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hmmm.... I dont know what happened to that link, perhaps I may have accidently deleted it.
Cattus, if you would like please let me know of any questions you have regarding price action. (please try to be specific) I will do my best to see if I can help answer them. Although price action seems like a specific topic, I tend to classify price action into pattern recognition, tape reading, TA, Level 2, etc... |
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Hi Soultrader. Thanks for answer me.
OK, there we go. You said that the price is your main indicator to trade (post #3), but you also said that you work with internal tools (such TICK, TRIN, prem, PC ratio, market profile and pivot points). I would like to know more about those internal tools. As I understand you wrote about them in the link "thread" you mentioned into this thread post #3, but at this time it doesn't work. Also doesn't work the link "thread" of "Why technical indicators are useless in trading " post #3.
On the other hand, let me explain what is for me the price action.
The price action for me is the reaction of the price to important support and resistance levels.
It reactions could be Specific Patterns. Talking about candlesticks, I prefer the patterns such Hammers and Inverted Hammers (or the sum of two candlesticks: Piercings. That are equals to Hammers or Inv. Hammers). Why? because the Hammers and Inverted Hammers show us the pressure of the offer and demand. Also we have patterns like the Marubozu Patterns, that are very clears about the pressure of the offer and demand.
The Important Levels (Support and Resistance) could be anything that it has proven technically that it is important for the market. I prefer these levels:
- Pivot Point
- The High and Low of yesterday
- Lines of Murrey Maths
- Trendlines
- Chart Patterns
- Fibonacci Patterns (AB=CD and others)
- EMA or LMA of Finonacci numbers (55, 89, 144, 233, 377)
- Levels of Fractals
The indicators come after the price, but I think some of them can be very useful, like Stochastick, MACD, Fractals and Moving Averages. May be there are others that can probe be useful.
Do you have a Thread where I can study some of my doubts or comment my ideas?
Thanks.
cattus
"Eres dueño de lo que callas y esclavo de lo que dices"