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Advanced Price Action Techniques Andrew Jeken
ADVANCED
PRICE ACTION TECHNIQUES
TO SUPERCHARGE YOUR
FOREX TRADING
Professional Strategies To Turn Your Forex Trading Around in 20 Trades

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

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

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

9
8
7
6
5
4
3
2
1
8
7
6
5
4
3
2
1
THE AMATEUR TRADER:
Trade
Number:
Trading System 1
This System doesn’t
work! Let me find
something else
Trading System 2
Trade
Number:
This System doesn’t
work! Let me find
something else
Switching
Section 1: Trading in Sample Sizes

20
19
18
17
16
15
14
13
12
11
10
9
8
7
6
5
4
3
1
The Professional Trader:
Trade
Number:
Trading Method
2 One sample
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: Trading in Sample Sizes

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

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

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?
When you are learning to trade I
would suggest not risking more
then 0.1% - 0.25% a trade.
50%? 30%? 25%? 10%? 5%? 2%?
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 1: Risk Management

SECTION 2:
Market Structure & Technical Tools
Section 2: Market Structure & Technical Tools

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)
Lowest Low
Swing High
Higher Swing Low
Higher Swing High
Higher Swing Low
Highest High
Major Swing points
Minor Swing points
Minor Swing Points
Daily/4H Chart

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

Sell orders
Sell orders
buy orders –stops & breakout traders above level
Sell orders
Position
accumulation
Section 2: Order Flow - What goes on at a key level
Key Level
Buy orders from fresh buyers
Buy orders from previous sellers
with no stop loss
Buy orders from newer sellers
taking profits

Section 2: Key Support Zones – Double Bottom
Key Support Zone
Double/Triple Bottom
Daily/4H Chart
Look for Bullish Reversal Pattern
Good buying pressure
More buying pressure new
highs made

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

Section 2:
Key Resistance Zone becomes Key Support Zone – Price Flip
Key Resistance Zone Key Support Zone
Key Resistance Zone becomes Key Support Zone
Daily/4H Chart
Good selling
pressure, new
lows seen
Offers drying
up, higher
lows seen
Sell Orders
taken out,
no more
offers
Good buying
pressure, market
well bid. New highs
made

Section 2: Key Support Zone becomes Key Resistance Zone – Price Flip
Key Support Zone Key Resistance Zone
Daily/4H Chart
Key Support Zone becomes Key Resistance Zone
Good buying pressure
Weaker buying pressure
lower highs made
No more bids ,
order block
taken out
Good selling pressure

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
Daily/4H Chart
Tip:
Watch the candle wicks and how price leaves an area

Section 2: Refining Support/Resistance Zones
Reference the LAST bullish candle before price started to drop when
price approaches the highs again
Reference the last bearish candle before price started to
rally when price approaches the area again
Look for Bullish
Pattern
Look for Bearish
Pattern
How did price
leave the area?
Resistance
Support

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

Section 2: Fibonacci Retracements – Up Swing
Lowest Low
Highest High
Major Swing points
0.0
38.2
50.0
61.8
70.7
78.6
88.6
100
Daily/4H Chart
Note: Always look at the Lowest Low & Highest High
When drawing Fibonacci Levels

Section 2: Fibonacci Retracements – Down Swing
0.0
38.2
50.0
61.8
70.7
78.6
88.6
100.0
Highest High
Lowest Low
Major Swing points
Note: Always look at the Highest High & Lowest Low
Daily/4H Chart

Section 2: Fibonacci Projections – Up Swing
0.0
38.2
50.0
61.8
70.7
78.6
88.6
100
1.27
1.618
2.618
1.27
1.618
2.618
0.0
38.2
50.0
61.8
70.7
78.6
88.6
100
1.27
1.618
2.618
1.27
1.618
2.618
X X
A A
Price breaks 0.0%
Price breaks 100%
Fib Retracement
Fib Projection
Fib Projection

Section 2: Fibonacci Projections – Down Swing
100
0.0
38.2
50.0
61.8
70.7
78.6
88.6
1.27
1.618
2.618
1.27
1.618
2.618
100
0.0
38.2
50.0
61.8
70.7
78.6
88.6
1.27
1.618
2.618
1.27
1.618
2.618
X
A
X
A
Fib Retracement
Fib Projection
Fib Projection
Price breaks 0.0%
Price breaks 100%

Section 2: Combining Fibonacci Retracements & Fibonacci Projections
0.0
38.2
50.0
61.8
70.7
78.6
88.6
100
1.27
1.618
2.618
1.27
1.618
2.618
0.0
38.2
50.0
61.8
70.7
78.6
88.6
100
1.27
1.618
2.618
1.27
1.618
2.618
78.6% Retracement & 1.27% Projection
1.618% Projection & 2.618% Projection
X
A
B

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

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
0.0
38.2
50.0
61.8
70.7
78.6
88.6
100
Daily/4H Chart
Key Resistance Zone
Key Support Zone
**Look for Bullish Reversal Pattern on smaller timeframe
** 38% & Key Support Zone
** 50% , Key Support Zone & Trendline
** 70.7% & Key Support Zone
Highest High
Lowest Low
Note: Always look at the Lowest Low & Highest High
Major Swing points

SECTION 3:
Patterns
Section 3: Patterns

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
OBJECTIVE: Learn how to identify high probability patterns

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

Key Support Zone
Left
Shoulder
Head
Right Shoulder
Higher high
Right shoulder = Left Shoulder
Backside of Trendline tested
LL
LH
LL
LH
LH
Section 3: Patterns – Inverse Head & Shoulders

Section 3: Patterns - Bullish Gartley
Key Support Zone
X
A
B
C
D

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

Section 3: Patterns – Bullish Bat
Key Support Zone
A
C
B
D
X

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

Key Support Zone
A
X
B
C
D
Section 3: Patterns - Bullish Butterfly

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

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

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

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

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

Section 3: Patterns
Patterns Within Patterns – Head & Shoulders Pattern Broken Down
Bearish Butterfly
completing at the
Head
Bearish Gartley
completes
Right Shoulder
Left
Shoulder
Head
Right
Shoulder
Key Resistance Zone

Section 3: Patterns
Patterns Within Patterns – Butterfly Completes the Gartley
C
Key Support Zone
X
A
B
D
X
A
B
C
D
Small Bullish Butterfly
completes Large Bullish
Gartley

0.0
38.2
50.0
61.8
70.7
78.6
88.6
100
Section 4: Trade Entry – Limit Orders
Key Support Zone
Buy Limit order placed
Stop Loss placed below lows
Place order 2 pips above Fib level and ADD the spread

78.6
Section 4:
Trade Management
Section 4: Trade Management
Key Support Zone
Fibonacci Confluence from Pattern
1.27
5 min Chart
B
C
D
Key Resistance Zone
Target Hit
Initial Stop below lows
Micro Sup/Res Levels
Trail stop behind swing lows

D
0.0
38.2
50.0
61.8
70.7
78.6
88.6
100
1.27
Section 4: Targets – Where To Take Profits
Key Support Zone
38.2% + Resistance
70.7% + Resistance
Old Highs
B
A
X
C

SECTION 5:
Trading a Range Bound & Trending
Market Environment
Section 5: Trading a Range Bound & Trending Market Environment

OBJECTIVE:
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
Bearish Bat
Bullish Gartley
Bearish Bat
Bullish Gartley
Key Resistance Zone
Key Support Zone

Section 5: Trading a Trending Market – Up Trend
High
Higher High
Higher High
Higher High
Lower High
Higher Low
Higher Low
Higher Low
Higher Low
Lower Low
Lower High
Look for Bullish Pattern on smaller timeframe
Daily/4H Chart
Low

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

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
High yielding currencies - EUR/USD, GBP/USD, AUD/USD,NZD/USD
Risk Aversion
Japanese Yen, US Dollar, Bonds
Equities, Commodities, high yielding currencies
Rise
Rise
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
Risk Appetite/ Risk Averse market environment – check Intermarket Correlations.
Bullish/bearish sentiment ?
Look at Economic Calendar – find out what happened during previous session and what to
expect during the session I’m trading now.
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
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.
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.

Section 7: How I Approach My Day - Afterwards
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.
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.

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

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 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

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
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.
What is scalping? Looking to take a few trades for smaller gains when nothing else is
happening in the market.
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.
1H/4H Chart
Tip:
Watch the candle wicks and how price leaves an area

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

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