Revisiting 'Price Action'

This is a discussion on Revisiting 'Price Action' within the First Steps forums, part of the Reception category; yup - keep it going....

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Old Dec 21, 2010, 2:11pm   #57
 
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Re: Revisiting 'Price Action'

yup - keep it going.
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Old Dec 24, 2010, 5:10pm   #58
 
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Re: Revisiting 'Price Action'

Nothing beats price action. You trade what you see the markets doing and trade with it. All our assumptions and analysis are useless to the market. Price action is the only profitable way to trade. You work with the prices and not against them.
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Old Dec 26, 2010, 7:29am   #59
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Re: Revisiting 'Price Action'

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Originally Posted by nunrgguy View Post
Momentum is a subjective thing but consider inside a four hour pin bar signalling a short, does it contain 1 large 15 minute up bar followed by three small down 15 minute bars. Does that look like downward momentum? It looks like a pin bar but it's fooling you.
Why do you say momentum is subjective? Can't it be measured precisely since it is the rate of acceleration in price or movement?
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Old Dec 26, 2010, 7:45am   #60
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Re: Revisiting 'Price Action'

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Originally Posted by nunrgguy View Post
Right 'smart money' and 'dumb' money and big money and small money.

It takes a lot of money, a lot of orders to significantly move a market. If a market has been moving one way for a while, then stops and turns is big money or small money doing that?
It is a well known fact that floor traders gun the stops and laugh about it. However, if any significant move must be made or inniated by "smart money" instead of normal market forces supply/demand..people..etc then the market IS manipulated every day as Taylor claimed it was. He also said the same manipulation is repeated and repeated in cycles. It is discernible. This could lead to "how" to discover the manipulation and capitalize on it. Which is really part and parcel of what you are talking about in the thread, I suppose.
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Old Dec 26, 2010, 7:56am   #61
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Re: Revisiting 'Price Action'

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Originally Posted by nunrgguy View Post
Right. So what IS fact?
Monthly: Open, High, Low, Close
Daily: Open, High, Low, Close
Hourly: Open, High, Low, Close
Price
I might add that volume is also a fact. I realize that this thread is about price action but to leave an element out that is also a fact...well..why would we want to do it??? Why wouldn't we consider the volume on which the price was made. We have 5 pieces of info. Open, high, low,close, volume. Any bar. Any time frame. Any day. Why ignore one of them?? Just asking!
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Old Dec 26, 2010, 8:16am   #62
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Re: Revisiting 'Price Action'

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Why do you say momentum is subjective? Can't it be measured precisely since it is the rate of acceleration in price or movement?
But over what period of time? That's why it is subjective.
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Old Dec 26, 2010, 8:21am   #63
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Re: Revisiting 'Price Action'

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Originally Posted by pttrader View Post
I might add that volume is also a fact. I realize that this thread is about price action but to leave an element out that is also a fact...well..why would we want to do it??? Why wouldn't we consider the volume on which the price was made. We have 5 pieces of info. Open, high, low,close, volume. Any bar. Any time frame. Any day. Why ignore one of them?? Just asking!
Can you tell me if volume is accurate at any given period of the day? Or is the EOD volume the only accurate figure (if it is).

Not looking for an argument. I'm, genuinely, interested in whether we can rely on the volume figures given us At present, I'm doubtful. Therefore I do not accept those figures as facts.
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Old Dec 26, 2010, 8:33am   #64
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Re: Revisiting 'Price Action'

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Originally Posted by Splitlink View Post
Can you tell me if volume is accurate at any given period of the day? Or is the EOD volume the only accurate figure (if it is).

Not looking for an argument. I'm, genuinely, interested in whether we can rely on the volume figures given us At present, I'm doubtful. Therefore I do not accept those figures as facts.
Same could be said for price.
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