Price Action Trading without Candle Patterns
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  1. #1
    Join Date
    Jan 2017
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    5

    Default Price Action Trading without Candle Patterns

    Hey guys!

    I am a strong proponent of naked price action trading using support and resistance zones. The standard approach to this is usually "Wait for price to get to the area, wait for reversal pattern, wait for entry signal". Simple as that.
    Today I read in an old blog post by Chris Capre that he actually does not believe in reversal patterns and finds the idea of not trading from a S/R zone because of lacking reversal signals quite laughable (Link: https://2ndskiesforex.com/forex-vide...-retail-entry/).
    Since I do not intend to pay ridiculous money for that information, I thought I would just ask the question here: does anyone know what this is supposed to mean? Does anyone actually trade like this? How come books like Naked Trading by Nekritin/Peters and virtually any resource I have come across rely on reversal candles if it should actually be maleficial (as Capre claims)?

    I would appreciate your opinion!

    Regards,
    Codaky

  2. #2
    Join Date
    Jul 2013
    Posts
    2,510
    Quote Originally Posted by Codaky View Post
    I am a strong proponent of naked price action trading using support and resistance zones.

    What you wear, to trade, is your business.

    But so am I - it's basically "how I trade". Including reversal patterns, of both the pin-bar and 1-2-3- formation types, at S/R (they're the same thing really, of course: a 1-2-3 seen on a different setting will often be a pin-bar anyway - how we view and define and describe price movements is quite subjective and user-defined ).


    Quote Originally Posted by Codaky View Post
    The standard approach to this is usually "Wait for price to get to the area, wait for reversal pattern, wait for entry signal". Simple as that.

    Indeed.


    Quote Originally Posted by Codaky View Post
    I thought I would just ask the question here: does anyone know what this is supposed to mean? Does anyone actually trade like this? How come books like Naked Trading by Nekritin/Peters and virtually any resource I have come across rely on reversal candles if it should actually be maleficial (as Capre claims)?

    I don't know much about Chris Capre, actually. Except that he used to post here a lot at one time (like many people with expensive services to sell, because other forums show them the door rather more readily ). I like Nekritin and Peters. I'm wondering whether, and to what extent, Capre is just having something of a quarrel with Nial Fuller, there, because they are - after all - competitors? Anyway, for what it's worth (if anything) I instinctively agree with you and Walter Peters, not with Chris Capre.

    And welcome to the forum.

  3. #3
    Join Date
    Jan 2017
    Posts
    5
    Quote Originally Posted by lexys View Post
    What you wear, to trade, is your business.
    Well, as long as I am not expected to sartorially compete with your avatar outfit

    Anyways, thank you for your elaborate response, I actually hoped to get an answer like this!

    Kind Regards,
    Codaky

  4. #4
    Quote Originally Posted by Codaky View Post
    Hey guys!

    I am a strong proponent of naked price action trading using support and resistance zones. The standard approach to this is usually "Wait for price to get to the area, wait for reversal pattern, wait for entry signal". Simple as that.
    Today I read in an old blog post by Chris Capre that he actually does not believe in reversal patterns and finds the idea of not trading from a S/R zone because of lacking reversal signals quite laughable (Link: https://2ndskiesforex.com/forex-vide...-retail-entry/).
    Since I do not intend to pay ridiculous money for that information, I thought I would just ask the question here: does anyone know what this is supposed to mean? Does anyone actually trade like this? How come books like Naked Trading by Nekritin/Peters and virtually any resource I have come across rely on reversal candles if it should actually be maleficial (as Capre claims)?

    I would appreciate your opinion!

    Regards,
    Codaky
    Chris Capre says that trading candlestick patterns isnt trading price action.

    He used to teach standard price action few years ago but then came up with his 'Impulsive and Corrective Price Action' because his students were becoming too dependent upon the 1-2 bar patterns and not learning the core pillars of price action context.

    IMO,it s basically the same thing, different wording to sell an old product

    You need to stay fresh to stay in this business ;-) lol (TBH his free stuff is good so i dont doubt that his paying stuff is of good quality)

    However there are countless free price action education out there so no need to splash cash out there.

    I ve studied plenty 'Price Action courses', i really like that style of trading, i m using a free price action tracker software to alert me when they happen.
    Stress free and doing quiet well :-)

  5. #5
    Join Date
    Apr 2016
    Posts
    6
    Quote Originally Posted by Codaky View Post
    Hey guys!

    I am a strong proponent of naked price action trading using support and resistance zones. The standard approach to this is usually "Wait for price to get to the area, wait for reversal pattern, wait for entry signal". Simple as that.
    Today I read in an old blog post by Chris Capre that he actually does not believe in reversal patterns and finds the idea of not trading from a S/R zone because of lacking reversal signals quite laughable (Link: https://2ndskiesforex.com/forex-vide...-retail-entry/).
    Since I do not intend to pay ridiculous money for that information, I thought I would just ask the question here: does anyone know what this is supposed to mean? Does anyone actually trade like this? How come books like Naked Trading by Nekritin/Peters and virtually any resource I have come across rely on reversal candles if it should actually be maleficial (as Capre claims)?

    I would appreciate your opinion!

    Regards,
    Codaky
    Hi Codaky,

    I too am a strong believer of naked price action. You can absolutely trade without these useless indicators and EAs. Indicators and EAs are meant to make newbie traders fail. I just started learning forex last year mid september. I started to learn basics from this great site. But I was totally fed up following all these useless EAs and indicators(MA, Trendlines, bolinger.. blah blah). Sometimes they work, most of the time they don't. What you should really do is, learning how these financial markets work(e.g: How the big institutional traders/banks manipulate the markets, how they play tricks with the retail traders emotions)
    Once you realize that, you will know that the indicators and EAs are bu**sh*t. They are the tools market movers want us to use, so they can hit our Stop losses and earn profit. I learnt lots of things about the market from a great teacher, who was teaching how markets work. He taught everything freely through his website (RTM). Search a bit about that . You will learn a lot.

    Reversal in one time frame will be just a pull back or a retrace in higher time frame. I actually watched the first few minutes of the video in your link. Actually his entry was perfect. You need to understand when I say that, he actually entered to the trade, where other retailers had put the stop losses.

    So, IMO naked price action is about supply and demand + knowing where the big institutional traders' stoplosses are

  6. #6
    Join Date
    Feb 2016
    Posts
    121
    Every trader uses its own strategy and follows its own tactic. I think your method is quite good if you have profitable trades. Everyone have their own methods and theories that follow. Listen and read from all of them but follow whatever suits better to you! This is my opinion Codaky.

  7. #7
    Join Date
    Feb 2017
    Posts
    9
    Price action trading mainly indicates the pressure of buyers and sellers on a specific side. First I monitor the market with higher timeframe and identify the key levels of the market. Then I use some behavior of market to judge the pressure. They are impulsiveness, correctiveness, volatility, non-volatility, etc. Using these I calculate the pressure of the market then find a suitable position to enter the market, on that case I always prefer intraday event are for triggering the entry

  8. #8
    Join Date
    Oct 2016
    Location
    Las Cruces, New Mexico (USA)
    Posts
    13
    Yeah, always best to wait for price action to tell us when to enter the market, not some cookie-cutter "system.'

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