Day Trading With Price Action - Scalping Mastery

Free Trading Training Content
Important Price Action Rules - rb.gy/eh8w
Simple Guide To Trading - rb.gy/sypf
The Best Trading Pattern - rb.gy/hdkd
How To Count Entries - rb.gy/kptd
Two Legged Master Setup - rb.gy/x6vq
Money Management Rules - rb.gy/lnce
Instagram - / realthomaswade
Twitter - / iamthomaswade
Facebook - / wadetradingacademy
Date May 13 2024
Time frame - 2000 tick chart
Instrument - S&P 500 ES Futures
Indicator(Supportive) - 21 bar EMA
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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 retail traders is to follow their footsteps and get the piece of their movement. As price action traders we need to find the most profitable ways to enter trades. The highest probability setups are 2nd entries, its variations and confirmations setups at the key entry points.

[@joeluv017]

Please continue to admit when you didn't take any trades. It's very helpful and a confident build on our reads! Awsome analysis and appreciate your dedication. Thanks!

[@SuperRafarox]

Great lesson, Thomas! I’m exciting, my thoughts about the market structure was exactly the same yours.

[@marke3470]

thanks for the frequent updates

[@lexlutherk1ng97]

Thanks Thomas, only took the HL towards the end, and only for one point, still better than none.

[@jerryjohnson3801]

great video keep up the good work

[@zenoo514]

Thanks Thomas !

[@kurtcraig9059]

Thanks again for the recap...good examples of when not to take a trade

[@gottschalkphilipp5285]

Thanks Thomas ✌️

[@ravimehra8860]

Good trading sir 👍

[@spyguy4278]

Thanks Thomas! Not sure if you saw NQ today but it was moving a bit better than ES it looks like. Either way looks like slow summer is here already. Might still be some action this week with PPI/CPI coming in!

[@DT299_]

👍Thanks

[@JOhnnnnny611]

I think a lot of people get trapped on the first 2 el of the day at open. it would’ve been nice if you went over why the wider channel wasn’t valid

[@spyguy4278]

The one at the open basically? I think the downtrend is still in play, not a 2 legged pullback.

[@ams4225]

Almost got trapped there. Downtrend in play. Besides, dont trade at the open, or 5 min before and after. Lots of fakeouts.

[@ThomasWade]

Its close to double top and it looks like the downtrend is still in play. The second leg down is so much longer, therefor it looks like that is the point where downtrend starts. But mainly it was around the open which we don't trade around the open due to spike in volatility.

[@Forex-View-oe5gv]

Love You from Pakistan 😍♥

[@Johnnynandez]

I took that 2ES fbo

[@czr1_]

Thomas how come you didn't consider the 2EL off the open? There was clearly a strong bullish imbalance as evidenced by the EMA and while you can say there was two-legs up already from the low of day, the broader bull channel was very neatly fitting and honestly confirmed. I can see that the second leg of bearish correction before the 2EL triggered was larger than the first, but given the imbalance I did not think that was an issue. I am fine with accepting it as a losing trade, but I am just curious what is your reasoning for not considering it? It felt like cherry picking for me to not take it. Thank you!

[@ThomasWade]

Its close to double top and it looks like the downtrend is still in play. The second leg down is so much longer, therefor it looks like that is the point where downtrend starts. But mainly it was around the open which we don't trade around the open due to spike in volatility.

[@czr1_]

@@ThomasWade How long would you say you stay flat before/after the market open? I took another losing trade today on the 2EL HL FBO at 9:31am EST, and again it was right after the open; otherwise I think it was a strong trade. I am thinking I will give myself a defined window to stay flat into and immediately following the open moving forward. Thanks Thomas, appreciate it.

[@ThomasWade]

@@czr1_ Few minutes before and after, you can wait.

[@frank-gf3pf]

Hey Thomas, thanks for the video. Your daily analysis shows so few setups that would have failed. I mean, I can’t help but think that there is some bias from having seen the results. If not, the strategy would have like a 95% win rate, which I think we know it doesn’t. So, my point is, it would be very helpful if you could include more setups that could be considered, despite ending up being losers from time to time. It would help because, if not, you may continuously show risky setups that today are winners but tomorrow losers. I think there are very few setups that fail in your daily analysis. Just a thought, I don’t know. Maybe you just are, in fact, that good of a trader (which you are) and that’s impressive. I would love to know your thoughts on this, cause I don’t know, maybe it has or should have such a high win rate. Either way, I love your videos, you've helped me a lot, and I’ve been learning from you for a couple of years. Thank you.

[@spyguy4278]

I believe Thomas does have a 95+ win rate, if you watch Macks videos as well he claims 90%+. Thomas especially is extreamly patient and I'd believe 95%+ win rate.

[@ThomasWade]

The goal of these lessons is to show how price action developed and what are the best trades according to this strategy. I often point losing trades if they are good. Many losing trades however are caused only due to lack of experience by beginners. You are probably new trader here so it might be confusing. But with more time it will all click and you will understand why we go through the price action and looks for the best trades.

[@ams4225]

It feels like in todays price action you need to milk the setups, therefore its not a good trading day. And i wanted to ask you Thomas, for how long you are trading?.. When you started?.. thanks.

[@ThomasWade]

Hey I have been trading around 10 years now.

[@ams4225]

@@ThomasWade and how many years took you to become profitable?

[@Thereal750]

Hey, I am having trouble understanding what failed second entry is. Can someone explain?

[@ThomasWade]

F2E is second entry under wrong context. For example when uptrend reached a new high, 2EL below EMA may be a trap because uptrend is over and reversal can happen.

[@Thereal750]

@@ThomasWade thank you. Do you have a video explaining how this is confirmation for a trade?

[@nizamuddinchesam5687]

What time frame and EMA ?

[@ThomasWade]

2000 tick chart, 21 EMA.