How To Read Price Chart With Price Action

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
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Date May 8 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.

[@ludiculouslazer8521]

Thanks to your vids I have stopped overtrading and can analyze the markets a lot better. You are giving away premium content for free.

[@kobuserasmus9185]

Thanks for the lesson. What gets me when the day is so slow is I’ll miss a setup and it frustrates me and then I’ll take a low probability setup that fail. I need to work on accepting missing a setup and sit on my hands and be okay with it.

[@timchurch2390]

I was stuck in that loop for a while. Part of what worked for me was getting my R:R positive so that the losses stopped intimidating me. There is more to it of course but just want you to know you can 100% get past that phase of missing the early good trades and taking the garbage NY lunch hour ones.

[@jadyjumo2229]

Love your content. I keep coming back to get educated by you and it never fails !!

[@ams4225]

Took that Double trap trade. The signal bar was above EMA, But the concept was clear. Great trade. ❤thanks thomas

[@darylbaptie5159]

Thanks Thomas for another informative video!

[@rubenjuarez9713]

Thank you Thomas

[@spyguy4278]

Feels like 3 slow days so far this week, hopefully things pick up! Thanks for the lesson!

[@TK23843]

Thanks for the lesson 👌

[@drawncinema2533]

Thank you Thomas! Hard day for me, I don't like slow days. You are right I tried to make the case better. Something to work on. Thanks!

[@kurtcraig9059]

Thank you very much for taking the time to cover the days trades

[@namnguyen-ci6xg]

Thank you so much!!!

[@fernandop7185]

This is a V reversal pattern.. Very rare and difficult to trade..

[@fl5408]

at 3:03 the uptrend needs new extreme and you said you want a higher low above the EMA. Do you want this higher low because it confirms that we are headed to new extreme? Or do you want the higher low because it confirms that the shortened downtrend that broke out the uptrend is over due to its own break new extreme? I'm still trying to learn how traders use these higher lows and lower highs and I am confused as to why we want the higher low after the 2EL failed and went below EMA. Basically, what I am asking is what the higher low is confirming exactly. Thanks.

[@ThomasWade]

HL is confirming the fact we expect new high to be made. We don't want to buy below EMA without key entry point so we like HL above EMA. Higher lows and lower highs are confirmation setups. Meaning they have to confirm something. 1) Second entry 2) Failed breakout 3) Failed second entry 4) Support and resistance bounce HL and LH are additional confirmations. Sometimes when we are not sure about the second entry or failed breakout we can wait for the market to confirm the momentum and enter after confirmation. HL and LH should form close to EMA preferably, once they move too far we generally tend to wait unless the trend is healthy and strong. Signal bars should be good. I would say that we don't look for HL LH at first, only when second entry for example is not forming so great and it looks sketchy, we can wait and see if HL LH will confirm it and give better entry.

[@fl5408]

@@ThomasWade thank you so much this is very helpful

[@manishtiwari3486]

Mr Thomas Wade Is this a 5 min time frame, or one min time frame. Is there a book that you would recommend to learn this. Since the chart has too small a candle, I can't understand much. Need help. Thanks

[@rubenjuarez9713]

Time frame - 2000 tick chart Instrument - S&P 500 ES Futures Indicator(Supportive) - 21 bar EMA Trading In The Zone by : Mark Douglas Al Brooks course

[@manishtiwari3486]

@@rubenjuarez9713 Thank you 😊

[@ThomasWade]

Mack from Pats trading has a solid manual to start with.

[@ravimehra8860]

I consider pattern trading to be gambling, of course many traders are profitable from it. I understood this only after understanding price action very closely. You are really the best price action trader. Good luck sir

[@danieljamesdoesfinance]

Everything has an element of gambling to it. Learning how to recognize trends in the market has really transformed my scalping. I believed the price action dogma until I realized it is just an additional edge. Humans can interpret a chart and market sentiment better than anything else on the planet.

[@ThomasWade]

We are not patterns traders. We use patterns mainly to confirm our read of price action. Our goal is to understand price action and use patterns to our advantage.