Ray Wang > Quotes

“Remember this: Range will have multiple failed Breakout attempts before the real breakout. When the real breakout occurs, you can’t miss it because it’s convincing both in volume and bar size! Any inferior breakout will fail within a short time, generally within 5 bars.”
― Ray Wang, Price Action Market Traps: 7 Trap Strategies Market Psychology Minimal Risk & Maximum Profit

“Traders claim trading as “more of an art than science”. It’s very true because of its aleatoric nature. This uncertainty creates a flow, like the ocean, sometimes tranquil and sometimes raging. The ultimate goal for a trader is to adopt into the flow as soon as possible. You are the market, and market is you. Sync! Once you can be in sync with the market, then you can swim in and out of the trades like the pros.”
― Ray Wang, Price Action Market Traps: 7 Trap Strategies Market Psychology Minimal Risk & Maximum Profit

“Market is rotating between Trend and Range. It’s like climbing a mountain. You climb to a point where you think it would be a good place to rest and refill your energy. You rest for a while then you continue climbing if you have the strength. Otherwise you will quit and go downhill. Market works exactly the same way.”
― Ray Wang, Price Action Market Traps: 7 Trap Strategies Market Psychology Minimal Risk & Maximum Profit

“Your job is not predicting between trend or range. It would be a waste of time. Your focus should be how to get into the flow and trade accordingly.”
― Ray Wang, Price Action Market Traps: 7 Trap Strategies Market Psychology Minimal Risk & Maximum Profit

“list of possible patterns for Support & resistance Levels to consider when trading: Prior day High, Low & Close Gap & Previous unclosed Gap AB =CD Trading Range High, Low & Middle boundary Channel lines & Trendline High & Low of large trend bar EMA Opening price of the day Swing Highs & Lows Whole number (such as $50, $120) Fibonacci retracement level: 50%, 61.8% and extensions Daily, Weekly, Monthly High & Low & Close Measured Move Past 3-days High & Low Strong Breakout Bar Any Long-Wick Bar, the rejected portion High Volume Bar’s High, Low & Close News Bar’s High, Low (News such as FOMC report, Inventory Report, Consumer Price Index (CPI) and Producer Price Index (PPI) and others.”
― Ray Wang, Price Action Market Traps: 7 Trap Strategies Market Psychology Minimal Risk & Maximum Profit