Need help on finding entry signal!

[lulu2199]

Hello everyone,

Recently people told me to learn price action instead of using indicators, which I did. However, price action is about to find the right signal (pin bar, inside bar, fakey, etc) and sometimes, there is none. Therefore, I ask here if anyone has a good entry signal that's high probability price action stuff.

In other words, I'd like to predict accurately where the price is going without relying to indicators, but with the chart itself.

I accept everything: video, link, post, all is good.

Thanks!

Lulu2199

 

[Easy Trader]

Waiting is what price action trading is all about. The price action signal is only as good as its placment in the bigger picture of price. I personally like to find places where price is most likely going to find support/resistance, the price action is now signaling me that my read of the market is most likely correct. Where high probability entries come into play is when a trader is diciplined enough to wait for a confluence of events to line up and then recieve the price action signal. If you want to trade high probability price action you need the attitude of "trade with no losses" and alot of paitence. Ill try to post some charts tommorrow for you of what I consider "high probability".

 

[lulu2199]

Waiting is what price action trading is all about. The price action signal is only as good as its placment in the bigger picture of price. I personally like to find places where price is most likely going to find support/resistance, the price action is now signaling me that my read of the market is most likely correct. Where high probability entries come into play is when a trader is diciplined enough to wait for a confluence of events to line up and then recieve the price action signal. If you want to trade high probability price action you need the attitude of "trade with no losses" and alot of paitence. Ill try to post some charts tommorrow for you of what I consider "high probability".

Thanks for reply! So in other words, I must wait for the price action to come to me?
And also, since a lot of ppl are telling me price action is the only thing to go in for ex, can u recommed to me a good book or site to learn pa in fx?

Thanks!

Lulu2199

 

[Easy Trader]

Exactly! The market will show you when to make money, you can't just come home after work and expect to place trades on the EUR/USD 5M chart and rake in the bucks. Unfortunatly it doesn't work that way. Trying to get to my charts for you, don't have any sources of PA traders that I would personally vouch for or any references that would give you anymore of an explination than you already seem to have. I will try to make some time and get some videos up to help you, I used to post videos but didn't seem to catch much attention here on the forum so I took them down. Now there is someone with interest and I don't have the time.(go figure!)

 

[Rob Taylor]

Don't force yourself to trade Lulu. As easy trader says, sometimes it can be a waiting game.

 

[lulu2199]

Hmm... yea ok.

My current plan is the following:

1, Each day, check pairs to spot a pair near resistance/support level.
2, Try to see if there is a pin bar, doji, or engulfing bar somewhere very near this level.
3, Place my order, and try to see if this pair goes in my direction.
4, $$

However, I didn't see any kind of interesting pair, as they are all nowhere near their resistance/support level, and are pretty much all just noise.

Any suggestion to my method?

Thanks!

Lulu2199

 

[Easy Trader]

It sounds like your spot on so far..........not quite what you thought trading was about hu! But what you have done by waiting (even as a newbie) is begun anticipating the market and not chasing it, which is good. My advise at this point would be stick with the pinbars, engulfing bars and ditch the doji's and inside bars. Next would be to try to pick the support/resistance areas that match up with round numbers. This will put you in line with the larger players in the market(momentum). Then check to see if any other confluence is taking place that can further increase your probabilities such as fibs, divergence, or popular moving averages that act as support/resistance I.E. 200EMA. If you can incorperate 1-2 or 3 other confluing things to support a reversal is taking place, you my friend have a high probability set-up. Once you can consistently spot these situations the next phase will be learning how to manage a good trade. Each price action trader is different here, but thats the freedom of PA trading! If you place trades snap some screen shots, this way myself or Rob Taylor can maybe work out some of the nuances that come with the territory. Ill post picks of some of my trades here also.

 

[lulu2199]

It sounds like your spot on so far..........not quite what you thought trading was about hu! But what you have done by waiting (even as a newbie) is begun anticipating the market and not chasing it, which is good. My advise at this point would be stick with the pinbars, engulfing bars and ditch the doji's and inside bars. Next would be to try to pick the support/resistance areas that match up with round numbers. This will put you in line with the larger players in the market(momentum). Then check to see if any other confluence is taking place that can further increase your probabilities such as fibs, divergence, or popular moving averages that act as support/resistance I.E. 200EMA. If you can incorperate 1-2 or 3 other confluing things to support a reversal is taking place, you my friend have a high probability set-up. Once you can consistently spot these situations the next phase will be learning how to manage a good trade. Each price action trader is different here, but thats the freedom of PA trading! If you place trades snap some screen shots, this way myself or Rob Taylor can maybe work out some of the nuances that come with the territory. Ill post picks of some of my trades here also.

Thanks for your advice! Glad to see your interest in helping me. However, if I get ur saying, I must stick with engulfing and pin bars, @ resis or supprt level of many pair? That's what I've been doing every time... But, as of today, I didn't see any, any interesting level... So I don't have any other choice but to anticipate the market.