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Introduction to Price Action Trading
Jul 14, 2024
Lecture Notes on Price Action
Introduction
Price Action
: One of the most important parts of technical analysis
Advising to subscribe to the channel
Market Psychology
Two main players in the market: Buyers and Sellers
Market movement example: tug of war
How price action works without any indicators
Key components of price action
Dow Theory
The market always moves in a trend
3 phases of a trend: Accumulation, Public Participation, Distribution
Market response after each phase: price goes up or down
4 Main Skills of Price Action
Understanding the Trend
Studying Support and Resistance
Identifying Candlestick Patterns
Recognizing Chart Patterns
Candlestick Patterns
Structure and meaning of Green and Red Candles
Single and Double Candle Patterns
Hammer Patterns: Indicator of trend reversal
Chart Patterns
Various patterns that form in the market
Example of Double Top and Neckline
Identifying support and resistance from trend lines
Market View
Analysis of the global market: Using Google and Moneycontrol websites
Importance of PCR (Put Call Ratio)
Observing futures and index volume
Trading Strategies
Determining global market condition: Red and Green Index
Starting trading view with PCR
Live market analysis of price action
Important Points
Do not trade against the trend
Select the right instrument
Pay attention to risk to reward ratio
Conclusion
Start with paper trading and increase experience over time
Advise subscribing to the channel and sharing the video
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