 Hi, again 

I have read a few posts around this forum today and I am curious, 

OILFXPRO are you a fundamental trader ? as I know nothing about fundamental trading, is it possible to intra-day trade using fundamentals?

and how do you decide where to place stops and targets and the trade type if you don't read charts?? 

I wouldn't even know where to start to do a fundamental analysis on say a 60 minute or 15 minute trade ??

as I said I am curiously interested. cheers 

Link to comment
Guest Judge125

 

 "my 7 losing trades

 

Many traders should question themselves, after a sequence of 7 losing trades .

 

a)Will I carry on trading after 7 losses ?

 

b)Am I mentally prepared for losses?

 

c)Will I have confidence in my price action after 7 losses?

 

d)Will I behave rationally after 7 losses?Will I do revenge trades?Will I get stressed?

 

e)Will i get affected by any other psychological/mindset traps? 

 

If they can do this, there is no reason why they can not find a suitable profitable price action system and method.

My only reservation is that  our brains are not compatible with this price action information processing."

 

what do you recommend then, if not price action trading ?? thanks 

 

 

 

 

 

Link to comment
Guest Judge125

I don't know where to ask so I'll ask here, 

 

where are the live trades posted?     or are there any?        I only see one   GBP/JPY trade posted 

 

Thanks    :smileyhappy:

Link to comment
Guest oilfxpro

Judge125

 

I only trade indices , I mainly a long biased trader.I trade supports  and sometimes trade short option spreads .

 

I rarely trade price action, if a price comes to a support I will buy a call option, knowing that the price will do anything and break below the supports.I sometimes trade trends but most of my trades are support trades.

 

You can track my posting history and see how I trade.I trade the Dow and Dax cash and options.I don't need to use stops, the options cap my risk.I don't sell options, I buy options.My risk is very well managed  with options.

 

I don't trade anything else, but in past the have traded forex, oil and stocks.

 

Everybody should trade within their comfort zone, risk appetite and skills,  every individual is unique.

Link to comment
Guest oilfxpro

Casey 

 

I have a simple question for you.

 

Trade city is offering education for $497, this is too good to be true.Real education can take 3 years, as per this course from Dr Van Tharp  costs $60,000.Do you think it is possible to educate anyone for $497?

 

https://www.tradeciety.com/pricing/

 

http://www.vantharp.com/products/super-trader-program.asp

 

I hope we can have a good down to earth chat about price action courses.

Link to comment

Been proving you wrong for nearly two years, more importantly dissuading the unknowing and the hopeful/gullible from enrolling onto your 'one size fits all' 'set in stone' systems that you venomously promote but fail time and again to show actually work. The reasons they can't work I have already drawn attention to repeatedly. 

 

Just for your info I have never paid for education but have happily promoted free education material that I know is good even though it might come from a site offering pay for extras. 

Link to comment
Guest oilfxpro

It is not the system that don't work, it is the  12 inches between the ears where most systems fail.That is why forex factory is giving 2700 free systems, so the suckers keep buying the price action courses on the forum and clicking the advertisements, fail and remain on it by using the free systems.An endless source of suckers generating revenues.

Link to comment
Guest Judge125

oilfxpro what is the fundamental aspect of your trading ?? buying off supports to me is technical trading.

again I know nothing about fundamentals and I am Interested that's all

 

just to note I have spent thousands of  euro on education courses over the last 4 years, all sorts of everything and a lot of free courses as well, ( about 15 courses I think) all indicator based and I'm sure they all work, they just didn't suit me. 

 

Van tharp's super trader program is not fair to compare against basic level courses /strategy's , (I say this because a lot of  people sell strategy's) and a strategy without the matching psychology and beliefs is never really going to work.  

 

Van tharp's program is for experienced traders and is based on psychology and designing your own system to suit your objectives and  your beliefs, he states that the course is basically in his book "trading beyond the matrix"  to be honest I have read it twice and I would still need help to implement the exercises in it.  The super trader program last about 2 years and you only pass the course  if you have a 95% success rate. ( success rate is defined as not breaking a system rule not on wins vs losses) 

 

I have personally taken a price action course for a special offer of $100 and it opened the door for me to proper trading. I have went on to purchase the rest of this providers courses all in total of less than $1000 and its transformed me as a trader. although it did take about a year to complete and understand the information provided. however I am now happy with my strategy and I am working on my psychology at present because its my execution that does me damage not the education or strategy. the knowledge is gold dust, and if you become a member which I am not, as its expensive you can day trade live with the group and get daily support to help you. but I do believe most people will fail because of their psychology. 

 

but I have to say price action works and I love it. 

 

ps; I can't even see the price action on the charts posted to make a comment, the price is covered in indicators, my understanding of price action is "no indicators " 

Link to comment

Thanks   for sharing your story which is well put and very interesting to read and you are quite right about covering the chart in indicators that obscures price action which is the simplest, the most real, and the only non lagging indicator there is.

 

I would personally avoid systems, courses and mentors, they constrict outlook and restrict oversight, to learn trading is a self fulfilling journey that takes time being as it is a very bumpy road.

 

The best advice I could recommend is to read 'Attacking Currency Trends' by Greg Michalowski. I would also add this to   for his thread ''best books for trend followers' though it is not about stocks the same principles apply. A large number of stock traders I follow on twitter use the same basic principles contain within the book.

 

Within the book there is nothing revolutionary or even new, just 100, 200 MA's, trendlines, support and resistance and Fibonacci on the daily, hourly and 5 min chart. But the way it is set out takes you on a journey and constructs a 'method' for applying logic to a chart where you firstly define risk then define opportunity. And it expressly negates the use of indicators such as oscillators that will keep you behind the curve.

 

It is expensive and the charts are small and in black and white but the description boxes within the charts are clear. I am a great reader and have read many but this is the best and most practical book on trading I have ever read.

 

No matter the market the same basic (simple) principles apply. Define risk (kept small) and have a trigger for opportunity (kept large).

 

 

Link to comment
Guest oilfxpro

Judge 125

 

Don't waste your money and time buying books.

 

Books are written by authors and opportunists.You are in the trading gold rush. The only people who made money in the gold rush were sellers of picks, shovels and maps to the trading gold.Forget these charlatans.

 

The authors are selling the map to the trading industry gold rush.They have rebate agents in every corner of the industry.Please charlatans give us a break .Traders are sick and tired of these charlatans who don't trade.

 

https://www.elitetrader.com/et/threads/do-trading-education-scammers-99-99-of-the-industry-ever-feel-guilty.312818/

 

You are better off drawing trend lines and channels on 4 hourly and daily charts , these are more accurate than the  moving average  theories. 

 

Keep trading very simple as per this site KISS, it also tells a load of truth from a  real trader.The chart I post below  is how simple trading should be.Very simple.All the forex trading information is provided  for free , better practical trading information not available from trading pretenders/charlatans who sell lagging moving average road maps.

 

https://profitabletraders.wordpress.com/professional-currency-trading-system/

 

https://profitabletraders.wordpress.com/

 

Dr Van Tharp    KISS principle

K I S S  KEEP SYSTEMS SIMPLE STUPID
 
 
Most people are not successful when it comes to trading. Why?
 

 

ftse price action 2.jpg

 

 

 

 

prender keep.gif

 

 

Link to comment
Guest Judge125

Hi lads 

oilfxpro I did have a look at some of your trades posted they all seemed to be options

 

I think I am misunderstanding this topic, oilfxpro, I thought I read you were a fundamental trader but you show charts with technical trading buying off supports. I didn't know IG done options this I find interesting and I will have to investigate more as I hate being clipped out by 2 pips before the trade going on and hitting my target. Again I know very little about them, personally I think books are a good place to start. but I am selective in which information I choose to use. 

 

where are the live trades posted on this forum?  I can't seem to find any

oilfxpro

what trading style do you recommend then?

buying off support and resistance in an uptrend, using options??

what is the fundamental aspect of this style?? 

 

casey I personally think mentors are the way to go, as it is in any other walks of life. If we want to learn anything we go to school or copy off someone else, figuring it out by ourselves can be a very long and costly road.  

but having said that I think trading is a very personal journey and experience and as individuals we all have different objectives and goals we want to achieve from trading. I think the trick is to pick and choose whats suits us and our mentality.

 

 are you guy's full time day traders ?? 

cheers lads. 

Link to comment
Guest oilfxpro

Some of my trades called in advance are posted here below in posts, there are many more trades posted in these threads,you have to do the hard work.There are many more trades posted in advance in the following threads below.A good mentor will call trades in advance .

 

Mentors and gurus never post trades in advance, like this character call Mr charts on trade2win forums  or james16 on forex factory.They post results in  hindsight, of trades they supposedly took.He will teach you "HOW TO TRADE AFTER THE EVENT".You just  look at the charts after the event and pretend you traded it 

 

http://www.trade2win.com/boards/stocks/123944-how-make-money-trading-markets-343.html#post2994282

 

https://twitter.com/MrChartsJoyson

 

He also sells courses and claims to make around few hundred ticks a week on hindsight results and hindsight performance.If after buying his course on trade2win forum,it does not work , you can start a tread on trade2win forum, so they can ban you from their site.

 

You should read the complain below.

 

https://www.ripoffreport.com/reports/trade2win/internet/trade2win-trade2win-website-is-running-a-scam-on-the-internet-internet-1051204

 

Also try the site recommended by Casey,  they may also be great.As regards Casey he has been challenged to post 20 trades in advance.Casey has been challenged to post 20 trades in advance like I do, so we can have some entertainment.

 

https://community.ig.com/t5/General-Trading-Strategy/Technical-Analysis-101/m-p/18019#M914 

 

I can see how lagging and ineffective technical analysis is, by looking at the chart below

 

zero sum game.jpg

Some of my trades called in advance are posted here below in posts, there are many more trades posted in these threads,you have to do the hard work.There are many more trades posted in advance in the following threads below

 

https://community.ig.com/t5/Indices-and-Macro-Events/FTSE-SYSTEM/m-p/18179#M1838

 

https://community.ig.com/t5/Indices-and-Macro-Events/Profitable-100-ticks-weekly-Dow-Dax-daily-options-strategy/m-p/15983#M1675

 

https://community.ig.com/t5/Indices-and-Macro-Events/Profitable-100-ticks-weekly-Dow-Dax-daily-options-strategy/m-p/16028#M1686

 

https://community.ig.com/t5/Indices-and-Macro-Events/Profitable-100-ticks-weekly-Dow-Dax-daily-options-strategy/m-p/16028#M1686

 

https://community.ig.com/t5/Indices-and-Macro-Events/Profitable-100-ticks-weekly-Dow-Dax-daily-options-strategy/m-p/16135#M1696

 

https://community.ig.com/t5/General-Trading-Strategy/Method-using-daily-and-weekly-options-to-trade-free-anylysis/m-p/16050#M768

 

https://community.ig.com/t5/General-Trading-Strategy/Profitable-Buffet-trading-strategy-BUY-THE-DIP/m-p/17220#M810

 

teacher.jpg

Link to comment

,    who wrote "Don't waste your money and time buying books" in response to my post further down. As if someone who has had a well documented 26 year career working for large financial institutions is really going to be just a "charlatan". If he was a charlatan he would not have lasted 5 minutes at either Citibank or Credit  Suisse or rise in both to hold vice president of department positions. Charlatans do exist but are usually just loud na-sayers on forums (you know the type, everything is rubbish except what I do). 

 

After 16 years as a trader for some of the largest institutions in both New York and London Greg Michalowski then worked for 10 years on the brokerage side thus giving vast insight into trading from both sides of the fence. He has seen first hand what works and from the brokerage side saw the reasons why many traders fail. Fortunately he has put much of what he has learned into this book as well as detailing the basic concepts that work best.

 

His book is one of the highest reader rated trading books on Amazon but as oilfxpro, who strangely doesn't seem to have ever posted on oil or Fx in all the time he's been on the forum?, has told us in the past, he only "reads the one star reviews" to judge a book so small surprise he doesn't look at any of them.

 

Regarding mentors the first difficulty is finding someone who is actually able to help your own development rather than just pass on a system that may work for them but may not work for you. You could end up spending a lot of money for not very much in way of return. I follow many mentors on twitter and was a bit shocked when one said he was not even sure these skills are 'transferable', I was even more shocked when two others agreed with him.

 

 

Link to comment
Guest oilfxpro

Casey

 

The skills of mentors are not transferable, he has to practise on demo for at least 6 months until all the skills become automatic, for subconscious execution by the automatic brain.It also means he to cut losses automatically and subconsciously.

 

Reading books and mentor's opinions on how to trade, does not develop automatic execution cognitive skills.He can learn as much as he wants, but all this learning is useless because until he can apply it in live trading, all the learning is ineffective.

 

All the forex information he needs is on the link I provided.He just has to practice it using the system on the link, until he can follow it without making mistakes.

Link to comment
Guest oilfxpro

Price action  fails and it sometimes works.See charts

 

on euro usd the price action above the last resistance was good, it had test and retest of support, then it broke down

 

eur usd.jpgo

 

On Dax  supports price action is good

 

sr.jpga

 

 

learning ta.gifta  dumb singing.gif

Link to comment

Archived

This topic is now archived and is closed to further replies.


  • image.png

  • Posts

    • Yeah, ETH seems to be on the rise lately, and experts think it could go even higher, maybe reaching $20k to $25k. BTC, on the other hand, might not rise as much, topping out at around $100k.
    • Gold price and silver price look for gains but Brent crude price under fresh pressure While precious metals have seen some renewed upside, oil prices have taken a hit in early trading. Source: Bloomberg Written by: Chris Beauchamp | Chief Market Analyst, London   Publication date: Monday 26 February 2024 11:42 Gold back at trendline resistance The price rallied over the past two weeks, and has now returned to trendline resistance from the December record high. A close above $2040 would help to suggest a break of trendline resistance, which then opens the way to the early February high around $2064, with horizontal resistance at $2060 just before this. A close back below $2030 would begin to suggest a new lower high has been created and that a push back to the February low at $1984 could now begin. Source: ProRealTime Brent crude heads lower Oil prices fell sharply on Friday, and the new week has begun with fresh losses. Mid-February saw Brent’s rally falter around $83, and this topping out appears now to have given way to a turn lower. The price has broken below trendline support from the December low, though this also happened earlier in February and was followed up by a recovery. Further declines would take the price to the 50-day simple moving average (SMA), and then beyond this lies February’s low around $77. Bulls will need a close back above $81.50 to indicate that trendline support has been recovered. Source: ProRealTime Silver losses halted The selling in silver was stemmed on Friday, as the price rebounded after a tough week. The price is pushing higher off its overnight lows, with short-term gains above $23.20 helping to support a cautiously bullish view. The next target becomes the mid-February high at $23.50. A close above this could mark the end of the consolidation in silver that has been ongoing since the beginning of the year. Alternately, a close back below $22.50 would open the way to the 2024 lows at $22. Source: ProRealTime
    • CAC 40, DAX 40 and Dow trade in record highs but may short-term consolidate Outlook on Nikkei 225, FTSE 100 and DAX 40 ahead of this week’s German and US inflation reports. Source: Bloomberg Written by: Axel Rudolph FSTA | Senior Financial Analyst, London   Publication date: Monday 26 February 2024 11:29 The Nikkei 225 consolidates below last week’s record high Last week’s swift ascent in the Nikkei 225 has taken it to a new record high, above that seen 34 years ago, with the psychological 40,000 mark remaining in focus. Increased foreign investment and signs of sustained profit growth among Japanese companies could lead to the 40,000 level being reached as there remains potential for significant additional foreign funds to enter Japan's stock market. However, risks such as China's economic fluctuations, potential yen strengthening, and changes in the Bank of Japan's policy could impact the index's upward trajectory. On Monday a minor retracement lower is taking the Nikkei 225 back towards its 1989 previous record high at 38,957. Below it the mid-February high and the February uptrend line at 38,876 to 38,860 should offer support. While last week’s low at 38,104 underpins, the medium-term bullish uptrend remains intact. Source: ProRealTime FTSE 100 awaits MPC member speeches The FTSE 100’s recovery from last week’s 7,623 low amid strong earnings by the likes of Anglo American and Rolls-Royce and has so far taken it to 7,717 on Friday, a level from which it is currently slipping back. It’ll need to be exceeded for last Tuesday’s 7,750 six-week high to be back in focus. Further up lurks the 7,769 December peak. Minor support below Monday’s 7,689 low sits at Friday’s 7,675 low ahead of the 55-day simple moving average (SMA) and Wednesday’s low at 7,634 to 7,623. Source: ProRealTime DAX 40 stalls slightly below Thursday’s record high The DAX 40 index’s swift rally to a new record high close to the 17,500 mark on Thursday is taking a breather as investors look forward to German inflation data out on Thursday. Minor support below Friday’s 17,356 low is only seen around the mid-February 17,197 high. Above the current record high at 17,448 lies the 18,000 region. Source: ProRealTime
×
×
  • Create New...
us