xray ji,
thanks a lot for providing the information you gathered from experience in this thread. (which is by far much better than knowledge from books)
I had a few doubts, pl answer whenever you have time.
1) As a price action trader should we concentrate on only single setup or keep on looking for all types e.g BO, BOF, TST, pinbars, patterns etc.
2) I think majority of PAT in this forum are using Trading time frame of 3-5 min. Your advice for people who would like to trade positional, which time frame is better suited (30 min / 4hrs). what would be the advantages / disadvantages for using bigger time frames.
3) some valuable advice would be highly appreciated (how to develop own complete strategy with PAT). With mechanical systems it is easier, but with PAT i am feeling every trade requires its own stoploss & different RR in each trade.
Questions are bit subjective, but whenever time permits pl provide your valuable guidance.
THanks
First of all thanks for the kind words..but i have gathered knowledge from books and some useful posts of this forum and internet source my observation on charts
1.Price action is not BOF,BO,BOP...which many people think...best way to do is Top down approach,with in this trade the above pattern/s..it is not at all good approach to trade with ORB,BO,PDC,PDL etc...blindly
2.Again answer is same, follow three trends 1.Longer 2. Medium 3.Short term..trade in the direction of larger time frame..For positional what is your TTF(Trade time frame) first determine this .. for Example: if TTF is 1 hour for positional and then daily chart will be medium term and weekly will be your long term..
I use 1 hour chart for positional trade/s
3.Even with mechanical system also you spend your time on gazing on indicator..like divergence(regular hidden),over bought or over sold..zero line cross overs and best part is you will spend your time in screwing indicators or jumping with different AFL's.Any price action setup will have very good RR ratio..provided you follow top down approach
How long it will take to develop a system?? it depends on your time and energy you spend on chart reading !!!
Also refer previous post/s in this thread..where i answered similar query.
Hope this points serve you for better ways....