Day Trading Is Hard, Until You Read This Thread.
I will go over EXACTLY how I read price action to make consistent profits as a day trader:👇
(1/10)
I will go over EXACTLY how I read price action to make consistent profits as a day trader:👇
(1/10)
1) Information
Learning to read candle sticks is game changing and vital to your success as a trader.
For me personally I don’t use tape or level 2, I just read the price action on the chart in front of me.
This is how I do it.
Learning to read candle sticks is game changing and vital to your success as a trader.
For me personally I don’t use tape or level 2, I just read the price action on the chart in front of me.
This is how I do it.
2) Candle Sticks
Looking at the chart below I have my favourite patterns there.
I don’t use every single candlestick pattern shown.
My favourites are:
Bullish—> Hammer, Dragon Fly Doji
Bearish—> Shooting Star, Gravestone Doji
Looking at the chart below I have my favourite patterns there.
I don’t use every single candlestick pattern shown.
My favourites are:
Bullish—> Hammer, Dragon Fly Doji
Bearish—> Shooting Star, Gravestone Doji
3) Trades
Based on these candlestick patterns I wait for a stock to come to a key level or zone for me to take a trade.
Its important to mention these patterns work near LEVELS not random areas in the chart.
In this example we use PM HIGH and LOW
Based on these candlestick patterns I wait for a stock to come to a key level or zone for me to take a trade.
Its important to mention these patterns work near LEVELS not random areas in the chart.
In this example we use PM HIGH and LOW
4) Confirmation
Now as the stock opens up we wait for confirmation of the level to hold with these candle stick patterns.
(Bonus: Always wait for the candle stick to close)
Now as the stock opens up we wait for confirmation of the level to hold with these candle stick patterns.
(Bonus: Always wait for the candle stick to close)
5) Confirmation
With the previous picture we can see a clear inverted hammer candle showing buyers brought the stock up only for sellers to push it down near the level
It was then followed by another inverted hammer showing sellers are in control & a good r/r entry for a short.
With the previous picture we can see a clear inverted hammer candle showing buyers brought the stock up only for sellers to push it down near the level
It was then followed by another inverted hammer showing sellers are in control & a good r/r entry for a short.
6) Risk/Reward
We enter into the trade at the close of the 2nd candle looking for 149 previous day level with our stop loss above the previous candle wick as that’s where market structure would break.
We enter into the trade at the close of the 2nd candle looking for 149 previous day level with our stop loss above the previous candle wick as that’s where market structure would break.
7) Play Out The Trade
Now that we play out the trade we see this was a great example of a low risk trade.
This type of trade can be done daily!
Now that we play out the trade we see this was a great example of a low risk trade.
This type of trade can be done daily!
In Conclusion,
These candle stick patterns combined with key levels and zones are very helpful in increasing your win rate!
If you got value from this thread:
- Like + Retweet Original Tweet!
- Follow For More Education!⚡️
These candle stick patterns combined with key levels and zones are very helpful in increasing your win rate!
If you got value from this thread:
- Like + Retweet Original Tweet!
- Follow For More Education!⚡️
P.S-
I made a FULL VIDEO on this EXACT topic with many more EXAMPLES and SECRETS!
If you want to watch that video:👇
Also, I post daily education & trade reviews on IG: 👇
instagram.com/scarfacetrades_
I made a FULL VIDEO on this EXACT topic with many more EXAMPLES and SECRETS!
If you want to watch that video:👇
Also, I post daily education & trade reviews on IG: 👇
instagram.com/scarfacetrades_
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