How To Predict Directional Bias Of The Market

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Important Price Action Rules - rb.gy/eh8w
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Date April 22 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.

[@JW-ke9ed]

Thank you, Thomas, I always appreciate your commentary on the day's price action. It really helps to reinforce the price action rules.

[@darylbaptie5159]

Thanks Thomas, yesterday I had a terrible read of the price action and got whipped sawed by the market, all a part of the journey I guess!

[@chiken234]

Thank you Thomas!

[@jonq21]

Thomas I appreciate you always doing this. Ive told a lot of people about you. I hope things are going well

[@Archer441]

Thank you 0-1 today. Seemed like a continuation of Friday

[@rubenjuarez9713]

Thank you Thomas

[@Robby.J]

Great video Thomas thanks, one question though, at 11:42 you draw a down trend connecting the first two highs (the over shoot high and the first pullback). Do you always connect the first two?? because if you were to wait for that third pull back to draw the correction down, you would have never seen the break and new low, which would make everything confusing!

[@zenoo514]

Why should he wait until the third swing to draw his chanel? Normally in a correction you draw your channel tighter, but in this particular case because of the overshoot he drew it wider because he anticipated a more powerful correction (an overshoot often creates a more powerful correction, a break and sometimes even a reversal).If he had drawn his channel through the third swing, he would have left too much space at the top with an untouched second swing. A channel should always embrace the price as neatly as possible. But in most cases you should never ignore the second swing unless the trend is powerful and the trend structure still makes sense in context.But all this comes with experience, you learn to recognize the context and how to act in such and such a context.

[@imranhussain1307]

What is the best tick chart for scalping in gold? 2000 tick for gold is too slow. What is your suggestion on it.

[@ThomasWade]

The reason why we trade 2000 ES is because it is not too slow so it gives lot of setups, but it is not too fast to create fake outs and make it hard to trade. It is similar to 1 min. So I recommend starting with 1 min gold and looking for tick chart similar to that.

[@kobuserasmus9185]

Hi Thomas. Thanks for another great video. What is your average stop loss and target? Thanks

[@ThomasWade]

SL always goes 1 tick above/below the signal bar. Target profit 8-10 ticks.

[@kobuserasmus9185]

@@ThomasWade Thanks for the reply. With the stop loss 1 tick above/below the signal bar. Do you have a max stop loss value or will you risk more than 8/10 ticks when the signal bar and context is good?

[@ThomasWade]

@@kobuserasmus9185 I will risk more than 8/10 ticks if context is good.