How to Find a High Probability Trades while Trading
ฝัง
- เผยแพร่เมื่อ 17 ก.ย. 2024
- The only people who know where the market is heading are institutions. They are the ones who make the market move and our job as a retail traders is to follow their footsteps and get the piece of their movement. As a priceaction traders we need to find the most profitable ways to enter trades. The highest probability setups are 2nd entries at the key entry points.
Date March 1 2021
Key entry points are:
1) Trendlines - after a break we expect a correction or retest of a new extreme
2) Support and resistance lines - most breakouts of trading ranges fail
3) EMA - 21 bar settings
The reason why we look for 2nd entries and not 1st or 3rd entries is tied directly to human psychology.
If you are interested in learning to day trade stocks, forex and futures SUBSCRIBE to the channel and I hope you enjoy the videos!
The best way to became consistantly profitable is to learn to read the chart in its purest form. There is no holy grail or set of indicators that can make you rich without work. Learning to understand how prices move and why they move is a learnable skill that anyone can achieve.
OUR PRICE ACTIONS RULES WORK IN EVERY MARKET AND EVERY TIMEFRIME.
Priceaction is universal and technical analysis patterns repeat over and over again on consistent basis.
Trading with a fear is the most common fear most trade have. It is crippling and can get your mind frozen. The key to consistancy is to be emotionless and fear nothing in trading.
Key rules of our strategy:
1) Second entried in the direction of a trend
2) Trendlines
3) Failed breakouts
4) Failed second entry counter trend
5) Support and resistance
Target Profit - 10 Ticks
Stop Loss - below signal bar (around 10 ticks)
Overall market context is more important than individual patterns.
Technial analysis works and it repeats over and over.
#Daytrading #TechnicalAnalysis#PriceActionTrading
I had my first straight 5 wins using this strategy on my trading view demo account. Thank you so much. I am now able to put together everything I learned over the last 8 months from many prominent trading masters. I believe that I should be able to go live very soon
Thanks Thomas! Love the consistency!
I've been binge-watching your videos. I knew about the strategies/rules from Mack. But your videos really make it obvious and it really helped cemented the foundation. I'm glad you showed us nuances and also your losers, and tell us how to avoid them. Thank you, Thomas! Looking forward to more live trades.
Also thanks for the tip of adjusting my risk-reward ratio. I was really having a hard time scalping just 4 ticks and losing 8 ticks, and most of the time SL is bigger than 8 ticks. Sometimes I lose one and I have to win 3 times just to break even (because of the commissions).
Now with a bigger profit, one loser won't bury me deep and I can still recover the day.
I am glad you like the videos. Excactly, scalping for only 4 ticks was also the reason why I wasn't consistent. Really 1 looser can wipe ou 3 winners and that is insane.
thnx man...most people makes it complicated but you explained it very clearly..I use similar set up..trendline, ema, mean reversion, sometimes fib for swing high break reversal..ie..113.6 and 127.2 reversal
you are my number one for YT videos..... keep up the GREAT work.... thank you
Haha thanks for number 1! :)
Nice and learning video ,thank you sir
Hi Thomas and thank you for everything you are doing for the community ! I have a question concerning the stop loss , when you said "Stop Loss - below signal bar (around 10 ticks)" does that mean 10 ticks below the signal bar or all the stop loss must be 10 ticks ? Coz I was backtesting the strategy and I found that sometimes the signal bar size is more than 10 ticks.
I noticed also that placing the stop loss 10 ticks above the signal bar resulted in more winning trades. Your opinion is much appreciated ! thank you
Stop loss goes always 1 tick above/below the signal bar. Doesn't matter how big the bar is.
I said it should be around 10 ticks because that is on average what your SL is going to be, not a rule. 1 tick above/below bars. You can see my live trading to see how to manage positions.
hi thomas your lessons are really relevant, and thank you for a great job. I would like to know if you give training on price action outside the TH-cam channel?
Not yet, but since people are asking me I am going to pay somebody to make a website and maintain it. And there I will do more in-depth content, consulting etc. I will do it after I have reached 1000 subscribers, that was my initial goal, just to see how people react to my video. We will see...
@@ThomasWade ok thank you
Hi, Thomas. What's your opinion about trading the same strategy(2LPB) with NQ? Maybe you will make a video(s) and explain your point of view about NQ market. Where you will set your SL, TP, Scalp size, R/R, etc. Talking about volatility, it's good or bad trading ES vs NQ. I would like to hear your thoughts and some trade examples, even on a sim account.
Thank you. Keep going with your cool work.
For sure you can trade it on NQ. Price action works in all markets. In fact one trader that I talk to regularly trades NQ 1 min chart the same strategy and he is doing great. I would just prefer to find some good tick chart, that mimics 3m chart or 5 min chart. I just really like tick charts, they give us a little bit more detailes, but time charts are fine aswell. When it comes to money management, you have to find that on your own. Just try to gauge what the average stop loss would be and make your scalp similar size. MM is going to be slightly different in each market but the idea is the same, scalp and run(swing) portion.
Thank you for your answer.
I've been memorizing your strategy but the setups and reversals are not like you instruct at all. Is it because I'm trading crypto? Have you traded crypto and has this worked for you? Any feedback would be much appreciated!
I am not a big fan of crypto day trading.
Hello sir how can i add tick charts to tradovate? Or trading view
I don't think tradingview has tick charts. 1 minute is similar to 2000 tick chart I use. Overall 1-5min are great.
So Thomas, can you explain to me why in this case you are drawing the trendlines on the pullbacks instead of the up moves?
just
like thanks
Did you learn this from PATsTrading?
Yes and Al Brooks. These two price action traders introduced me to price action so my style of trading is derived from these two traders. I just had to adjust some things and add what I have learned.
What timeframes are trading
This is 2000 Tick chart. Similiar to 3 minute chart I would say, depends on the volatility.
8:01 "we're just trapping the people who dont know what they're doing and we're taking advantage of them" man, trading got dark fast lol
Not really, same thing happens when we have a loser.