My name is Thomas Wade and I have been trading and helping other traders to be profitable for almost 10 years.
In the world of trading there is an enormous amount of false information and false teachers advocating their techniques. Although there are many ways to become a consistently profitable trader, one of the main ways is to learn to read the price chart.
On my channel I will teach you how to understand technical analysis and how to properly trade using price action.
Make no bones about it, there is no holy grail or set of indicators that will turn you into a millionaire. Learning to trade stocks, futures, forex etc. successfully takes a lot of hard work, patience and dedication.
Disclaimer: Financial trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to trade the financial markets. This RU-vid channel is intended for educational and entertainment purposes only.
I was confused and was waiting for a new extreme for that downtrend and didn't take any trades after that but I had two winners and 1 losers, now I understood when to not expect a new extreme. Thank you thomas. God bless.
I was doing my chart review on this day and I found every single damn second entry with a decent signal bar got at least a 1.5p scalp on my chart. Even ones in clear congestion/support/resistance areas. Sometimes this stuff is simple and the big wigs just want a chill Friday. I need to really just chill out and wait for a trade to happen sometimes, because usually a great trade is just around the corner and it's staring right at you.
at 1:30 you said break new extreme was created. This confuses me, because isnt that a double top with both having matching tops/wicks? Or is it considered a new extreme, because it closed higher than the previous high, with the body beng higher?
You just experienced inducement and upthrust according to the Wyckoff. The moment it didn't go below to where you thought it would and only went up half way to the previous high it was apparent there was inducement and you would experience several lower highs until the upthrust. The lower highs trapped traders who thought it was never going to go above the high where your video started. They went short. Then, it did an upthrust to take out their stop losses. Then, it came down. I'm at 5:24 right now. I assume it went down to where you thought it would or at least had a long wick down to that region to take out all the stop losses of the longs at the support of the trading range.
When I got into trading I started drawing lines and channels like this and figured out most of the things explained in this video by myself. I was profitable but started to get greedier so I looked for more strategies and ended up losing all my gains, watching this video reminded me of what made me profitable in the first place, thanks.
I know this is a question for Thomas, but yes I personally do just that....enter for 4 contracts (that's my personal ideal size on my 100k Prop Firm account)...set TP1 for 3 of them at 1 point scalp (some have tolerance to wait for 2 points...not me), with the remaining contract TP much higher so if it becomes a runner, I can manage the safety-Stop order as the price moves in my favor. These runners are where the money can be made. When my account grows, I will increase opening size (5 contracts (4 scalp, 1 runner); then 6 (4 and 2), etc. Thomas has some examples under the Live Trade examples Playlist. Worth watching! When a clear Range has been identified, runners are less likely so move the stop order quicker to lock in the profit. If the range is really narrow, just sit it out.
Hi Thomas, just wondering what were the characteristics of the HL setup at 15:15 so that you didn't reject it as congested/sideways. Is the 2EL also acting like a failed breakout? Many thanks!
Price above Ema, two clear broad legs , ,room between the candles so no real congestions, can be a mini range but we have room to the resistance ,triple test , directional bias is clear. Only negative point on his chart is the signal bar that is not really bearish and not really above EMA( was not my case)
When do you normally enter a F2E? I thought it was when the original 2E signal bar is broken, but sometimes I see that you mark a F2E signal bar early (eg. @10:41) . I think I am missing a key ingredient. Thank you.
@@spyguy4278 Ok thanks! I'm rewatching some explanations. I think I understand it a better now appreciate it. Down Trend Channel 1. Look for 2ES from the bottoms 2. Looks for F2EL from the tops (bearish signal bar) 3. Opposite for Up Trend Channel
You can use same price action rules to identify good moves for swing trading. But because I don't like waiting a long time for a trade, I prefer scalping.
As always, so much knowledge is being poured out from you. As a beginner trader, my trading has improved drastically since I met you here on YT. So thank you very much Thomas. I highly appreciate you. God bless you and your family 🙏
Brother you are providing very quality education which really works better than all other trading methods Thanks for all this guru ji Love from Bharat 🇮🇳 (India) Sir how can I contact you for more information?
I still use a divergence strategy , and I make a living trading Gold and ES/MES, but I'm hoping to move to pure price action like this. I like the clean elegant simplicity of it. Honest question how/why do traders use white backgrounds?! Doesn't it hurt your eyes? Lol
