interesting because this is 2 completely different approaches...... yet it seems both are working well in peoples trading. interesting....................
looks like traders prefer the price action journal over interactive retirement by 2 to 1. I like the fact that the price action is so clean compared to the all the channels, arrows, and lines overlapping each other...... hard to see the chart....... at least thats the case for me. i started this thread to see if i was alone in this, and as it turns out i was not. Every time i look at all the lines in the I R chart..... i always seem to see the Wrights Bros. "Kitty Hawk" glider trying to take off the runway. thats just me
Simplicity will always be drawn to instead of complexity. However, don't assume Price Action Only (no indicators) can't be complex. In fact, some of the most complex methods (more complex than IR) is price action only methods. In fact, as noted in the Price Action Journal...a critical aspect of price action only trading isn't being discussed involving Supply/Demand Analysis. Further, there's other critical aspects of price action only trading not being discussed and I suspect that's either due to trying to keep it simple or traders only willing to post links to past discussions of such instead of rehashing complex discussions. Yet, so far, the Price Action Journal is suitable for new traders or traders new to price action only... Kind'uv like the first few chapters of a good book. Anyways, patterns and s/r discussions is always a favorite of traders regardless if someone is new or a veteran trader if such can be explained with a few drawn lines or a paragraph... Yet, traders will always ask questions and suddenly that simple paragraph gets expanded as more details are discussed and learned. Also, change a simple name of a price action into a complex name and suddenly the same price action is looked down upon or viewed as voodoo. With that said, I'm a long time price action only trader (no indicators and no volume) and it's a good thing to start with something simple prior to getting into something complex regardless if its PA or IR. The IR is too big of a pill to swallow for most new traders in comparison to PA. Strange thing is that some of the most informative PA traders have been scared away from ET while some of the most informative IR traders are still here... IR folks have a thick skin and don't scare away too easy. Mark
I understand what u are saying, but im referring to visual complexity, not mental complexity. Behold exhibit A: http://www.elitetrader.com/vb/attachment.php?s=&postid=2016426 typical Jack "magic mushroom" visual of a chart. Pure bullshit. As far as I R traders sticking around and not being scared off........ its because they are standing fast to their beliefs and believe in Jack. ( Not unlike Jonestown, 1978) http://i35.photobucket.com/albums/d153/that_meghan/hey_kool_aid4.jpg
Would you elaborate on the distinction between the two? When it comes to trading, beliefs are not very powerful nor are they persuasive. What is powerful and persuasive is results. Now if people are seeing results trading PA or IR, isn't that all that matters... Results are all that matter in trading.
Your brain process information differently from visual deconstruction to reconstruction to mental and visual to mental. heres a link that explains a little bit about it if your really interested http://www.web-us.com/brain/LRBrain.html