rawrschach
Experienced member
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learn how to understand price action
are there any sites or books to help me grasp the basics of price action and what to look for?
rawrschach
Experienced member
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search here for 'just charts no chat' and 'making money trading'
i think "just charts..."has disappeared, a real shame. Mr Gecko's Briefcase is still here though. No indicators revisited is also good but you have to go through the drivel. Also dp phoenixs price volume support resistance. And mr marcus' and others posts on wot...
GladiatorX
Established member
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Day Trading exit indicators are a form of trying to contraint the markets to a certain default setting. Try to get away from these ideas and focus on how you can have a high probability of correctly interpreting the market action through using charts, fundamentals, news, time and sales, order flow. Put all your considerations and focuses in learning to trade on understanding at any particular context or market why their could/would/will be more buyers than sellers.
A triangle may have a % probability of working but when you study the current context you can greatly increase your ability to interpret correct genuine breakouts that will be sustainable in long rallies or just false one...
Try to get onto the concepts i've described as quick as possible, any other behaviour simply hides from these realities which i feel in most traders cases must be eventually faced or some traders are simply conditioned from the beginning to consider such aspects important in developing a profitable consistancy.
Rather than let an indicator dictate when you exit, try to start 'reading' the market in whether your entry is in a sustained movement, small re-test or range fluctuation movements...
Then again, don't listen to me! I'm not trading today because i was so poor yesterday.
A triangle may have a % probability of working but when you study the current context you can greatly increase your ability to interpret correct genuine breakouts that will be sustainable in long rallies or just false one...
Try to get onto the concepts i've described as quick as possible, any other behaviour simply hides from these realities which i feel in most traders cases must be eventually faced or some traders are simply conditioned from the beginning to consider such aspects important in developing a profitable consistancy.
Rather than let an indicator dictate when you exit, try to start 'reading' the market in whether your entry is in a sustained movement, small re-test or range fluctuation movements...
Then again, don't listen to me! I'm not trading today because i was so poor yesterday.
oildaytrader
Senior member
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Try stochastics with a trendline break.
plenty of info on net
Trade stochastics at end of a trend or divergence indicators
enragedcow
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haven't had the nice experience of seeing a trade move like 100+ pips into profit and deciding quite casually where to exit
i usually exit after about 20 pips cos that's when my balls start to complain...
perhaps if the trade is so epically in your favour just let it run with a take profit on like 100 pips profit, then it moves another 100 pips into profit, set a take profit there and let it run more, rinse and repeat for infinite rich
i usually exit after about 20 pips cos that's when my balls start to complain...
perhaps if the trade is so epically in your favour just let it run with a take profit on like 100 pips profit, then it moves another 100 pips into profit, set a take profit there and let it run more, rinse and repeat for infinite rich
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