You might be surprised. What is the Simplest Setup you are aware of? https://www.elitetrader.com/et/thre...ice-action-trading.364061/page-7#post-5531714
If you were especially attentive and skilled at Price TA... you could have picked "top tic" to fade. There was a small "2x top on the larger rising tops line"... that one would have been "hard on the stomach to take" (as you'd have to fade strong upside momentum... and that's not easy.... I saw it "a bit late" so didn't take it myself. But that's no surprise. I'm kind of a "chicken shit" now days... risking mostly trying to catch the easiest, most obvious, low hanging fruit) but a bit later there was another "indication of breakdown". Price TA works in ALL MARKETS... ALL TIME FRAMES*... KISS, baby! * No kidding. This is actually true. No BS.
I was in same brokerage firm with Ed Seykota many years ago; we became friends, although our trading style was quite different. I was very short-term trader, based on principles, such as from Reminisces, while Ed was a very long-term trend trader. Ed would watch soybeans go limit up 3 days in a row, and say to me, if it goes higher tomorrow, my system will buy! Part of Ed's great success was the discipline to stick with his system, which did suffer significant draw-downs. However, unlike most traders today, Ed used very low leverage, so could more afford the drawn-downs.
Done early for the day. +$1400 USD (720 EUR + 600 USD) Not bad for 2 hours work. This 5 day winning streak is going to come to an end at some point.. Trading scared in TSLA, should stay away from stocks when they make that big a move down, hard to get a feel and remain confident about what they might do next. I need a high feeling of confidence to hold on to losers when not using a stop loss. If the confidence isn't there I will panic and puke up early like i did with TSLA today. Traded the full size DAX contract today , took 29 points out of it
Hello Millionaire, I agree with you 2000%. I am also gambling trader discretionary trader of the Price Action. I love this style of trading a really lot.
You were trading side by side with Ed?! That’s impressive! Could you please elaborate on above? Livermore started as short term trader(tape reader) and moved on to become more of a position/trend trader. Thanks!
Imho, trading using PA is gut-feel (experience?) trading. It’s discretionary trading period. If it wasn’t subjective, you would have been able to code it into a system and watch the money roll in.
1. All trades which are not automated are "discretionary". Whether a trade is automated or discretionary, it's still the same trade... correct or wrong. 2. Price TA trades are not "subjective"... you don't know how far they will run or how long they will last, but the read on them is not subjective. 3. I believe it would be impossible to "code in" Price TA... too many variables and you don't know in advance where the setups are going to begin. Sure, you could code for "one trade"... something like "50 MA cross", but mostly not.
Hello qlai, Automated trading is bullshit and complete waste of time. Much easier to guess and discretionary trade. And you have more time for yourself and hobbies.