forex price action as an edge

Hey, no Chick Goslin explains what he calls the 3 line method. Utilizes short, medium and longer term momentum to make trading decisions.

The book is outstanding and offers insights into many aspects of trading beyond methodology.

Chick's book is incredible and I would read it first....Joe Ross's Day Trading book will offer additional material to incorporate and goes more into detail on price action. Honestly, between those two and possibly Dalton's first book...that will probably be all you need besides experience.

 

Oh ok then here's my secret, but it will cost you a million bucks up front, in cash, no refunds.

 

Bro trust me I was the same way and honestly have to say I still sort of feel that most of Joe's interest lies in self-promotion...

But the book was recommended by a close friend who used to trade on desks in Chicago and at the Merc and now trades from home successfully. And I mean successfully. He didn't learn to trade from reading Ross, he learned from experience in Chicago, but he said Ross' book was probably the best on the subject of reading straight Price Action and patterns.

I was pretty surprised when he told me to pick it up, but I did because he knows what he's talking about. He was right, I was highly impressed.

I haven't read Ross' other books, so I can't comment...but Day Trading is a very helpful book.

I feel like a shill over this book, but it's pretty well-known what my stance on vendors is around here. I have definitely found it to be of value or I wouldn't have recommended it. ha ha

Good to hear from you bud. Good trading.

 

For example...?

Thanks.

 

Its probably true that some bigger traders look at indicators like a 200 ma but I doubt they base entries on them . I've read interviews with floor traders and they claim cbot and cme big guys dont use indicators .

 

Ensign and Sierra are two that come to mind. I'm sure there are more out there though.

 

Also Esignal

 

But I remember I was told that because there is no central exchanges for the FOREX, the volume really doesn't make sense. what's your experience?

Thanks.

 

I use them, though, ma 100/200 to me, only works as R/S. Nothing else.

 

Nah it works fine. Tick volume is based on ticks (go figure lol) and doesn't require cleared volume data.

Since most of the time quotes between brokers will be reasonably in line with each other, using tick volume can give you an idea what is going on.

It all depends on what degree you are looking to utilize volume in your trading, but for most purposes, it is adequate (from my experience at least).