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What i mean, is sometimes, the candle touches a 1H Resistance point, and you enter the trade for mins. Does that make it a very strong point? Sweet when will it be uploaded.
Sun Apr 8 Tokyo: April edited August in Binary Options Strategy. Price Action is different for everyone! How can you Start Learning? Since Price Action is reading the data on the charts, everyone has their own way of interpreting details in every situation.
As Dr Thomas K. Carr, the author of Trend Trading for a Living puts it: He means that finding details on the charts is a question of interpretation. What looks like an uptrend for me, might look bearish to someone else. Furthermore, our tools, strategies, methods, expiries, assets, indicators and much more can vary from person to person. Nevertheless, we have to start somewhere. You have to understand what to look for and plenty of experience is required!
Requires Experience — Trial and Error! Unlike a simple strategy, PA requires lots of experience. The more time you spend on reading charts, back testing, looking for patterns etc.
I know that for newbies this does not make any sense. Been there, done that! Price Action is Many Things Price Action is many things but in the end it is all about identifying possible market incidents!
For me, it is about answering the following questions to begin with: In addition we also have our own rules that works well with our own unique strategy and hence, we have some other questions we have to answer before we are able to take action!
Of course, these rules vary from trader to trader but Thomas K. Carr suggest at least 3 rules and I totally agree with him. Can I Use Indicators? You want to base most of your analysis off of the charts and the subjects I brought up above. Spending time on interpreting or 10 indicators will just not work out for you. Furthermore, I believe that anything on the chart that gives you any hints about the market is actually an indicator.
Candlesticks, support and resistance lines, the price, the time, the trend and you name it. So we already have plenty of indicators right there on the charts!
Video Walkthroughs I will share what I know through videos because it is easier than writing. The best way to approach this subject is to break it down to smaller subjects. Please do share your personal diary so you can learn from your mistakes and help others in the process. I just want to share my experiences. Trends — What do I look for? Patterns — Time and Retracements 4. Putting it together in action You can ask questions here! Stay tuned for the first video Latest article on Price Action: Great Okane and Thanks, looking forward to see the video.
Thank you for your tutorial video Okane, I'm learning price action and this really helps. Looking forward for your next videos. May edited May I mean it was a good opportunity to put for a downtrend? That's not how it works. You don't set expiry based on just a time frame.
Please watch the video at least a few times before asking questions. Some of the things you wonder might already be seen in the video. I have spent time and made an effort to make these educational videos so the least I expect is that you also make an effort and take a look at them thoroughly and carefully. Of course, if you still have questions feel free to ask but see if anyone else has already asked the same question before you or not?
I will try to make it today so should be up this week , I've been so busy, sorry for the delay. Im curious about it too. Thank you for your patience. Video 2 is done and will soon be uploaded. Please re-watch lesson 1 and also watch the new video at least a couple of times and give it some time to sink in. If there are things that are unclear let me know! There will be at least one more video coming up, so the series is not finished yet as there are many subjects to talk about.
Video 1 and 2 are now both available on YouTube. Please watch them several times because there are so many details. Let me know if you have questions and stay tuned for video 3. I hope you liked video 2. Video 3 is done too! It will be uploaded very soon. Hello Okane, Again thanks for your tutorials I Have three questions: Thank you very much, and sorry for this mass of questions. Let me try and explain, those are difficult questions to answer.
You have to view this in two different ways. But, for example sometimes like last Friday you could see on the M5 how price kept consolidating in a short range until it broke the support.
In those cases you would have more luck taking the touches on the resistance instead of the support because you knew the overall trend was bearish so once it broke you would be safe. On the other hand, many touches on an hourly or daily chart is slightly different. They are still strong, stronger than lower TF but 10 touches on a daily chart means 10 days! In the video you saw that price did break the resistance I mentioned it would reach but I still managed to pull off a put option without losing.
Because that resistance was HUGE, was on a daily chart and despite the many touches we knew there will be enough sellers in the market to allow for a small window for you to take a put option. So in that case, I was aware that, just like you said, due to too many touches it could break above R, which it did but that wasn't problem for me.
IF the same R was drawn based on just candle touches during a few hours I would probably have lost that trade. Hope is not that confusing? The thought process here is to identify where price closed. In the video I had placed my line above where candles closed because if you look to the left you see a big bearish candle that I also mention in the video that is of great importance. Because of its size we would know there are huge sellers in that area.
Also, my line was at 1. Furthermore, price might not close at your line but might just reach up and touch it and for me that's when I want to enter. Also, you can get help from EMA's when you adjust your lines but watch candles closely, scroll back in time and find more valid touches and big falls or rises. Did you mean it "rarely" happens?
I'm not sure what you mean but if you draw a line on H1 on MT4 it will be shown on all other timeframes, from there I will scroll down to M1 and wait for price to touch or get as near as possible to my line before entering. Thanks okane, on 1 i can understand, that daily or longer Time frames, are really stronger than 5m, or 15 mins. I aim for the candle close. But, for example a wick on 4 hour chart can be a close on the M30 charts.
So you have to bear that into consideration. Third video is up now! See first post for link or click here: These videos are great Okane! Sign In or Register to comment.