The two-legged pullback is the most popular setup among price action traders. In this video, we will look at why. Prices on any chart and on any time frame move in pairs, this is related to human psychology. When traders try something once, they usually try it again before giving up on the idea. The key with two-legged pullbacks is to combine them with KEY ENTRY POINTS to achieve high probability setups.
In this video we will cover how to identify a two-legged pullback (second entries) as this is the most reliable trading setup there is.

Price action trading is a trading system where a trader relies only on his ability to read the bare chart and use price action. The trader watches the candles as they are printed on the chart and looks for patterns that repeat over and over again.

The only ones who know where the market is going are institutions. They are the ones who move the market and our job as retail traders is to follow in their footsteps and cut ourselves a piece of their movement. As price action traders, we need to find the most profitable ways to enter the trade. The most likely setups are 2nd entries at the key entry points.

Date 18 June 2021

Important entry points are:
1) Trend lines – after a break we expect a correction or a retest of a new extreme
2) Support and resistance lines – most breakouts from trading ranges fail
3) EMA – 21 bar settings
The reason we look for 2nd entries and not 1st or 3rd entries is directly related to human psychology.

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The best way to become consistently profitable is to learn to read charts in their purest form. There is no holy grail or set of indicators that will make you rich without any work. Learning to understand how prices move and why they move is a learnable skill that anyone can acquire.

OUR PRICE ACTION RULES WORK IN ANY MARKET AND IN ANY TIME FRAME.

Price movement is universal and technical analysis patterns repeat themselves constantly.

Trading out of fear is the most common fear most traders have. It is paralyzing and can paralyze your mind. The key to consistency is to be emotionless and fear nothing when trading.

Important rules of our strategy:
1) Second entry in the direction of a trend
2) Trend lines
3) Failed breakouts
4) Failed second entry in countertrend
5) Support and resistance

Target profit – 10 ticks
Stop Loss – below the signal bar (approx. 10 ticks)

The overall market context is more important than individual patterns.
Technical analysis works and repeats itself over and over again.

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