The truth of Price Action and Ranges
OK,
There was an article before this, but the mod removed it, so if you feel like something is missing...it probably is. I cut and pasted some information from the web and there is a link to hell, I don't know where, but it's a big no no. So I was warned.
Anyway, I discovered that WD Gann said that what has happened will happen again.
So I measured my last swing and expected to do the same next time.
I use the 150 pip chart from IG Markets as it presents the chart better, if you don't have a 150 pip chart, use the 5 minute chart.
I'm not trying to pick highs and lows, I'm just trying to see if the highs are in a logical place, and if so I'll be happy to short the next signal.
I just use these ranges/waves as a roadmap so I know what to expect with price action.
I wouldn't try to take every move, remember it's to be the first to take the longest bus ride.
This isn't going to be a long process...I'm here to show you some stuff I use and I think it might be useful to others. If you believe the market works 15% of the time, it doesn't work 100% of the time...only 85% of the time.
I'm not here to tell you how to trade...work it out.
I don't use any indicators and will never use them again...yes, ever did. I won't answer the question if the indicator is mentioned.
What I am going to explain is not a holy grail, but a road map so that you can start to relax when trading... price movements will no longer be surprising.
You will learn to stick to your trades and expect to achieve your goals.
You will understand why the price stopped at this or that level.
You will know when it is not appropriate to trade.
You won't find entry, exit or money management stuff.
Is it relevant to the real world... Good question... We all know that to make a profit in Forex you need to control your losses and maximize your profits. Entering the trade with a 20 pip stop and trying to deposit 10 pips is the fastest way to get into the poor house.
Choose your trades carefully...remember, the first person on the bus rides longest. I use price action for entry and exit. What this tool does is give me the confidence to trade. Usually, I can tell when not to take a trade if it's in trouble.
The market will do what it wants to do, not what you expect it to do.
Keep this in mind...top and bottom picking is a fool's game.
Just like trend lines, monthly fiviot and stop price fip numbers, these price predictions are nothing more than... a guide... a line in the sand that can, could and will be broken.
Like everything, it takes time and effort to do well, and if you learn to use them in the right way, your trading will improve.
There was an article before this, but the mod removed it, so if you feel like something is missing...it probably is. I cut and pasted some information from the web and there is a link to hell, I don't know where, but it's a big no no. So I was warned.
Anyway, I discovered that WD Gann said that what has happened will happen again.
So I measured my last swing and expected to do the same next time.
I use the 150 pip chart from IG Markets as it presents the chart better, if you don't have a 150 pip chart, use the 5 minute chart.
I'm not trying to pick highs and lows, I'm just trying to see if the highs are in a logical place, and if so I'll be happy to short the next signal.
I just use these ranges/waves as a roadmap so I know what to expect with price action.
I wouldn't try to take every move, remember it's to be the first to take the longest bus ride.
This isn't going to be a long process...I'm here to show you some stuff I use and I think it might be useful to others. If you believe the market works 15% of the time, it doesn't work 100% of the time...only 85% of the time.
I'm not here to tell you how to trade...work it out.
I don't use any indicators and will never use them again...yes, ever did. I won't answer the question if the indicator is mentioned.
What I am going to explain is not a holy grail, but a road map so that you can start to relax when trading... price movements will no longer be surprising.
You will learn to stick to your trades and expect to achieve your goals.
You will understand why the price stopped at this or that level.
You will know when it is not appropriate to trade.
You won't find entry, exit or money management stuff.
Is it relevant to the real world... Good question... We all know that to make a profit in Forex you need to control your losses and maximize your profits. Entering the trade with a 20 pip stop and trying to deposit 10 pips is the fastest way to get into the poor house.
Choose your trades carefully...remember, the first person on the bus rides longest. I use price action for entry and exit. What this tool does is give me the confidence to trade. Usually, I can tell when not to take a trade if it's in trouble.
The market will do what it wants to do, not what you expect it to do.
Keep this in mind...top and bottom picking is a fool's game.
Just like trend lines, monthly fiviot and stop price fip numbers, these price predictions are nothing more than... a guide... a line in the sand that can, could and will be broken.
Like everything, it takes time and effort to do well, and if you learn to use them in the right way, your trading will improve.
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