Price Action Rules For Intraday Scalping

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
How to Find the Best Chart - rb.gy/h0m3nw
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Twitter - / iamthomaswade
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Date November 20 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.

[@oscargr5]

Hi Thomas, isn't the 2ES signal bar (2:00) also an inside bar? I skipped it beacuse of that.

[@ik-gt4ir]

Me too.

[@ThomasWade]

It is but it at least has matching highs. Because the context was good, I consider it decent, especially for more experienced traders.

[@themagician6310]

Hey Thomas, what is a double trap exactly? What are we looking for on the signal bar to enter on a double trap?

[@ThomasWade]

Double trap is a with trend entry that forms when you expect 2nd entry at the EMA but something is wrong with the second entry. For example there is congestion, bad signal bar, stt in play etc. So double trap is 3rd entry with the trend but it must close above EMA in uptrend and below EMA in downtrend.

[@monkey3529]

Is there a video anywhere specifically explaining the double trap setup? I haven't found a good clip of him explaining it yet

[@slagovic7850]

Yea i don’t understand the double trap too

[@kary__zma4802]

Double Trap is simply third entry that close above The EMA if long or below the EMA if short .

[@monkey3529]

@@kary__zma4802 Thank you man 👍

[@ThomasWade]

Double trap is a with trend entry that forms when you expect 2nd entry at the EMA but something is wrong with the second entry. For example there is congestion, bad signal bar, stt in play etc. So double trap is 3rd entry with the trend but it must close above EMA in uptrend and below EMA in downtrend.

[@cristianfernandez3961]

Amazing how just studying your videos , I was able to read the market today exactly how you did in the video. I am actually amazed at how good I traded today, went 5/0 and caught that massive runner today , thanks to the knowledge you provide ! These videos are blessings !

[@RagepenguTrades]

Hey Thomas. Unfortunately I missed that 2ES at the beginning of the session so I went with the first double trap. The signal bar looked better on the 2500 tick chart for ES and 950 tick on MES as well. Hope everyone had a good day trading as well!

[@dawidpolanek1074]

Hello, I would like to ask you a question. Why are you make so important to take a good entry candle when in different brokers you can have different candles?

[@ThomasWade]

That is true but we simply have to focus on the chart we trade and following good signal bar will give you confidence and confirmation to take that trade. When context is really good, signal bar matters less but problem is novice traders would be too aggressive and end up losing due to bad signal bars.

[@dawidpolanek1074]

@@ThomasWade thanks for answering 👍

[@noxlevrai8909]

hello what is double trap ?

[@Tystrading]

Hello Thomas, at timestamp 7:09 the F2EL you marked, why didn’t you take the lower high confirmation of the F2EL ? You said it was a first entry short, but I took it as a F2EL lower high confirmation after the uptrend played out

[@spyguy4278]

The move for the F2EL was already made, so it's no longer a confirmation. LH/HL needs to happen before the move happens

[@ThomasWade]

You can view it that way, to me I didn't like how far the F2EL push already moved.

[@El4Moe]

Hey Thomas, does this strategy also work for gold?

[@ThomasWade]

Yes it does.

[@CrimsonDemon311]

hi Thomas,question pls; if a candle break both previeuse candle high and low does it call as a second move? like first entry and pullback? , i hope u get me

[@ThomasWade]

Unfortunately I don't quite understand your question.

[@billjesso484]

Thanks Thomas. Good video

[@sedatk2790]

Thank you Thomas.I tried to take that HL setup but bar was 3 points big.I put a limit order 1 point back because i lost two trades to big bars recently.How much a risk can i take with these bars?2.5 points? or Do you have any suggestions? Thank you.

[@ThomasWade]

Don't worry about risk too much. Important is if the setup follows rules or not. 3 points is still fine. When bar is getting above like 4 points, this is where I start to worry a bit and start using deeper limits.

[@vinodmarathe3597]

What is second entry is it order block concept please explain details My entry get me wrong

[@ThomasWade]

No its not order block. In the video description you have videos for beginners that teach you how to count entries.

[@liam7205]

Hi Thomas, yesterday I took a long trade. The signal bar was little bit away from 21 ema but at the key point (trend line). It was a win but I was not confident. Is it okay to take these type of setups?

[@ThomasWade]

I cannot say I would need to see the setup. Generally it is safer to take setups at the EMA though.

[@liam7205]

@@ThomasWade Where I can share, on Instagram?

[@1gee_el615]

What EMA are you using

[@sedatk2790]

21

[@sultanow123]