There's action. Setups work better when there' action, just like mak'n movies. The director don't call "FREEZE", naw, says aaaaannnnnd ACTION! Dogs like trucks. Traders like action. Noobs to PA would have an easier time spotting and testing how PA works in their hands during periods like these. This era is a "classic" example of market action. ... and I'm stickin with it, lol.
Good Morning themickey, I respect your comments man. I do not disagree or agree with your comments, but damn sure respect it. I can not say for certain, but I am not sure price action or reading bars on the chart is all that is needed in this trading business. Dose price action help and reading the bars to predict what may happen next and betting on it? Yes, it does, I guess. Fails for me, I have no proof of it. All that price action stuff sounds good, until the trader account goes in drawdown after about 3-4 losses in a row. Some will get mad at this, but I really believe price action is short for best guess and hope it works.
A price chart doesn't give us the full picture. PA may be showing Red candles but it may actually be more Buyers entering on the Order books thats bring price downwards. Buyers liquidity creates bearish markets, PA is totally bs.
Price TA shows where market changes from buying-to-selling and selling-to-buying... and shows the technical stop. What else does a trader need? Doubters whine, "PA doesn't work". Yet the SP chart over the past year showing "declining tops line as big resistance" has been posted THOUSANDS of times. Each of those downside reversals off of the tops line has been a correct "sell"... examples of BIG RESISTANCE sells. There are many, many more smaller ones. Exactly the same principle, just smaller.
"What ya doing Sherlock?". "Studying PA!". "Whot for Sherlock?" "Aaahh 'm try'n ta get tur da bottom of where da chart's going laddy, now run along I've work ta do."
This thread is worthless without an example/demonstration by thread starter @Scataphagos. Like I wrote elsewhere - the daily chart on the SPX is now in a spot where both bulls and bears can be hindsight geniuses in a few weeks. By that, I mean it can appear like we're breaking out, but we're still in what I consider a sell zone. So, both scenarios seems equally plausible to me just by looking at a chart. Rest assured, a few will stick their neck out after the fact and say that the drop or the pop was so obvious. It was all written in the charts. LOL.
I too have been expecting at least a chart/lesson since post #1.. Where is there value in this thread?
Good Morning Laissez Faire, I agree 1000% times 1000 raised to the 4th power. I remember growing up, and a local Church pastor came to the neighborhood trying to preach to drug dealers and hustlers about stopping their crimes for making money and destroying the community at the same time. I recall one drug dealer approaching the Church pastor directly and saying in a high tone aggressive violent voice. "Man, shut your fucking mouth right now, unless you telling me how to make the same amount of money I am making now, before I whip your ass right now and leave now" The pastor left instantly and never returned. I felt bad for pastor at the time. But now I am older man, and I do not feel bad for the pastor thinking back. I learned something very valuable from that scenario and that is "If you can not show a grown man how to make money INSTANTLY, then shut the fuck up" Talking is stupid when it comes to making money. Prove it or shut up. This is the reason I will never create at thread on ET trying to help members, I will show someone how to make money with my own bank account first, so they can listen to me. No-one listens to someone that never made money trading. Now once I get to 100 ES contracts trading daily, I will post a thread to motivate others showing my bank account to inspire other ES traders to keep on working hard. But I will never give a way my secret of how I am directly doing it unless I have like $5 million in my account, and no debt. Show my account of $5 million from trading the ES should be enough motivation how it is done and let the trader go work hard to do it. I do not think it is good to give trading advice, unless you making serious money yourself. We can discuss theory, but it is not good to send traders down 100 rabbit holes. One of the things, I always not like about ET forum, is too much talking and theory and less showing how to make money INSTANTLY, Trading is a business of making money, INSTANTLY. Bills are due on the first of every month.