How Good Does Your price Action Strategy Work??
It is profitable, because I place my T/P BEFORE losing traders close their trades or get stopped out - usually before a S&R or S&D zone. This has a higher probability of success than using RRR which is random.
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I think many traders are reluctant to share exactly how their strategy works. There’s a thread addressing that somewhere on here.
Ironically, most traders would get different results from the same strategy. Regardless, many traders here who have worked hard to get to where they are, they have little interest in giving away what they’ve sacrificed for. They’ll give vague details, but nothing explicit.
And without screenshots, it’s easy to misinterpret what the trader describes. Two traders can say they buy at support and sell at resistance, but have different ways of detecting those zones.
The trader would have to post screenshots and explain in full detail in order for someone else to understand the strategy completely.
However, others have no problem doing that.
I follow a price action strategy which is based on trend-following. I don’t use any off-chart indicators, just a couple of EMA’s on the chart to help in confirming trends and also gauging the most consistent / longest.
The principles are similar to the Turtle Traders’ approach. Trades are taken off D1 charts only, stops are set using ATR, I use a standard % risk of account capital and look to pyramid winning trades as they advance. Entries are from either resumption of trend following a pull-back or breakout from consolidation back into the trend. Its simple but demands patience and self-discipline.
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When my bias is correct, it works great. When my bias is wrong, I get run over just like everyone else.