The Secrets of Trading
Price Action Pullback
This Book Includes:
When I started trading the market, my first trading system was called the Sniper. The
system relies on price action setups on the 5-minute chart in a trending market. The
primary indicator is the 50 Exponential Moving Average (EMA) but you rely on a strong
correlation amongst multiple timeframes.
In short, if done correctly, this is a scalping technique that can generate profitable returns using low-risk entries.
The system, till today, is one of the best systems that I learned. Apart from the intensity,
the learning curve was steep and rewarding – especially in the area of timeframe correlations, price action, and chart indicators. More importantly, while it was the first system that I traded (on a live account), it was also the first system that introduced me to
trading market Pullbacks.
Of course, that was the first of many systems that I traded. Other systems that I picked up later provided insights into different market conditions – including any reversal and ranging markets. After a while, like many amateur traders, I realized that a system is just a set of rules governing your entries and exits. Through experience, I found out that, beyond any trading systems, there was a mysterious market theory called Price Action. (Yes, that included the market Pullback that was part of the market theory).
My curiosity pushed me to learn more and, along the way, I started to remove chart
indicators and began to put my attention on price and price patterns only. At one point in
my trading career, I was only trading using naked charts and price patterns. Since then,
reading price action became the core of my trading and it helped me mature as a trader.
One day, during my trade review, I accidentally found a common theme amongst all the
trades that I’ve made, I realized that I have been using pullbacks in all my trading
systems. The more I explored that, the more I realized they exist in all markets and any
market conditions. Some pullbacks were bigger than others, and some had a higher
probability of success.
On top of that, I found out that Market Pullbacks can potentially
provide low-risk but highly profitable entries.
With that, I hope to share my theory in this book.
Hopefully, you can enjoy it sooner or
later.
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