In this case Steak would be a purchase that deals with a trading method.
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No matter what Trading Method you use, it has to give you more positive results over the long term than negative all successful traders agree with that. What they all have different opinions on is the approach. Steak; A trading method that deals with trend, momentum, cycle, support and resistance. Sizzle: Secret , Never before, Trade like the big boys, Free: signals, coaching, access to the private members forum, alert pkg, live trading room. Price action is encompassed in technical and chart pattern analysis, which attempt to find order in the sometimes seemingly random movement of price.
Swings high and low , tests of resistance and consolidation are some examples of price action. The candlestick and price bar are important tools for analyzing price action, since they help traders visualize of price movement. Candlestick patterns such as the Harami, engulfing pattern and cross are all examples of visually interpreted price action.
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In short price action is the movement of a currency pair up or down. Lets take a price action trader offering you a free price action course. The free course tells you how to find where price has been and where it may go in the future is probably the steak.
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Success in forex depends solely on the decisions you make. You make good decisions by gathering relevant facts, listing the relevant options and then choosing the least of the evils. You take one of the free price action courses. You follow a price action thread, especially if you did the poster free price action course. Remember how you start is not how you have to finish. How do I know this?
Because I have been where you are along with other traders from this site. In my case I started out as a day trader, using a moving average cross, across the daily, 4 hour and one hour time frames verified by 2 trend indicators, 2 momentum indicators, 1 cycle indicator and 2 Support and Resistance indicators. Hope this ramble on and on bad habit helps you. Good Luck Gp. Well thank you for the compliment- I feel the same way regarding your commentary :. I should have prefaced my comments. I know that my trading confidence skyrocketed when I heard how the major stake-holders and syndicate traders actually interact in the markets.
I think that in order to truly be proficient in anything, you need to learn as much as you can about it and gain perspective from all angles. Thanks for keeping me honest though. Once you can look at this default. Good news is like everything " I think that in order to truly be proficient in anything, you need to learn as much as you can about it and gain perspective from all angles.
Again this information is all free on this site, and you have some real experts who trade using it every day. If you can find it, there should be a playlist for their expo.
How to Trade Price Action Patterns: Describing a Trading Strategy
Wow, thanks alot for the information everyone. You mentioned forex school on line. Another one I like is Timon Weller. He has a great short term price action video.
You can find him by searching his name on utube. I am no vouching for anything these traders are selling, cause they all have stuff for sale. I still watch it atleast once a week. Just set up the way he tells you to, and follow the rules he tells you about and practice.
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In the beginning watch it a few times once your set up. I found I learned something new every time I watched it. This is a great fibinacci video out lineing some advanced strategies. Make sure you watch the top one first. Guess what? This fact alone makes trading pin bars one of the most versatile forex systems out there. For those trades that may find it hard to understand, this is generally how you trade pin bar trading setups:. What moving averages he uses? The Exponential MA is Hopefully, this post has solved some of the confusions about how to use the james16 forex trading strategies and methods.
Hi Rkay, hope you dont mind if you have such time to replace the bar chart into a candlestick Chart for a better view of price action. Id really appreciate it. The condition with this is that they must be within 2 pips of each other. If the low or the high is broken, it indicates that the current trend will continue. How do you spot this pattern? Well, look for 2 bars that have lows that are on the same price level or within 2 pips of each other, but the 2nd bar must have a close that is higher than that of first bar.
You can buy at market order as soon as 2nd bar closes or place a pending buy stop order just pips above the high of the 2nd candlestick. For your stop loss, place it pips below the low of the 2nd candlestick in the pattern.
Look for 2 bars that have highs that are almost on the same price level or within 2 pips of each other but the 2nd bar must have a close that is lower than that of first bar. See chart below. There are two possible options here: sell at market order as soon as 2nd bar closes or you can place a pending sell stop order pips below the low of the 2nd candlestick. For you stop loss, place it pips above the high of the 2nd candlestick in the pattern.