If you don’t understand the very basics of how price action drives the markets, it becomes very hard to work out the general direction of the big players who are looking to move it. This puts your trades at risk, giving you lower probability trades, regardless of your system.
In this episode I give you a quick update on how my trading’s going and how having a better understanding of price action has helped me no end.
Then I get the help of my mentor, Andre Stewart, to walk us through a unique take on the basics of Price Action that’ll give you some unusual (but obvious) techniques to pick the overall direction like a pro.
Plus, we recorded the whole thing for you… So if you want to watch what Andre is pointing out on the charts, check out the video below.
Get A Trading Mentor (FREE) For Life
Last but by no means least… Andre is giving away his lifetime mentoring package, which includes
- 4 x 1:1 sessions/month
- chat room access
- video training material
- institutional grade indicators
- group coaching sessions
All you have to do is be the first person to correctly answer the question he asks in the show.
So, listen carefully (all the way through – from start to finish) to hear the question, then email Andre on Andre@ChartArtistTrading.com with your answer and the first trader with the correct answer will win this unbelievable prize!
I’ll be announce the winner in a future show (and maybe share their story), so stay tuned.
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- [19:00] I’ve simplified my trading ridiculously because I think there’s beauty in simplicity.
- [19:33] Market’s are not manipulated. People just don’t understand price behavior.
- [20:12] I don’t want theory. I don’t want any theory in my trading. I want the truth.
- [20:25] The market took my stop out. I got stop-hunted. It doesn’t happen.
- [20:38] If the market is in a state of weak liquidity or weak volume, price exists to fill orders.
- [20:52] Now you have to understand there’s a difference between market orders and limit orders. Limit orders are market movers, market orders typically get absorbed by limit orders. Limit orders end up being support and resistance.
- [21:33] The market’s gonna fill your stop which is a limit order because the price needs that liquidity.
- [23:30] If you think of “Manipulation” you have expectations. You’re expecting the price to do one thing and price to another.
- [26:09] Forex is not manipulated. I have to clarify that FX is not manipulated.
- [27:51] Business is business. If you are a crap trader, your broker (ECN or not) can take the other side of your trade.
- [29:08] Essentially, what’s a wick? A wick is telling you essentially where buyers and sellers are.
- [29:23] A wick on a higher timeframe is giving you key information that every day you are going to have two crowds of traders, someone who tries to buy low and someone who tries to sell high. It’s reflected in the chart.
- [33:51] It’s not hard to find the low and the high of the day, it can be done on a fractal basis but, understand one of the basics of price movement.
- [35:18] Volume is another word for activity.
- [36:26] Most traders can get the direction right but, they cannot get targets. They just cannot get targets for whatever reason.
- [42:14] Nothing’s random, you just gotta know what to look for and it’s the things that are in front of your face, but you don’t notice that can make the biggest difference in your trading.
- [47:19] The data is on your chart literally for you to decipher and it’s not hard to decipher. You just have to let go of your ego, let go of the freaking emotions and trade it.
- [48:12] Even if you look at the statistics behind retail trader, patterns, you’ll see that 90% of them are trash.
- [48:52] if you don’t master price, you can’t use an indicator.
- [51:24] On every time frame, there is a fixed price.
Remember to enter to competition and win 1:1 mentoring with Andre and be part of his growing community by emailing him your answer to the question.
To learn more from Andre, check out one of his group coaching sessions.