Simple Tips On How To Read The Price Chart

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Ай бұрын

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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Twitter - / iamthomaswade
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Date April 17 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.

Пікірлер: 43

@lokdien Ай бұрын

Got most of my questions for this week answered today, thank you very much

@zenoo514 Ай бұрын

Thanks Thomas !

@chiken234 Ай бұрын

Thank you Thomas! Learned a lot from this trading day.

@andresjimenez1495 Ай бұрын

Great review!

@amitgupta-vy3ct Ай бұрын

Hi Thomas, The 2nd entry short you mentioned at 1:55 (Failed 2nd entry short I mean), wont the count reset as we see the micro double bottom ? because the red and green hammer like candles before this candle looked like forming a micro double bottom. Is it not the case here ? Thanks

@ThomasWade Ай бұрын

If you go to my youtube channel community tab, you will see a post month ago about this exact topic. Micro double bottom would count only from the count start point, not while we are counting. So F2ES doesn't reset the count.

@Robby.J Ай бұрын

Hi Thomas, two questions: 6:59 How can you decide when a 2nd entry becomes a failure? If your stop is one tick below the signal bar it doesn't "fail" until 2 bars later at the long leg doji then at 8:33 I understand why we aren't looking for shorts anymore but the signal bar was triggered? the stem below the bearish bar is lower than the low of the previous bar, I thought that was the trigger??

@ThomasWade Ай бұрын

1) Failure was formed when the bear bar, after bull bar had a break below its low. We don't need to wait for 2EL to get the stop hit. 2) We don't sell below bull bar. We sell below bear bar and bear bar had no break below its low.

@ashanulhaque2231 Ай бұрын

Hello brother great video..... Your videos are really informative..... I have been following your teaching for 1 year and using it on 5 minutes time frame...... It's working wonderfully..... I have been demo trading in the live market for 7 month and my win rate is 80% but when i try doing it with real money my psychology gets the best of me and I lose money 😔... But again when i paper trade i win 80% ..... I have been in this stage for long time.... Can you give me any suggestions to build my confidence and psychology ..... Also i will love to see you do a live stream..... Keep it up ... love you brother ❤

@ThomasWade Ай бұрын

First year is the hardest. The fact that you can even be profitable on a SIM during first year is a good sign. That means you understand the technicals. Trading is mental and it takes time for you to trade those emotions out of you. It is always going to be emotional but with experience you will learn to manage it better. I recommend trading small size first, when you go from SIM to live. There are going to be emotions involved and you need to trade small size so losing trades won't affect you. During your transition at first, it is about following rules, not making money straight away. You will make money once you acquire trading skills. Also what is your target profit and risk to reward ratio?

@ashanulhaque2231 Ай бұрын

@@ThomasWade thank you so much brother for the advice.... I'll keep your advice 😊.... I feel better now thanks❤️..... And my Risk to reward ratio is 1 to 1 ... And i scalp on Forex USD/JPY for 5 or 6 pips max and US30 for 20 pips max and i use limit order for every trade and i tread 5 minutes chart.

@stephenmukaro8609 Ай бұрын

Hi Thomas please may l know the EMA you are using many thanks

@ashanulhaque2231 Ай бұрын

21 EMA

@C0D380145 Ай бұрын

Thanks Thomas! I've got a question to you or anyone else who knows. For example in a uptrend: Are you looking for 2EL or F2ES? Is any of them more important or can you take both setups if they're at ema21?

@ThomasWade Ай бұрын

At first we look for 2EL, that is the bread and butter setup if context aligns and key entry point is there. F2ES is also good but I would say it is slightly behind the 2EL. Still very nice setup. For example when uptrend has a break below EMA and you expect new high - you wait for F2ES above EMA.

@C0D380145 Ай бұрын

@@ThomasWade Perfect 👍🏻Thank you for taking time answering and thanks for your work here! Its really appreciated.

@suecrewstudio8994 Ай бұрын

Hey Mr. I´m Looking some difference data en candel stick in ninja an trading view. Son cadle not macth.

@ThomasWade Ай бұрын

That is normal. Tick chart can vary little sometimes. Depends on broker, data provider, reloading historical data etc.

@amotkram99 Ай бұрын

When you went long on the triple test of the bottom of the trading range, why can you not go short when it hit the top of that trading range 9 bars later at 2:57 targeting the bottom of the trading range? Especially since that bar that hit the top looks like a shooting star signaling possible reverse?

@thegamerboneless2864 Ай бұрын

Hey, It made a new high, plus it would’ve broke his rule of second entries and failures. 👍

@amotkram99 Ай бұрын

@@thegamerboneless2864 Yeah I guess shorting at the top of trading range is pattern trading not his second entry rule.

@ThomasWade Ай бұрын

Good question. Actually selling range highs is ok and follows the rules. But if you notice the signal bar was not great. Bullish body. Also resistance was higher and we didn't fully test it. So the setup to short top of the range just was not so great.

@thegamerboneless2864 Ай бұрын

@@amotkram99 I short at the top of ranges, it just depends on what’s happening, before and during. I’m not great at explaining, but let’s say if your at the top of the range, and it makes lower high and lower lows, with a retest below the EMA, I’ll take a short. But again it depends on what happens before and what’s happening at the moment. I’m in the same boat as you, just trying to figure out what works for me, and what I am seeing. Hope this helps a little.

@thegamerboneless2864 Ай бұрын

@@ThomasWade 👍

@rubenjuarez9713 Ай бұрын

Thank you Thomas, I just wish you were my neighbor! 😀

@ThomasWade Ай бұрын

Hehe, where do you live? : )

@rubenjuarez9713 Ай бұрын

@@ThomasWade Central America, Panama!🤣

@MR-qd3pq Ай бұрын

What time frame you using in this chart?

@ThomasWade Ай бұрын

I use 2000 tick chart.

@kawaicarzonetsang5766 Ай бұрын

Please explain the definition of NEW high low

@grdgrrgdg156 Ай бұрын

higher low is a failed first entry short

@huytruong7370 Ай бұрын

These are the type of bar by bar videos we wanted Mack to do... not literal bar by bar but just kind of a live playback as Mack draws his chart and gives us his thoughts. Ahhh what a shame.

@joeyd4 Ай бұрын

Who’s mark?

@huytruong7370 Ай бұрын

@@joeyd4 Mack is the original man who started trading using PA using a system he developed that he learned from Al Brooks.

@joeyd4 Ай бұрын

@@huytruong7370 🤝 I see

@ThomasWade Ай бұрын

@@joeyd4 PATS Trading channel