Hi, I am very interested in learning to trade using pure price action. I have read some online tutorials on price action but am still a complete newbie about the terminology, implentation..all the basics). Does anyone have any recommendations for books that teach price action from the very beginning? Also, any recommended seminars or dvd materials? I am very keen on putting in screen time to learn how to trade using price action but I can't really do that until I know what I am looking for, etc. Also, for people who trade using price action, what is your software setup? Which broker do you use, what charting software do you use, and how do you send your trade orders in? What setup did you use to put in your screen time to learn price action? All help is greatly appreciate.
we got some of the best thread on PA right here. can't think of any book because most of the time you have to see the price in action, can't get that from a static chart.
Read this journal from the beginning, and you'll learn a lot: http://www.elitetrader.com/vb/showthread.php?s=&threadid=99283&perpage=20&pagenumber=1 every post from Anekdoten is truly precious, and it's all about hard core price action...
The best price action stuff is either dbphoenix wyckoff interpration or, better in many ways as it gives you entries and exits as well as a very good understanding, "Trend Dynamics."
There is no book, no seminar no web link - and thats why its so elusive. It comes from screen time, I would say a good 6 months to a year of looking at the DOM, then you begin to see structure amidst the chaos, I could write what to look for but it usually falls on deaf ears for newbies if there is no indicator to tell them what to do. After a good chunk of screen time you'll hit a eureka moment and see the market for what it really is.. a great big Auction. wait for the right opportunities read the signs maintain self control
that reminds me search for 'the undeclared secrets that move the market' ebook by Tom Williams. check with tradeguider com people for a free copy.
Price Action and Volume Spread Analysis are two completely different schools of thought. Wycoff - was mainly a volume spread analysis trader. He assumed (in my opinion incorrectly) that there were always other secret forces / groups at work that moved the markets. Price Action trading is more pattern based then candle by candle although this does sometimes come into effect in analysis. As far as course and material goes there is not a lot out there for good reason.
Great, thanks for the advice guys. I will read those threads. What trading setup do you guys use to study and trade using price action, as in what charting software and broker?