TA Forex Trading

Hey Qui. One thing thats frustrated many a trader is finding something that works consistently for them as an individual. Whether its a tunnel, a TDI wave count, an indicator of choice, etc, theres one key component you absolutely must have...a mastery of pure price action. The tools that Simple developed are pure genius but you have to remember that any tool is just that...its an assistant in price action evaluation, not a stand alone signal to take trades with. Without my understanding of price action, my TDI wave counting system would be useless. I use the wave counts only as confirmation tools, not as a stand alone signal. And I have multiple methods for confirming what I see even then. The only way to learn price action is to start with pure naked charts...candles only....and learn to figure out why price moves like it does. It takes tons of hours. I personally have clocked in well over 10,000 hours of face time with charts studying over the years, looking at things like mathematical progressions, form, patterns, etc. Without that knowledge, I wouldn't be able to trade the way I do. Price action is king...everything else is secondary.

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Hahaha

Rofl! If you don't learn it Qui, you'll always be frustrated. Think about it this way...a skilled carpenter can have the best tools in the world at his disposal. But none of those tools are any good without the carpenter's knowledge of how the whole house fits together. Theres a flow to the whole thing from start to finish and the carpenter applies each tool as needed along the way. Trust me...theres not a single tool out there that will give you good, consistent, accurate signals on when to take a trade. It just doesn't exist, any more than a single tool exists that will let you build a house from start to finish. Multiple tools are needed, combined with an understanding of how the whole thing fits together in the form of price action. Its like buying your kids books and all the supplies they need for school but when they get there all they want to do is eat the glue...lol! Forget the signals from tools or indicators...let go and use the Force my young padwan. 😄

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Ok pennies.........what is your definition of price action?     

Oh good; simple candlestick charting which Steve Nison wrote a couple good books on.     I thought that by definition, price action was a visual display on a computer monitor of an orchestrated effort by the big banks to use predictable human psychology, and open/close gaps, plus alternating extreme opposing price zone targets along with the initial spread itself (their bread and butter) to keep everyone but them at a loss from the moment a trade is taken until the traders account is cleaned out and all moneys are pursed in the account of the broker.   

I see your point Quan but IMO you would think that the price always retraces back to the MAs and you can just fade that move but I've seen a lot of times where price just moves sideways until the MAs catch up to it then continue in the original direction thus no trade. That's 50/50 if you ask me.

Yep Heavy.......you are absolutely right and thus part of my frustration when trading.    When that happens, well that's when I find myself stuck in a longer term loser trade until the next fresh price zone gets hit or there's enough consolidation or other indicators of a potential reversal for me to "add to my position".     And if price doesn't reverse there, then that's why I don't take heavy risk trades, because I have to double down or even triple down sometimes hundreds of pips away to get back to even and/or profit.    There is nothing I've found that can be depended on even 90%.    Thus pennies high odds method is a good one as he is looking for as many reversal indicators as are available.   

He's just much better at finding them than I am.