Book : The Price Action Manual, One Day at a Time
To WIN you must be buying when the market is going UP and selling when the market is going DOWN. When the market is marching time, you should be ready and waiting for a new opportunity.
The plan I use to trade commodity futures is a simple one. As the market moves along, all I do is calculate the next closest support or resistance level where the professional traders will buy or sell in force.
These levels or decision points are predictable because professional traders are creatures of habit. Professional traders play by rules and if you understand the rules they use, you place yourself in a position of knowledge. This way you become one of them and get to share in the money left on the table by the non professionals who make up 90% of the players in most markets.
Professional traders have strategies where they act on the PRICE ACTION in the market. This way they don’t have to wait until some system or indicator rolls around and tells them what should happen next. The market tells them almost immediately if they are going to be right or wrong.
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