The two-legged pullback is the most popular setup amongst price action traders. In this video we are going to take a look at why. Prices on any chart and any time frame moves in pairs of twos, this is tied to human psychology. When traders try something once, they will usually try it again before giving up on the idea.The key with two legged pullbacks is to combine them with KEY ENTRY POINTS to achieve high probability setups.
In this video we will go over how to spot two legged pullback (second entries) because it is the most reliable trading setup out there.
Price action trading is a system of trading where a trader is only relying on his ability to read the naked chart and use Price Action.The Trader is observing the candlesticks as they print on the chart and looking for patterns that repeat themselves over and over again.
The only people who know where the market is heading are institutions. They are the ones who make the market move and our job as a retail traders is to follow their footsteps and get the piece of their movement. As a priceaction traders we need to find the most profitable ways to enter trades. The highest probability setups are 2nd entries at the key entry points.
Date June 18 2021
Key entry points are:
1) Trendlines - after a break we expect a correction or retest of a new extreme
2) Support and resistance lines - most breakouts of trading ranges fail
3) EMA - 21 bar settings
The reason why we look for 2nd entries and not 1st or 3rd entries is tied directly to human psychology.
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The best way to became consistantly profitable is to learn to read the chart in its purest form. There is no holy grail or set of indicators that can make you rich without work. Learning to understand how prices move and why they move is a learnable skill that anyone can achieve.
OUR PRICE ACTIONS RULES WORK IN EVERY MARKET AND EVERY TIMEFRIME.
Priceaction is universal and technical analysis patterns repeat over and over again on consistent basis.
Trading with a fear is the most common fear most trade have. It is crippling and can get your mind frozen. The key to consistancy is to be emotionless and fear nothing in trading.
Key rules of our strategy:
1) Second entried in the direction of a trend
2) Trendlines
3) Failed breakouts
4) Failed second entry counter trend
5) Support and resistance
Target Profit - 10 Ticks
Stop Loss - below signal bar (around 10 ticks)
Overall market context is more important than individual patterns.
Technial analysis works and it repeats over and over.
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