Does PRICE ACTION Work In All Markets And Timeframes?
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- เผยแพร่เมื่อ 26 ส.ค. 2024
- This video highlights one of the best scalping strategies that can be used in day trading. Whether you are trading forex, crypto or indices, this Scalping strategy will work incredibly well. This Scalping Strategy also works on any time frame and can turn into long term position holding.
Price action describes the characteristics of a security’s price movements. This movement is quite often analyzed with respect to price changes in the recent past. In simple terms, price action is a trading technique that allows a trader to read the market and make subjective trading decisions based on the recent and actual price movements, rather than relying solely on technical indicators.
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.
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#Futures #Stocks #Forex
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I know this strategy well, but I will still watch this video everyday to cement this strategy into my brain so I stay consistent. Thanks, Thomas!
May I ask i you are (still) profitable?
@@jasperbramer3889 I have religiously followed this system for three years now and am doing better than I could have ever imagined I could. The truth about trading is that you can use almost any system out there so long as you have a strong ability in whatever you use. Bruce Lee famously said.." I do not fear the man who practiced 10k different punches, rather I fear the man who practiced one punch 10k times". Pick one system that you feel suits your personality and marry it. Keep your risk low (1-3%) to eliminate fear and realize that Trading Is Not About Winning or Loosing ..Trading Is About Probability...Do not worry about your win record. Keep a good track of your losing streak record. If you are losing more than two trades in a row you are not seeing things correctly and must practice your fundamentals better. Good Luck!
@@bobmarslek15 Thanks! I’m still learning some things from this strategy which I combine with what I already know. I really hope I can look back at this in a year and see the progress I’ve made.
Good luck on your trading journey!!
wow..can't believe that I have to rewatch your videos daily and refresh everything again. thanks W.
Awesome. Going through your videos everyday, even repeating the same video all over again. Currently practicing all the lessons I've obtained here. Thank you, Thomas!
Is this the one you watch daily?
Thank you Thomas for being consistent in making videos on 1/3/5 :) awesome stuff as always :)
Great Video. Whenever you make your next video I would request you to use Nifty 50 or BANK NIFTY as your example chart because that chart is hard to read as it frequently gaps up or gaps down, shows wild movements as well.
Make sure to trade markets that are liquid and regulated.
Very cool and inspiring to see that PA works everywhere
awesome, just awesome. this really sends the point home. 2LPB's really work in any market, and any timeframe. Thanks Thomas.
Just for curiosity what is 2LPB's
@@samchan9616 Two legged pullbacks
Thank you for all the work that you do, Thomas. I find listening to your videos while setting up in the morning helps me get into a rhythm to work with while I'm trading. With regards to trading different markets, how would you go about deciding your scalping target? Take care.
I would use ATR indicator and try to figure out the average bar size. You need to calculate what would average stop loss be in that market. Once you have average stop loss you should try to reach 1:1 R:R. May not be perfect, it is completely ok to be just close to 1:1.
Great video again, constantly blasting the brain with the rules of price action
You are right! Thanks again, Thomas.
Thanks Thomas! Found my answers here!
Amazing video as always. Thanks Thomas !
thank you so much Thomas for all your content, it is really helpful. Could be a stupid question but I am a little confused when you are counting the first and second entries,. let's assume you are counting short entries, sometimes you are calling them when it is only red candle as a short entry, and sometimes you call it when it closes below the previous candle. can you please clarify that for me. it would help me a lot. I also wanted to join your course, but it is indicated that NEW Sign-ups are CLOSED for now. thank you very much.
Great question. In perfect world we would have textbook entries below bearish bars when going short. But there can be bullish bar and if we trigger below that bar we have to count it as an entry. So for technical reason we count even below bullish bars. But when we want to enter that trade, we need to see momentum confirmation so we only want to sell below bearish bar and not below bullish bar. It is not a course, I make more in depth videos there, chart review on Tues and Thus and community. Right now new sign ups are closed but don't worry. Just keep watching the free videos and study you charts at the end of each day. Maybe one day you can join, there are going to be plenty more material.
Very interesting! Thanks for the input as always.
Nice explanation.
so easy to explain history
Thanks brother great video.
Nice vid Thomas 👍
Great Video Thomas, thank you for putting out such great content. Would you be able to point me toward one of your videos that may go over how to find out when an up or downtrend has played out when its live? I'm still struggling with this and I would appreciate your insight. Thank you!
Hey Michael, I guess I don't have a specific video about this one yet. But mainly of course after a break of a trendline and new extreme formed, current trend is considered over, at least temporarily. After that you expect correction or straight up reversal. That is the point where you know the trend most likely played out. What can happen, if it is really strong uptrend day, market keeps making new and new extremes. At that point you don't even need to find perfect channel you just focus on the EMA and overall bias.
@@ThomasWade Thank you for the reply, this really helps a lot! Its going in the notes.
Thanks. Good to know.
Thanks for the video. One thing I want to point out is that the trend line you used around 6:15 for AAPL are not clear yet in real time for the first 3 or 4 entries so that could not be used an key entry points?
From left to right. The fourth transaction marked (red arrows). Is it LH or 2ES? You said LH. I think I understand why you said that. From the breakout minimum is it 2ES ? If you look at a larger model, it can be called LH right?
It is both. 2ES and LH. Sorry to confuse you a bit here. It is 2ES from the minimum. But when it comes to price action and confirmation of the trendline, this was LH of the bounce earlier. It is 2ES according to rules.
Your work is amazing Wade!
I dont have access to tick charts on my trading plattform, and find myself closing positions premature. At the moment the aim is to peel 50% at 1R and hold rest into measured move. But I find myself close to quick in response to minor volatility.
Besides developing confidence in the setup do you think my way of peeling / closing the trade is appropriate for a newbie (understand this can be discretionary, but Im leaving lots on the table).
You take 50% of your contracts at 1:1 RR?
@@ThomasWade Yes, or like close 50% of the position (I trade stocks).
Thank you, how about forex markets?
Works as well.
Hi Thomas, Thanks for sharing Knowledge, Can you please tell me which platform and Tick indicator you use?
I use Ninjatrader. It is free indicator in the platform.
Morning brother! If i join your forum can we watch you trade?
Hi Lance, unfortunately no. New signs up are now closed. You could check out byebyemoney. Trader who streams everyday on youtube similar strategy, just uses slightly different money management.
When do you take first entry as apposed to waiting for second entry ?
First entries can be taken if the setup is breakout pullback or fading the breakout for example. First entries can be reliable in some instances but it requires lot of experience and overall it is better to wait for second entries.
2m-14c. From the double vertex, the sixth transaction.(From left to right) You said that LH. Why? It's not clear to me. LH should appear after 2ES according to the rules. I see it as 2ES . This is 2ES=LH. Look at the previous fifth. Here I understand that LH is. And in the sixth it is not very well understood. In the fifth transaction, LH is present. Why didn't you mark it? She appeared after the 2ES deal. Here LH=F1EL according to the rules.
We can sometimes call 2ES(the second short) LH (high low minimum) The main condition is that the lower minimum must be lower correctly.
You are correct it is 2ES. LH is not just after 2ES but also after failed breakout or double top. I treated it as a double top and called it LH, but it is 2ES you are correct. 2ES can be called LH if it is below the 1st entry. You said everything perfectly.
4m-20s. Is it 1ES or 2ES down ? If the large model is 2ES. If from a breakthrough, then 1ES.
Just a 1ES, but it looks like two bigger legs on a larger scale.
Does the EMA timeframe change in these different markets or is it the same one?
still same 21 bar EMA
Like David said, still the 21 bar EMA.
there are several 2lpb indicators available on internet, have you ever tried one? are do you prefer not to use one to help spot setups
I have on indicator that trader created for the community but I have never used others that are on the internet. I think it is helpful to use that indicator, especially when you are learning. You never want to use it for taking trades but it is good for you if you are not sure what 2nd entry is and can be a good tool to help you identify the setup. Of course with time you want to trade only naked price action but it can be helpful. Unfortunately I cannot tell you which indicator on the internet is the best because I haven't purchased them.
Does Tradingview has 2EL or 2ES setup indicator?
interesting,.. would you trade any of those markets ?
I wouldn't. ES si very liquid. There are lot of trades and I have been trading this market for many years. No need to push other markets.
you can trade bitcoin/altcoins on weekends right?
24/7
@@altquad3759 whats the volume like on weekends?
@@bedorusrex I've never day traded crypto so I'm not the one to answer.
You can but I don't trade it.
Hello Thomas, as most of the second entries are for scalp in intraday, what it is in daily or weekly timeframe
I would use it the same way. Go for "scalp" on that timeframe. But give timeframes like this can be swing traded but I assume you would need to add additional reasons to hold the stock.
You can still take a small part of the move on higher timeframes.
@@ThomasWade Would do the same, thanks a lot
change from white back ground its bad for our eyes
I thought about it too but I am just too used to trading white one I must stick to it.