How To Find High Reward Setups - Price Action

Free Trading Training Content
Important Price Action Rules - rb.gy/eh8w
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Date April 10 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.

[@Archer441]

Thank you. Took the F2ES at 14:00. That was the only trade today.

[@darylbaptie5159]

Thanks Thomas! Lot's of great info in this video, it's helping a lot in my journey!

[@vamshikarra4691]

very informative and your narrative is so fluent 🎉

[@suecrewstudio8994]

very dificult day !!! Regards nice channel !!!

[@gottschalkphilipp5285]

Thanks Thomas ✌️

[@branch685]

Thanks Thomas.

[@DT299_]

Thanks

[@ams4225]

Very volatile day for me. No trades. You can get chopped easily.

[@ams4225]

Hi thomas :) 1st, perfect price action reading.. well done mate. Second, do you think that in a strong uptrend, like in 6:15 minute in video, we can use some shorten EMA like 9 or 14, thats fits perfect to the 2EL in video, and use it just in a strong uptrends, so we can sqeeze more trades in a day?.. Appriciate your answer if you understood me lol. ❤

[@ThomasWade]

I guess you could but from what I have seen, it still ends up working against you and in the long run you will get lot of traps because prices need to pullback to the 21 EMA. Not that I am against using shorter EMA but personally I won't. I will rather wait for real pullback because I don't want to add more variables to confuse me.

[@bmartz1492]

Can someone please explain to me what "first entry short, second entry short" means? I have paused the video and studied the chart and I cannot figure out what this means

[@ThomasWade]

Entry short means attempt by the market to continue its trend. If the trend is down, there is always going to be a correction. During the correction there are attempts to resume the trend down. Entry short is attempt to continue bearish. 1st and 2nd attempt. 2nd attempt is more high probability at key entry point with right context.

[@bmartz1492]

​@@ThomasWadethank you!

[@jonathanmezzenga2501]

I know you studied Al Brooks. What style trader do you think he was- scalper or swing trader? I know he mentioned he trades the 5m timeframe so probably swing right?

[@shivasainadhuni3602]

Scalper.. generally 4hrs is used for swing trading

[@RotatingLocomotive]

He mostly scalp and 5 minutes is considered scalping timefrime

[@jonathanmezzenga2501]

Okay, I swing positions with 5 and 10m positions. He mentions in his book you can swing with this timeframe but okay.

[@jonathanmezzenga2501]

If you are riding a trend with the 5m time frame, you aren’t scalping lol

[@ThomasWade]

I studied Al Brooks at first but I would say my style is more similar to other mentor I studied, Mack from Pats trading. I would say Al Brooks is actually bit of both. Sometimes he holds positions longer and sometimes he scalps but honestly, I haven't watched Al in quite some time. Even Al's swing trades are still on smaller timeframes like 5 min. Not really 1h 4h etc.

[@ninthfloor33020]

FIRST!!!🎉

[@muhammadhuzaif6970]

Thomas, why ninjatrader?

[@ThomasWade]

I like the charting and trade managament. Overal solid platform to use for futures. Also lot of custom made indicators on the market. It is not as modern but for price action traders who only need candles, solid.

[@skunkape5918]

☦🕊❤☦