Price Action Trading

Hi everyone! I have been part of this community for a while now but decided to register an account just a few days ago. I have been reading alot on this forum, looking at what people are doing and what they are interested in. Unfortunetly i did not see a topic about Price Action Trading.

So I decided to start one. :slight_smile:

I have been interested in the forex market for a while now. I began by taking a FX Power Course taught by FXCM, it was fun but did not learn much. From that point I decided that I should look for a piece of software which would provide me forex buy/sell signals. I found Vantage Point a few weeks later. There sample trades where impressive and the sales guy got me in. i payed the software costā€¦way too much for me but they promised 80% accuracyā€¦so i fell for it. Vantage Point was interesting, it was not the best, but it was pritty good. Everyday I could see how the previous nights predictions where hit to the pip, but the problem was that the customer service was terrible. They just told me to trade the blue/black lineā€¦which did not work because I needed a 150 pips stop lossā€¦a 150 STOP LOSS!!! Way too much for me :frowning: Also, NO ONE wanted to tell me how they use the softwareā€¦like it was some big SECTRET??? I stopped using the software after a while and spend the next few months just reading about the forex market.

FX Experience

Last October, a friend from another forum redirected my attention to an online mentoring school. I checked them out, read their website information, what they offered, what they promised, and where i would be when i completed the course. I called the mentoring school, they where nice and gave me a tour of their entire website and all of their activities. I decided to join and I signed up that day without being pressured in to the sale.

It has been about 5 months now and I am in their 401 class, graduation is around the corner but I am having so much fun that I decided to just post this here if anyone is in a need of a helping handā€¦like i was. Their course teaches everything about the forex market, from begining to end. From the fundamentals, to developing your own personal trading strategy. The mentors are traders them selves and are just normal peopleā€¦not sales representatives. They also teach the way of price action trading. I decided to join them and I have never looked back. Everything to me is real and everything is just plain fun :smiley:

I am currently in the process of working on my own trading strategy and i have grown in so many ways that it is incredible. I think i will begin to post some of the trades we students make at the school on a daily basis. Im not sure how everyone likes to trade the forex market, but they teach to trade with a MAX stop loss of 25 pipsā€¦how cool is that!

Anyway, im having a blast and i will post some of the trades we are doing for you all here to look at on a daily basis:)

Thanks again and i hope this post is helpful to many.
pppglowacki


PM me if you have any questions/comments, thx

I have taken lots of trades as a student there, but I just wanted to select a few pictures and post them here with some infoā€¦let me know what you think, ok?

Here is a EU trade which was very different in many ways to me. The mentoring school taught me how to look at a bigger context and then move that though over to a shorter time frame and look for a good entry trigger.

Sell @ 1.4727
Stop @ 1.4733 (9 pip stop loss!! lol how crazy is this!)
Profit Target @ 1.4667

This was a nice trade, risk/reward was around 1:6


Here is a recent trade that i made based on the trading rules i learned. This was a nice barrier buy entry and I remember waiting for this one late at night :slight_smile:

Buy @ 1.9844
Stop @ 1.9821 (Stop loss is 28 pips) ā€¦ max is supposed to be 25 but i could not help my self :smiley:
Profit Target @ 1.9899.

A cool risk/reward of 1:2

By the wayā€¦we only trade the EUR/USD and the GBP/USD pairs while at the school. Once we graduate, the mentors teach us how to trade the GBP/JPY and we are allowed to trade with themā€¦sweet!


Hi also wanted to post a loosing trade since all trades are NOT perfect. This is a sell trade I personaly made after talking with several of the students in the online forum about which way the market might go.
Of course we where wrongā€¦but it was so much fun watching this go against me that im ready for the next trade!

Sell @ 1.9811
Stop @ 1.9831 ( 25 pips stop loss )
Profit Target @ none since i got stopped out.

This was a loosing tradeā€¦no problem. Im ready for the next one.
Thanks againā€¦i will do my best to post as many trades as i can in the up coming days.


PM me if you have any questions. thx


I guess you havenā€™t been looking too closely then. Thereā€™s plenty of info on here relating to price action trading if you ferret around long enough :wink:

There are also an awful lot of eager, enthusiastic, inexperienced (naive?) would be FX traders frequenting this forum who just might be foolish enough to have their (greed??) appetites whetted enough to go hurling [I]ā€œpmā€™sā€[/I] your way begging for an introduction to those ā€˜fun lovinā€™ mentors.

Iā€™m not in any way suggesting theyā€™re wolves in sheeps clothing you understand :slight_smile: but, you have to appreciate this industry is rife with con artists dressed in all sorts of weird & wonderful clothing.

If this gig is genuine & above board then fantastic for you!! & if it does what it sayā€™s on the tin then Iā€™m sure their reputation will stand them in good stead.

To offer a bit more flavor of exactly what it is they offer to potential students, why donā€™t you post up your next 6 weeks or so live calls from these characters/your training manual?

So, during the month of March & half way into April, use this thread to offer those who might warm themselves at your campfire a taster of whatā€™s on offer from your [I]ā€œfun schoolā€[/I] of FX trading?

That way folks can see with their own eyes how a current student of the ā€œschoolā€ is progressing & catch a glimpse of their operation during live market hours.

Thanks for your comment. I understand what you are sayingā€¦agreed. Sorry about not noticing the other discussions about price actionā€¦ my fault.

I usualy try to stay up and trade around 3-4 times a weekā€¦so i will post the trades i make live here on the forum as they progress, no problem.

Thanks again
pppglowacki

pppglowacki
Why have you gone through the effort to articulate such a lenghty posts???

I donā€™t see any offers buried in your postsā€¦are you attempting to spark some PMs: Weā€™re all in the same FX Boatā€¦best of luck in your learing endeavours.

jj/.

Itā€™s always refreshing when a genuine & honest item of trading criteria surfaces. Iā€™m sure, if the info is as it appears, folks will receive your missives enthusiastically, & benefit from the content.

Unfortunately, sensible & workable content on public trading boards is in extremely short supply. Simple is always best where price action triggers is concerned. Most folks prefer to take the long route round the map & make life as complicated as they possibly can :slight_smile:

Someone else tossing their simplified take on events into the ring can only improve matters I say.

Good luck & good trading to you!

Hello fstop645, my long post was just that a post ā€¦ it was just my storyā€¦nothing more.

I dont have a need for any pmā€™s, sorry if it came out the wrong way. I just wanted to add a new and possibly interesting thread to this forum. Hope it will work out that way :slight_smile:

thx
pppglowacki

Hi, well here was the entry on the EU this early morningā€¦

Sell @ 1.5224, Stop loss is 15 pips (with spread included) or 1 pip above high.

Trade time is @ 1:30
Profit target is not yet determined.
Lets see how it will plan outā€¦


Stopped out after an unexpected news release came out, it seems to have shoot the EUR/USD up then back downā€¦did not see that coming :slight_smile:

This is one of the things a trading system nor a price action trader could predict, i think.


Did you check the calendar under the ā€œToolsā€ tab?

pppglowacki, interesting thread you have here. Looking forward to learning some things here. Maybe you can shed some light on my madness. So if I understand correctly you have been trained by a professional trader? I shall be looking forward to reading your charts.

pppglowacki, When you mean price action does this mean just getting your trade bias from the chart only. ie higher highs, higher lows?

Hi Sweet Pip, thanks for the calendar info but WE do not use nor look at when a news release comes out because most of the traders are already in a trade well before the actual news comes out. thanks for the link though.

Hi Airborne, yes I am still being trained by a professional traider, I am currently in a forex mentoring school. Currently developing my strategies with the help and support of students and teachers. Yes, when i mean price action I do mean we get our bias from the charts, and only charts. There are many things we learn which tell us this and that but we are mostly tought high probability setups and trades to minimize losses and increase profits.

Ok, well thats enough of the school for now, here is the trade from today on the EU which I waited all night to take, finaly when the sell trigger came, it did not fit in to my rules so I did NOT take this trade - here are the details if the trigger where to workout:

Sell @ 1.5234
Stop @ 1.5248 (This is a 17 pip stop loss with spread included)
Profit Target maybe around 1:2 with easy profit.

Well, i have been working hard so far on a few parts of my trading method in the 401 class, i must say that it has been hard and complicated - but im seeing small improvements which i am happy about. :slight_smile:

On the 03-05-08 the EU and GU made some great moves. I focused on the EU to do my analysis and did not have time to do the GU at this time. Here is a trade that I would have been looking at, everything looked great and according to my trading rules but finaly when it came time to make the trade i would have stayed out because the 5 minute chart did not meet my requirements. It was a nice move down for about 30 pips with a possible 10 pip stop loss (with spread included).

Later I had some key lines drawn, I noticed that a buy trigger was being created @ 3:00. The 30 minute chart worked out nicely, it did not close below the daily barrier line, the 5 minute trigger was very good. Here it is:

BUY @ 1.5157
Stop @ 1.5143 (Stop loss of 7 pips with spread included)
Profit Target = I have a set of rules that i am working on for this too but my #1 profit target would be @ 1.5200ā€¦not sure where i would have closed this tradeā€¦a nice over all trade of probably around 150 pips with a 7 pip stop loss?

Stayed up during the London session again tonight to practice some trades. Here is my sell on the EU after a break of the barrier that i have set.

Sell @ 1.5337
Stop @ 1.5350 (13 pip stop loss with spread included)
Profit Target not set yetā€¦think i will watch the trade and update.

Haha and we all get stopped out tonight lol :smiley:
On the EU and the GU!
That was greatā€¦

pppglowacki, do you buy your entire position up front, or do you split it up in say 1/3rds? Then scale profits one the way up. Iā€™m looking into this right now. I think it might allow more flexibility. So if I have a 50 pip stop and 5k account I could buy 2 lots of GU and open 3 orders of .66 each. If stopped you take the whole hit of 2%. Then Iā€™m thinking of setting the first tgt say 15 pips then 25. Stops move to B/E once 20-25 hits. Then just hold on to the last one as long as possibleā€¦ Does this make sense?

IMHO, looking at the news for the day is the first thing you should do even before analysing the charts, especially when daytrading and using the shallow stops that we use, precisely because of the sudden spike towards our stops that it can cause. I always eyeball the upcoming news and give myself sufficient time till the news for my trade to happen then either i close 30mins before or hold if i think the news will spike things my way. Iā€™d even look for a long trade (for eg.) if i see a news coming in the next 4-5 hours that will cause the market to go bullish. Unless iā€™m holding a position for longterm, then news has less of an effect. Just my two centsā€¦