Pure Price Action For Dummies

Just for an example see the below chart

I have draw one horizontal line on the chart around the area where price touches so many times from up or down. So we can take this level as potential SnR level. But only SnR can not be the reason to open position. We need to consider the other factors as well. But SnR is where we look for other factors. Below or above the SnR line there can be many bullish daily, weekly candle or may be bearish daily, weekly candle, we can not trade in every single candle, it is possible but I want to participate in the best one where most of the components is present.

According to the method we always try to see the previous days and previous week candle for I bias. As you mentioned that there is key level around 95.40 on AUD/JPY pair but if you see the previous weekly candle was bullish so there is no chance to open short position at that price, we can open long position but I don’t feel comfortable because of the overall market is moving down so we will only wait for the market to retrace back to potential SnR for entry.

Key level in the market can be vary to different analysis by different people and also for different reasons.

Hope you understand and what do you think about the chart above.

Do you know anyone where is Nikita. For long time she did not write anything on the thread.

I am missing her & her precious teachings too!

Hi Sharebazar,

According to this chart, which timeframe do u use to draw the SnR?

Draw on weekly TF.

I hope she is ok

Sharebazar,

I didnt expect the JPY to shoot up like this It is way over your levels now.

It is always good to wait until the candle close in any given time frame. No level can give guarantee. We need to follow the method when we open position it doesn’t matter what method or system we follow.

It is true that it went way over my predicted level so I will have no trade and it is also Friday and last day of the month.

I will wait with another predicted level next week, may be I will get an entry.

Have a nice weekend.

Thanks Have a nice weekend to

I hope I am doing this correctly :slight_smile: I am somewhat new here and just spent 2 weeks reading all 392 pages of this thread. My main problem is not chasing the charts and doubting myself, I understand this method but I get an itchy clicky finger and get into trades that I know don’t pass the NikitaFX method test and wind up losing pips. Currently in my demo account following this method (mostly) I am up a whopping total of $5 which is better than being down $200 before I really started understanding this method.

I think this should wrap up my long introduction to this thread.

Hi undecided,

Welcome to the thread, this method is very simple to understand but only when you want to follow it properly. As you said you understand the method and progressing, just keep it simple when you are trading this method.

Just follow the terminology of BPC method Breakout Pullback and Continuation, what market does every day every week every month and every year. It does not matter what systems or method we follow to trade.

Hi everyone who is following this thread and trade according to this method.

Just curious how is everyone doing with this method, are you getting enough good trades or struggling to get good trades.

Are you only following this method or using different method alongside.

Hi,
Been following this thread quite sometime back, really learn something from here. So, would like to contribute a little of my personal own experience. To me, the key to success in forex trading is really the consistency, it apply to the trading style, the system, the money management and the psychology. I currently trade 2 system - EMA trending crossed and Harmonic pattern. Both using price action and candlestick pattern as major analysis, and sometime throw in a indicator as a tool to support (never take it as entry signal or trade just using indicator, its just a tool).

Currently my main problem is finding time to trade, it fell down the list of priorities :). It also seems to work on equities though :). I am using this almost exclusively though, at least until I absolutely understand it, and then maybe throw in an indicator if I need to.

Hi Jasoncyj

Totally agree with you, it takes lots of time to grasp the essence of the market. Only things matter is consistency,it does not matter what systems or method we follow market will either go up or down and sideways.

Thanks for the post( 1st post).

Hi undecided,

I have the same problem, not enough time during the day. At the moment I am trying to trades with my mobile. Concept is very simple that is why we can use to any markets. Indicator is not bad to use but it is very bad if we depends 100% on the indicator.

Hit TS managed to get 129 pips from EUR / AUD pair. Opened position yesterday and tried very hard not to move my SL early.

It was like Babysitting the trade.

Hi Sharebazar,

I have been wanting to reply to you but was away on a vacation.

Currently, I am only trading using this method excluesively, but I think according to this method, I managed to only get 1 or 2 trades per week. What do u think? Am I doing correctly or there should be more trades per week?
Ok, when I say 1 or 2 trade per week, I am only refering to EU & GU. I am only closely monitoring this 2 pairs as my success rate for this 2 pairs has so far been so good. I have tried other pairs like AU, EA, UCad, EG, but it has always been very erratic for me. Maybe haven’t grap the gist of this method yet.

But 1 thing I realised about trading this method, using the weekly bias, the real action usually kicks in on wednesday & thursday, which means normally monday & tuesday no trade at all. Do u experience this also?

I need you to assure me if I am rite about this.

Beside this method, do u have other methods as well?

But 1 thing about me trading this method, I always take profit about 30-40pips range, I don’t have a trade like you that can exceed 100 pips per trade. What am I doing wrong about this?

Also can I confidently say that if we were to trade using this ‘weekly bias’ method, one can easily grab 70-80 pips per week? Pls advise.

Thanks so much bro, for all your patience and willingness to share…

Hi Sharebazar,

When you mention that ‘concept is very simple’ are you referring to the weekly bias?
So the main thing is to look for a suitable entry point, which using the phone will be good enough?

Hi Sharebazar,

I also realised something about trading this method… Normally monday is not a good day to trade as we have no bias. And if I were to trade using friday as a bias, I would lose more often then win. Do u agree?