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The more time you spend on reading charts, back testing, looking for patterns etc. I know that for newbies this does not make any sense. Been there, done that! Price Action is Many Things Price Action is many things but in the end it is all about identifying possible market incidents! For me, it is about answering the following questions to begin with: In addition we also have our own rules that works well with our own unique strategy and hence, we have some other questions we have to answer before we are able to take action!
Of course, these rules vary from trader to trader but Thomas K. Carr suggest at least 3 rules and I totally agree with him. Can I Use Indicators? You want to base most of your analysis off of the charts and the subjects I brought up above. Spending time on interpreting or 10 indicators will just not work out for you. Furthermore, I believe that anything on the chart that gives you any hints about the market is actually an indicator.
Candlesticks, support and resistance lines, the price, the time, the trend and you name it. So we already have plenty of indicators right there on the charts! Video Walkthroughs I will share what I know through videos because it is easier than writing. The best way to approach this subject is to break it down to smaller subjects. Please do share your personal diary so you can learn from your mistakes and help others in the process.
I just want to share my experiences. Trends — What do I look for? Patterns — Time and Retracements 4. Putting it together in action You can ask questions here! Stay tuned for the first video Latest article on Price Action: Great Okane and Thanks, looking forward to see the video.
Thank you for your tutorial video Okane, I'm learning price action and this really helps. Looking forward for your next videos. May edited May I mean it was a good opportunity to put for a downtrend? That's not how it works. You don't set expiry based on just a time frame.
Please watch the video at least a few times before asking questions. Some of the things you wonder might already be seen in the video. I have spent time and made an effort to make these educational videos so the least I expect is that you also make an effort and take a look at them thoroughly and carefully. Of course, if you still have questions feel free to ask but see if anyone else has already asked the same question before you or not?
I will try to make it today so should be up this week , I've been so busy, sorry for the delay. Im curious about it too. Thank you for your patience. Video 2 is done and will soon be uploaded. Please re-watch lesson 1 and also watch the new video at least a couple of times and give it some time to sink in. If there are things that are unclear let me know! There will be at least one more video coming up, so the series is not finished yet as there are many subjects to talk about.
Video 1 and 2 are now both available on YouTube. Please watch them several times because there are so many details. Let me know if you have questions and stay tuned for video 3. I hope you liked video 2. Video 3 is done too! It will be uploaded very soon. Sometimes I have to re-read a page to grasp what was said, and I may read all three of these books over again just to let it sink in.
They are hard to read, but they are the best source of what price action is to me. I will be applying some of the concepts from those books in my trading, and I will do it as I read the books, so bear with me it may take a while. So lets have a look at what I did today, this is the first day I started trading since I stopped when the markets were getting a bit crazy and scarce.
One thing I do not do is trade during December; everything just seems sporadic to me so I stay away. Plus it gives me time to focus on family and friends; otherwise my head is stuck in the books lol. Anyways I made four trades today, and three of them were ITM. I have made a slight modification to my charting setup, nothing big really, just I changed and added an extra EMA to the chart.
Once it reached it again I waited for some other form of confluence. We can see that the overall trend was down, and there was a bearish inside bar that formed after the candle that reached the EMA. To help things out further the Value Chart was at the level which also signaled a possible overbought situation. I placed a Put with a 10Min expiry and it was about a 4 pip win.