Monday, June 22, 2009

The Focus

Small update. Just wanted to mention that the real stock trade that I went with (DRI) is still active with a long position from 33.54 in my demo account. The other play KIM was off a speculative idea I was messing around with but ended up scrapping. DRI is off of that intraswing S/R test idea i've been working on, with the trend.

My focus is on trading pure price action setups. I feel that's where I need to develop my skills and kill my reliance all together on indicators (save for maybe 1 MA). So i'm focusing on inside bar fakeouts, pin bars, and my fakeout signals for potential trades. The other thing is that i'm going to be slowing down the action. 1 HR, 4HR, and Daily charts for me for the time being. I stumbled onto http://www.learntotradethemarket.com which focuses on trading pure price action in the forex markets and ironically enough he uses the same idea i've been developing (he calls them fakey setups). But the main thing is that his setups and trades are the kind of stuff I want to exploit. I am planning on signing up for the course as its relativily inexpensive and its building on concepts and ideas that seem sound. Check out his youtube channel here for some of his trade ideas... I really think they have merit. http://www.youtube.com/profile?user=OzTrader&view=videos

So, other than that, i'm just in rebuild and relearn mode for the time being. I'm not live in any markets (including Forex) and won't be until I can cement a method down without relying on indicators.

If you guys know of any other good price action trading resources let me know!

In other news, there were no valid trades based off the scans tonight for equities tomorrow.

Positions:

DRI @ 33.54, Stop 32.25, Target 36.81

3 comments:

Syed Omar (Hilmy) said...

you heard the saying 'those who can't do, teach?'
i went to the learntotrade... website and the stuff he has in his course you can find at any public library. You be better off googling free stuff. i have spent $ on similar training. i've been down on similar path..and trust me, these 'mentors' are f'ckin jokes, they just regurgitate the same shit that we can find anywhere.

Michael said...

Matt,

The absolute best "price action" teacher is Steve Nison. You can get his stuff cheep on eBay.

Good Luck!

Matt said...

Thanks gents. I'll check out the Nison stuff... i've heard the same thing about his candlestick work.