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I would like to know how to learn to trade by price action, the best trader I've ever seen uses nothing but candle sticks, price & volume. I'm convinced it is the way the sucessful traders do, but not sure where to look for educational info or what I need to focus on or read. I've watched time/sales as suggested above, but...... Any suggestions on what to read, learn or focus on is appreciated..Thnx |
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What you're asking is how to learn to interpret Market Generated Data. You mentioned using candles, price and volume. That's three basic studies.
1. Candles: Study basic pattern formations. Check the book review forum at this site.
2.Price: Not all prices are equal. Study a volume @ price histogram. Mark the Highest volume (Mode) which defines perceived value. Define H vol and L vol points (Chartex.com is free). Then study action on a simulator.
3. Volume:Tom Williams Master the Markets is a good start, then study Market Profile which combines Price, Vol & Time.