How to turn thrupence into a billion in 7 days

[wasp]

All too often, the markets are referred to as an 'it'. Newbies are looking at the market as an electronic machine to beat with indicators telling them high probabilities.........

What really is a market? We don't have many floors any more but it would be good for newbies to think of the NYSE floor before they start trading each day, remember what they are actually trading. People.

On the one hand, its advised to have a plan. An edge. Before doing that though, it would be IMO, advised if people actually thought about what they were doing first. Next time they look at an RSI, they would see that it tells them very, very little but, price, tells everything. Without lines, S/R and trendlines, there are answers in every candle, every tick............

Next time you start your trading day, imagine yourself in the East End stood behind a stall of melons, tomatoes and apples, competing against a row of others, and really think and try to understand what your looking at.

Take a look at the example pictures, there is a ton of clues in there, any one care to indulge... (no japanese candlestick names or lables - just action).

Instead of talking of systems, psychology and indicators. How about price, traders, participants, demand and supply, fear and greed, highs and lows and strength and weakness.....

 

[Splitlink]

That's not so easy. There are too many speculators jumping on the waggon and everything is based on margin, easy credit facilities, good or bad weather, harvest expectations plus a lot of other incognitos. It's not like buying off a stall, where the housewife has to buy for the next few meals and she can do a quick tour of the market place and see what her options are, with the money (cash) that she has in her purse.

Split

 

[wasp]

There are still a ton of clues to what's happening in each candle though split, regardless of whats happening in the world....

 

[wasp]

so what can be understood from each candle unfolding?

Are they like smarties, and have all the answers?

 

[Crap Buddist]

You were fantastic last night darling.......

Next time you start your trading day, imagine yourself in the East End stood behind a stall of melons, tomatoes and apples, competing against a row of others, and really think and try to understand what your looking at.

Come on come, gather round i'm givin stuff away in the next few minutes
you there darlin want smoother skin luv? rub these on em , natures moisturiser.
7 of these beuts and you know what saw these in saniburys sellin for 3.25 fair trade my ass i ask ya?
not gonna give them to ya for 3. 2.80 2.50 nor 2 nicker
thats one nana for each day of the week,
tell you what ladies i'll let you hand choose an 8'th cos these will give more pleasure to you my lov on a sunday mornin
than any man or sex toy does and they dont need batteries and theres no moaning unless you really use it well.
not 1.75 dont even give 1.60 1.50 or insult me with 1.40 keep em next to ya in the lounge and next time you want the old man make you a cuppa throw one of these at im, very effective remote controls. turning down 1.30 1.20 and 1.10 Straighter than an EU banana policy....
i'm givin em to ya for a humble pound and youve got the fairest trade on the manor.

SOLD. dont forget to pick your dildo luv, god bless ya. crikey thats a biggun,can i pop round for a cuppa ...

 

[wasp]

my thoughts

my take on it...

 

[DC STOXX]

Can you just upload the picture you annotated but blank and i will have a go...

those three you posted before, i didn't understand if they where all the same chart or what?

 

[wasp]

No problems, here you go.........

Those 3 in the first were from this chart (hourly EURJPY) but a bigger picture is probably easier...

 

[DC STOXX]

Trading is too easy lol

I only picked out the main things i saw on this chart

There where plenty of smaller scalps to be made as I'm you lot will identify in future posts

 

[wasp]

Cheers black-star and appreciated.

first though I was hoping to get some more input using just the candles signs before s/r and swing lows etc...

Anyone else trade through price action here or is it all a myth and just the cool thing to say these days?!

 

[DC STOXX]

i trade price action but not the candlesticks

When i talk about price action i mean the time & sale and whats happening on the bid & offer

Talk to trader Dante about trading from candlestick formations alone, he is the only person i know who does this

 

[wasp]

Cheers black-star, I was planning on adding in what you were looking at later too, but not to say I don't appreciate your post, far from it...

As for candlesticks/bars/line chart, surely, whilst you (or any one) is looking at other things too (demand supply, time & sales etc) surely you note how price acts in between these areas too?

 

[DC STOXX]

I do, but i really do only glance at it, i don't really analyze it because i cant really pinpoint what is going on, many traders call this noise, but i think its just trading where these traders don't understand what is happening.

So yea i do "note how price acts" but only briefly, for example price went up/down quickly/slowly on high/low volume which is why i cant do exactly what you did...well i could in my 20/20 hindsight but i wouldn't be able to trade from it real time

Also, i trade full time and i cant bare to look at the screen for that long for a whole day i cant see how anybody does, i mean i have read lots of studies where by a human cannot concentrate properly for more than 5-10 minutes or something like that, so i just try to switch on when i think i could make some dolla

 

[nine]

Not fond of candlesticks and might like volume if it tells me something in this thing ... but

 

[dick_dastardly]

Cheers black-star and appreciated.

first though I was hoping to get some more input using just the candles signs before s/r and swing lows etc...

Anyone else trade through price action here or is it all a myth and just the cool thing to say these days?!

Oh dear !

now I'm worried,

I always thought swing H/L's and how price behaved at S/R WAS price action ?



dd

 

[nine]

dd, You are right ... but ...

I think wasp is trying to build into the price action world a little at a time. I realise reading your post that I was pushing it a bit with hh & hls. The way we see price moves after years of watching them is different to how someone new would be seeing it so maybe you start by trying to see short vs long bars, bars where it was moving up but its closed low, etc. Then of course hhs &lls which are just bigger timeframe bars in one sense. Then S&R which is taking another step.

Not sure if this is what you're trying to do wasp ... but it would seem worth trying if that's what you're doing.

 

[wasp]

Why?

Oh dear !

now I'm worried,

I always thought swing H/L's and how price behaved at S/R WAS price action ?



dd

dd, You are right ... but ...

I think wasp is trying to build into the price action world a little at a time. I realise reading your post that I was pushing it a bit with hh & hls. The way we see price moves after years of watching them is different to how someone new would be seeing it so maybe you start by trying to see short vs long bars, bars where it was moving up but its closed low, etc. Then of course hhs &lls which are just bigger timeframe bars in one sense. Then S&R which is taking another step.

Not sure if this is what you're trying to do wasp ... but it would seem worth trying if that's what you're doing.

Exactly as Nine said..........

I am going through step by step and was getting around to swing H/L's and S/R eventually!

The point of the thread was to attempt, through myself and other more experienced traders here, to teach newbies, and each other (as I learn more each day) more about the simplest and most fundamentals of what a chart tells.

Also, to try and get discussion going on reading the markets and make analysis more prominent than system threads.

Every candle and indeed every tick tells a story, so do S/R and trends.

For all the indicators and systems in these boards, just 10 experienced members input would hopefully teach newbies to learn to trade the markets instead of the RSI/CCI/MA or MACD....

To me, there are 3 types of traders...

1) passengers - they try and ride the markets like they are in a cab or shofa driven. No idea what's going on but getting from A to B through no help of their own. They may get there in the end but they pay a huge price. (indicators - system followers and signal followers).

2) drivers - they can do it themselves. They know how to get from A to B all by themselves and turn over quite happily. (indicators and/or price)

3) Racing drivers - they know why they do everything. They understand the market and like a car, they know exactly what happens under the bonnet every time they press a pedal or lever. More apt, they can read the fight between the buyers and sellers and there is no guess work. They don't know Steve Nissons name of a candle and nor do they care, each candle tells a story and with S/R etc, every minute shows the road ahead, even just 20 metres.

All the answers are there in the chart and nothing else is needed........... So lets discuss the markets and the buyers and the sellers and learn to trade underrstanding what we are looking at and hopefully helping the newbies and each other to learn and understand a little more.

 

[wasp]

EURJPY hourly cont.

So this is my analysis of the price action (buyers vs sellers) since my last post...

 

[wasp]

with a few lines

The same chart with a few lines.........

 

[wasp]

These are just my opinions and I am not trying to state any facts, just opinions so more welcome, well, encouraged preferably.

Newbies: ask away...............