Price Action Basics – Please read 1st!

Here are a couple of basics. Check out these blog posts and tell me, if you think something is missing.

About the Charts

Support & Resistance

As a Day Trader horizontal Support and Resistance from the current and prior day are your main concern.

The Open – Some General Rules

The open starts with either a trend or a trading range.

How I draw Trend Lines

Be very precise, computers are too

Reversals

Wait for the counter trend traders to chime in 1st

Look for confluence, when trading a reversal

Have at least two reasons to take a trade

How I look at Inside Bars

Inside bars are trading ranges

One more thing

Price Action Trading is not about get rich quick – sitting at the beach with your phone and a drink while trading.
You can’t just simply memorizing a handful of candle stick patterns or rely on some secret indicator.
It’s all about hard work and maintaining your edge – remember, you need to compete against computers and need to have the best edge that you can. If you trade intra-day charts, quick decisions play an important role.

 

Please tell us what you think is missing, any kind of feedback is highly appreciated – contact us

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