Guys, Getting back to the college theme ... don't forget that Price Action, PA and PASR are all just forms of TA (subsets for you math wizzes).
Price only goes higher when more people want to buy than want to sell. This moves the price higher as buyers take the offer and sellers realize they may be able to get a better price and ask more. This is "price action" and it leaves behind a footprint in the form of price bars. The footprints the price action leaves behind may look exactly like the footprints you saw last time you encountered a bull. "Hey, I've seen these footprints before! There's a bull up ahead!" you say. And you take the offer because the bull appears to be running hard and you want to catch it and run with it. Or you wait for the bull to come back toward you instead of chasing it because you've seen those bulls circle back around a lot, coming a little closer and then you grab it and go as it charges ahead again. TA allows you to recognize things that crowds do often again and again and price action confirms that it's happening yet again, hey ho let's go!
Scalping for ticks is one thing & is a very difficult skill to learn, but if you review, properly, support & resistance zones on weekly/monthly charts, then you will realise that price action based trading is not "...impossible". If you can see logic in historical charts, then you can derive logic & implement it, if you don't see logic in historical charts then indeed it is "impossible".
Muni ETFs involve the majority of my trading. Generally they are not liquid, so I have to buy at bid & sell at ask...just like the big boys. OR, I'm buying when you want to sell, and selling when you want to buy. From my prospective, pivots are caused from a lack of sellers(No Supply) and no buyers(No Demand). It's really that simple...
price action is identifying the intentions of the executions you are wathing- once you know their intentions, profit from it however you can, by pointing out their weakness, or following their plan.-- i prefer to point out the weak links
lol, I must be a super hero then since I'm doing the "impossible". I keep a journal online as many PA traders do. Anywith with the slightest ambition could easily look them up. Some of the journals, including mine, call trades in foresight for the next day as well as posting charts at the end of the day. Sorry, but you have to understand how funny this sounds to those of us who do it every day. I wish you luck, but you may want to reconsider
Very true, now what/how can you do to put the odds in your favor. You don't have to take every trade take the "A" trades.
exactly learn your opponent and what they are going to do -- which is based on their emotions and then exploit them treat it like a game of poker instead of trading the chart trade the other traders but everything one would want to know is displayed perfectly by PA to say there is no way to trade it by itself is just stupid
My turning point as a trader came when I realised that I had no idea what was going to happen. That's when I began to only trade what I saw. I look for the exact same set ups every time, and every time I see them I pull the trigger. That's because I know that had this been done for the last 50 years I would have made money each and every month, and it's worked well for the last three years, and until I stop making money, I'll just keep doing it. The problem for most traders is that they're obsessed with catching the big moves. Every one is trying to get the same thing, so almost noone gets it. Just find something that works, bores the hell out of you, and just keep doing it.