Thestrategylab – Price Action Trading
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Screenshot on the left represents what many users in the private price action chat room were able to see via screen sharing as a price action only trader that does not use indicators…
I took a quick screenshot for marketing purposes, for my own private trade journal documentation (other two monitors not shown) and for verification that I traded on that specific trading day I posted real-time trades in the chat room for those that were not in the chat room or not allowed in the screen sharing for whatever reason with others that were allowed.
I have many images like this of different trading days distributed on different webpages here at my website and at my forum via screen sharing just in case someone says they didn’t see any verification about price action trading without indicators.
Price Action Trading Analysis, Price Action Trading Strategies (PATS), Price Action Trading Chat Room and Price Action Trading Forum @ TheStrategyLab Review Price Action Trading
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Simple definition: Price action trading is a trader that does not use technical indicators or technical studies for trade decisions based upon price action analysis. Instead, a price action trader only analyzes price movement as its technical analysis without needing to use any type of indicators.
The above is a simple definition of price action only trading (no technical indicators). Unfortunately, there’s a growing number of traders the past few years that use one technical indicator with a commonly known price action method and then believe in error that it’s price action trading under the facade they’re using the indicator only as a “visual aid or to help put the price action within a framework” or “using the indicator for trend / range analysis”. In fact, it doesn’t matter what type of technical indicator it is (e.g. cci, stoc, macd, moving average et cetera) nor why you’re using the indicator…if it’s on your chart to help you make trade decisions…you can not call yourself a price action trader until you’ve completely remove all technical indicators or technical studies from your trading.
Unfortunately, there’s a lot of traders and vendors labeling their trading as price action because its a phrase that’s popular / great marketing to use and tends stay ahead of the negative bias against those that use technical analysis. Reality, many traders and vendors that say they’re price action trading are still using an indicator.
In addition, arguably, some pure price action traders consider the use of volume as an indicator while others do not. Regardless, I’m not going to play the technical indicator or volume bashing game because they are distractions that serious price action only traders should not be involved with.
Therefore, just be careful of those traders on social media, book authors, trading courses, vendors and any guru that say they are price action traders, price action traders of chart patterns, price action system traders, price action trading courses, price action trading systems, price action trading strategies stating they do not use indicators while they show a technical indicator on their charts (e.g. cci, stoc, macd, moving average et cetera) because learning such a method will continue making you dependent upon technical indicators via the belief you can improve the price action method by making changes to the indicator whenever you fail to reach your performance goals.
The scams are the traders that say / write (pretend) they’re only using an indicator as price direction without it having any impact on their price action trade decisions. Just as importantly, beware of any trader that talks about his / her trade performance without showing any screenshots of trade fills (simulator or real money) in their broker trade execution platform. In addition, be careful with trying to learn from a price action trader that tells you its the only way to profitably trade successfully.
With that said, there are primarily three basic groups of traders that are price action trading.
Traders that use charts…sometimes this is refer to as chart reading of price patterns or chart analysis of key price areas without indicators. These price action traders use supply & demand analysis, support & resistance analysis, volatility analysis, chart patterns and many other types of chart readings…sometimes discretionary, automation or a little of both.
Traders that use time & sales/bid & ask screens…sometimes this is refer to as tape reading or DOM trading (e.g. scalpers) involving order flow without charts (less popular today because of spoofing and the growth of algorithms / high frequency trading in the markets)
Traders that use both of the above as in charts and time & sales/bid & ask screens without indicators
Further, for each of the above types of traders…there are hundreds of different types of price action trade methods. In addition, if you’re using charts as a price action trader…you’re using technical analysis even though you’re not using technical indicators. In contrast, price action traders that are tape readers do not consider themselves to be using technical analysis.
Yet, my opinion is that price action only trading arise when traders were looking for an alternative to Fundamental Analysis or Technical Indicators while investing instead of day trading because a typical day trader does not use fundamental analysis although a day trader may pay attention to key market events (e.g. economic reports) that impacts price action analysis.
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