Australian (ASX) Stock Market Forum

Price Action Trading

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Gday JR689, just a couple of questions, looking at GBPJPY daily on IG markets there is no pin bar, just a doji and similar on the kiwi again on IG. more correctly on the kiwi the pin bar is inverted. Just wondering what platform your useing there please. Second question, how long have you been trading price action and what books have you found worthwhile on the subject?
 
5oclock said:
Gday JR689, just a couple of questions, looking at GBPJPY daily on IG markets there is no pin bar, just a doji and similar on the kiwi again on IG. more correctly on the kiwi the pin bar is inverted. Just wondering what platform your useing there please. Second question, how long have you been trading price action and what books have you found worthwhile on the subject?
Click to expand...

Oops, there one reason for not liking charts on their own...one mans doji is another mans pin bar:D:D

CanOz
 
5oclock said:
Gday JR689, just a couple of questions, looking at GBPJPY daily on IG markets there is no pin bar, just a doji and similar on the kiwi again on IG. more correctly on the kiwi the pin bar is inverted. Just wondering what platform your useing there please. Second question, how long have you been trading price action and what books have you found worthwhile on the subject?
Click to expand...

Hi 5oclock, basically the problem there is that IG Markets' server time would be set to a different timeframe...

From what I have been told in terms of price action and being able to see the correct signals, you want your brokers server time to be that of New York i.e. each daily candle closes the same time the NYSE closes. Hope that makes sense.

The platform I'm using is MT4 and that is the only platform my broker offers.

I have been trading for a little under two years in total, with the past 6 months solely being that of price action. I am a completely different trader now because of it and that's a good thing. How long have you been trading?

As for books, can't say I have read anything so wouldn't be able to help you there unfortunately mate.

jr
 
CanOz said:
Oops, there one reason for not liking charts on their own...one mans doji is another mans pin bar:D:D

CanOz
Click to expand...

Very very very true CanOz!

However my previous post covers this kinda-sorta... I guess NY is basically the be all and end all of the markets, hence why NY server time is the preferred time for this style of trading?

jr
 
JR689, yes I guessed that was the problem, but what I was trying to get at was it your prob or IG .I dont know if their charts are set to NY close I just assumed that they were. Anyhow , on smaller timeframe any difference should be less of a problem. So is daily only time frame you are trading price action? Also I asked about books ect, was wondering if you or any other ASF member had read any of AL BROOKS, WALTER PETERS and what you feedback was. Have them myself and pretty heavy going on Al Brooks ( very large 3 volume set) but most of what I have read so far has made sence.
 
Best way to find out if they are is just flick customer support an email and ask if the daily charts are New York close... That's what I did and luckily for me they were otherwise I would have had to change brokers, which is something I definitely did not want to do!

I've traded H1, H4 and D1... And I am now starting to have a look into W1... I'm trying to steer away from H1 and H4 from here on in as I haven't really had much success with them to be honest, so I'd suggest to just stick with the daily's mate.

This week I took my first weekly setup, so I'll have to wait and see how thing's go with them over the next fortnight or so.

I'll have to have a look into that book, what's it about? It's educational I'm guessing?

jr
 
JR689--They are 2 different authors I was refering to, Al Brooks who has 4 books , the 3 I have are called trading price action trends,trading price action trading ranges, trading price action reversals. These 3 books are sort of a second edition of an earlier book which by all acounts was a real difficult read. the other book is Naked Forex by Walter Peters which is an easy read but much briefer.I am currently trying to put some of these strategies to work but on m15 and h1 type time frames . Walter Peters leans more to d1 like your self and I thought you may have seen his work and was after your take on it. Yes I have been stumbling around the markets for a couple of years and have progressed to the stage where I am not a total looser any more, bad news is am not a winner yet either. But ASF, or more correctly the VERY helpfull and generous contributors to the forum have helped me and hundreds (may be more) of others see a glimpse of the light at the end of the tunnel.
 
jr689 said:
What sort of patterns are you referring to if you don't mind me asking? Have you or do you trade in this manner and with what sort of success? Cheers tech/a! jr
Click to expand...

Yes mixture of Pattern / VSA and 18 yrs as a Chartist.
Success I'm still doing it----

5oclock said:
JR689, yes I guessed that was the problem, but what I was trying to get at was it your prob or IG .I dont know if their charts are set to NY close I just assumed that they were. Anyhow , on smaller timeframe any difference should be less of a problem. So is daily only time frame you are trading price action? Also I asked about books ect, was wondering if you or any other ASF member had read any of AL BROOKS, WALTER PETERS and what you feedback was. Have them myself and pretty heavy going on Al Brooks ( very large 3 volume set) but most of what I have read so far has made sence.
Click to expand...

Just received the Al Brooks books today!!!
Let you know in 6 mths when I've read them.
 
tech/a said:
Yes mixture of Pattern / VSA and 18 yrs as a Chartist.
Success I'm still doing it----



Just received the Al Brooks books today!!!
Let you know in 6 mths when I've read them.
Click to expand...

Unreal , I was wondering if you had them. They are pretty heavy going, what I have read so far TECH ,but I think I will get a lot out of them! Much of what Al says makes sense and explains a lot to me , stuff ie price action that always had me wondering. From previous in depth volumes I have read I think I will have to read some of it 3 or 4 times.
 
5oclock said:
JR689--They are 2 different authors I was refering to, Al Brooks who has 4 books , the 3 I have are called trading price action trends,trading price action trading ranges, trading price action reversals. These 3 books are sort of a second edition of an earlier book which by all acounts was a real difficult read. the other book is Naked Forex by Walter Peters which is an easy read but much briefer.I am currently trying to put some of these strategies to work but on m15 and h1 type time frames . Walter Peters leans more to d1 like your self and I thought you may have seen his work and was after your take on it. Yes I have been stumbling around the markets for a couple of years and have progressed to the stage where I am not a total looser any more, bad news is am not a winner yet either. But ASF, or more correctly the VERY helpfull and generous contributors to the forum have helped me and hundreds (may be more) of others see a glimpse of the light at the end of the tunnel.
Click to expand...

Cheers for that, going to have a look into these books right now!

How have you been going on those timeframes? Good success rate?

jr
 
5oclock said:
Unreal , I was wondering if you had them. They are pretty heavy going, what I have read so far TECH ,but I think I will get a lot out of them! Much of what Al says makes sense and explains a lot to me , stuff ie price action that always had me wondering. From previous in depth volumes I have read I think I will have to read some of it 3 or 4 times.
Click to expand...

Just had a very quick look at " Trading Ranges "
I like to read what other people's life's work has
Turned up. Brook's books are really detailed.

But one thing I have noticed with many of these
Very deep thinkers ( to early to tell with Brooks )
Often seem to want to explain EVERY BAR and
EVERY PATTERN.

I really don't know that that is necessary.
Infact my own trading proves that you really
Don't need to explain every single bar and or
Pattern.
 
You are on to him TECH , he is a deep thinker and I think he leans toward explaining every bar as you say.However I will be very interested on your analysis of Al's books( like you said it seems to me to be a lifes work). JR689- results have been mixed, between mediocre and less mediocre, if you know what I mean, but its price action in the fast lane as you know and would have to watch years of weeklies to get same action on m5 or m15. I am still learning and trying to get a couple of stratagies to work, and then maybe translate them to higher time frames. Anyhow thats the theory, seems to work at times. Quite a bit of info on pin bars or kangaroo tails(thats what Walter Peters call em) on the net, just some of it not so well researched.
 
So yea did a bit of research and just as you said, Al Brooks is more of a price action "scalper" whereas Walter Peters is more medium term focused?

I definitely think the Walter Peters approach is for me, much more relaxed than looking at M5-M30 timeframes that's for sure.

As with your results being mediocre, I think you will find that when you focus more on D1 timeframes as per the Naked Forex book, that that mediocrity will turn into consistent profitability. In my opinion there is just too much going on in those lower timeframes and subsequently there are a lot of false signals.

That's just my point of view, but definitely let me know how the naked forex book is as I'm very inclined to purchase it!

jr
 
jr689 said:
This week I took my first weekly setup, so I'll have to wait and see how thing's go with them over the next fortnight or so.

jr
Click to expand...

As mentioned earlier, see below for this setup.

usdcad.jpg

usdcad2.jpg

USDCAD
Short @ 1.02399
SL @ 1.03347
TP @ 1.00099

jr
 
JR689--Agree with all you said. Walter Peters is real big on trading off support and resistance, and one of the things I am doing on the small time frames is honing my S and R skills, easier said than done sometimes as you could fill the whole area with S R zones if you go to M1. But I am getting ""it". There is another book I am also reading(cannot have to much training going on at once!) you might like to look at too, but it is as title says. It is FOREX PRICE ACTION SCALPING by Bob Volman. Look I am on ASF often but dont post much cause most of the time there are beter traders than me posting and if you cannot add worth you probably should not post. Hey if you are new here you owe it to yourself to read the whole PEN thread , word of warning though not with a full bladder!!! I thought I had made the wost mistakes ect .Anyhow back on topic, I am leaning toward longer time frames as you say but more H4 to H1 for FX..Any way will report back soon re that book, naked forex and what results I am getting.
 
bunyip said:
It didn't concern you that you were going long when the daily trend was strongly bearish?

In trading I've had more success swimming with the current than against it.
Click to expand...

Yes with the trend is much much much more higher probability, however I felt with the pin bar off support then the subsequent Mother Bar with Inside Bars was good enough reason to long from here.

Subsequently I have been stopped out on this trade, however, risk was calculated in before I entered the position and wasn't a great deal anyway due to being counter trend and all.

I do try and steer clear of counter trend trades for the most part but every now and again I have a small shot at them so long as it looks promising as this one did.

jr
 
bunyip said:
Also, your profit target is only about 1.3 times your risk, by my calculation......I would have thought that's a bit light on.
Click to expand...

Yes, generally I try and aim for 1:2 or 1:3 (risk:reward) where possible.

Anything better than 1:1 is good, your risk should never be greater or equal to your reward.

As long as you make your reward greater than your risk for all trades, you can 'essentially' lose more trades than you win and still turn a profit. It's a little more complex than that though but the main thing to realise here is to ALWAYS have a greater reward!

jr
 
jr689 said:
Yes, generally I try and aim for 1:2 or 1:3 (risk:reward) where possible.

Anything better than 1:1 is good, your risk should never be greater or equal to your reward.

As long as you make your reward greater than your risk for all trades, you can 'essentially' lose more trades than you win and still turn a profit. It's a little more complex than that though but the main thing to realise here is to ALWAYS have a greater reward!

jr
Click to expand...

ALWAYS?
 

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