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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I am new to futures and i can already say its a superior market in all ways for day trading. Al's Price action works amazing his work is all clicking and i am very happy. I have been attempting to trade forex for many years with zero progress.
Has Anyone found a way to day trade forex that is actually profitable with price action? It seems to me that price action cant work (well) on a market that isn't orderly. It seems like the amount of leverage, HF Trading and apparently illiquidity create swings that are too hard to day trade. I feel like i need to give up on forex.
I used to day trade Forex (mostly AUDUSD because of all the majors it was most volatile) and Al's PA worked just fine on it. Although I went to trading Indices mainly because indices are more volatile, their volatility is mostly confined to the cash session, whereas in forex the major swing of the day can happen in any session (US/UK/Asia, although most of the times it happens in either UK or US).
So yes while trading indices all of Al's patterns are applicable while in forex some get tricky esp. the patterns which depend on the market having a clear opening, like 18 bar patterns, BO mode patterns and gap opening patterns.
It seems like the amount of leverage, HF Trading and apparently illiquidity create swings that are too hard to day trade. I feel like i need to give up on forex.
According to me leverage doesn't really make any difference, and I think HF trading and illiquidity are contradictory. If there is HF trading happening in a market that means there is good liquidity in the market.
Yes the more liquidity in the market the better PA works on it. But if you are trading any of the Majors, then they are one of the most liquid markets out there. Liquidity gets a little low if you are trading cross pairs (of the majors) but it is still fine. If you trade exotics then liquidity might become an issue.
Also depending on the time of the day liquidity might get really low for ex. around roll over times.
Also in forex, the economic calendar becomes really important, and a lot of abrupt swings happen around some news events, sometimes even if the news event is not of the currency pairs involved in your major.
To me when I try to day trade forex.....the New York session.....price seems to go up and down up and down. Real trending action is rare and very brief. And the 5 min time frame is chaotic. Whenever I try the patterns that I know they usually fail. Especially the market cycle. If that pattern worked I feel I might have a leg up because I could at least get into the trade confidently but with price turning on a dime with no trendline break even the market cycle can leave you in the cold. As a general price action study course BTC is great, with tremendous detail. But I think adaptation of "some of it" is needed to form a practical day trading method. Oh yeah, and read every other book and watch every other video too.
