MASTER Trading Trading Ranges Like a PRO | Trading TIPS
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- čas přidán 25. 08. 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 February 26 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
This was so helpful!
Nice job Thomas. I follow you, byebyemoney and Mack PAT to learn, each one of you teaches me a lot. I do also trade other strategies but on range days scalping is the way to go!
Thank you for the positive feedback. Yeah Pats trading and Al brooks introduced me to trading 8 years ago, so you are learning the good stuff : )
Awesome video. Brilliant spot of the break in the overall uptrend to explain those two legs to a new high. That's good stuff. Thank you.
That's what I mailed you about, thank you sensei
Thanks
Pretend we know nothing about TA and want to range trade stocks. Please be so kind and explain to us in the most simple and concise way possible as if you would explain it to a 10 year old, how you increase the odds of knowing when to enter and exit a trade in order to maximize profits as much as possible.
Your help would mean the world to me because these pandemic years have been extremely traumatic and tragic for me as I lost numerous loved ones and to cope, I threw myself head first into learning about when to enter and exit trades in order to increase my odds to maximize profits so you can imagine how I feel.
🙏
Hey Thomas! Do you line up the body's or the wicks when putting your trendlines on? Many thanks!
Most of the time the start of the channels is from the wick. But the second swing and other swings we try to connect bodies.
Of course it depends overall how the channel fits, you want to fit as best as you can but that is going to be most of the time by connecting bodies.
Only if I cannot find good trendline where bodies fit, I can take into consideration wicks.
Looks like 2b reversal patterns could also work at the extremes of the range. 🤷🏼♂️
hey Thomas. I see you always work with 21 ema but how come you don't add vwap? Wouldn't it give you more 2nd entries through out the day
I don't want to have too many indicators. 21 EMA works well for me so I stick to it.
Just question are your strategy is based on al brooks teschings?
I learned from Mack and Al Brooks. So bit Al Brooks yes but I like to focus on high probability setups. Al Brooks overanalyzes everything.
Are you using bearish bar opens to draw the trendline for down moves? I watched the trendline video but didn't hear you say anything about it. Just confirming it here. Thanks so much for your videos, they are really helping
Generally we draw trendline from the top wick of the first swing to the body of the candles. You want the following swings to touch with bodies. Of course you keep adjusting it as you get more price action to make it make sense. You don't have to be perfect, just close. Spike and channel can start from body to body.
hello Thomas, would you recommend that a beginner only take 2 legged pullback setups off the ema/trendline. Or should beginners be looking for other setups as well? I notice that perfect 2 legged pullback setups are rare.
I always recommend trading all the setups you think are the good ones. Because beginners don't have the experience to see the best setups yet. You are right, perfect setups are rare, because than everybody would be rich trading but if you want to be safe, just wait for setups at key entry points. They don't have to be perfect, but they are at key entry points.
But while you are learning, you need to get the most experience you can, and everybody always learns the most from loosing trades, that is why I strongly recommend on taking all the setups you think are good. You wil learn much quickly that way. Nobody is going to trade their first year profitably with real money.
@@ThomasWade thanks for the reply !
17:08
That small bar doesn't seem to be a second entry short.
The second entry short is the next big red candle right?
You saying the little doji bar was second entry really confuses me.
Can anyone please explain?
Thanks a lot
Below the doji, second entry triggered once the big bearish bar started forming and pushed below the doji. The doji was the second bar in the move up where there was triggerr below.
Hi Thomas, thanks for this explanation! I am correct to state that after a trend break, there will always be a new extreme formed? Is that what you are saying?
Yes, most likely.
@@ThomasWade cool, thanks for the answer! Is it also correct to state that it will almost be always a new extreme in the opposite direction, before going back into trend?
@@joosttoast8714 If I understand you correctly, you are talking about short term trends in bigger trends. At that case it may happen you don't get a new extreme, because trendline or EMA is holding and trend is too strong. If you meant something else could you please elaborate more ? :)
how do i work with you closely?
You can contact me via my website.
is it ninjatrader?
It is.