Candlestick Patterns – Hammer
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Learning to Identify Key Setup Areas
Deliberate practice requires maximum exposure to price action and an ongoing process of learning through trial and error. Whenever you have a spare five minutes or so, a great exercise you can do to enhance the ‘maximum exposure’ part of your deliberate practice, is the following: Bring up a chart of any instrument you like…
Definition – Projection
Projection refers to the distance with which a price extension projects past the previous swing high (in an uptrend) or swing low (in a downtrend). Referring to the uptrend in the above diagram, we see the price action shows three price extensions E1, E2 and E3. The projection of each is displayed as P1,…
What is Scalping?
The charts should be pretty self-explanatory, so have a read through them and then I’ll wrap it up with some text following the last chart. Three steps only: 1. Identify the bias (flow, path of least resistance, future trend or whatever you want to call it). 2. Take a wholesale entry in the direction…
Candlestick Charting – Video 10 – Harami
Candlestick Patterns – Harami
Fast Trend Shallow Pullback
Expectations should change with a change in environment. In a slow, wide-swinging trend, your better off waiting for a deep pullback. Don’t be too quick to enter. But in a fast trend, if you hesitate you may just miss the entry. Here’s two fast-trend shallow pullback entry examples. There’s no waiting for a 38.2% retracement…
Three Losses in a Row
3 losses in a row are tough. That’s about the most consecutive losses that novice traders are psychologically prepared to accept before they feel compelled to take action and ‘correct’ the situation. If you’re anything but a total newbie, I’m sure you’ll recognize the symptoms: Frustration – Why me? I’ve worked so hard. Everyone else…