Price Action That Matters

Trading Systems Free Forex Trading Systems
42

Hey it’s another brother! Haha how awesome that you and many others are Christians also, and not just that but all of the hats and titles we all wear. I can’t say it enough, it’s great the feeling of community that’s already happening here after just 24 hours.

You are one of those that are coming here already with PA experience. You may not get a lot out of the foundational discussions that happen here but I hope you can pick up a few things as we discuss more advanced topics of trend trading and such.What you mentioned about not being able to discuss some of your method because it’s not allow in the other thread. I personally got sick and tired of that, which I saw in many threads. I want to widen the tent and discuss more topics with more freedom than you may find elsewhere. While this thread still has rules and boundaries, you will find they are much wider here.

I want to mention that while I detest the “pay for” model of learning, many of them have great materials and successful methods. With that being said, every one I have come across still feel like they are too narrow, and restrictive. Actually if you combined the top 3 or 4 PA teachers out there, you would have quite a robust and impressive method. haha.

43

Hey Eternal, it’s great seeing you here. I am glad you decided to check out what’s going on here and even become a part of it. There is absolutely nothing wrong with trading PA with only horizontal S/R and that’s it. That is really at the core of any successful price action strategy. We will be discussing EMAs, fibos, patterns and other things you may not have currently in your trading arsenal. You are more than welcome to ignore those topics as they appear and just focus on discussions that are important to you. You may find that you want to incorporate some of these into your own daily trading. Either way I think you will benefit richly from this thread.

I am going to very soon discuss my views on demo/live account trading which differs from what is mainstream. And as a programmer and all of the time I have been spending designing a mobile trading journal, I plan on discussing my knowledge of what makes the best journal, I think you would enjoy that also.

44

Hey Yves, it’s good seeing you. We may not share the same faith be we all share the same passion for trading, and are all friends here. I hope to see you more here because I know your input can provide value to this thread. You sound a lot like me in your professions and passion. I write in 7 or 8 different programming languages(may be more, I lost count). I have programmed everything you can imagine. Client side GUIs, Server Side applications, PLCs(programmable logic controllers), MQL4(I’ve written a couple EAs). Almost every program I have written implements some sort of database whether it be SQL Server or SQL light. I have written cloud servers in PHP and have used MySQL. I am also very big into fitness and long distance running. I think we could have a lot to talk about!

You are one of the first people to post here and express you frustration in the sales model that is fairly common today. While I agree that someone should be compensated for their time and knowledge, and in that way are justified by pay for sales models. But in almost all of the cases the people aren’t offering anything new, just making new words for stuff that already exists, and some of the fees being charged are borderline extortion. The problem is you never know if what you paid for is actually useful until after you have already paid. But as long as there is no one to offer a free forum for price action knowledge and learning, people will continue to give there money away. It would not bother me one bit if these PA salesmans traffic began drying up as people find that can learn the same stuff for free at places like this. Thank you for the kind and honest comment, I look forward to future discussions.

45

Thank you for the support. Nothing wrong with quietly surfing threads, I also quietly lurk at various websites, haha. If you have any questions or input to give, feel free to jump in.

46

Regarding your first paragraph, there isn’t much I could add, you hit on the head my feelings. I have been building up to something like this for a long time, and it was finally the right time. I know how to run a tight ship, haha, so I think this can really become something great. One could say this is actually unique from what you will find out there from mainstream PA teachers. I think you would be hard pressed to find someone who uses both PA candles and PA patterns. This should really be a lot of fun.

I don’t automatically mark VBRNs just because that is what they are. I will only market if it has acted as a historical area as S/R. I always keep a mental note of those areas and if a trade forms into one of these, I always take into consideration the added risk. If you want to mark these and value these, feel free to. I personally do not though. I use to use monthly pivot points, but I didn’t feel that I was getting much value from them so I booted em. There are quite a few other tools I use to find S/R that I feel are much better at the job. Yes, I would ask that you please only display or discuss the S/R tools listed on the 2nd post.
I haven’t checked out the book yet but I will and if it looks like it fits what we are doing here, I will definitely post it and maybe use it in discussions. Thank you for heads up on it. Any to anyone else, if you know good sources of PA information that you think add value let me know and it may makes its way into discussion here.

BTW you have great English!

47

Hey Claus, glad to have you here! You actually have very good English. I look forward to discussing PA here with you.

48

Hahaha, Willy you have me laughing hard on this one. I needed a good laugh today. :32:

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Your only a visitor once, now your part of the community here. Welcome! I hope you stick around, it’s going to be great.

50

Hiho! Sounds very nice! I’ll be following this thread closely! :))

51

From how much EMAs have been mentioned here it looks like people really want information on them. I will plan on making that the first thing I discuss here. Since this thread is really a blank slate, I will just write about what seems to be the most needed thing. It will take a few months until all of the topics are discussed in some form. Thanks for hanging in there while we pick up steam and add some valuable articles/information.

52

I watch fundamentals as much as I think it may add risk to my trades. As a price action trader I don’t care what is going on in the news, as price action is about catching entire market shifts in momentum and sentiment, which is always accompanied by shifts in supply/demand. I do check what news is going to be released each week, but not to trade it, but calculate the risk of a given trade and perhaps adjust my stop losses to protect my capital or avoid trading all together. You as a trader need to figure out how much risk you are willing to accept, and figure out what news events you should be avoiding to fit your risk appetite. The reason I called this price action “that matters”, is because I want to be watching and taking into consideration anything that the market things matters. I think all of us here realize news matters, as while we don’t trade news we do need to be always aware of what is moving the market and protecting our positions.

So here is my rules I have set. I avoid only USD currency pairs during NFP, if I have a USD trade open during NFP and it is in profit, I will move my SL to BE and let it either get stopped or run for more profit. If it is a losing position I will just let it play out. I will not trade any currency where there is an interest rate being decided. Interest rate decisions can be just as volatile and crazy as NFP for a given currency.
I will allow fundamentals to be mentioned here as much as it is just giving a heads up to the forum to watch out for extreme volatility. But I do plan on posting a list of weekly news events every Sunday, which should be enough.

I actually trade almost all of the pairs that my broker offers, around 55. The reason why really goes back to part of my response to wm. As price action traders we are just watching for price action signals to form at key S/R levels. It’s amazingly simple to learn, but does take years to master. Everything you need to know to make an educated decision about price action, you can get in 30 seconds from a candlestick chart. We don’t really care about the currencies themselves or what is going on in the news for that government. Markets repeat themselves over and over, regardless of the currency, commodity or ticker. If you can find key historical S/R areas that’s all you need to make an educated trading decision. I only avoid certain exotic pairs that are very erratic with little or no price action.

53

Well that was quite a marathon of writing, haha. I will try to respond as much as possible and to each persons question as promptly as possible. I don’t have it in me right now to post any charts for this week, but I will just say I don’t have any plans on taking any positions right now. There are a few good NZD PA candles that formed, but they were all counter trend or close to resistance, so I will be passing on them.

I also added a Bi-Weekly article schedule and a Navigation area to the first page. I plan on writing articles on a bi-weekly basis and linking any good articles or discussions in that location. Takes for the support, it’s been a great first 24 hours.

54

You might have opened a can of worms here Aaron ,hope your not someone who needs too much sleep :35:

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[QUOTE=“buster48;546579”]You might have opened a can of worms here Aaron ,hope your not someone who needs too much sleep :35:[/QUOTE]

Haha, I’m pretty use to not getting too much sleep. Hopefully as time goes on there are a few seniors here I can count on to help answer questions an lighten the load. I’ll run this thread along side of my blog so it shouldn’t be too much of a challenge.

56

Thank you :slight_smile:

57

Hi Aaron:

Congratulations on this new venture. It is admirable that you spend part of your time to help others through this medium. I hope that soon more people joins and help you to keep alive this thread because I guess eventually will be plaintiff.

I will follow the discussions with interest although I can not post often because lack of time. I am a Project Manager in the Petroleum Industry (probably one day I will install one of your flow meters), husband, father of 4 girls and in two weeks I will start an MBA.

I’m Catholic and I try to live the holiness in the ordinary life.

About Forex, for me is something to learn as back-up to my professional life. I have no real account but I like to always be learning something and forex has captivated me. I hope to open a real account as soon as I learn to be profitable regulary.

Good luck and congratulations on your level of ethics opening your own thread.

Best Regards,

58

Hey, what’s up:)

Been trading since this sumer.

Learned a lot from Johnatans “Forex Price Action” thread and this looks quite interesting as well.

I’m eager to learn and see what new this thread can bring to the table.

59

Well I read the additions to the first page and thought I might introduce myself since I plan on asking TONS of questions and reading this thread as much as I can XD.

My name is Charlie, I’m a 20 yr. old aspiring day trader taking a year off from school… or more. I don’t affiliate myself with any religion although I was raised very christian. Despite my lack of a religious title I am a spiritual person and LOVE debating religion with people; too much for some peoples liking. If I had to describe my spirituality to someone I would say I take more of the Deism approach (the universe is basically a machine that God/Allah/Sheevah set in motion then let go), I think that every religion has a moral i.e. Hinduism = Karma, Christianity = Forgiveness, etc. and rather than denounce anyone for their religion, I merely try to keep an open mind and learn something from their views. Since the age of maybe 13 I’ve been interested in the world of finance and have read more about stocks than anything else in life BY FAR, maybe with the exclusion of nutrition based stuff (I’m a Vegan as well :D). I like long walks on the beach, a good cup of Joe, and anything Forex related. I hope to gain as much information as I can from this thread, while helping in any way I can. I’ve been trading for a few months now on a live account and hope to one day be a full time PROFITABLE trader : ).

60

Hahaha… I tend to do that kind of stuffs spontaneously. While I can be very cold and calculating when I wear my ‘serious’ hat, I also like to cheer up the situation with all my corny jokes and deadpan snarkers thrown at random when I wear my ‘jester’ hat. Ernest Hemingway once wrote, “The world is a fine place and worth fighting for.” I agree with the second part. :slight_smile:

61

Hi everyone,

I found this good advice to each and every Forex trader in form of a ‘Letter from God’. I believe this as a good reminder for me during my Forex journey, no matter what I personally think about Him. Maybe Krugman can clarify some of the advices in this letter if it sounds confusing for the rest of us.

[B]Letter from God to Forex Traders[/B]

I am pleased to write to you, as traders are among those people who often call me and pray hard, especially when the market goes against their positions. Please keep in mind that at a time when the market moves against your position, and you begin to pray and ask me, that prices have gone in your direction, there are many other people who are happy with the situation, continue to say “Thank God!” and asked to move the market stronger.

Who should I listen to? What would you do in my place? You would suddenly change direction of the market in favor of those who have lost, or are forced to move on the market, in the same direction in order to cater to those who make money?

I created and organized all in accordance with its rules and regulations. Everything from the smallest particles in the nucleus of an atom to the largest galaxy. They know what to do, because they follow the rules. They use the original source of energy. Electrons, planets, stars know its orbit very well. They do not ask about his direction, and it is their destiny

When the bird searches for food and starts to rain, the bird will not forgive me, stop the rain, because she knows that now the rain. This bird is adapted to nature and its rules. Nature and its rules can not be changed in favor of the birds.

The same thing with the Forex market, as well, and other things. If you want to make money on the Forex, you must learn to follow the rules of the foreign exchange market. The market will not follow you. If you have taken the position, and the market went against you, do not ask me to bring it back.

If you have merged your account because of your own ignorance and because you do not know how much money you can make a deal, do not blame me, do not say that I do not love you, and why others are making money, and you only lose . It’s not my fault. I do not make exceptions. I love you all. All those who follow the rules, will thrive. Those who are trying to go against the rules - will suffer.

I’ll never forget those days, when the market goes against you, and you pray that he is back and he’s back. You restore your losses and suddenly forgot about me. You said that if I went back the price only once, you promised not to repeat the same mistakes. However, once the price is back, and you restore your losses, you started to repeat the same mistakes over and over again, rather than just learn the rules and techniques.

Keep in mind that I’m the only one who does not make mistakes. Even if you learn all the rules and techniques, behind you will have several years of experience, you will still be losing money. But that’s okay. There is something called a stop-loss. This is one of the most important things in the whole Forex market. Never ignore placing reasonable stop-loss.

Finally, if you manage to make money with Forex or any other kind of business, try to transfer part of their income to charity. You must care for those who need your help. Although I do not listen to you when you ask me to return the prices in line with your position to help poor people, I can help you become a good trader Forex. I never forget those who have not forgotten me, and I can help those who help others for me. Take care of others, and I care about you. I assure you, if you help others, I will not fail you at a time when no one can help you but me.

PS: The original source turns out to be a dead link. However, I manage to save a copy of this letter in my personal blog as a constant reminder to survive in this treacherous world of Forex.