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YTC Price Action Trader (www.ytcpriceactiontrader.com)
Started:August 17th, 2011 (10:14 AM) by Adamus Views / Replies:21,322 / 86
Last Reply:February 27th, 2014 (08:43 AM) Attachments:59

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YTC Price Action Trader (www.ytcpriceactiontrader.com)

Old September 7th, 2011, 01:25 PM   #41 (permalink)
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Malvolio View Post
Hi,

I shorted at 1,4080 and got out at the POC (50 area). I like the approach from Sam Seiden, Lance Beggs as well as Phil Newton too. (Regarding to Phil, there are a lot of videos from him at Forex Street. The Foreign Exchange Market).

Best regards,

Malvolio

@Malvolio

That was a nice trade. I had my supply zone right were you shorted but I had a meeting and didn't take the trade. Here is my chart. Again, there are many different ways to skin a cat, but I've found Sam Seiden and Lance Begg's (I like the trapped traders concept by Lance) material to work very well for me.

Kulu

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YTC Price Action Trader (www.ytcpriceactiontrader.com)-6e-09-11-60-min-09_07_2011.jpg  
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Old September 7th, 2011, 03:49 PM   #42 (permalink)
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A quick scalp

This is for you @Zwaen

I have seen you playing around with these short timeframes and when I was looking through my charts, I saw a nice demand zone on the YM. It was late in the day but I liked the level. This was my only trade of the day. Good for +40 ticks. This works on all timeframes. I prefer the 60M charts though.

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YTC Price Action Trader (www.ytcpriceactiontrader.com)-ym-09-11-3-min-09_07_2011.jpg   YTC Price Action Trader (www.ytcpriceactiontrader.com)-ym-09-11-3-min-2-09_07_2011.jpg  

Last edited by kulu; September 7th, 2011 at 05:39 PM.
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Old September 8th, 2011, 03:21 AM   #43 (permalink)
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kulu View Post
@Malvolio

That was a nice trade. I had my supply zone right were you shorted but I had a meeting and didn't take the trade. Here is my chart. Again, there are many different ways to skin a cat, but I've found Sam Seiden and Lance Begg's (I like the trapped traders concept by Lance) material to work very well for me.

Kulu

Thanks, yes this concepts works very well. That is because the marcet structure has to do more with the autcion marcet theory than with the technical analysis which uses indicators. Price and volume are the important parts to look at.
Another approach that Im using was described best in a german book from Michael Voigt, who writes about how to trades trends (buy/sell in pullbacks, etc.). So if we have a strong trend day, waiting that price get to a supply/demand level would be the wrong way to trade (when these levels are far away from price). These leveles rather would represent a target zone.

Best regards,
Malvolio

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Old September 8th, 2011, 05:17 AM   #44 (permalink)
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Role Reverse Zones

Regarding the suplly/demand zones I wanted to state that exist role reverse zones too. These are zones which change their role: support becomes resistance and resistance support. You can see one of these (red zone) in the image attached. Watching what price does in a lower timeframe in this zones is important and would give a nice result in this particular example.

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YTC Price Action Trader (www.ytcpriceactiontrader.com)-euro.png  
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Old September 8th, 2011, 05:39 AM   #45 (permalink)
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For me, Lance's concept of 'trapped traders' sounds like an intuitive explanation of the way the market will move after interaction at support or resistance - or in one of the supply or demand zones that are discussed on this thread, I assume.

However though the trapped traders concept feels intuitive when reading about it, I find it really hard to learn and practice. I guess it's the paradigm shift I'm having trouble with: too frequently I end up looking at the setups in a purely technical way (candle patterns, trend strength etc) and I forget to analyse whether there might be trapped traders in there or not.

I am though training myself and currently I ask myself this question when looking at a potential setup:

What are the retail traders doing - in other words, people like me up to this point in my trading?

- those in drawdown who got the last setup wrong and want to exit at break-even

- those who are in profit at the last setup and should have exited at that price and thus want to exit there at the next opportunity

- those who missed the opportunity completely and want a second chance to enter, on the retrace

A better description of the concept would probably be easier for someone with more experience.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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Old September 8th, 2011, 07:46 AM   #46 (permalink)
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However though the trapped traders concept feels intuitive when reading about it, I find it really hard to learn and practice. I guess it's the paradigm shift I'm having trouble with: too frequently I end up looking at the setups in a purely technical way (candle patterns, trend strength etc) and I forget to analyse whether there might be trapped traders in there or not.

What I found helpful: when I was trading in sim, I also took a lot of setups which did not end a succesfull trade ( offcourse now also a lot ;-)). Then when I was in, price halted and would take my stop out. I think it can help when you see a particular setup, which you think will fail, and imagine a past experience where you thought " %$#& this ain't gonna work, got to get out ". And then you can take the other side.

An example attached in the chart. This morning I saw 6E made a pullback, but some voice in my head said : " this is not a trending morning, so it will probably fail". ( Offcourse we always have doubt, but just for purpose of showing to you ). See the chart for what I used to think when I was in such a situation before, bar for bar. The red numbers in leftcorners shows what happened bar for bar

But I must say, I didnt take that opposite trade although I expected the pullback to fail, haven't investigated it enough to trade it with confidence.

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YTC Price Action Trader (www.ytcpriceactiontrader.com)-b1.jpg   YTC Price Action Trader (www.ytcpriceactiontrader.com)-b2.jpg  
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Old September 8th, 2011, 08:44 AM   #47 (permalink)
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In addition, what I meant was that you can think in advance which setup will fail ( in this context, market invironment ) and wait for other traders ( novices )to take this low probability trade, and wait for it to fail. Where will they bail out?

Thus in a trend wait for countertrendtraders to try to pick the top or bottom. For a BOF( failed breakout ) wait for breakouttraders take the break-out which fails
So key lies in recognizing the failures in advance, identifying the weakness. Learn to see other traders take a certain trade, and see if that trade will fail. Offcourse sometimes the failure fails, and the original premisse resumes. Then also the failed failure can fail etc.
For example, a test of SR fails, and becomes a pullback with trend. When the pullback fails, 123 pattern traders jump in. When the 123 pattern fails, we can see a 3 swing pullback form. When this one fails maybe a flag/triangle forms....etc. And this phenomenon take place in every timeframe imho. Thats why we can see a simple pullback from on the 15 min chart, containing several swings, double tops/bottoms and other patterns on a smaller ( or higher) timeframe. Eg the 1 min chart.

You have to make yourselves a lot of these mistakes to recognize it are mistakes.


Last edited by Zwaen; September 8th, 2011 at 08:56 AM.
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Old September 8th, 2011, 09:17 AM   #48 (permalink)
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I think its important too to use lower time frame charts like range, tick or volume charts. So you can see what happens indside these zones.
Ive attached an example from the Bund, which reaches a supply area and in the lower time frame you can see how it formed a base there and broke out to the downside. When to enter is difficult, do you wait for a confirmation or do you enter exactly in these levels?

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YTC Price Action Trader (www.ytcpriceactiontrader.com)-bund.png   YTC Price Action Trader (www.ytcpriceactiontrader.com)-bund-ii.png  
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Old September 8th, 2011, 10:51 AM   #49 (permalink)
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Zwaen View Post
You have to make yourselves a lot of these mistakes to recognize it are mistakes.

I am envious. You have probably read Blink by Malcolm Gladwell? His book is the main reason I decided I could handle price action trading. He describes psychologically / scientifically the 'little voice' and how it comes about.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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Old September 8th, 2011, 11:33 AM   #50 (permalink)
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Envious? Well I don't earn 1$ with it LOL
But I think it is just something we all devolop with screentime, and I have a lot more hours to go btw

Just like if you have a new girlfriend. First you have to know each other, but when you know her for a while you sense " something is wrong" if even she closes her eyes some millisecond faster than normal, or her voice changes 1 tiny pitch.

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