Tutorial for Traders: How to Read a Price Chart
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- 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.
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
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I can't imagine how this level of content is free laying around in the internet. Already told you Thomas how much I'm thankful for finding your channel. Respect you a lot. Great video.
Wow, thanks for such a great feedback. Always nice to see you here getting better : )
I've been waiting for a video explaining and showing your rules. It's hard to determine them while trading live. I've found that determining trend lines can be harder than I originally thought.
I have a video - Market rules explained - that covers that aswell. Finding trendlines it is not that hard but it is skill like any other, it gets so much easier with a little experience.
Another fantastic tutorial Thomas, will be watching this multiple times for it to sink in.
Thank you! It is good to hear the video is helpful.
Answered many questions. Great video, much appreciated.Thank you Thomas
It's very helpful info. Keep the videos coming.
Like it thank you
Hi Thomas we really like your videos.
I’m going to watch them all. Where are you located? Are you giving courses? Thanks. Rita Jonas
Hi Rita, thanks for the positive feedback. I am in Prauge, Czech Republic. Right now I don't sell any courses. But people are more and more interested in some more in-depth content so I will probably have to create a website and work there... we will see. Right now I am trying to share my knowledge and experience in these free videos.
thank you sir
All the best
Thank you bro!
Your best video so far. I've been following you since you started posting videos and you nailed the explanations this time.
Thanks!
11:34. Is this a reversal? F2ES. I was wondering why we couldn't take that one?
There is a F2ES all the way up where I mentioned the 1EL. I wouldn't like taking reversal pattern there because by that time price moved too far up. Reversal pattern shold form close to EMA without price pushing too far up. Not that it is wrong to take it, just more aggressive.
Hi thomas, did you try scalping 4 ticks before? when you went for 10 tick profit target what was your win rate?
Hi, yes I did. My win rate believe it or not stayed or even improved. Because I became mentally more stable.
There are 2 reasons why I went from 4 ticks to 10 ticks scalps:
1)If I follow the rules and I take the trades at key entry points, the trades work for much more than 4 ticks, even much more than 10 ticks. I just like to scalp even If it is now key entry point so 8-10 ticks is the sweet spot. I was just tired leaving money on the table when going for only 4 ticks.
2)Mental side of trading. When I was only going for 4 ticks. I could have 3 winners and give it all back in just one looser. And after that happened I got frustrated and started trading like crap. When I go for 10 ticks and I know that I can get my looser back just with 1 trade I feel so comfortable that I still trade mentaly strong and in the zone.
@@ThomasWade Thank you! Yes you are correct, we can scalp for 4 ticks and have a 75% winrate and still not be profitable because of the bad risk-reward ratio. Happened to me many times where I get 3 winners and 1 bad loser wiped out all my gains. I might try 8-10 ticks in the future.
Hello Thomas, In first leg of bull correction if an outside bar is formed, is it an end of leg one or how to count leg in case of outside bars, can you help please
If I understand correctly it is end of leg one and we expect second leg. Rules are the same even with outside bar.
@@ThomasWade Many thanks, really surprising, how you manage to promptly reply to the queries of your viewers of your channel, Great
Hi Thomas, Prices form new extreme after break of trendline, is it same as saying prices test trendline after break?
I would say yes. But the main focus is for prices to create high that is higher then highest high inside of the channel. Vice versa for bearish bias.
@@ThomasWade really appreciate and thankful to you for answering my queries, greatly admire your immenselt useful and knowledgeable videos in your channel.
Which time frame ?
I trade 2000 tick chart. 1-5 min are good
Ok thanks @Thomas
I trade 1 mint time frame
1 mint time frame 20 EMA also work or not? Plz make a video 1 mint time frame tight entry and which scenarios enter the trade after major red news like spike candle and full bullish bearish etc candle .
Your all price action video on 1 and 5 mint time frame consept
@@ARSHIA819 Concept is exactly the same, still 21 bar EMA and still price action rules.
Talking way too fast...please slow down