Price action trading - Trade like the pros!

Merry Christmas, everyone

To you too.

As for you WDays

Nice work WDays. I mostly trade S/D set ups. This basic method keeps me profitable week to week.

You have a few variations I've not seen before. Thanks for those. Education Never Stops.

Have noticed many of your charts show M30. They can provide a fine tuned entry zone. Mostly, I've found under M30 zones are unreliable, unless you're simply using them to drill down into a Zone, to see where the rapid escape began.

Thanks,
Darryl

Time is irrelevant in trading. Using tick or volume bar charts show where the trades are taking place at least in the futures market

GbpAud H1 chart with excellent level @ 1.7001. On Gbp pairs I rarely get in before price is at least touching zone. M30 looks a bit bigger, so take your pick. R:R could be at least 1:2.

My strategy would be this, on GA...

I beg to differ, it all depends on the "on-average" timeframe you use for your trades - whether it's scalping, intraday, short term or swing time is always relevant.

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I like that too. I just choose to take set ups I'm more familiar with.

There are more than one ways to skin a cat GA is a terribly volatile pair, though. I'd bet on my setup with more confidence, but that's just my way. By all means, go with whatever you're more confident with

CadJpy has tested this H1 zone, a cleared it. Now on retest, where I'm in short. H4 chart shown here. Next Demand Zone is about 80p from here. Let's see how it goes. Risk is 20. SL @ 86.90. TP 86.12. Red dashed line is last weeks low. At that point is another H1 Demand zone. If price gets there, I'll remove risk.

what does the on average mean? like fibs or indicators or anyone other tool they become self fulfilling people don't trade via time they trade via price action using whatever chart is up its just my 16 year of trading opinion

playing the 30-+ range on the euro also use line chart for V W Setup when i want to go long for short i do N M Setup. Keep in mind euro is on a Bear Trend just scalping!!!!!!!!!!!!!

Yet some patterns work better than others?

Again, I disagree with the concept that anything is self-fulfilling just because retailers all look for the same things. Markets move thanks to bank liquidity, not retailers who spot a head & shoulders. Their actions are mostly politically driven, especially as of late. When moving into position, they leave clues for the enlightened to follow.

Time is an extremely important concept when trading this method, because by breaking down the intraday price action into key timezones, we can take advantage of trading the daily range from the High of Day or Low of day, which is usually set in the morning session (London open and a couple of hours after that).

16 years of experience is bound to give confidence in your own way of perceiving the market, yet I wouldn't say you're right about that, simply because my method differs and works just as well

Of course, I say time is important from an intraday perspective, but it is equally as important in a swing trader's mindset: the weekly high-low is set by wednesday morning the latest, and we ought to trade away from it at that point. Same principle and rules apply

The secret to trading success is finding your niche, whatevrr works for you, and then training and working towards establishing the proper discipline to abide by your own rules, because statistically that's what makes money for you.

Then comes the experience and confidence that results out of the millions of hours of chart time.

Alex,
you nailed it pretty well. If you are a scalper and you like to trade breakouts, you do not want to trade during asian session. Ideal trading hours would be the overlaps i.e. London Open (overlap with Asia close), US Open (overlap with Europe trading hours).

It boils down to your type of trading. For some traders time / timeframe is irrelevant. You may be looking at tick charts or you are a position trader and do not worry about chopping market conditions, because your stop is wide enough. For the type of trading Alex presents here, time plays an important role.
The market is not always the same. With that I mean we can't trade all market conditions the same way. A breakout trader will have a hard time when the market is ranging. A range trader will have a hard time in a trending market. Then we have the reversal traders who look for trading the top off a bull market. These will also have a hard time in a trending market.

As a trader either I need to be able to accomodate to the different market conditions, or I need to be patient and wait for the propper market condition I am accustomed to. And this is not timeframe dependant. A pullback on the daily can be a trend on H4 or lower. A range on a weekly can have up and down trends on the daily. All we need to do is to identifiy what currently is happening on the timeframe we want to trade and act accordingly. And this may include knowledge of time.

Let's see if I caught the weekly low...

WDays ,Will your T/P be 1.05155 or 1.08544?

I've set a 100 pip TP on both, but I may close sooner for around 50 pips. Let's see if it starts climbing from here, first I expect that to happen tomorrow morning at best...