[ul]
[li][B]Transactions[/B] show how many orders were executed
[/li][li][B]Real Volume[/B] shows how many currency units traded
[/li][li][B]Tick Volume[/B] shows how many times the price updated
[/li][/ul]
Using all three in combination on a 1-minute chart can help to provide a more complete picture of whatâs happening during that period. :22:
Same here. Nice patterns youâve posted. Big upward moves before flag formation. Iâll be looking for a break of these patterns in the upwards direction.
Hi everyone. EUR/NOk formed a nice pinbar at resistance on daily chart. Pinbar bottom has been taken by the price which acts like a confirmation of the reversal and makes it a good entry.
I use FXCM. Have 16 pip for this one. I donât look that much at the spread, but how strong the set-up is and the potential R:R. If the potential reward is about 900 pips then 16 pips to enter the trade is nothing.
Actually if you look at the cost/pip for different pairs, those with big spreads have 6-10 times lower ratios than the most traded ones, like EUR/USD or GBP/USD. In other words 900 pips for EUR/NOK is equivalent to about 140 pips target if I had traded GBP/USD with the same amount of money. And if youâre a swing trader looking to keep the trade open days/weeks, then this is what you usually end up with if your initial set-up is correct.
Oh right of course, my broker works exactly the same. Yes in that case, as is the case with EUR/NOK, it is not a bad deal at all! Well the week is as good as done, have a great weekend.
Hey everyone, been a long time! I took my money out of the forex game long ago but still like to follow the thread when I get a chance. Hope your all making some good profit! The very small amount of profit I made was not enough to warrant the time I spent on it. Weirdly, Dirk and I make far more gambling on the horses, turns out Dirks father was actually half horse which gives us a massive advantage when picking winners.
[QUOTE=âBigdiddy999;640173â] So what you are saying is all the time and energy directed towards solely price action never paid off⌠Huh⌠Who would have thought?[/QUOTE]
Hey Bigdiddy
Yes that is mostly true for me although I did try some other techniques along the way. I just donât think I had the knack for it and Iâm very happy to walk away. What was it Einstein said about the definition of insanity?
Itâs nice to see some honesty in a thread that has been one giant circle of self reinforcing affirmation. trust me, you are not the only one who has come to the same conclusion, and there will be a long line after you. Focusing solely on price action is a dead end road.
I (somewhat) disagree. Price action in the vein of Johnathon Fox and Niall Fuller is a dead end road. But thatâs the lazy manâs price action. Entering on the break of pin or engulfing bars at S/R levels and crap like that.
Price action goes a lot deeper than that. Fox and Fuller will make their calls and place their orders (if they actually even trade; they probably earn enough from memberships to make a decent living), the trade will trigger and then reverse and theyâll get stopped out. Meanwhile those who trade real price action are chuckling at the sucker play and trading in the opposite direction - where the market intended to go all along.
These threads tend to repeat themselves. Newbie spots a pattern, posts it up. Other traders confirm their entries too. The trade goes on to be a winner and they all pat themselves on the back for their 3:1 risk:reward win. The trade goes on to be a loser and the thread goes quiet until the next pin bar forms. People get discouraged and leave after a few months, and then say price action doesnât work.
The thing is, price action does work. That type of rubbish is only one small facet of price action. Itâs like living in a mansion, and then just sitting in the bathroom and saying âthis house is useless for preparing food.â There are profitable PA traders, but you can be sure that they are not trading this warped concept that has somehow come to be viewed as the be-all-end-all of price action trading.
