TRADING WITH SIMPLICITY ALWAYS GIVES YOU COOL STATE OF MIND .
In the starting days of my trading I was also searching for the holy grails and trust me , I blow my 80% of account to using all these holy grails and when I started to keep trading simple with only 3 points that are -
1) TREND
2) MARKET STRUCTURE
3) PRICE ACTION
then it become so easier to be a successful trader and will only suggest you to work on it either you are a intraday trader or a swing this is the best and easiest method of trading .
We will understand this process by the above example.
In this chart there's a trendline coming from upside which I used as a parallel channel , when the price broke the L-1 line then I was only thinking to go short as the upper trendline channel has been tested 2 times so this could be the 3rd time may be a rejection could happen there's but as I said I'm a very conservative trader and looking for multiple confirmations so I didn't take the trade at 3rd POINT.
But at the 4th time rejection I did it. Reason to trade there -
1) downtrend
2)bearish pattern of HEAD AND SHOULDER
3) price break the neckline as well as the major support level
4) with huge bearish engulfing candle
Trade simple and captured a 25.7% move downside.
I hope you all will understand what I want to say pure price action based trading is as simple as nothing to do with the indicators(I also used some indicators but that's a different kind of story and will tell in the next tutorial ).
HAPPY TRADING
NITIN (INDIA)
1) TREND
2) MARKET STRUCTURE
3) PRICE ACTION
then it become so easier to be a successful trader and will only suggest you to work on it either you are a intraday trader or a swing this is the best and easiest method of trading .
We will understand this process by the above example.
In this chart there's a trendline coming from upside which I used as a parallel channel , when the price broke the L-1 line then I was only thinking to go short as the upper trendline channel has been tested 2 times so this could be the 3rd time may be a rejection could happen there's but as I said I'm a very conservative trader and looking for multiple confirmations so I didn't take the trade at 3rd POINT.
But at the 4th time rejection I did it. Reason to trade there -
1) downtrend
2)bearish pattern of HEAD AND SHOULDER
3) price break the neckline as well as the major support level
4) with huge bearish engulfing candle
Trade simple and captured a 25.7% move downside.
I hope you all will understand what I want to say pure price action based trading is as simple as nothing to do with the indicators(I also used some indicators but that's a different kind of story and will tell in the next tutorial ).
HAPPY TRADING
NITIN (INDIA)