I’m going to go ahead and bump this thread. It is, afterall, the best thread I know of on Price Action. Really wish Johnathon Fox wasn’t gone. He was a very valuable asset to this site.
Anyways, let me go ahead and add a few other things:
Name’s Paul and I’ve been learning about Forex for about 5+ years now. Despite the length of time of my learning, I still haven’t made any money trading Forex. I’ve just recently started trading live money. This is only because my uncle who works for NASA noticed me on Facebook talking about Forex. None of my Facebook friends were really interested in my post but my uncle and his wife apparently were. They both talked amongst each other about my endeavor and later on decided to offer me a lump sum of money to get started in trading.
At first I was very flattered but turned it down. I told him I am not comfortable trading other peoples money. Turns out he was just [I]giving[/I] me the money for myself to trade - no strings attached.
SO - I’m trading real money. I felt it’s time to get serious about learning Price Action… even though I’ve been studying Price Action for a few years now.
Once I started trading this money - I quickly realized that I am not nearly as in control of my emotions as I had originally boasted to myself. I took trade after trade that was not in my trading strategy and had no price action to support it’s validity. These trades all ended up losing me money. After the first few trades lost me money, all I was doing was “revenge” trading in order to get the money that I lost back. This only led to more losses.
After so much stress, I am now here… back to the forum to educate myself on Price Action and to take this more seriously.
What I really want is to build a solid trading strategy.
The problem is that I have several different ideas on what I want to trade.
Here are the main options that I am unable to currently decide between:
1.) Trade Daily and 4-Hour Timeframes:
Trading Wedges (retests of wedge tops and bottoms as well as breakouts/retest of wedge after breakout).
Trading Channels (retests of channel tops and bottoms as well as breakouts/retest of channel after breakout).
The trading signal I would be using for the testing of the wedges and channels would be Pin Bars only.
Support and Resistance trades using Pin Bars as the trade signal.
Trend line trading - Pin Bars
And lastly - Dynamic Support and Resistance (EMA 10, 20) using Pin Bars as well.
2.) Trade 10 Min Time Frame (Scalping):
Trade ONLY Bearish and Bullish Engulfing Candles at Psychological levels such as 00, 50, 70,80 (I may just want to stick to 00 and 50). Trade BEEB and BUEB at Key Support and Resistance levels as well as minor S/R.
10 PIPS per trade.
10 PIP SP/TP
The reason I became interested in Scalping the lower time frames to begin with was because this is what the person that introduced me to Forex does… and very successfully.
He showed me how effective it was and made $16,000 right in front of me just doing this… it was so simple watching him do it.
But for some reason, through the years I was turned down to scalping by others saying that it is something that can ruin your account. I actually believed them - EVEN THOUGH I actually knew someone that made a dam good living do it…
Long story short, I am trying to find my niche and it’s difficult.
I am a very impatient person when it comes to this. This is mostly due to the fact that I have virtually no time to trade Forex when I get home from work. I am typing this at work, if that gives you any indication (And no, I cannot trade while at work).
I have only a couple hours to trade while at home and so it’s about a couple hours a day to look at the markets and make trade decision before my time is up. I have set up my Trading View account and have made several accurate predictions using Price Action ( Trader SubTh3ory — Trading Ideas & Charts — TradingView )
I just have ALWAYS been at work when the opportunity happened.
This has led me to look more closely at the 10min time frame and possibly choose my second option.
I came back to this forum and got overwhelmed… there’s literally thousands of pages to go through. I know most of the information is in about the first 50 pages - but I am curious if anyone here knows if there is much on scalping lower time frames in these pages.
I would like to think that all Price Action can be applied to any time frame but I don’t want to assume that.
If you are a fellow scalper and/or know a bit on scalping - I could use your assistance.
Let me know who all is still visiting these forums!!