Trading S&P 500 With Price Action

Рет қаралды 2,464

2 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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Date March 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.

Пікірлер: 35

@electronaota2654 2 ай бұрын

Thanks for the inspirational talk at the end. 1-1 today. Took one impulsive trade right after coming back from school but managed to get one winner. Very slow day

@SpeedyB0y 2 ай бұрын

Even if no trades, the video was still good and even more helpful in a way. Thanks for the good lesson Thomas and all the best!

@on3kill762 2 ай бұрын

Big fan of talking to myself out loud...."Don't force it, Patience, Wait for it" Helps to keep me from making impulsive trades.

@anthonyfontanetta4966 2 ай бұрын

Incredibly slow day. Still glad all the same for your video review. Was a little frustrated until I realized how abnormally slow the day was

@Leroy510 2 ай бұрын

Your insight on overtrading is so spot on. Took 3 losses today and everything you described about forcing trades is exactly what happened to me. Appreciate your advice and hopefully next week will be better.

@ThomasWade 2 ай бұрын

We as traders have the tendency to make a case for the trade better than it really is, especially when market is slow and we are desparate for trade. So today was a good learning lesson to understand yourself as a trader and what your tendencies are.

@Leroy510 2 ай бұрын

⁠@@ThomasWadeNever thought of it that way, but you’re so right. I’ve also noticed my losses come in streaks, and likely for this very same reason. The desperation to make up for the loss makes me take follow up trades that look better to me than they really are, and leads to more losses… Thanks for bringing this to my attention.

@okiemuteogirigbo2039 2 ай бұрын

Thanks Thomas for this video. I've been following your videos for some time now and I've changed my trading style to yours because I've seen that it is simpler, and profitably consistent. Yesterday, I was wondering if I was the only one that couldn't find any trade, despite searching for hours. I'm really glad I stuck with the strategy and didn't force any trade. If it was other times, I would have forced trades and maybe ended up with losing trades. I'm happy with the progress I'm making now and it's all thanks to you. Keep up the good work and God bless!

@mcostamarques 2 ай бұрын

Txs for the video Thomas.... No trade for me either on ES.... Took a winner on CL..... Good day

@DT299_ 2 ай бұрын

Thanks

@spyguy4278 2 ай бұрын

Thanks Thomas - great points about not forcing plays. Really tough because I had a few losers yesterday and I wanted to make them back. Somehow faught the brain today and won.

@Archer441 2 ай бұрын

Thank you. 0-0 today. You might say it was Brutal

@david-4994 2 ай бұрын

thanku thomas your live videos are the inspiration that keeps me going

@artwithanant4618 2 ай бұрын

Sir please make video on how to identify failed second entries. PLEASE!! 🙏🙏

@DrOigk 2 ай бұрын

Unfortunately, I can't find a video that explains exactly how to count for second entry! Look for inside bars that break the high and low of the previous candle at the same time! Is there such a video?

@ThomasWade 2 ай бұрын

Hello, here is the video: kzbin.info/www/bejne/hH_ddJidpNiLq5o&ab_channel=ThomasWade kzbin.info/www/bejne/faO1k4J_qcx_ncU&ab_channel=ThomasWade

@DrOigk 2 ай бұрын

Great! But I rather meant how to count, with engulfing candles or inside bars? What do you do with them? Does every bounce of a high or low of a previous candle count, regardless of whether it is overshadowed by a large candle?

@t3rcx 2 ай бұрын

Today was a great day to catch up on Netflix 😂.

@rubenjuarez9713 2 ай бұрын

Thank you Thomas, no trades for me either

@littlehammer87 2 ай бұрын

Hi Thomas I have a very important question: I had that bigger channel in play (3.50min) much before you did so what I did, I took that 2EL from the very top you can see that there is a 2EL with tier A signal bar at moving average and it's the very first break of that channel. I had a loss. You can argue that there was a minor channel down but for small retracement I considered the first 2 bear bars it and the bullish after the one that broke out then new low with signal bar and so signal was correct. Of course that was a loss. I was very confident about that setup. Can you explain to me when we have to consider wider channel and when we need to consider SPIKE AND CHANNELL UP and any tricks to establish the smaller correction before a 2EL? Because if I had the channel and spike up drawn that wasn't a trade as I had a new high. And if I knew how to establish that small correction from top was actually still in play I wouldn't have entered the 2EL. Hope I was clear enough to explain. Ps at the beginning I had the spike and channel up drawn but then seeing the price never retraced to ema I thought it was 1 big channel and that got me to my loss. :( thanks As always ❤

@electronaota2654 2 ай бұрын

The possibility of a wider uptrend was there but it wasn't fully confirmed, so you want to be more selective when it comes to taking a long setup than, let's say, when you're trading under a very strong uptrend. But I can see why you took the 2EL, since the price never truly managed to break below EMA and the push to the new extreme was quite strong

@littlehammer87 2 ай бұрын

@@electronaota2654 yes. Correct Also I didn't see the short term bear channel before 2EL. To me it looked like 2 bars down, beak of that bearish trend with that 1 bullish bar then new low of the small downtrend and super bullish tier A signal bar at EMA. To me it was super clear 2EL at key entry point

@t3rcx 2 ай бұрын

In my opinion, regardless of whether you used wider channel, at this point you should still have been playing range rules. If you were, this would not be the location to look for a long - if anything, you would be looking for the F2EL short setup. The double top that puts resistance in that area from before was pretty convincing and not much of a real breakout attempt, so you cannot assume the range rules no longer apply until you have a confirmed breakout pattern (like BOPB continuation). At least, this is the reason why I skipped this trade myself.

@littlehammer87 2 ай бұрын

@@t3rcx Yeah you're right, unfortunately I didn't draw the horizontal trendline marking the resistance of the trading range. To me we were bound to go up and all day was slow in a range. To me the bullish channel was a final confirmation that price broke of that long, slow consolidation and finally created that bullish channel. So, of course I'm expecting a long setup at key entry point. Even after break. And that's what I did. To be honest I'll take that setup again 90 times out of 100 if I see it. Risk was also very low. It was a loss. Unfortunately being a trader I know I have to accept losses. I'm aiming for perfection but I know well trading it's not about perfection. 😊🙏🏾

@CrinkleMutt 2 ай бұрын

@@littlehammer87 Disclaimer that I'm not an expert, this is only my opinion based on what I feel I've learned from watching Wade. With corrections, for the sake of example, lets say this was a normal case of expecting uptrend break getting high, and you're waiting for correction to play out first. Imo, the trickiness of this part can vary a lot depending on how the downtrend correction forms, combined with the strength and structure of the uptrend. The safest and best case scenario is always when you can visually identify the correction channel as one structure (or 1 "leg", which can still be a small bouncy channel, not just 1 price movement). This structure gets a broad and clearly defined sideways break, then pushes to new low. That doesn't happen here, and instead you can easily project a trendline from the starting top to the 1st swing top (big bearish bar after 1st swing up). From there the 2EL forms next, and it's running directly into this projected downtrend trendline, and this 2EL can become a trap. Now lets say it's a different day with a very clear, strong, healthy uptrend gradually working higher without parabolic movement, and ema is constantly holding. A great 2EL forms, but you could still project a slightly wider downtrend correction that could get new low. However odds are much greater for ema to hold and continue pushing higher with this being the only chance to enter. While still safer to wait for the clearest and widest possible correction break/ex, odds are you'll often miss the chance to enter. Sometimes I still get faked out by a correction that was just slightly wider, reaching ex before pushing to where I thought it would go. Other times I'll try to wait for a wider ex, only for the tighter ex to have been correct and I've missed my chance. Additionally, a 2EL while a correction is in play can still just end up working (but not as high probability, and over the long run can result in greater losses). This is a tricky balance of safety between not missing the chance to enter and making sure correction has played out (or suitably attempted to).