How To Create the Price Action Traders Mindset – Part 2 – SL, TP & BE

This is the sequel to Price Action Traders Mindset Part One where I go over how to look for evidence in the forex market and always being aware of what is happening to the left for possible clues of what may happen with current price..

In this part however in the series I will go over all all the aspects of how to place stop loss, how to place break even on a trade and when one should consider possibly taking profit or holding on.

This is an important part of the traders toolkit and is really all about knowing what your risk is before going in on your trade.

price action trader mindset

Things I Cover or Learning aspects I Go Over Include:

  1. Every stop loss is different
  2. Every Break Even is different
  3. Every Take Profit is different

This is because the market is constantly changing and so as traders we need to adjust and adapt to its ever changing rhythm.. Overall you could say this covers money management to a tee with all the essentials.

In part 3 of the series I will be going over how to eye off trends whether an uptrend or a downtrend and also how to get the maximum amount of profit off these trends by looking for pull backs to previous structure breaks. Also to help others see the importance of structure in the Forex market and to help train the traders eye to see what to many can often be invisible.

 Structure rules in this business so to not miss out, make sure to subscribe in order to get this video as soon as it comes out..

Before you go, as always make sure to like this post, every like is appreciated..

About Timon Weller

Timon Weller is the professional Writer and Trader behind the blog Forex Reviews. Timon Weller is also a professional Teacher of Price Action Trading and creator of the popular Training Series teaching people how to trade Price Action effectively called The Engulfing Trader. For other Forex Training available here at Forex Reviews click here.

For more on Timon Weller Click Here. To Learn more about How to Trade the Market and get updates Click Here.


  1. Fantastic Video Timon and enjoying the humour… I have now had a Breakevening … Sorry Great Evening. hehehe.

    • Hey James,
      Yeah I seem to make up new words every week or so, interestingly it only seems to happen when i am in the process of making videos.. Part of keeping it natural I guess..
      Happy Trading week. By the way looks like the GBPNZD is retracing nicely for you now.. 😉

  2. Yes…arrhhhh. I missed the opportunity to close my sell. Was away from the computer. Bugger.. Now will have to wait for another chance.

  3. Hi Timon,
    As mentioned in your great video, the best timeframe for the strategy to work out is M15. Just seek your recommendation on timeframe for part time trader or people with packed schedule.

    • Works on all time frames, 15 minute was just an example on that video. Daily charts is awesome for those with little time to trade. All you have to do is one assessment a day and the probability of success from a daily signal is much higher.


  4. ali kaswaraa says:

    you are amazing man , your are the best .
    forgive me my English not very well.


  5. Hey Timon,

    Thanks for the videos. I was wondering if you’re using any EAs for breakevens ? I was trying to find some online but was having a hard time. If you are, could you recommend one ?


  6. ali kaswaraa says:

    Hi Timon
    i am very thankful for this video , i hope happy times for you smart boy.

  7. Darren Yeats says:

    Timon, at about 24:50 you mention the signal under the cursor is not a good signal. Can you explain why? Thanks, Darren

    • Hey Darren,
      That is a fine signal, I was more referring to that it did not pull back to the zone line from previous low seen to the left. Other than that the signal itself is fine..

  8. Henry Mieszkalski says:

    Hello again Timon! I really enjoyed Part 1 and 2 and I am going to watch Part 3 next. I also anticipate your weekly commentaries and updates …. I haven’t forgotten my promise to buy your 5 Day trend Training Series either…. just this question – Is there a great difference between that Strategy and the Engulfing Trader or are they all part of the same Strategy that you use?? Please advise when you can as I know you have a busy schedule.
    Enthusiastically – Henry

    • Hey Henry,
      Thanks for the email and positive feedback on the series. Glad your enjoying the teachings. The 5 Day Trend Training Series is an adaption / expansion of training into how the overall Trend effects the market. In a way you could see it like a training add on where while it could be used alone when combined with the knowledge of The Engulfing Trader as well gives a much bigger view on how the market dynamics works overall. So both are of major benefit to a trader. The Engulfing Trader as it is the key teachings and core strategy of learning high probability zones in the market and how to trade those zones with clear defined rules and The 5 Day Trend Training Series to see the trend as a positive filter that aligns with those teachings as well. Also the 5 Day Trend Training Series covers how to trade effectively between the major high probability zones learned in The Engulfing Trader series using the trend as a filter as well.

      Overall, could see it like two core training’s about the Forex Market and High Probability Trading that work great along side each other.

      Let me know if that helps answer your question.


  9. You know Timon, you are a great man. I am a very serious trader and deeply into all aspect of trading and I should say your way makes trading very simplified and I love it. I have your engulfing series and Fibonacci series and I mixed them with my strategy and hard to believe but it is 4 months that my positions are 90 % right !!! I am sure in Zulutrade I will get a very good rank and I owe you big part of my success….thanks again

  10. Hi Timon,
    could you just clarify me a few details for me, do I presume that from your video, that you are taking just 1 trade ( on the lower timeframes ) as opposed to the daily when you take 2 trades. Also that once you reach a 1:1, 1:1.5, and 2:1 etc that you move your stops accordingly to lock in profits ? preventing any losses
    again many thanks for all your excellent advice……..cheers Les

  11. Mshelia says:

    Simple yet AWESOME this video just made my day. Thank Timon you are a wonderful guy can’t wait to watch part 3. Thanks once again have a great day.

  12. Samantha says:

    Thank you Timon.. Compliments the courses very well 🙂

    Looking forward to watching the next part after watching the video on Significant Candles..

  13. Barrie Strong says:

    This, and the previous video, are very very useful especially for those of us who are not patient and therefore prefer to trade the smaller time-frames. Great stuff Timon!!

  14. Very useful, the mindset series are a need to every trader, thanks Timon.
    All the best.

  15. Thanks !!! I have been waiting for it all week as well as a midweek session.

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