For some reason i just can't see any opportunity in the markets using price action. Price goes up because of buyers, price goes down because of sellers, price doesn't move because of a balance of buyers and sellers... okay, now how do can i read this to spot opportunity? I have no idea how to implement multiple-time frames into my trading because the price action around the s/r levels i plot on my entry chart from my higher timeframe chart is extremely choppy and i just can't make anything of it. Support and resistance levels are supposed to be where enough buying and selling occur to reverse, halt or slow down a movement. I can see these levels as being good exits, but on my charts they are just too choppy to be able to enter at. Can one of the experienced traders on this forum give me some guidance please? Thanks.
First, you need to sit down and decide upon what type of price action trading you want to do. Just pretend price action only trading is a track & field meet...do you want to do sprints, long distance, shot put or what. Thus, what price action method were you using considering there's dozens and dozens of different types of price action only techniques??? Secondly, post some charts with exactly the stuff you've been using because nobody knows what you're trading nor how you've setup your charts...explain how you're deriving your s/r levels because there's dozens of different ways to compute s/r levels (see track & field meet analogy above). Thirdly, start a trade journal here at ET for posting charts of your daily observations or trades (real money or simulator) and then request for help for those trading days your observations or trades resulted in losses. After you've decided upon a particular type of price action only trading to do...that's when others can point you into the right direction with links to stuff here at ET that relates to the type of trading you want to use. For example, there's threads here about price action only traders using volume, threads about price action only traders that don't use volume, threads about supply/demand et cetera. My point is that your message implies you don't know where to start or you've been bouncing around from one concept to the next without sticking to one type of price action only trading considering your message is very vague. Once again, start a journal here at the below link...if not...you'll stay confused. Edit: I just found out you already have a journal...would have been nice you mentioned that. http://www.elitetrader.com/vb/showthread.php?s=&threadid=192699 Mark
I am not sure what i want to look at yet, but i have not been able to ever fade s/r, and when i trade breakouts i usually lose. But i have been paying attention to breakouts which lead to flips of the level that was broken. I have started to post in my journal.
=========================== B angle; Mainly; study the library book section [here].Smarter you are -longer it takes, is the Chicago saying. And it may take 7 +/years. {LIKE 10 year charts, 1 year charts...myself} I like to record data also; weakest ink is better than strongest memory. Wisdom is profitable to direct. REALTY maybe more profitable than stocks...