The One: Price Action and Reaction
I am creating this thread to teach and work together as a team to make trades based on the major pairs. We will start with only horizontal lines, then progress to using more advanced line techniques.
This thread is meant to be as simple as possible, and to create the most profit as possible for its readers.
PLEASE READ THIS COURSE BEFORE LEARNING TO DRAW FORKS AND ACTION REACTION
There are many threads here on forexfactory to learn from. I have learned a lot from these threads, in no particular order.
Price is Everything
No Brainer Trades
IF YOU WOULD LIKE TO ENTER OUR FREE CHAT ROOM PLEASE CLICK HERE LIMITED TO 300
I would like to dedicate this thread to Timothy Morge Shane Blankenship and Dr. Alan Andrews, Redsword11, KennyZ, Ifmyante, BillyRayVal, and pipeasy.
Special Thanks to the Fibonacci mentors
Larry Pesavento, Carolyn Boroden, Joe DiNapoli, and Mr. Pip from here on forexfactory.
Also to one of my original Mentors by book and voice, the late Napoleon Hill. His work Think and Grow Rich and The Law of Success on personal achievement has created more milionaires than any other book. Thank you for giving back.
Napoleon Hill Resources
The Law of Success
Think and Grow Rich
Also good to read
The Science of Getting Rich
The Master Key System
The Book of Five Rings
The Emerald Tablet Of Hermes
Translation of Issac Newton c. 1680.
THE ENTIRE SPIRIT AND PHILOSOPHY OF THIS THREAD.
THE STRANGEST SECRET
EARL NIGHTENGALE THINK AND GROW RICH SUMMARY
THE POWER OF YOUR SUBCONCIOUS MIND
This thread has changed a bit since beginning, but here are the original rules. I will put together a list of advanced rules soon.
Rule 1: Take time to draw and observe.
Rule 2: Use only 150 bars or less on your chart.
Rule 3: Use 3:1 risk reward or greater.
Rule 4: If you don't see a trade, wait, and go on to the next chart.
Rule 5: Trade no more than 5 instruments.
Rule 6: Old lines are old lines. New lines are new lines. Trade in the moment, as price action forms.
Rule 7: Refresh your charts everyday, be in tune with the market
More to come as I can think....
As I had posted almost entirely recently in the Median Line thread, I had also shared some links there that are helpful and free. Here are some free videos by Tim Morge that go into detail about using Median Line and Andrews Pitchfork.
Start with the oldest first, as they build on each other.
Important: To understand completely the more advanced subjects in this thread that include Median Line work, YOU MUST read this course that is found here and go through the first video below on Median Lines from Tim Morge. Also, I recommend going through ALL SLIDES and ALL ARTICLES at medianline.com/articles and on the free Interactive Brokers Videos. These are all free materials.
And Action Reaction Course
This free webinar should help to understand the basics of Median Line work, that I go into later in the thread.
To view other Free webinars from Tim Morge click on Industry Sponsored, and choose Tim Morge as the speaker. Start from oldest first.
Click on CME - Using Median Lines & Pitchforks for High-Probability Trading
TREND FOLLOWING PODCAST WORTH LOOKING AT AND LISTENING TO
ALSO TIM FERRISS SHOW
Here are some free worksheets
MY TRADING VIEW CHARTS
I have added indicators that I use with template. Q spread may need some x, y adjustments to look correct. I usually use basicgreenalert. You can modify Alerter4U2 to be able to play different sound files for each template, which I also use this to email to my phone using smtp under Tools -> Options -> Email
Over the past week, on the Euro, there have been many possible entry points. Do you see them?
This is not just another support resistance or supply demand thread. This is a progressive process for realizing how the market moves, who is involved, and it is a KIS (keep it simple) method for trading that you can use whether you are a full time trader or work and trade part time.
Here is a video on drawing the levels. You can position your 1h chart to any pair and start to draw and practice like this. Where does price turn?
Interesting. I hope more experience trader will join here and we will get clear instructions about market movement.
What do you mean <0:0:15 in your chart?
Very nice Eaglestar!
I liked the star wars title better Probably it lasts 5 seconds until the lawyers are calling FF...
What you are doing is part of my trading too. It's a strong tool in the arsenal.
You really don't need much more than horizontal lines.
I'm a little concerned that you already have plans to use "more advanced" methods. Simple is good! At least you said more advanced line techniques, and not just more advanced techniques in general.
Actually, the fact that you are focused on lines is a big clue: It means that you've already found your style of trading (or at least you've started to narrow it down). Don't stray far from this. You may run into some difficulty or you may not make as much as you thought you would, and then end up going on a long search for some new technique, trying all kinds of ideas out there. That happened to me, but then I started to realize something: I would frequently come back to some sort of line techniques; those are the ones that I felt most comfortable with. Ever since I made that realization, I've stuck with this style of trading and just continued to focus on that.
It sounds like you're already found your milieu, so remember this the next time you think about straying. Rather than changing to something else where you'll start as a beginnger again, stick with this. The time will be better spent making you more of an expert at this style, which you already know is a good fit for you. Well done!
Hi eagle, thx for sharing your knowledge; looking forward to more content.
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