Slides PDF

Www.ForexWinners.
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 to think like a professional trader – understand the random

environment we work in each day
Learn why we need to track our progress and manage our risk very carefully

Section 1: Think Like a Professional
OBJECTIVE
To start thinking about trading
the same way a professional
trader does.

Q: What is the major difference

between a successful trader and an
unsuccessful trader?
A: Successful traders think in probabilities! They understand that trading
is a numbers game and understand that it has nothing to do with trying
to be right on every trade.
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.

Q: So how do we start thinking like a

professional trader?
A: We need to focus on trading in

sample sizes and NOT focus on
individual trades

Section 1: A Trip to the Casino

Section 1: Trading in Sample Sizes
THE AMATEUR TRADER:

Trading System 1
This System doesn’t
Trade 1 2 3 4 5 6 7 8 work! Let me find
Number: something else
Switching
Trading System 2
Trade This System doesn’t

1 2 3 4 5 6 7 8 9
Number: work! Let me find
something else

Section 1: Trading in Sample Sizes
The Professional Trader:
Trading Method
Trade One sample

Number:
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
size complete
After one FULL sample size the professional trader

can assess his performance – if undesirable he can
then look to tweak his method – NOT switch to
something else

Section 1: Tracking Your Progress
By trading in sample sizes of 20 trades a set we are able to

monitor our progress to see how our method performs
over the long term and shift our focus away from the
trade by trade mentality of an amateur trader.
Our goal is to capture data on a daily basis – the more data we have the more
information we have at hand to assess the reliability of our edge. If our edge is
diminishing we do not want to lose our whole account before we realise
something is wrong.
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.
Let’s have a look at an example of what this looks like...

Section 1: Tracking Your Progress (cont.)
Here is an example of using a spreadsheet to track your performance

Section 1: Risk Management
Controlling risk – is your number ONE focus if

you want to survive in this game
Q: How much should I risk on each trade I put on?

50%? 30%? 25%? 10%? 5%? 2%?
When you are learning to trade I

would suggest not risking more
then 0.1% - 0.25% a trade.

Section 1: Risk Management
If you can’t make consistent gains on risking tiny

amounts (I’m talking cents) you will NOT do it
risking more – SIMPLE!
Once, and only once you are able to trade with

confidence and not make mistakes should you even
consider risking more – I suggest NEVER risking
more then 1% of your account size.... EVER!
Remember trading is a skill as with any other

profession – it takes years to master! The money
will flow into your account, but ONLY when you’ve
developed the skills.

Section 2: Market Structure & Technical Tools
SECTION 2:
Market Structure & Technical Tools
ForexWinners.Ru

Section 2 Objective
OBJECTIVE:
Learn how to identify major price cycles
Learn how to identify support & resistance zones
Learn how to draw Fibonacci retracements & projections
Learn how to draw trendlines & channels
Learn how to find high probability trading levels

Section 2: Price Cycles – Major vs. Minor (Up Swing)
Daily/4H Chart
Highest High
Major Swing points
Minor Swing Points
Higher Swing High
Swing High
Higher Swing Low
Higher Swing Low
Minor Swing points
Lowest Low

Section 2: Price Cycles – Major vs. Minor (Down Swing)
Daily/4H Chart
Major Swing points
Highest High
Minor Swing Points

Swing High
Lower Swing High
Swing Low
Lower Swing Low
Minor Swing Points
Lowest Low

Section 2: Order Flow - What goes on at a key level
buy orders –stops & breakout traders above level
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
Www.ForexWinners.Ru

Section 2: Key Support Zones – Double Bottom
Daily/4H Chart
More buying pressure new

highs made
Good buying pressure
Key Support Zone
Look for Bullish Reversal Pattern
Double/Triple Bottom

Section 2: Key Resistance Zones – Double Top
Double/Triple Top
Look for Bearish Reversal Pattern
Key Resistance Zone
Good Selling
Pressure
More offers
seen, price
makes new
lows
Daily/4H Chart

Section 2:
Key Resistance Zone becomes Key Support Zone – Price Flip
Key Resistance Zone becomes Key Support Zone
Good buying
pressure, market
well bid. New highs
Look for Bearish Reversal Pattern made
Key Resistance Zone Key Support Zone
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

Section 2: Key Support Zone becomes Key Resistance Zone – Price Flip
Key Support Zone becomes Key Resistance Zone
Good buying pressure Look for Bearish Reversal Pattern

Weaker buying pressure
lower highs made
No more bids ,
order block
taken out
Key Support Zone Key Resistance Zone
Good selling pressure
Look for Bullish Reversal Pattern
Daily/4H Chart

Section 2: Finding Key Support & Resistance Zones
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

Section 2: Refining Support/Resistance Zones
Reference the LAST bullish candle before price started to drop when
price approaches the highs again
Look for Bearish

Resistance Pattern
How did price

leave the area?
Look for Bullish
Support Pattern
Reference the last bearish candle before price started to

rally when price approaches the area again

Section 2: How to use Candles/Bars
Look for big candles to CLOSE above key levels

This shows commitment from large flows
Look for big candles to CLOSE below key levels

This shows commitment from large flows
Www.ForexWinners.Ru

Section 2: Fibonacci Retracements – Up Swing
Daily/4H Chart
Highest High
Major Swing points
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

Section 2: Fibonacci Retracements – Down Swing
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
Note: Always look at the Highest High & Lowest Low


Section 2: Fibonacci Projections – Up Swing
2.618 2.618
Www.ForexWinners.Ru
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
X X Price breaks 100%

Fib Projection
1.27 1.27
1.618 1.618
2.618 2.618

Section 2: Fibonacci Projections – Down Swing
2.618 2.618
1.618 1.618
Fib Projection
1.27 1.27
X X Price breaks 100%

100 100
88.6 88.6
78.6 78.6
70.7 70.7
61.8 Fib Retracement 61.8
50.0 50.0
38.2 38.2
Price breaks 0.0%

0.0 0.0
A A
Fib Projection
1.27 1.27
1.618 1.618
2.618 2.618

Section 2: Combining Fibonacci Retracements & Fibonacci Projections
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

Section 2: Trendlines and Channels
Look for patterns to sell IF

Daily/4H Chart these trendlines align with
other Resistance zones
Look for patterns to sell IF these trendlines
align with other Resistance zones
Find TWO swing highs
1
2
Look for patterns to buy IF
these trendlines align with
1 other Support Zones
Find TWO swing lows

Section 2: Putting It All Together - The Power of Confluence
We are looking for Key Support & Resistance Zones to

align with Fibonacci Retracements, Fibonacci
Projections and Trendlines. When we have more then
one tool lining up at the same place it stacks the
probabilities in our favour
NO trade will be considered if a key Support or

Resistance Zone from the Daily or 4H chart is not
present.
All confluence levels are found on the Daily or 4H

charts

Section 2: Exercise
Complete this exercise:

 Identify key confluence levels on your Daily and 4H
chart using the above tools.
 What you are going to do is highlight the areas on your
chart and then journal each reaction price has from those
levels.
 Take notes of the maximum drawdown as well as the
maximum reaction from the level before price comes back
to the level.
 This will build confidence in your analysis. The more
you do it the better you will become.

Section 2: Finding High Probability Trading Levels - Combining Fibonacci
Retracements with Key Support & Resistance Zones – Up Swing
Daily/4H Chart
Key Resistance Zone
Key Support Zone

Highest High
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
61.8 ** 70.7% & Key Support Zone
70.7
78.6
88.6
100
Lowest Low
Note: Always look at the Lowest Low & Highest High

Section 3: Patterns
SECTION 3:
Patterns
Www.ForexWinners.Ru

Section 3: Patterns
OBJECTIVE: Learn how to identify high probability patterns
The Head & Shoulders pattern

The Gartley pattern
The Bat pattern
The Butterfly pattern
The Crab pattern
The Base pattern
Patterns within patterns

Section 3: Patterns - Head & Shoulders
Head
Key Resistance Zone Left Shoulder Right Shoulder
Right shoulder = Left Shoulder
Backside of Trendline tested
HH HL
Lower Low
HH
HL
HL

Section 3: Patterns – Inverse Head & Shoulders
LH
LH Higher high
LL
LH
LL
Backside of Trendline tested

Right shoulder = Left Shoulder
Left Right Shoulder
Shoulder
Key Support Zone

Head

Section 3: Patterns - Bullish Gartley
Www.ForexWinners.Ru
A
C
B
D
X Key Support Zone

Section 3: Patterns - Bearish Gartley
X
Key Resistance Zone
D
C
A

Section 3: Patterns – Bullish Bat
Www.ForexWinners.Ru
A
C
D
Key Support Zone
X

Section 3: Patterns - Bearish Bat
Key Resistance Zone X D
C
A

Section 3: Patterns - Bullish Butterfly
Www.ForexWinners.Ru
A
C
B
X
D Key Support Zone

Section 3: Patterns - Bearish Butterfly
D
Key Resistance Zone
X
B
C
A

Section 3: Pattern - Bullish Crab
A
C
Key Support Zone D

Section 3: Patterns - Bearish Crab
Key Resistance Zone D
C
A

Section 3: Patterns - The Bullish Base
Target Higher timeframe level
Resistance
Support Support Entry on retest
Daily/4H chart Key Support Zone
Stop Placement below the lows
1min/5min Chart

Section 3: Patterns - The Bearish Base
1min/5min Chart
Stop Placement above the highs
Daily/4H chart Key Resistance Zone
Resistance Resistance Entry on retest

Support
Target Higher timeframe level

Section 3: Patterns
Patterns Within Patterns – Head & Shoulders Pattern Broken Down
Bearish Butterfly Bearish Gartley

completing at the completes
Head Right Shoulder
Head
Right
Left
Shoulder
Shoulder
Key Resistance Zone

Section 3: Patterns
Patterns Within Patterns – Butterfly Completes the Gartley
A
A
C
Small Bullish Butterfly

B completes Large Bullish
X
Gartley
D
D
X Key Support Zone

Section 4: Trade Entry – Limit Orders
Www.ForexWinners.Ru
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

Section 4:
Section 4: Trade Management
Trade Management
Target Hit
Key Resistance Zone
C
Micro Sup/Res Levels
1.27 Trail stop behind swing lows

Fibonacci Confluence from Pattern 78.6 D
Key Support Zone
Initial Stop below lows

5 min Chart
Section 4: Targets – Where To Take Profits
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
SECTION 5:
Trading a Range Bound & Trending
Market Environment

OBJECTIVE: Www.ForexWinners.Ru
Learn how to trade in a range bound market environment
Learn how to trade in a trending market environment

Reference your Daily and 4 HR chart to identify the market environment.
Questions to ask:
What sort of market environment are we in?
Is the market range bound?
Higher highs/lower lows or lower lows/higher highs?
Is the market trending?
Higher highs /higher lows or lower highs and lower lows

Section 5: Trading a Range Bound Market
Key Resistance Zone Bearish Bat
Bearish Bat
Bullish Gartley
Key Support Zone Bullish Gartley

Section 5: Trading a Trending Market – Up Trend
Daily/4H Chart
Www.ForexWinners.Ru
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

Section 6: Resources
http://talking-forex.com/
Broker that gives you a live feed to monitor Intermarket Correlations
https://mninews.marketnews.com/product-info/mni-foreign-exchange-bullet-points
http://www.forextester.com/partners/forexmentor.html
Www.ForexWinners.Ru
Section 6: Resources – Talking Forex

Section 6: Resources – Live feed to monitor Intermarket Correlations
Risk Appetite/Risk Aversion
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
Equities - FTSE 100, DAX, S&P 500, Dow,
Commodities – Gold, Silver & Oil

Rise
High yielding currencies - EUR/USD, GBP/USD, AUD/USD,NZD/USD
Risk Aversion
Rise
Japanese Yen, US Dollar, Bonds
Equities, Commodities, high yielding currencies Fall

Section 6: Resources – Live feed to monitor Intermarket Correlations

Section 6: Resources- MNI Foreign Exchange Bullet Points

Section 6: Resources – Forex Tester

Section 7: How I Approach My Day – Pre Trade
Look at Economic Calendar – find out what happened during previous session and what to
expect during the session I’m trading now.
Risk Appetite/ Risk Averse market environment – check Intermarket Correlations.

Bullish/bearish sentiment ?
Trending or Range bound market
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?
Where is price trading in relation to my key levels?

What levels are above price that I’m interested in?
What levels are below price that I’m interested in?
I highlight these levels and write them down with a plan of attack.
Section 7: How I Approach My Day – Pre Trade/Trade
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.

Section 7: How I Approach My Day - Afterwards
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?
Track trade results with a spreadsheet – capture as much data as possible.

This helps assess strengths and weaknesses of my trading model.

Section 8: Recap
Section 1 - Thinking like a pro
• Trip to the casino
• Trading in sample sizes
•Tracking you progress
•Risk management

Section 8: Recap
Section 2 – Market Structure & Tools
• Price cycles – major vs. minor
• How S/R zones are created
• Double bottom, double top, price flip
• Finding key S/R zones
• Refining S/R zones
• Fibonacci retracements & Fibonacci projections/extensions
• Trend lines & channels
• Confluence

Section 8: Recap
Section 3 – Patterns
• The Head & Shoulders pattern
• The Gartley pattern
• The Bat pattern
• The Butterfly pattern
• The Crab pattern
• The Base pattern
• Patterns within patterns

Section 8: Recap
Section 4 – Entry, Management, Taking Profits
• Trade Entry
• Trade management
• Taking Profits

Section 8: Recap
Section 5 - Trading a Range bound and Trending market environment
• What kind of market environment are we in?
• How to trade a range bound market using patterns
•How to trade a trending market using patterns

Section 8: Recap
Section 6 – Resources
• Live news feed – Talking Forex
• Broker that gives you a live feed to monitor intermarket correlations
• MNI Foreign Exchange Bullet Points
• Forex Tester

Section 8: Recap
Section 7 - How I approach my trading day
• A daily routine to build discipline and confidence in your trading and to help
become a better trader
Www.ForexWinners.Ru

Section 8: End Note
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.
• Remember trading is about finding what suits you as an individual.
•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.
•Stick to it and you WILL find success!!
Thank you
Andrew Jeken

Bonus: Scalping
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

Find Key Support & Resistance Zones on 1hr & 4hr Chart
Tip:
Look for multiple rejections at a level.
Tip:
Watch the candle wicks and how price leaves an area
1H/4H Chart

Section 2: Refining Support/Resistance Zones
Reference the LAST bullish candle before price started to drop when
price approaches the highs again
Sell
Resistance
Support
Buy
Support
Reference the last bearish candle before price started to

rally when price approaches the area again
Www.ForexWinners.Ru

Slides PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Slides PDF

Uploaded by

Copyright:

Available Formats

Www.ForexWinners.

Learn to think like a professional trader – understand the random

Advanced Price Action Techniques Andrew Jeken

Advanced Price Action Techniques Andrew Jeken

Q: What is the major difference

Advanced Price Action Techniques Andrew Jeken

Q: So how do we start thinking like a

A: We need to focus on trading in

Advanced Price Action Techniques Andrew Jeken

Advanced Price Action Techniques Andrew Jeken

THE AMATEUR TRADER:

Trade This System doesn’t

Advanced Price Action Techniques Andrew Jeken

The Professional Trader:

Trade One sample

After one FULL sample size the professional trader

Advanced Price Action Techniques Andrew Jeken

By trading in sample sizes of 20 trades a set we are able to

Let’s have a look at an example of what this looks like...

Advanced Price Action Techniques Andrew Jeken

Here is an example of using a spreadsheet to track your performance

Advanced Price Action Techniques Andrew Jeken

Controlling risk – is your number ONE focus if

Q: How much should I risk on each trade I put on?

When you are learning to trade I

Advanced Price Action Techniques Andrew Jeken

If you can’t make consistent gains on risking tiny

Once, and only once you are able to trade with

Remember trading is a skill as with any other

Advanced Price Action Techniques Andrew Jeken

Advanced Price Action Techniques Andrew Jeken

Learn how to identify support & resistance zones

Learn how to draw Fibonacci retracements & projections

Learn how to draw trendlines & channels

Learn how to find high probability trading levels

Advanced Price Action Techniques Andrew Jeken

Minor Swing Points

Higher Swing High

Higher Swing Low

Higher Swing Low

Minor Swing points

Advanced Price Action Techniques Andrew Jeken

Minor Swing Points

Lower Swing High

Lower Swing Low

Minor Swing Points

Advanced Price Action Techniques Andrew Jeken

buy orders –stops & breakout traders above level

Advanced Price Action Techniques Andrew Jeken

More buying pressure new

Key Support Zone

Look for Bullish Reversal Pattern

Advanced Price Action Techniques Andrew Jeken

Look for Bearish Reversal Pattern

Key Resistance Zone

Advanced Price Action Techniques Andrew Jeken

Key Resistance Zone becomes Key Support Zone

Key Resistance Zone Key Support Zone

Advanced Price Action Techniques Andrew Jeken

Key Support Zone becomes Key Resistance Zone

Good buying pressure Look for Bearish Reversal Pattern

Key Support Zone Key Resistance Zone

Good selling pressure