The support forum is built with (1) General and FAQ forums for common trading queries received from aspiring and experienced traders, and (2) forums for course video topics. How to Trade Price Action and How to Trade Forex Price Action videos are consolidated into common forums.
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It was very difficult for me. The bars were huge and kept reversing.
It's easier to identify the wedges on the one minute chart and then do it again on the 5 minute view.😀
Sorry, I'm kinda a new. How does the picture above show me when to enter? It seems there's a double bottom, then double top, then 3 pushes down then reverse and then double top, etc.
However, I would only see it at the end of the day. During the day, it's moving up and down and I couldn't even predict what's happening next.
The slanted green lines are the 3-push wedges. Can enter after the 3rd push after a good reversal bar (beyond the reversal bar) using a stop order for entry, provided your assessment of the traders equation is positive enough.
Yes, other factors (besides wedge tops/bottoms) such as double top/bottoms, climax tops/bottoms, key levels, tests of levels and trend lines, etc.. will be part of your assessment of the traders equation.
In my opinion, your documented trading plan (which you will have been developing over time) will help simplify all this by making the process somewhat methodical.
Some people dont use a documented trading plan. I personally couldn't imagine not using one, as it reduces the stress of rethinking and remembering the trading decision process after each bar or swing.
Would you mind sharing with me the structure or a sample of a trading plan? I'm trying to get my self organized in a methodical way.
So far I've been trading a bit on instinct which is terrible. I just don't know how to capture my thought process properly.
I wouldn't mind chatting privately if you like
Just do the course and go from there. Since starting with this course, I've turned away from having a trading plan and logging every single trade, something which the rest of the internet suggests you should do. I've also turned consistently profitable. I recommend at least completing the first half of the course (Price Action Fundamentals) before trading with real money.
Study the videos, really try to internalize the knowledge, and go from there.
I read the books and looked through the videos. I kept a trading log and tried trading with the micro instead of the emini. I could only get profitable once or twice a week. The rest results in losses.
I feel that I might need someone to tell me, hey don't take that stupid trade coz it's a trap. I've fallen into countless traps. For example: see two bear bars closing on their very bottom consecutively, on a minor bear trend. I sell at the market and boom it rushed up trapping me.
How do you become profitable without the trading plan? do you just use one or two setup consistently or do you take any trade and make the best of it
You don't need someone to tell you to avoid the traps. it sounds like you haven't learned the material as well as you need to. You probably need to work on some active learning techniques so this stuff goes into your long term memory. For instance, you could set a side two weeks to go through the section on trading ranges. You could create flash cards to test yourself. Also, you could try using a 10:2 work/rest ratio where you read or watch for 10 minutes then take a small break. This should help with focus. The key is to break the material in digestible chunks. I get the feeling you are trying to learn too much at once. Just my 2 cents...
Hi Huey N,
February 2nd was a trading range day. This means the most effective way to trade this day is with limit orders and using wide stops and scaling in. As Al often says, it looks easy to trade with limit orders when you look at the chart at the end of the day; it is way more complicated in real-time.
What you are asking is, "How do I trade February 2nd profitably," and that is a challenging question to answer honestly. There are just so many variables that go into trading. It just takes a long time to grasp the needed pieces truly, and it also takes a long time to top taking those "stupid trades," so I truly get where you are coming from with this question.
I would take Michael's advice and understand the fundamentals (first half of the video course) before trading.
I would also subscribe to Al's trading room. The great thing about listening to Al talk in real-time about the market is you get to understand better how he analyzes both sides of the market.
Think of it like this, the video course is around 120 hours (probably longer than that), and every video covers different subjects. One cannot possibly learn everything in those videos watching it once. All in all, it just takes a long time to grasp all of the needing information. But if you commit and stick with it, you will learn and improve daily.
Lastly, I would embrace the losing days and study why you lost on that day. This will help you identify possible patterns of bad behavior, such as impulsive trading after a losing trade, consistently buying too high, or selling too low in a trading range.
Hope this helps,
Brad
As someone mentioned below, its better to first keep studiously working your way through the course. My knowledge is 80% derived from Al's training materials.
Later, the various comments you read, and the dialogues you have with other members, will make sense.
Good trading.
