Hello guys.
It’s me again .I am new to price action and i didnt find any lesson here in babypips, so I want u guys to guide me and tell me some websites with tutorials and videos.
Thanks in advance.
Price action is the study of how price moves usually around S/R area o levels. You can use any type of chart to do this (line, bar, candlestick) I myself prefer Japanese Candlesticks. So any book o resource about JC will help. Try to look for steve nison or stephen bigalow books.
Also you can start here What is a Japanese Candlestick? | Japanese Candlesticks | Learn Forex Trading
Remember that PA alone will not make you profitable try to mix it with supply and demand concepts.
You can try and review some of the latest Fx news to get an idea about the current S/R levels and if you need more info on it, search on google to get updates on latest S/R predictions including price movements…
Price action trading is the art and skill of making all of your trading decisions off of a stripped down or “naked” price chart. Complete guide about Price Action is at learntotradethemarket.com
:)))))) ty now i have to learn all that.I appreciate your help
You may also want to check a few video tutorials, free ones that’s available online and you are welcome!
If you are new to PA, you will probably start out with some method of trading breakouts.
If this is the case then start with a small chart around M15 and exit within 4 candles (a time stop) w/ the entry candle as the first in the count.
If you feel that the trend will continue and your stop is properly sized for a higher period then switch to M30, note the entry candle and exit by the 4th candle.
A novice will usually get burned waiting for a take profit that is too high or a stop loss that is too far away.
I used to make the mistake of using a watered down position and a stop for 50, 100, or even 250 pips.
If you are going to be at your computer then size your stop based on M5 or M15 even if you are trading H1 or H4 (price is the same on all time frames).
If your stop is larger than 20 pips then you will spend most of your time trying to get back to break even.
I understand that you will need a stop for more than 20 pips on a lot of the charts that you will be trading.
The trick is to bring your initial stop to back down to 20 pips at some point in the trade (before bar 4 if possible).
Assuming you trade 4 lots and a 20SL but need a 40 pip stop, you would trade 2 lots and bring your lot size to 4 (or to 3 then 4) at some point during the trade. Keeping your stop loss small now or small later is key to overcoming losses.
I don’t know, maybe this is TMI for a novice…