How to Create the Price Action Traders Mindset – Part One – Evidence

One of the most important elements when getting used to trading price action is developing that important all round mindset. What do I mean by this? I mean to know exactly what to look for, to know how many confluences one should wait for, to know exactly how much evidence one needs to see. All of these elements are essential to successful and high win ratio Forex Trading. As we all know no one strategy is perfect, however by having the mindset you can definitively be right most of the time. That is where I come in, sharing this concept and I idea as I know developing this aspect is probably one of the hardest aspects of the skill.

– Now, if you are the sort of experienced trader that knows all this already in your trading ( with what I share in this video below ) then you can simply see it as a reinforcement of good trading. However, I would like to congratulate you either way as this is one component that many traders leave out in there trading practice.

In Creating the Mindset Video part one above I go over looking for evidence in your trades once you have identified high probability trading areas. This is one of the most aspects so making it part one is a good start.

The Evidence


The evidence is the general understanding of looking to the left and seeing what price does at a particular major resistance or support area and then waiting for a retest of that area and price action. I show in detail on the 15 minute showing how on each pair selecting at certain prices with the evidence we get some high probability low risk trading opportunities.

I also show in the video my last weeks efforts in trading showing how I bagged just over 600 pips profit ( a few losses is included in that total ) from the market last week. Overall making me have a very active week last week.

 In part two of this video series I will go over where to lock in profit to minimize risk and increase gain. I will also show you how to take some profits off while keeping some running. In order to watch this upcoming series of video’s and keep updated on many others, make sure to subscribe by adding your name and email.

… Happy Trading.

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. Hi Tim,
    Thanks for thr great video. Most of the time you were taking counter trend trades. Why not looking at support and take a trade in the direction of the trend? Wouldn’t it be safer?

    • Hey Irena,
      Certainly if a retrace happens to major support go with the trend..

      It depends on which pair and which time frame you are getting the trend from, as an example EURUSD is in a downtrend going by the weekly.. ( Maybe different next week.. ) Just like AUDJPY is in a uptrend going by weekly charts.. GBPNZD in a downtrend by the weekly as well..

      Trends are biased based on which time frame you get them from plus the traders perspective.. A weekly candle close lower than previous candle in an uptrend is a trend change to me on weekly. That is my perspective as a trader that has worked for me for many years.. You can check out this video to see what i mean..

      The counter trend trades were the other ones I agree, however at the same time we would need a good retrace to buy into them which just did not happen last week so bias was counter trend on them last week when they were testing major resistances.. Certainly if a pair retraces to previous structure break in uptrend one could buy.. Or retraces in downtrend to previous broken above structure one could sell.. When a retrace to previous structure does not happen however one has either to wait or take counter trend trades until it does..

      You have a good point though, three types of trades: continuation trend trades, counter trend trades and range trading.. As a trader we all need to be able to switch between each one as the market changes and depending on each pair, otherwise one will find in ranging markets trend trading is not good or when a trend changes counter trend trading works well..

      Each has its benefits and cons, however i agree, going with the weekly chart trend bias is best overall..


  2. Hi Timon,

    Thanks for your effort in trying to help others, but when you let us see a trade with your methods in real time, because price action in historical it´s easy but in real …


    • Hey Guterres,
      These were real previous trades.. I get what you are saying though.. The thing is, if i create videos for each live trade i take then all of you would be extremely tired watching price move over a couple of hours for one or two trades. I was thinking of doing a live trade in future where i show entry and exit but still leaving out the in between so it can still be short.. By just showing a previous overall wrap it is less time consuming and really just trying to form good habits for people to see where and what trades i take and why.. Every trade has reasons.. It does take to take time to learn i know but it does get easier over time..

      I remember when i first got into Price Action, it took me nearly a year to spot the correct formations properly.. And i was actively trading then too.. Now i see price action everywhere..

      It is a bit like driving a car really, at first it is really hard to do however over time we do without even thinking.. That is how i see price action trading as well but it takes time and that is what i am trying to help others see as well..

      Have a nice day and thanks for the comment.. 😉


  3. Joni from Finland says:

    Hi Timon! I just want to say that i cant thank you enough for your best priceaction videos. Your engulfing entry has become my main entry method!!
    I am actually very interested to study priceaction and i am currently reading any books i can get on my hands about candlesticks or priceaction, i am testing priceaction strategies on forextester2 and also walter peters priceaction courses…

    I wish i will become very succesful trader one day with my daily fractal trail system in forex.

    Once i could live off from my main strategy, I would try to improve my Risk to Reward and entries with multiple monitors and try to enter to monthly/weekly trends from 1hr or 15min charts with very tight SL.

    I think your video “weekly 1 hour pullback strategy” goes well along with this guys teachings on forexfactory

    I wish you lucky trading and all the happiness..

    • Thanks Joni,
      Sounds like you have a plan and that is great, keep at it and also while you are here feel free to subscribe or comment when you visit back. Appreciate all comments from all traders here.

      As for Walter Peters, yeah he is a good daily chart trader, know him well, another Aussie price action trader as well.. His bias is more to the pin bar which he refers to as the kangaroo tail where as my bias is to the engulfing bar..

      Happy trading..!

  4. Nice to hear from you Timon

    I have actually made my basic rules for my trading which include; entry, stoploss, moneymanagement, exit plan and the markets i wanna trade.

    I also bought some gridpaper and started my first trading journal and i find this very helpful for me to stay disciplined with my so called trading system. I record all my daily/weekly priceaction trades i take and have different sections for these in my journal.

    I try to calculate my average win rate, average sl pips, average profit pips and add my possible break evens to those calculations and then try to figure out “optimal” leverage level i should go with my strategy..

    I am looking ways to capture the most “meat” from big trends with the trailingstops or perhaps without trailing at all.. and so far my best trailing style is fractals i have come with. I have tested atr stops too but think they are too wide and leave too much room for trend to retrace back. And 2-3bar trail is just sometimes too tight, i havent though tested it much my self. With this kind of ema cross it would be another very interesting method to trail/take profits i think.

    • Hey Joni,
      With your stops / exits you can also use opposing signal candles as well.. Next major structure is always a good one as well..

      The overall trick with trading any market is entry, holding while in profit and cutting losses when wrong past where the charts are saying we are wrong..

      A journal is always a good idea, I used one many times in the past.. Happy trading.

      • yes i actually take both buy and sell trades if the pair have great signal on a major S/R i try to hold my trades as long as possible but i give back a lot of profits gained also..
        thanks for the reply

  5. oh i forgot to say that i think “pyramiding” is very dangerous practice with the trendfollowing in my experience. I always try to milk the trends best i can 😀

    • Hey Joni,
      What do you mean by pyramiding?

      • actually i change my view on this. I meant adding on to position when trend has a pullbacks. I used to trade trendline breaks in trend on a 4hr/1hr timeframes and i was many times looking at 25/50 emas which made me buy too late and i didnt have profit targets in my mind i was just trailing. I think i done it wrong, but i think its better to add on to a position when timing is done carefully from strong s/r areas and attempt to follow major trends is better idea i think.

        • Hey Joni,
          yeah when there is a trend it is better off following it, however the market is not always trending.. Buying on pullbacks to structure is a good idea in uptrend and place stop below previous low.. This works well because if stopped out it means trend is changing.. Sometimes trends can go for years, when this is the case it is very profitable.. But like i said, pairs are not always trending..

          When they are that is the case, also don’t forget trends do change as well.. In fact that is where most traders lose money adapting to a new trend thinking all it is, is a pullback..


          • Thanks for the Tip Timon, I also appreciate very much the email that i got from you offering support, that is very kind of you.

            I start to adapt thinking that trends can start from all the sudden from ranging area top or bottom with parabolic move so the other side is trapped and dont get pullback to get into trend.

            Luckily i got recently buy position on gbp/cad 11th, september with what i consider a great price off 1.62990. Triggered by very tight, small daily pinbar. I plan to hold this trade open on monthly chart and trail it with monthly fractals, see if i get stopped out BE It was up over 500 pips yesterday.

            I am also longterm buy on usdcad weekly, usdnok weekly, eurnok weekly. I dont mind if any gets closed with loss or BE.

            In a meantime i am looking for good looking setups on daily charts and trail with daily fractals. And plan to start saving all my money for zulutrade with mopida or other great trader and a small part goes for my homesavings deposits just to keep that account still alive which i would like to blow out and go with my personal and zulu trading. I wish lucky trading to everyone!

          • Nice one, diversification of investments is always good. Happy trading..

  6. Anne-Marie says:

    Thanks Timon,
    great videos appreciate very much.
    I trade pullback in 30 min
    Good trading

  7. 600 for the week….wow this is insane outstanding job.

    look your video’s please keep them coming.

    I love your Engulfing trader system of trading. best purchase I’ve ever made.!
    it already paid for it self 10 times over!!!

  8. That’s really nice Timon! I really love your videos. I have only spend about 7-8 months in trading with really no idea. I came to your side (Thank God!) about 2 and a half month ago, learning seriously and very fast.
    I want to know from you (have a lot of experience). Can I open interest free account with your brokers? Because interest is prohibited in our religion (Islam).

  9. Hi Timon
    I really enjoyed price action mindset. Its great that you are showing people like me wanting to become traders ,how to look for trades and how to scan charts for set up like you have shown us all. I am very gratefull for all of the information I am learning and how you are giving me the tools & knowledge to become a better forex trader.
    Hope you have a very good weekend

  10. Great video.

  11. Dana Andrews says:

    Many thanks for your hard work here. Not many would go to the extent you do to help others in the forex market. Great insight. I really appreciate it.

  12. Great stuff Timon. Great insight into how you look to enter trades. Appreciate your videos!

  13. Hi Timon,
    Great little video. It’s funny, the more you study your training videos (I have purchased all of them by the way) the easier it is to notice the evidence, support, structure, engulfing candles and trends.
    Your reply to Guterres about how you master the above and how it becomes second nature and an “unconscious” action is called the “education continuim”? Everything we have ever learned, from learning walk, to drive a car even Forex takes on this process! Check it out?

    Keep up the good work

    Gary Hall

  14. Hi Timon,
    Again a very useful and instructive video. I really enjoyed price action mindset ,i cant wait to see the next video many thanks and appreciation for your time and effort.
    God bless you bro. Cheers Reza.

  15. Vincent foo says:

    Timon, thank u for your effort,I appreciate. Will need more of your sharing in forex trade.
    Thank you

  16. thanks for this video.really appreciate. looking forward for some more

  17. Samantha says:

    Thank you ever so much Timon for sharing with us your mindset on how you trade the S&R levels, especially from the m15 chart. This will help me a great deal as I would like to trade shorter timeframes as opposed to the longer ones to build my capital.

    Your the best!!

  18. craig donald says:

    Hi Timon, really found the video great. Have to say though that I’m really not sure about the 15 minute chart as personally I get good results from the weekly charts and the 1 hour chart. But having said that I have had some trades that have reversed on me on the 1 hour chart…….

    • Thanks for the feedback Craig, weekly I agree is a good time frame, a lot less noise on that time frame and good for patience aspects.
      Just depends on preference as a trader.
      One of the main time frames I trade lately for evidence being the 4 hour, however I do also trade multiple time frames as well.

  19. Hello Timon, thanks, great vid breakdown, I love it, I only trade the daily or higher time frames though..

  20. Hello Timon, Just been watching your mind set webinar, thought it was great, please keep them coming as this is a great way to get my mind set working. Thanks again.

  21. Hello Timon, Thanks for your great video. I really did enjoy it. But I missed daily time frame examples.
    B Rgds

  22. Peter @ForexGuru says:

    Thanks Timon for all your videos and training. Really appreciate bro

  23. Thanks Timon, love your insights and videos, keep it up mate. Thanks.

  24. Dear Timon,
    thank you very much for sending me your lessons.
    If one day I become a successful trader
    there will be your big participation in it.

  25. Lindani Mbhele says:

    Thanks Timon, you’re helping us a lot, continue with these series.

  26. Timon,
    I am a newbie, I am overwhelmed by all the material out there. I need your help here !
    “The engulfing trader” will this be the best thing i can buy, to start me off and be profitable. I want something very simple,to follow. You must have thousands of hours in front of your screens, and gone through the painful learning curve, to become profitable.
    You are passionate about “Price Action” and i have a lot of respect for you, for putting all this out there to help others. So what would you recommend, for a newbie and the strategy that will serve him or her well for for a life time of profitable trading.
    Just one simple system ! to immerse myself in, and catch those pesky pips. You mentioned 600 pips, that was an awesome trade for you! i can imagine you got a buzz from that. I want to do this right at the start, and learn from an expert. So please can you help me to get started, so i can do it right!!. I know a friend has lost $80k he will not take advice, and i want to do it it right and enjoy collecting pips.

    Many thanks
    Mike from England

    • Hey Mike,
      Thanks for the interest in The Engulfing Trader. The Engulfing Trader is a training series focused on a high probability method of trading major zones using price action. How to identify these important areas, how to filter evidence, how to determine a potential trade setup, etc. All the training at the website is based on core market dynamic processes, this is a high probability aspect that often repeats in the market such as important structure, evidence and trend evidence.
      For an overview of the Forex Training.

  27. Thanks Timon, keep going.

  28. Marc Nicque says:

    Again a very interesting video, keep going Timon. I have learned alot from you.
    Do you take a position if the engulfing candle is as big as the previous?
    I love trading forex, because it’s so difficult at first site.
    After a saw your engulfing training.
    It became much easier and understandable.

    • Thanks Marc,
      I assume you are referring to a railroad type pattern setup, this is where signal candle size is similar to previous candle body size of opposing candle.
      Example of Bullish Railroad Pattern: bullish signal candle close is similar in size to previous bearish candle close.
      As for if I would consider, it would depend on where the setup is as well as how much risk the setup is in relation to first management point.

Speak Your Mind