price action forex trading mastery in transformational training
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Dubai: When Bernd Skorupinski came to Dubai by way of Germany six years ago, he had no idea he would leave his job to become a fulltime trader. Foreign exchange currency trading, commonly referred to as forex, is a market where banks, businesses, investors and traders come to exchange and speculate on rising or dropping currencies. But to Skorupinski, the appeal to trade came from not only investing in an open market that requires little to feed and leverage, but also investing in himself. According to Abu Hantash, forex trading is more popular in the UAE than ever before, citing the number viet jet ipo brokers that have sprang up.

Price action forex trading mastery in transformational training forex day trading setups iracing

Price action forex trading mastery in transformational training

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In a bearish candle, sellers have won the battle because the closing price is lower than the opening price. It is the primary way to analyze the price using these candlesticks. There are 6 powerful candlestick patterns that often occur in all the markets and in all the timeframes. Before we look at them, let's first look at where they work best. Some traders also use chart patterns to plan their trades. Some of the popular patterns are:. As price action trading involves the analysis of price and volume predominantly price , it can be used in all financial markets.

It includes the forex, commodity, bonds, derivatives, and equity market. However, the forex market has extra advantages as compared to other markets, such as:. It is the largest financial market in the world, so no liquidity issues. It will be open 24 hours a day, five days every week.

Forex brokers offer good leverage. We have millions of candlestick patterns. We need to pick them based on the below parameters:. If any candlestick formation has less impact, then it is not useful. Based on these parameters, I have shortlisted 3 candlestick formations:. These candlestick patterns help swing traders, trend traders, and even day traders as well.

The engulfing candle can be bullish or bearish depending on where it forms in relation to the existing trend. Hence, we have two types of Engulfing:. Bullish Engulfing. If you look at the above image, the price showed a Bullish Engulfing pattern. Bearish Engulfing. If you look at the above image, the price showed a Bearish Engulfing pattern in Nifty. Similar to Engulfing we have two harami patterns:. Below are the examples for Bullish Harami and Bearish Harami:.

These are the third most powerful patterns. The below charts are some examples of Hammer and Hangman patterns:. The above images show a Hammer and Hangman pattern at support and resistance levels respectively. These are the 6 candlestick patterns that are powerful and occur frequently in all the timeframes. You should use these patterns as a confirmation from the price at crucial price levels i.

There are many ways to arrive at support and resistance levels. However, drawing trend lines is the simplest and most effective way of identifying support and resistance levels. A Trend Line is a straight line drawn on a chart by connecting two or more price peaks, which reveals the trend of the script, support, and resistance points, and allows to spot any excellent trade opportunities. After knowing the support and resistance levels, it's essential to know whether the price will respect that level or not.

The understanding of "Acceptance" and "Rejection" of the price is significant to initiate a good trade. There are 2 ways to identify price acceptance or rejection:. Using the candlestick Pattern. The above image shows an example of price rejection through a bullish engulfing pattern.

There is a good support line, and the price displayed a bullish engulfing pattern exactly at the support line. One can plan 'Long' trade above the engulfing candle's high, keeping a stop-loss below the engulfing candle's low. Either one can trail the stop-loss as the price advances on the upside, or they can book the profits at any significant resistance level upside.

The above image shows an example of price rejection through bullish harami and hammer candlestick patterns. There is a good support trend line, and the price displayed these two bullish candlestick patterns exactly at the support line. The above image shows an example of price rejection through a bearish engulfing candlestick pattern. There is a good resistance trend line, and the price displayed a bearish engulfing candlestick pattern exactly at the resistance line. Hence, if you have a long position, you can exit here or one can plan a 'short' trade below the engulfing candle's low, keeping a stop-loss above the same candle high.

Either one can trail the stop-loss as the price falls on the downside, or they can book the profits at any significant support level downside. Through Raw Price Action. Once you gain some knowledge and experience, anyone will make out this price acceptance or rejection just by looking at the raw price action. The above image shows an example of price rejection through raw price action. The price has broken the support trend line, but it denied to stay below and bounced back very strongly.

It is a clear example of Price Rejection. This is good for bulls but not for bears. Hence, one can plan a 'Long' trade above bouncing candle's high, keeping a stop-loss below the same candle low. The price has traded above the resistance trend line, but it denied to stay above and displayed a strong selling wick. This is good for bears but not for bulls. Hence, one can plan a 'Short' trade below the rejection candle, keeping a stop-loss above the same candle high.

If you look at the above image, there is a clear resistance trend line. Besides, the price also is shown clear acceptance also breakout from the resistance levels. So, one can plan a long trade above the high of the breakout candle, keeping a stop-loss below the low of the breakout acceptance candle. Either the trail stop-loss concept can be applied or can be exited at predetermined levels.

When learning price action trading, beginners can opt for the 'Candlestick Pattern' approach in the beginning. Once they get some clarity, they can switch to the advanced version which is through raw price action. Price action trading is a powerful concept and is the foundation for numerous strategies used by many traders. The famous price action trader Nial Fuller explains the importance of price action trading in just one statement, " I was looking at everything except the most important thing; pure price action.

To get mastery in price action trading, one should learn to arrive at the best support and resistance levels. With time, you learn more about price action trading. The more charts you see, your trading skill continues to grow. But to get to that point, you first need to start.

And the best place to start is usually right where you are! There are many books on price trading topics. Traders develop their own unique approach to price action trading. Imagine that there is no gravity, and you throw the ball towards the floor. The price finds support at the floor and bounces back towards the ceiling. When it reaches the ceiling, the price finds resistance and changes its direction. When that happens, the resistance the price just broke, becomes the support.

Similarly, if the price would have broken below the support area, the same support would have become a resistance. Simple as that! To identify the strong support and resistance on a chart, all you have to do is find the area that looks like a floor or a ceiling. In other words, find an area where the price has reacted multiple times from. Something like this. Remember that support or resistance area is not a single line on a chart.

Also, remember this floor and ceiling example, as we will be referencing it when we create a strategy in the next chapters. In the previous chapter, you saw two kinds of support and resistance. The first one was the psychological numbers that people are used to. And the second one was the area where the price has reacted multiple times in the past. Remember the ceiling and floor example from the previous chapter? Well, if the price keeps breaking the ceiling, or in other words, if the price keeps moving in the upward direction, it will form new higher swing lows.

If you connect the swing lows using a straight line, you will get something called trendline support. Similarly, when the price keeps breaking the floor, or in other words, if the price keeps moving in the downward direction, it will form new lower swing highs.

If you connect the swing highs using a straight line, you will end up with a trendline resistance. Personally, I find trendlines to be weak support and resistance points on a chart compared to the normal support and resistance areas where the price has reacted multiple times before. When the price breaks below trendline support in an uptrend, it does not mean a downtrend.

It simply means that the upward momentum is slowing down. The other kind of support and resistance areas are the swing lows and swing highs respectively. These are also weak support and resistance areas. If you have seen the In-depth Trade Analysis Posts on Trading Rush Patreon Page, you know I always set the profit target below the swing high resistance in an uptrend, and above the swing low support in a downtrend.

The other important support and resistance area is the period moving average, because a lot of long-term traders and investors use the average of the last days while analyzing the chart. Now that you understand what candles are, and what different types of support and resistance are, it is time to combine candles with support and resistance to better understand the price structure. Remember the Japanese Rice Trader example from the previous chapter, where Bill the first was the Rice Trader, and Bill the second was changing his mind after realizing the high and low of the day?

Well, you see, a new candle forms every 5 minutes if you have the timeframe set to 5 minutes, and every day if you have the timeframe set to 1 day. But most of the time, the data that candles show, or in other words, all candlestick patterns most of the time are not that useful. However, there are few exceptions. If you are trading the strong short-term momentum especially on a smaller timeframe, you can use the first red candle that shows up after a series of green candles to exit the long trade and book a profit.

Or if you are trading on the daily or higher timeframes where there is less market noise, every single candlestick pattern holds more value than it does on smaller timeframes. But candlestick patterns are best used to see the reaction of the market participants near the support and resistance areas.

Instead of buying immediately, you wait for the candles to show the sellers stepping out, and buyers stepping in. In other words, you want a candlestick pattern to form near the support area, that shows the buying pressure. First, the Bullish Candlestick Patterns, or in other words, if the following candles are formed, it indicates a higher probability of price making a move in the upward direction.

After a series of red candles, a Hammer Pattern indicates a potential upward move. Here, the price made a move in the downward direction, but then there was more buying pressure, that took over the sellers. In the inverted hammer, the price first made a strong move in the upward direction indicating a strong buying pressure, but then there was a good selling pressure.

However, the selling pressure was not strong enough to take out all the buyers. Then there is a Dragonfly Doji. This pattern is formed when the price makes a move in the downward direction, but then the buyers bring the price back to where it opened. Bullish Engulfing Pattern is formed, when the buying pressure is so strong, that the green candle completely engulfs the body of the previous red candle.

In the Morning Star Candlestick Pattern, first a big red bar is formed indicating good selling pressure. But then a small green bar is formed indicating a loss of selling pressure. The Morning Star Pattern is completed, when another strong green bar appears confirming a buying pressure after the loss of selling pressure. In the Three White Soldiers Candlestick Pattern, three consecutive green bars with almost no wick at the top are formed after a series of red candles.

There are other candlestick patterns, but these are the most important and reliable patterns out there. Shooting Star. As you can tell, this one looks like a shooting star, and opposite of the hammer pattern. When the shooting star pattern is formed after a series of green candles, it indicates selling pressure. The buyers made the price move in the upward direction, but then the sellers took over all the buyers and a red candle was formed.

In the Hanging Man Candlestick Pattern, there was an increase in selling pressure as soon as the previous green candle was closed, but then there was some buying pressure from the bottom. However, the buying pressure was not greater than the selling pressure. Gravestone Doji is a pattern where the buyers made the price move in the upward direction, but then sellers entered the market and brought the price back where the candle opened.

This pattern is similar to the shooting star pattern and indicates a potential downward move. In the Bearish Engulfing Pattern, the red candle completely engulfs the previous green candle. In other words, the sellers completely took over the buyers of the previous candle. In the Evening Star Pattern, first a green candle is formed indicating a buying pressure, but then the buying pressure is lost and a small red candle is formed. The Evening Star Pattern is completed when a big red candle is formed confirming a strong selling pressure.

Three Black Crows Pattern is formed when three consecutive red candles are formed with almost no wick at the bottom after a series of green candles. They are formed when the buying and selling pressure is pretty much equal.

A neutral candle can look like a Plus symbol, also known as a Doji candle. Or can also look like a spinning top. When these patterns are formed, it means there is no strong buying or selling pressure and you should wait for other confirmations. If everything is edited as I thought it would be, I should have said that I started trading with Price Action Only, but after trading for thousands of hours and making money with it, I quit.

We will get to Why I stopped being a Price Action Only Trader in the next chapters, but in this chapter, we will see what I found, and one of the price action strategies I actually traded. After thousands of hours of trading with price action strategies in the live market, I found out that these three patterns work the best. These are the most reliable patterns in the long run, especially the engulfing pattern.

Now, if you have watched one of the candlestick patterns videos I did on the Trading Rush Channel, you know that the Hammer Candlestick Pattern and the Bullish Engulfing Candlestick Pattern are basically the same things, or in other words, they are telling the same story. In both of these patterns, the price goes in one direction, and then the opposite pressure makes the price go in the opposite direction.

The only difference between the two is that, one did it in a short time, and the other one took a while, resulting in two separate candles. For example, imagine that there are two candles, but one has fewer seconds left to close than the other. In the bullish hammer and the engulfing pattern, the price makes a move down indicating selling pressure.

The price movement is exactly the same, but this time, the second candle closes when the price makes a move in the downward direction, resulting in a completed red bar. Since the first candle still has enough time to close, when the buying pressure increases and the price makes a move in the upward direction, the first candle creates a Hammer pattern, but since the second candle was closed in the middle, it ended up creating a Bullish Engulfing Pattern, even though the price made the exact same move.

Since the engulfing patterns were most reliable in my experience, I was able to make money by simply buying when a bullish engulfing or a hammer pattern was formed near a strong support area. And by selling when a bearish engulfing pattern was formed near a strong resistance area.

This simple strategy was quite effective, but there is a slight problem with these setups. We will see them in the next chapters. Although Candlestick charts are the most popular charts, there are two other types of charts that you will see some traders use. One is the Bar, which looks very similar to the candlestick chart, except there is no candle body.

Then there is the Heiken-Ashi Chart, where the candles look a lot smoother. Even though Heiken-Ashi looks better than normal candlestick charts, most professional traders will not use it and stick to the normal candlesticks or bar charts that sometimes look like a mess. Heiken-Ashi is basically taking an average of the price movement, but by doing this, a lot of data is lost that a professional trader might find useful.

So Heiken-Ashi is best used to trail the stop loss and stay in the trend for a longer period of time, read the price movement better, and analyze the strength of the trend. To analyze the strength, or in other words, to see if the momentum is slowing down or increasing, all you have to do is look at the size and shadow of the candles. If a green Heiken-Ashi candle has no shadow below the candle, it indicates upward momentum.

If the size of the Heiken-Ashi candle is relatively bigger, it shows a strong upward momentum. If the size of the green candle is smaller, it shows a weak upward momentum. If the Heiken-Ashi candle has shadows on both sides, it means a slow, or a sideways momentum. If the red Heiken-Ashi candle has no shadow above the candle, it indicates downward momentum. If the size of the Heiken-Ashi candle is relatively bigger, it shows a strong downward momentum.

If the size of the red candle is relatively smaller, it shows a weak downward momentum. So far, I have only talked about and recommended things I actually made money with or were helpful in the long run. But out of all of these patterns, I have only found three patterns that work the best. You have even seen 2 of them in one of the live trading videos on the Trading Rush Channel. The first one is the bullish flag pattern, where the price makes a strong move in the upward direction, then gives a small pullback, that looks like a flag you drew as a kid.

Sure, the quality is a lot better, but when this kind of flag pattern is formed, the price has a higher probability of making a good move in the upward direction after the price breaks out of this flag. This kind of flag pattern can be easily found on the stock that opens with a gap.

In other words, the price finds support at pretty much the same place, but the new swing high keeps forming at a lower point. When the price breaks above this pattern, it has a higher probability of making a move in the upward direction. The first and second patterns tell the same story, there was a strong buying pressure.

But then there was a not-so-strong selling pressure indicated by the small and weak pullback. When the price gives a breakout, there is strong upward momentum to capitalize on. The third one is the head and shoulders pattern. This one is best understood by actually understanding how it is formed. Also, this pattern works best in a strong resistance area. When the price reaches a resistance area, selling pressure is increased as expected, but the selling pressure was not strong to take out all the buyers.

When the buying pressure is increased, the price breaks the resistance, or in other words, the price gives a breakout. But then the buyers fail to make the price go higher. The selling pressure is increased and the price is back inside the resistance area, resulting in a false breakout. The price retest the resistance area again, and after all of this rejections and mess, when the price breaks below the support, or in other words, when the price breaks below the area where the buyers were stepping in, the buyers are taken out and a strong selling pressure can be seen most of the time.

Of course, there is a chance none of what I just said actually happens, but these 3 patterns, and especially the first two, I have found to work the best after trading for thousands of hours with price action only. As you can see, the price is in a good uptrend. On this chart, we know the price is moving in the upward direction, or in other words, the price is in an uptrend.

But if you look closely, you will notice that after making the upward move, it went in the sideways direction for a while. We saw how to draw support and resistance like a pro in the previous chapters, and on this chart, this is the resistance where the price has reversed multiple times.

As you can see, the price broke above the resistance, so now the resistance will act as a support area. Since we know the price is in a long-term uptrend, we will look for long trading opportunities. We will wait for the price to come back near the support area, and take a long position when we see buying pressure.

We will use the candlestick patterns that we saw in the previous chapters to find that buying pressure. But as you can see, the price went straight through the support area resulting in a false breakout. When the price gave a breakout above the resistance area, the sellers who had the stop loss above the resistance got stopped out, and new buyers stepped in. But then there was a strong selling pressure that took over all the new buyers resulting in strong selling pressure.

Since we were waiting for a bullish candlestick pattern near the support area, which never appeared, we have no reason to enter the trade. If there was some kind of bullish pattern near this support area, we would have set the stop loss below this breakout support area. When the price was moving in the sideways direction, we can see the price found support in this area. And right now, the price is near that area again. Furthermore, when the price touched this support area, we can see a big price rejection from below.

Since the candle is still red and not green, it is not the bullish candlestick pattern we are looking for. But then, as you can see, the next candle completely engulfs the body of the previous candle, resulting in a Bullish Engulfing Pattern, or in other words, a signal to buy. So we will take a long position when the candle is completed, and we will set the stop loss below the support area.

If the swing high was far away, we could have used a 1. But here, only 1 to 1 is possible before the swing high resistance. Yes, if you were paying attention, you probably noticed that I took entry near the previous resistance. You see, there are two kinds of resistance areas. One is weak resistance, and the other one is strong resistance. Identifying and telling the difference between weak and strong resistance will come with experience.

But basically, the resistance and support areas that are visible on the higher timeframes, are strong resistance areas, because everyone can see them at the same place. But these kinds of support and resistance areas are weak resistance. Because, on our entry timeframe, we can see this as a resistance, but if we switch to a higher timeframe, the resistance area is not clearly visible. So many traders on higher timeframes will not see any kind of resistance. Since we know the price is in a good uptrend, and even your dog knows that the price has a higher probability of breaking the recent resistance area in an uptrend, and we saw the strong buying pressure when the price touched the support area, and we took entry after the engulfing pattern which is one of the most reliable candlestick patterns I found after thousands of hours of trading with price action only, the price not only has a very high probability of going in the upward direction, but our trade has an even higher probability of winning, because the stop loss is below the support area, and profit target is below the swing high resistance.

If we fast forward the live trading clip a little, we can see the price went exactly how we anticipated. No indicators were used, and all of the analysis was done in the live market with the price action alone. The live trading example was important, because there was no hand-picked setup where everything went perfectly. And as you saw, when the analysis is done in the live market, you will see things going against us, and not so smoothly. But hopefully, this was more helpful than a hand-picked setup from the past.

After all, every trade is different from the previous one, and one liive trade example is not enough. Making money in trading is easy, making money with price action is easy, but not understanding when not to try to make money, is where people lose money and blame the strategies.

Even your neighbor who bought Bitcoin when it was at the top knows, that to make money more consistently in trading, or in other words, to have a higher probability of winning, you have to trade in the direction where the price is already heading.

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