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Advanced Price Action Techniques: To Supercharge Your Forex Trading
Advanced Price Action Techniques: To Supercharge Your Forex Trading
Ru
ADVANCED
PRICE ACTION TECHNIQUES
TO SUPERCHARGE YOUR
FOREX TRADING
Professional Strategies To Turn Your Forex Trading Around in 20 Trades
ForexWinners.Ru
Advanced Price Action Techniques Andrew Jeken
Course Objective
OBJECTIVE:
Learn to trade using price action
Learn to trade using proprietary trading tools the same way banks and
institutions do
Learn why we need to track our progress and manage our risk very carefully
OBJECTIVE
To start thinking about trading
the same way a professional
trader does.
Amateur traders don’t have a consistent approach because they can’t handle
losing – they don’t understand that trading is purely a game of probabilities.
They try and learn as much as they can about Technical Analysis because they
want to be right on every trade. When they have a few losses they run off to buy
a new book or a new course because they think their ‘method’ doesn’t work.
The majority of the time It has NOTHING to do with the method they are using.
It has to do with the way they think about trading.
Switching
Trading System 2
Trading Method
By using a simple spreadsheet we can keep track of how we’re doing. Remember
this is a pure numbers game, a game of probabilities.
SECTION 2:
Market Structure & Technical Tools
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OBJECTIVE:
Learn how to identify major price cycles
Daily/4H Chart
Highest High
Major Swing points
Swing High
Lowest Low
Daily/4H Chart
Major Swing points
Highest High
Swing Low
Lowest Low
Sell orders
Key Level
Sell orders
Buy orders from fresh buyers
Sell orders Buy orders from previous sellers
with no stop loss
Buy orders from newer sellers
Position taking profits
accumulation
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Daily/4H Chart
Double/Triple Bottom
Double/Triple Top
Good Selling
Pressure
More offers
seen, price
makes new
lows
Daily/4H Chart
Good buying
pressure, market
well bid. New highs
Look for Bearish Reversal Pattern made
Sell Orders
Offers drying taken out,
up, higher no more
offers Look for Bullish Reversal Pattern
lows seen
Good selling
pressure, new
lows seen
Daily/4H Chart
Daily/4H Chart
Tip:
Look for multiple rejections at a level. Three or more visits to an area
adds more weight to the level
Tip:
Watch the candle wicks and how price leaves an area
Daily/4H Chart
Reference the LAST bullish candle before price started to drop when
price approaches the highs again
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Daily/4H Chart
Highest High
0.0
38.2
50.0
61.8
70.7
78.6
88.6
100
Lowest Low
Note: Always look at the Lowest Low & Highest High
When drawing Fibonacci Levels
Daily/4H Chart
Highest High
100.0
88.6
78.6
70.7
61.8
50.0
38.2
Major Swing points
0.0
Lowest Low
2.618 2.618
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1.618 1.618
Fib Projection
1.27 1.27
A Price breaks 0.0% A
0.0 0.0
38.2 38.2
50.0 50.0
Fib Retracement
61.8 61.8
70.7 70.7
78.6 78.6
88.6 88.6
100 100
1.618 1.618
2.618 2.618
2.618 2.618
1.618 1.618
Fib Projection
1.27 1.27
88.6 88.6
78.6 78.6
70.7 70.7
50.0 50.0
38.2 38.2
1.618 1.618
2.618 2.618
2.618
2.618
1.618
1.618 Www.ForexWinners.Ru
1.27
1.27
A
0.0 100
88.6
78.6
38.2 70.7
61.8
50.0 50.0
38.2
61.8 0.0
70.7 B 78.6% Retracement & 1.27% Projection
78.6 1.27
88.6
100
1.618
X
1.27
1.618% Projection & 2.618% Projection
1.618 2.618
2.618
1
2
Look for patterns to buy IF
these trendlines align with
1 other Support Zones
Find TWO swing lows
Daily/4H Chart
Key Resistance Zone
0.0
**Look for Bullish Reversal Pattern on smaller timeframe
Major Swing points
** 38% & Key Support Zone
38.2
** 50% , Key Support Zone & Trendline
50.0
70.7
78.6
88.6
100
Lowest Low
Note: Always look at the Lowest Low & Highest High
When drawing Fibonacci Levels
SECTION 3:
Patterns
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Head
Key Resistance Zone Left Shoulder Right Shoulder
Right shoulder = Left Shoulder
Backside of Trendline tested
HH HL
Lower Low
HH
HL
HL
LH
LH Higher high
LL
LH
LL
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A
C
B
D
X Key Support Zone
X
Key Resistance Zone
D
C
A
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A
C
D
Key Support Zone
X
C
A
Www.ForexWinners.Ru
A
C
B
X
D
Key Resistance Zone
X
B
C
A
A
C
C
A
Resistance
1min/5min Chart
1min/5min Chart
Stop Placement above the highs
A
A
C
D
D
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0.0
38.2
50.0
61.8
70.7
Buy Limit order placed
78.6
Place order 2 pips above Fib level and ADD the spread
88.6
100
Key Support Zone Stop Loss placed below lows
Target Hit
C
Micro Sup/Res Levels
Old Highs
1.27
A
100
88.6
78.6
70.7% + Resistance
C 70.7
61.8
50.0
38.2
B
38.2% + Resistance 0.0
D
Key Support Zone X
SECTION 5:
Trading a Range Bound & Trending
Market Environment
OBJECTIVE: Www.ForexWinners.Ru
Questions to ask:
Bearish Bat
Bullish Gartley
Daily/4H Chart
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Higher High
Lower High
Higher High
Lower High
Higher Low
Higher High
Lower Low
High Higher Low
Higher Low
Higher Low
Low Look for Bullish Pattern on smaller timeframe
http://talking-forex.com/
https://mninews.marketnews.com/product-info/mni-foreign-exchange-bullet-points
http://www.forextester.com/partners/forexmentor.html
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Advanced Price Action Techniques Andrew Jeken
Section 6: Resources – Talking Forex
Risk Appetite = investors are prepared to invest in riskier assets = higher yield
Risk Aversion = investors seek safer places for their money = low yield
Risk Appetite
Risk Aversion
Rise
Japanese Yen, US Dollar, Bonds
Equities, Commodities, high yielding currencies Fall
Look at Economic Calendar – find out what happened during previous session and what to
expect during the session I’m trading now.
Start on daily /4hr charts and do a top down analysis looking for key levels.
I am looking at horizontal sup/res levels to align with major Fibonacci levels.
I will also look for key trendlines. Remember it’s all about confluence.
Are there any patterns that stick out on the larger timeframes?
Set alarms 30 -50 pips below/above my key levels. This alerts me to potential trade
opportunities if I’m doing something else on my pc.
Once price hits my level or gets close to the level of interest I will focus in on my smaller
timeframe chart looking for trading opportunities.
If you cannot be in front of the pc all day then focus on your 60 or 30 min chart for
patterns
I’m looking for price to prove to me that the level is likely to hold using a few patterns
from my tool box, e.g. Gartley, Bat, Butterfly, Crab, Head & Shoulders
If no pattern forms at the level and price continues on through it I will then focus on my
4hr/daily chart once again to see where the next big level is.
I save screenshots of ALL my trades taken or not taken with reasons why.
These are excellent for learning purposes and avoiding mistakes/poor trades.
I Journal my trades in a book with why the trade was taken and how I felt during
the trade. Did I make any mistakes? Did I follow my plan?
•Risk management
• Confluence
Section 3 – Patterns
• Trade Entry
• Trade management
• Taking Profits
Section 6 – Resources
• Forex Tester
• A daily routine to build discipline and confidence in your trading and to help
become a better trader
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Closing Notes:
•I hope you found the information in here useful and that you can take away something from this
course to help you become a better trader.
•Trading is taking information gathered from different sources and building a model/ approach that
fits you. You will never trade in exactly the same way as anyone else.
• Trading takes time to learn and master. It is not a get rich profession that is often times made out to
be.
Thank you
Andrew Jeken
What is scalping? Looking to take a few trades for smaller gains when nothing else is
happening in the market.
When the markets are quiet and volatility is low we can look to scalp the market using key
dealing levels using horizontal support & resistance lines.
Identify key levels of support & resistance on the 4hr & 1hr chart and then refine the
levels as previously discussed in Section 2.
You want a tight spread when scalping, ideally 1 pip or less. The eur/usd is my ideal pair.
Normally looking for a 1:1 Risk/Reward on each trade
Risk is around 10-15 pips max
Tip:
Look for multiple rejections at a level.
Tip:
Watch the candle wicks and how price leaves an area
1H/4H Chart
Reference the LAST bullish candle before price started to drop when
price approaches the highs again
Sell
Resistance
Support
Buy
Support
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